Silverfin false 31/12/2022 01/01/2022 31/12/2022 Chirag Baxi 29/10/2009 26 September 2023 The principal activity of the Company during the financial year was that of a specialist staffing agency. 03883121 2022-12-31 03883121 bus:Director1 2022-12-31 03883121 2021-12-31 03883121 core:CurrentFinancialInstruments 2022-12-31 03883121 core:CurrentFinancialInstruments 2021-12-31 03883121 core:ShareCapital 2022-12-31 03883121 core:ShareCapital 2021-12-31 03883121 core:CapitalRedemptionReserve 2022-12-31 03883121 core:CapitalRedemptionReserve 2021-12-31 03883121 core:RetainedEarningsAccumulatedLosses 2022-12-31 03883121 core:RetainedEarningsAccumulatedLosses 2021-12-31 03883121 core:Goodwill 2021-12-31 03883121 core:Goodwill 2022-12-31 03883121 core:OtherPropertyPlantEquipment 2021-12-31 03883121 core:OtherPropertyPlantEquipment 2022-12-31 03883121 core:ListedExchangeTraded core:WithinOneYear 2022-12-31 03883121 core:ListedExchangeTraded core:WithinOneYear 2021-12-31 03883121 bus:OrdinaryShareClass1 2022-12-31 03883121 core:WithinOneYear 2022-12-31 03883121 core:WithinOneYear 2021-12-31 03883121 core:BetweenOneFiveYears 2022-12-31 03883121 core:BetweenOneFiveYears 2021-12-31 03883121 2022-01-01 2022-12-31 03883121 bus:FullAccounts 2022-01-01 2022-12-31 03883121 bus:SmallEntities 2022-01-01 2022-12-31 03883121 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 03883121 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 03883121 bus:Director1 2022-01-01 2022-12-31 03883121 core:Goodwill core:TopRangeValue 2022-01-01 2022-12-31 03883121 core:Goodwill 2022-01-01 2022-12-31 03883121 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-01-01 2022-12-31 03883121 core:OtherPropertyPlantEquipment 2022-01-01 2022-12-31 03883121 2021-01-01 2021-12-31 03883121 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 03883121 bus:OrdinaryShareClass1 2021-01-01 2021-12-31 03883121 1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03883121 (England and Wales)

E-COM GROUP LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2022
Pages for filing with the registrar

E-COM GROUP LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2022

Contents

E-COM GROUP LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2022
E-COM GROUP LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2022
DIRECTOR Chirag Baxi
REGISTERED OFFICE 45 Ludgate Hill
London
EC4M 7JU
United Kingdom
COMPANY NUMBER 03883121 (England and Wales)
ACCOUNTANT Praxis
1 Poultry
London
EC3R 8EJ
E-COM GROUP LIMITED

BALANCE SHEET

As at 31 December 2022
E-COM GROUP LIMITED

BALANCE SHEET (continued)

As at 31 December 2022
Note 2022 2021
£ £
Fixed assets
Tangible assets 4 77,670 2,910
77,670 2,910
Current assets
Debtors 5 700,881 220,684
Investments 6 1,000 0
Cash at bank and in hand 1,004,338 808,243
1,706,219 1,028,927
Creditors: amounts falling due within one year 7 ( 501,203) ( 127,928)
Net current assets 1,205,016 900,999
Total assets less current liabilities 1,282,686 903,909
Net assets 1,282,686 903,909
Capital and reserves
Called-up share capital 8 95 95
Capital redemption reserve 5 5
Profit and loss account 1,282,586 903,809
Total shareholder's funds 1,282,686 903,909

For the financial year ending 31 December 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of E-Com Group Limited (registered number: 03883121) were approved and authorised for issue by the Director on 26 September 2023. They were signed on its behalf by:

Chirag Baxi
Director
E-COM GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2022
E-COM GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

E-Com Group Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 45 Ludgate Hill, London, EC4M 7JU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is [number] years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 4 years straight line
25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

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

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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 Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including the director 6 7

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2022 50,000 50,000
At 31 December 2022 50,000 50,000
Accumulated amortisation
At 01 January 2022 50,000 50,000
At 31 December 2022 50,000 50,000
Net book value
At 31 December 2022 0 0
At 31 December 2021 0 0

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2022 30,443 30,443
Additions 81,326 81,326
At 31 December 2022 111,769 111,769
Accumulated depreciation
At 01 January 2022 27,533 27,533
Charge for the financial year 6,566 6,566
At 31 December 2022 34,099 34,099
Net book value
At 31 December 2022 77,670 77,670
At 31 December 2021 2,910 2,910

5. Debtors

2022 2021
£ £
Trade debtors 479,345 178,866
Corporation tax 105 0
Other debtors 221,431 41,818
700,881 220,684

6. Current asset investments

2022 2021
£ £
Listed investments – at fair value 1,000 0

The fair value of listed investments, which are all traded in active markets, was determined with reference to the quoted market price at the reporting date.

7. Creditors: amounts falling due within one year

2022 2021
£ £
Trade creditors 357,749 66,079
Other taxation and social security 86,001 45,269
Other creditors 57,453 16,580
501,203 127,928

8. Called-up share capital

2022 2021
£ £
Allotted, called-up and fully-paid
95 Ordinary shares of £ 1.00 each 95 95

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2022 2021
£ £
within one year 69,096 61,808
between one and five years 107,288 181,534
176,384 243,342

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2022 2021
£ £
Unpaid contributions due to the fund (inc. in other creditors) 659 236

The Company had no material capital commitments at the year ended 31 December 2022.

10. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial year.