REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
E-Careers Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
E-Careers Limited |
E-Careers Limited (Registered number: 04561709) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Report of the Accountants | 13 |
E-Careers Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Suite 3 |
Dukes House |
4-6 High Street |
Windsor |
Berkshire |
SL4 1LD |
E-Careers Limited (Registered number: 04561709) |
Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
Investments | 7 |
CURRENT ASSETS |
Stocks |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
NET ASSETS |
E-Careers Limited (Registered number: 04561709) |
Balance Sheet - continued |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Share premium |
Share options reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
E-Careers Limited (Registered number: 04561709) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
E-Careers Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The principal activity of the Company was the provision of E- learning services. |
The principal place of business is Unit 6 Waterside Drive, Langley, SL3 6EZ. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about E-Careers Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of 10 years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Intangible assets are amortised evenly over 10 years. |
E-Careers Limited (Registered number: 04561709) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery etc | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is capitalised under development costs, within intangible assets, in the year in which it is incurred. After initial recognition, these are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Amortisation is recognised evenly over 10 years. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
E-Careers Limited (Registered number: 04561709) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
3. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Employee benefits |
The fair value of the services received in respect to the grant of share options is amortised over the expected vesting period. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INTANGIBLE FIXED ASSETS |
Development | Computer |
Goodwill | costs | software | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
AMORTISATION |
At 1 April 2022 |
Amortisation for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
E-Careers Limited (Registered number: 04561709) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
6. | TANGIBLE FIXED ASSETS |
Land | Fixtures |
and | Computer | and |
buildings | equipment | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2022 | - | 79,321 | 17,830 | 97,151 |
Additions | - | 18,905 | - | 18,905 |
Disposals | - | - | - | - |
At 31 March 2023 | - | 98,226 | 17,830 | 116,056 |
DEPRECIATION |
At 1 April 2022 | - | 50,427 | 13,423 | 63,850 |
Charge for year | - | 10,536 | 1,101 | 11,637 |
Eliminated on disposal | - | - | - | - |
At 31 March 2023 | - | 60,963 | 14,524 | 75,487 |
NET BOOK VALUE |
At 31 March 2023 | - | 37,263 | 3,306 | 40,569 |
At 31 March 2022 | - | 28,894 | 4,407 | 33,301 |
7. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1 April 2022 | 10,194 |
Additions | 200,000 |
Disposals | ( |
) | (5,100 | ) |
At 31 March 2023 | 205,094 |
NET BOOK VALUE |
At 31 March 2023 | 205,094 |
At 31 March 2022 | 10,194 |
E-Careers Limited (Registered number: 04561709) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Tax |
Prepayments |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Other loans |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
Other loans include loans from GAM Ltd, Iwoca, White Oak, Reward Finance, 365 Business Finance, a related party and credit cards. Credit card interest rates are variable and are paid off regularly, therefore no interest is charged on them. Other loans have the following interest rates and repayment dates: |
Interest | Due |
Rate | < 1 Year |
£ |
GAM Ltd loan 1 | 12% | 35,714 |
GAM Ltd loan 2 | 12% | 10,714 |
GAM Ltd loan 3 | 11% | 25,000 |
Iwoca | 14.99% | 138,865 |
White Oak | 14.3% | 133,333 |
Reward Finance | Variable | 15,030 |
365 Business Finance | 0% | 123,002 |
H Gill | 10% | 100,000 |
GAM Ltd loans are secured on the personal assets of the majority shareholder. The Reward Finance loan is secured by second charge on the assets of the company. |
E-Careers Limited (Registered number: 04561709) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Other loans - 1-2 years | 48,215 | 386,524 |
Other loans - 2-5 years | 225,868 | 48,215 |
Other loans include loans from GAM Ltd and Duflon Europe Limited. These loans have the following interest rates and repayment dates: |
Interest | Due | Due |
Rate | 1-2 Years | 2-5 Years |
£ | £ |
GAM Ltd loan 1 | 12% | 26,785 | - |
GAM Ltd loan 2 | 12% | 8,929 | - |
GAM Ltd loan 3 | 11% | 12,501 | - |
Duflon Europe Limited | 0% | 225,868 |
GAM Ltd loans are secured on the personal assets of the majority shareholder. |
11. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.3.23 | 31.3.22 |
£ | £ |
Within one year |
Between one and five years |
E-Careers Limited (Registered number: 04561709) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
12. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.23 | 31.3.22 |
£ | £ |
Secured Loan | 134,673 | 191,072 |
Included within other loans are the following amounts which have been provided by GAM Ltd and are secured on the personal property of the majority shareholder: |
Due < 1 Year £71,428 |
Due 1-2 years £48,215 |
The loan from Reward Finance is secured by second charge on the assets of the company: |
Due in < 1 Year £15,030 |
The remainder of the other loans from various sources are unsecured on company assets and are due as follows: |
Due < 1 Year £593,763 |
Due 2-5 years £225,868 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.23 | 31.3.22 |
value: | £ | £ |
Ordinary | .0000 | 1 | 112 | 109 |
343,284 Ordinary shares of .00001 each were allotted as fully paid |
14. | OTHER FINANCIAL COMMITMENTS |
A bank loan taken out by Miltech Limited, a connected company, is secured by a fixed and floating charge over the Company's assets by National Westminster Bank Plc. |
E-Careers Limited (Registered number: 04561709) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
15. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022: |
31.3.23 | 31.3.22 |
£ | £ |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
16. | RELATED PARTY DISCLOSURES |
The balance owed to the director of the company included in Other Creditors at the Balance Sheet date was £438 (2022: £150,000 owed by the director). |
During the year, the company paid to the director amount of £41,000 (2022: £343,991). |
Also included in Other Loans is a loan from H Gill totalling £100,000 (2022: £nil) a person connected to one of the shareholders. This loan is interest bearing at a rate of 10% per annum. |
Included in Other Debtors at the Balance Sheet date was a balance of £79,480 (2022: £41,240) owed by Miltech Limited, a connected company. |
17. | ULTIMATE CONTROLLING PARTY |
Control of the Company is shared between J Gandhum and three other family members. |
E-Careers Limited (Registered number: 04561709) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
18. | SHARE-BASED PAYMENT TRANSACTIONS |
On 14 June 2019, the Company established an Approved EMI Share Option Scheme to allow it to grant EMI options to assist in the recruitment and retention of employees. |
An option holder may not exercise an option before the earlier of the following: |
(a) an exit; or |
(b) the ninth anniversary of the grant date. |
Number of options | Exercise Price |
Outstanding at 1 April 2022 | 3,571,177 | £0.61 |
Forfeited during the year | 509,478 |
Outstanding at 31 March 2023 | 3,061,699 |
The fair value of services received has been calculated at 31 March 2023 and is based on a external valuation of the Company carried out in December 2020. The full valuation has been discounted for options expected to be forfeited before the vesting date. |
The total expense recognised as employee benefits in the profit and loss account in 2023 is £22,508 (2022: £38,805) and this amount is also carried forward in the share options reserve. |
E-Careers Limited |
Report of the Accountants to the Directors of |
E-Careers Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2023 set out on page nil and you consider that the company is exempt from an audit. |
In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
Suite 3 |
Dukes House |
4-6 High Street |
Windsor |
Berkshire |
SL4 1LD |