Information  X 
Enter a valid email address

Judicium Plc (JUD)

  Print   

Monday 09 August, 2010

Judicium Plc

Annual Financial Report


FOR IMMEDIATE RELEASE 9 August 2010

                                 JUDICIUM PLC                                  

               AUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2010                

The Directors are pleased to announce the annual results of Judicium Plc for
the year ended 31 March 2010.

PRINCIPAL ACTIVITIES

The principal activity of the Judicium Plc group during the year, conducted
through its wholly owned subsidiary Judicium Consulting Ltd, was the provision
of regulatory consultancy and training services to private and public sector
organisations in the areas of employment law, health and safety, data
protection and financial services regulation.

REVIEW OF THE BUSINESS

The key financial highlights for the year are as follows:

Year ended 31 March                     2008             2009             2010
                                                                              
                                           £                £                £
                                                                              
Turnover                           1,400,671        1,537,477        1,583,541
                                                                              
Operating profit                     104,441          292,483          195,283
                                                                              
Interest income                        3,208            4,390              325
                                                                              
Profit on ordinary                   107,649          296,873          195,608
activities before taxation                                                    

Turnover has developed over the period as follows:

Year ended 31 March                     2008             2009             2010
                                                                              
                                           £                £                £
                                                                              
Regulatory compliance              1,337,072        1,525,025        1,581,461
                                                                              
Legal marketing, and other            63,599           12,452            2,080
services                                                                      
                                                                              
Total turnover                     1,400,671        1,537,477        1,583,541

Despite the difficult economic environment, the Directors are pleased to report
that trading in the year ended 31 March 2010 has been in line with expectations
as set out in the previous financial year. We have managed to maintain and
slightly increase overall revenue, but have seen a fall in one-off consultancy
projects and an increase in bad debts. These latter factors, together with an
increase in management costs, have impacted adversely but temporarily upon
earnings.

The Directors do not believe that either factor will have any lasting impact on
the overall medium term trend which is of increasing turnover and profits. In
fact, the Directors take the view that the adverse impact of the macro economic
climate upon the group's performance is now spent and the next financial year
should see a significant increase in both turnover and pre-tax profits.

FUTURE DEVELOPMENTS

Over the course of the next 12 months the company will continue with its
strategy of developing its consultancy business, with a particular focus on
employment law / HR and financial services regulation.

It considers that despite short-term adverse economic factors, the market for
regulatory consultancy is one which offers good growth potential and that there
are currently good prospects for consolidation amongst participants in the
market.

The group is in preliminary discussions with two possible acquisition targets
and aims to conclude, subject to satisfactory terms being agreed, at least one
acquisition before the end of the next financial year. The company will
continue to look for other, suitable acquisition opportunities but will
maintain its conservative position that no deal is better than a bad deal.

PRINCIPAL RISKS AND UNCERTAINTIES

Given the trend for increased regulation of the business environment, the
directors consider that the market for the group's consultancy services is
likely to show reasonable growth over the next few years. However there is
strong competition in the market and there can be no certainty that the rate of
turnover growth experienced by the group in recent years will continue. In
particular the economic downturn may have a disproportionately detrimental
effect on companies' willingness to spend on regulatory compliance.

A key challenge in our business is ensuring that we retain our clients. We seek
to achieve this through providing excellent service.

Giving advice in regulatory areas carries the risk that clients may bring legal
action against us if they think our advice is unsatisfactory. However, our
record over the last five years has been satisfactory in this respect.

The group is a small one and inevitably is dependent on a small number of
employees. If one or more of these left, it could have an adverse effect on the
business.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as
defined by Section 418 of the Companies Act 2006) of which the group's auditors
are unaware, and each director has taken steps that he ought to have taken as a
director in order to make himself aware of any relevant audit information and
to establish that the group's auditors are aware of that information.

DIVIDENDS

The directors do not recommend the payment of a dividend.

DIRECTORS

The following directors have held office since 1 April 2009:

L de Costa

C Dufficy

S Shukla

T Bannister

P Thompson

S Mehta

DIRECTORS' INTERESTS IN SHARES

Directors' interests in the shares of the company, including family interests,
were as follows:

                                                      Ordinary         Ordinary
                                                     shares of                 
                                                                      shares of
                                                   £0.10p each                 
                                                                    £0.10p each
                                                 31 March 2010      31 March 2009
                                                                               
S Shukla                                               564,474          564,474
                                                                               
L de Costa                                             505,400          505,400
                                                                               
C Dufficy                                              344,148          344,148
                                                                               
T Bannister                                             15,000           15,000
                                                                               
P Thompson                                              15,000           15,000
                                                                               
S Mehta                                                118,519          118,519

DISABLED PERSONS

The group policy is to give disabled workers equal opportunity to apply and be
considered for those vacancies that they are able to fill. All necessary
assistance with initial training courses is given. Once employed, a career plan
is developed so as to ensure suitable opportunities for each disabled person.

EMPLOYEE CONSULTATION

The group places considerable value on the involvement of its employees and has
continued to keep them informed on matters affecting them as employees, and on
the performance of the group, through informal meetings and communications.

POLICY ON PAYMENT OF CREDITORS

In respect of the group's suppliers, it is not the group's policy to follow any
code or standard on payment practice. It is the group's policy to settle the
terms of payment with those suppliers when agreeing the terms of each
transaction and then to abide by them. Creditor days at the balance sheet date
were 7 (2009: 12).

RESEARCH AND DEVELOPMENT EXPENDITURE

The group continued to invest in existing software products and developing new
products. Research and development expenditure is written off to the profit and
loss account in the year it is incurred. The group takes advantage of research
and development taxation credits under the HM Revenue and Custom's rules, if
applicable.

AUDITORS

Lubbock Fine were appointed auditors on 25 May 2010.

Lubbock Fine are deemed to be re-appointed under section 487(2) of the
Companies Act 2006.

By order of the Board

Leon de Costa

Secretary

CONSOLIDATED PROFIT AND LOSS ACCOUNT

YEAR ENDED 31 MARCH 2010

                                              Notes           2010          2009
                                                                                
                                                                 £             £
                                                                                
TURNOVER                                                 1,583,541     1,537,477
                                                                                
COST OF SALES                                   2        (159,057)     (191,623)
                                                                                
                                                                                
                                                                                
GROSS PROFIT                                             1,424,484     1,345,854
                                                                                
Administrative expenses                         2      (1,229,201)   (1,053,371)
                                                                                
                                                                                
                                                                                
OPERATING PROFIT                                           195,283       292,483
                                                                                
Investment income                               3              325         4,390
                                                                                
                                                                                
                                                                                
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION   4          195,608       296,873
                                                                                
Taxation                                        6          131,421             -
                                                                                
                                                                                
                                                                                
PROFIT FOR THE FINANCIAL YEAR                   16         327,029       296,873
                                                                                
                                                                                
                                                                                
Earnings per share                              18          16.55p        15.02p

The operating profit for the year arises from the group's continuing
operations.

No separate statement of Total Recognised Gains and Losses has been presented
as all such gains

and losses have been dealt with in the profit and loss account.

CONSOLIDATED AND COMPANY                                                              
BALANCE SHEET                                                                         
                                                                                      
AS AT 31 MARCH 2010                                                                   
                                                                                      
                                       Group       Company         Group       Company
                                                                                      
                         Notes          2010          2010          2009          2009
                                                                                      
                                           £             £             £             £
                                                                                      
FIXED ASSETS                                                                          
                                                                                      
Intangible fixed assets    7               -             -             -             -
                                                                                      
Tangible assets            8          16,096             -         9,494             -
                                                                                      
Investments                9               -       198,597             -       197,597
                                                                                      
                                                                                      
                                                                                      
                                      16,096       198,597         9,494       197,597
                                                                                      
                                                                                      
                                                                                      
CURRENT ASSETS                                                                        
                                                                                      
Debtors                   10         358,936             -       212,919             -
                                                                                      
Cash at bank and in hand             644,736             -       446,998             -
                                                                                      
                                                                                      
                                                                                      
                                   1,003,672             -       659,917             -
                                                                                      
CREDITORS: Amounts        12       (268,709)       (1,000)     (270,381)             -
falling due within one                                                                
year                                                                                  
                                                                                      
                                                                                      
                                                                                      
NET CURRENT ASSETS/                  734,963       (1,000)       389,536             -
(LIABILITIES)                                                                         
                                                                                      
                                                                                      
                                                                                      
                                                                                      
                                                                                      
TOTAL ASSETS LESS                    751,059       197,597       399,030             -
CURRENT LIABILITIES                                                                   
                                                                                      
PROVISIONS FOR                                                                        
LIABILITIES                                                                           
                                                                                      
Other provisions          13        (25,000)             -             -             -
                                                                                      
                                                                                      
                                                                                      
NET ASSETS                           726,059       197,597       399,030       197,597
                                                                                      
                                                                                      
                                                                                      
CAPITAL AND RESERVES                                                                  
                                                                                      
Called up share capital   14         197,597       197,597       197,597       197,597
                                                                                      
Profit and loss account   15         528,462             -       201,433             -
                                                                                      
                                                                                      
                                                                                      
SHAREHOLDERS' FUNDS       16         726,059       197,597       399,030       197,597
                                                                                      
                                                                                      

CONSOLIDATED CASH FLOW STATEMENT                                 2010           2009 
                                                                                     
FOR THE YEAR ENDED 31 MARCH 2010                                    £              £ 
                                                                                     
Net cash inflow from operating                                209,720        259,453 
activities                                                                           
                                                                                     
Returns on Investments                                                               
                                                                                     
Interest received                                                 325          4,390 
                                                                                     
                                                                                     
                                                                                     
Net cash inflow from returns on                                   325          4,390 
investment                                                                           
                                                                                     
Taxation                                                                             
                                                                                     
Taxation paid                                                  (1,586)             - 
                                                                                     
                                                                                     
                                                                                     
Net cash outflow from taxation                                 (1,586)             - 
                                                                                     
Capital expenditure                                                                  
                                                                                     
Payments to acquire tangible and                              (12,273)        (9,653)
intangible fixed assets                                                              
                                                                                     
                                                                                     
                                                                                     
Net cash outflow from capital                                 (12,273)        (9,653)
expenditure                                                                          
                                                                                     
                                                                                     
                                                                                     
Increase in cash                                              196,186        254,190 
                                                                                     
                                                                                     
                                                                                     
Reconciliation of operating profit to                            2010           2009 
net cash inflow from operating                                                       
activities                                                          £              £ 
                                                                                     
Operating profit                                              195,283        292,483 
                                                                                     
Depreciation                                                    5,671          3,360 
                                                                                     
Loss on disposal of tangible fixed                                  -            227 
assets                                                                               
                                                                                     
Increase in debtors                                           (13,005)       (28,414)
                                                                                     
Decrease in creditors                                          (3,229)        (8,203)
                                                                                     
Increase in provisions                                         25,000              - 
                                                                                     
                                                                                     
                                                                                     
Net cash inflow from operating                                209,720        259,453 
activities                                                                           
                                                                                     
                                                                                     
                                                                                     
Analysis of changes in net funds                     At           Cash             At
                                                                                     
                                           1 April 2009          Flows       31 March
                                                                                     
                                                                                 2010
                                                                                     
Cash in hand and at bank                        446,998       197,738        644,736 
                                                                                     
Overdraft                                             -        (1,552)        (1,552)
                                                                                     
                                                                                     
                                                                                     
Net funds                                       446,998       196,186        643,184 
                                                                                     
                                                                                     

JUDICIUM PUBLIC LIMITED COMPANY AND SUBSIDIARY UNDERTAKINGS

ACCOUNTING POLICIES

FOR THE YEAR ENDED 31 MARCH 2010

BASIS OF ACCOUNTING

The financial statements have been prepared under the historical cost
convention and on the going concern basis.

BASIS OF CONSOLIDATION

The group accounts consolidate the accounts of the company and its interests in
subsidiaries.

No profit and loss account is presented for Judicium Plc as provided by Section
418 of the Companies Act 2006. The parent company's retained profit for the
period amounted to £nil (2009: £89,948).

INTANGIBLE FIXED ASSETS

Fixed assets are stated at historical cost.

Intellectual property including database licences and rights, trade marks,
domain names, and websites and content are being amortised over their estimated
useful lives of between one and five years.

RELATED PARTY TRANSACTIONS

Judicium Plc has taken advantage of the exemption provided by Financial
Reporting Standard No. 8 not to disclose inter group transactions or balances
with fellow group undertakings where these have been eliminated upon
consolidation.

TANGIBLE FIXED ASSETS

Fixed assets are stated at historical cost.

Depreciation is provided on all tangible fixed assets at rates calculated to
write each asset down to its estimated residual value evenly over its expected
useful life, as follows:-

Computer equipment over 3 years

Fixtures, fittings and equipment over 3 to 5 years

FIXED ASSET INVESTMENTS

Fixed asset investments are stated at cost less any provision for any
diminution in value.

TURNOVER

Turnover represents the receivable value, net of Value Added Tax, of services
provided to customers.

LONG TERM CONTRACTS

Profit is recognised on long term contracts, if the outcome can be assessed
with reasonable certainty, by including in the profit and loss account turnover
and related costs, including the costs of winning the contract, as contract
activity progresses. Turnover is calculated by reference to the values of work
performed to date as a proportion of total contract value.

FOREIGN CURRENCIES

Monetary assets and liabilities denominated in foreign currencies are
translated at the rate of exchange ruling at the balance sheet date.
Transactions in foreign currencies are recorded at the rate ruling at the date
of the transaction. All differences are taken to the profit and loss account.

OPERATING LEASES

The costs of operating leases are charged to the profit and loss account on a
straight line basis over the period of the lease.

DEFERRED TAX

Full provision is made for deferred tax arising from timing differences between
the recognition of gains and losses in the financial statements and their
recognition in computing taxation. Deferred tax assets are recognised to the
extent that it is regarded as more likely than not that they will be recovered.

JUDICIUM PUBLIC LIMITED COMPANY AND SUBSIDIARY UNDERTAKINGS

NOTES TO THE ACCOUNTS

YEAR ENDED 31 MARCH 2010

PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION

The group's profit before taxation was all derived from its principal activity.

1   PROFIT ON OPERATING ACTIVITIES BEFORE TAXATION
   
The Group's profit before taxation was all derived from its principal activity.

2   OTHER OPERATING EXPENSES                                  2010          2009
                                                                                
                                                                 £             £
                                                                                
    Cost of sales                                          159,057       191,623
                                                                                
    Selling and administration expenses                  1,229,201     1,053,371
                                                                                
                                                                                
                                                                                
    Total operating expenses                             1,386,258     1,244,994
                                                                                
                                                                                

3   INVESTMENT INCOME                                         2010           2009
                                                                                 
                                                                £              £ 
                                                                                 
    Bank and other interest receivable                         325          4,390
                                                                                 
                                                                                 

4   PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION             2010          2009
                                                                                
                                                                £             £ 
                                                                                
    Profit on ordinary activities before taxation is                            
    stated after                                                                
                                                                                
    charging:                                                                   
                                                                                
    Depreciation - owned assets                              5,671         3,360
                                                                                
    Loss on sale of tangible fixed assets                        -           227
                                                                                
    Auditors' remuneration                                   9,125         9,100
                                                                                
    Operating lease: land and buildings                     45,006        22,007
                                                                                
    Operating lease: plant and machinery                     5,020         4,874
                                                                                
                                                                                

5   EMPLOYEES                                                 2010          2009
                                                                                
                                                               No.           No.
                                                                                
    The average monthly number of persons (including                            
    directors) employed by the group during the                                 
    period was:                                                                 
                                                                                
    Sales, office and management                                16            14
                                                                                
    The average monthly number of external                      18            18
    consultants of the group was:                                               
                                                                                
                                                                                
                                                                                
                                                              2010         2009 
                                                                                
                                                                 £            £ 
                                                                                
    Staff costs for above employees (excluding                                  
    directors):                                                                 
                                                                                
    Wages and salaries                                     519,074       441,918
                                                                                
    Social security costs                                   57,412        50,508
                                                                                
                                                                                
                                                                                
                                                           576,486       492,426
                                                                                
                                                                                
                                                                                
    DIRECTORS' REMUNERATION                                   2010         2009 
                                                                                
                                                                 £            £ 
                                                                                
    Emoluments                                             150,000       122,753
                                                                                
                                                                                

6   TAXATION                                                  2010          2009
                                                                                
                                                                £              £
                                                                                
    Current tax:                                                                
                                                                                
    UK Corporation tax under provision in prior year         1,586             -
                                                                                
    Deferred tax:                                                               
                                                                                
    Origination and reversal of timing differences       (133,007)             -
    (note 10)                                                                   
                                                                                
                                                                                
                                                                                
                                                         (131,421)             -
                                                                                
                                                                                
                                                                                
    Factors affecting the tax charge for the year:                              
                                                                                
    Profit on ordinary activities before taxation          195,608       296,873
                                                                                
                                                                                
                                                                                
    Profit on ordinary activities before taxation           41,078        62,343
    multiplied by standard rate of UK Corporation                               
    tax of 21% (2009: 21%)                                                      
                                                                                
    Non deductible expenses                                     52         1,798
                                                                                
    Depreciation and amortisation                            1,191           706
                                                                                
    Capital allowances                                     (2,768)         (840)
                                                                                
    Brought forward tax losses utilised                   (39,553)      (64,007)
                                                                                
    Under provision in prior year                            1,586             -
                                                                                
                                                                                
                                                                                
    Current tax charge                                       1,586             -
                                                                                
                                                                                

7   INTANGIBLE FIXED ASSETS                                                       
                                                                                  
    GROUP                                    Software   Intellectual         Total
                                                                                  
    Cost                                            £       Property             £
                                                                                  
                                                                  £               
                                                                                  
    At 1 April 2009                            49,530        185,344   234,874    
                                                                                  
    Disposals                                       -      (185,344)     (185,344)
                                                                                  
                                                                                  
                                                                                  
    At 31 March 2010                           49,530              -        49,530
                                                                                  
                                                                                  
                                                                                  
    Amortisation                                                                  
                                                                                  
    At 1 April 2009                            49,530        185,344      234,874 
                                                                                  
    Disposals                                       -      (185,344)     (185,344)
                                                                                  
                                                                                  
                                                                                  
    At 31 March 2010                           49,530              -       49,530 
                                                                                  
                                                                                  
                                                                                  
    Net book value                                                                
                                                                                  
    At 1 April 2009 and at 31 March                 -             -              -
    2010                                                                          
                                                                                  
                                                                                  

8   TANGIBLE FIXED ASSETS                                                         
                                                                                  
    GROUP                                    Computer     Fixtures,          Total
                                                                                  
                                            equipment  fittings and              £
                                                                                  
                                                    £     equipment               
                                                                                  
                                                                  £               
                                                                                  
    Cost                                                                          
                                                                                  
    At 1 April 2009                            46,238        29,428        75,666 
                                                                                  
    Additions in the period                    11,848           425        12,273 
                                                                                  
                                                                                  
                                                                                  
    At 31 March 2010                           58,086        29,853        87,939 
                                                                                  
                                                                                  
                                                                                  
    Depreciation                                                                  
                                                                                  
    At 1 April 2009                            45,508        20,664        66,172 
                                                                                  
    Charge for the period                       2,281         3,390         5,671 
                                                                                  
                                                                                  
                                                                                  
    At 31 March 2010                           47,789        24,054        71,843 
                                                                                  
                                                                                  
                                                                                  
    Net book value                                                                
                                                                                  
    At 31 March 2009                              731         8,763         9,494 
                                                                                  
                                                                                  
                                                                                  
    At 31 March 2010                           10,297         5,799        16,096 
                                                                                  
                                                                                  

9    FIXED ASSETS INVESTMENTS                                                  
                                                                               
     GROUP                                                             Unlisted
                                                                               
                                                                    investments
                                                                               
                                                                              £
                                                                               
     Cost                                                                      
                                                                               
     At 1 April 2009                                                     27,147
                                                                               
     Disposals                                                         (27,147)
                                                                               
                                                                               
                                                                               
     At 31 March 2010                                                         -
                                                                               
                                                                               
                                                                               
     Provision                                                                 
                                                                               
     At 1 April 2009                                                     27,147
                                                                               
     On disposals                                                      (27,147)
                                                                               
                                                                               
                                                                               
     At 31 March 2010                                                         -
                                                                               
                                                                               
                                                                               
     Net book value                                                            
                                                                               
     At 1 April 2009 and 31 March 2010                                        -
                                                                               
                                                                               

Misterdroit.com a company incorporated in France was dissolved, this investment
had a £nil net book value and accordingly no profit or loss on disposal was
recognised.

     COMPANY                                                         Subsidiary
                                                                               
                                                                  undertakings 
                                                                             £ 
                                                                               
     Cost                                                                      
                                                                               
     At 1 April 2009                                                    197,597
                                                                               
     Additions                                                            1,000
                                                                               
                                                                               
                                                                               
     At 31 March 2010                                                   198,597
                                                                               
                                                                               
                                                                               
     Net book value                                                            
                                                                               
     As at 1 April 2009 and 31 March 2010                               198,597
                                                                               
                                                                               

The company holds more than 20% of the equity of the following companies:

     Name of company                   Proportion of                 Nature of 
                                                                               
                                      ordinary shares                 business 
                                                held                           
                                                                               
     Judicium Business Services                  100% Service company for group
     Limited                                                                   
                                                                               
     Judicium Consulting Limited *               100%      Consultancy services
                                                                               
     Judicium Legal Marketing                    100% Online marketing of legal
     Limited *                                                        services 
                                                                               
     Porta Verde Financial Services              100%      Financial services &
     Limited                                                         regulation

On 9 June 2009, the company subscribed to 1,000 ordinary shares of £1 each in
Porta Verde Financial Services Limited at par. The company commenced trading
after 1 April 2010.

* Investments held indirectly through Judicium Business Services Limited

10 DEBTORS                             Group       Company         Group       Company
                                                                                      
                                        2010          2010          2009          2009
                                                                                      
                                           £             £             £             £
                                                                                      
   Trade debtors                     146,968             -       155,040             -
                                                                                      
   Other debtors                      44,807       -              42,439       -      
                                                                                      
   Prepayments                        34,154       -              15,440       -      
                                                                                      
   Deferred tax (note 11)            133,007             -             -             -
                                                                                      
                                                                                      
                                                                                      
                                     358,936       -             212,919             -
                                                                                      
                                                                                      

11 DEFERRED TAXATION

The deferred tax included in the Balance sheet is as follows:

                                                           2010          2009
                                                                             
                                                             £             £ 
                                                                             
Included in debtors (note 10)                     133,007       -            
                                                                             
                                                                             

The movement in the deferred taxation account during the year was:

                                                           2010          2009
                                                                             
                                                             £             £ 
                                                                             
Balance brought forward                           -             -            
                                                                             
Profit and loss account movement arising during   133,007       -            
the year                                                                     
                                                                             
                                                                             
                                                                             
Balance carried forward                           133,007       -            
                                                                             
                                                                             

The balance of the deferred taxation account consists of the tax effect of
timing differences in respect of:

                                                           2010          2009
                                                                             
                                                             £             £ 
                                                                             
Tax losses available                              133,007       -            
                                                                             
                                                                             

The deferred tax asset has been recognised since it is considered that the
group will make sufficient future profits to utilise any losses incurred by the
company.

12. CREDITORS: Amounts falling         Group       Company         Group       Company
    due within one year                                                               
                                        2010          2010          2009          2009
                                                                                      
                                           £             £             £             £
                                                                                      
    Bank overdraft                     1,552                       1,836              
                                                                                      
    Trade creditors                   17,046       -              28,340       -      
                                                                                      
    Taxation and social               84,862             -        65,321             -
    security costs                                                                    
                                                                                      
    Other creditors                    8,361     1,000            13,558       -      
                                                                                      
    Accruals and deferred            156,888       -             161,326       -      
    income                                                                            
                                                                                      
                                                                                      
                                                                                      
                                     268,709         1,000       270,381             -
                                                                                      
                                                                                      

13.   OTHER PROVISIONS
   
Group                                                         2010          2009
                                                                                
                                                                 £             £
                                                                                
Other provisions:                                                               
                                                                                
Movement for year                                    25,000        -            
                                                                                
                                                                                

The above provision relates to dilapidation costs payable upon expiration of
the lease on the property

14.  SHARE CAPITAL                                              2010            2009 
                                                                                    
                                                                  £               £ 
                                                                                    
    Authorised:                                                                     
                                                                                    
    10,000,000 ordinary shares of 10p each                1,000,000        1,000,000
                                                                                    
                                                                                    
                                                                                    
    Allotted, issued and fully paid:                                                
                                                                                    
    1,975,967 ordinary shares of 10p each                   197,597          197,597
                                                                                    
                                                                                    

15.   RESERVES                                                   Group  Company 2010
                                                                                 
                                                               2010             £
                                                                                 
                                                                  £              
                                                                                 
   Balance brought forward                                  201,433             -
                                                                                 
   Movement in period, being group profit for the           327,029             -
   period                                                                        
                                                                                 
                                                                                 
                                                                                 
   Balance carried forward                                  528,462             -
                                                                                 
                                                                                 

16  RECONCILIATION OF MOVEMENT IN                             Group  Company 2010
                                                                                 
    SHAREHOLDERS' FUNDS                                        2010             £
                                                                                 
                                                                  £              
                                                                                 
    Profit for the period                                   327,029             -
                                                                                 
    Opening shareholder funds                               399,030       197,597
                                                                                 
                                                                                 
                                                                                 
    Closing shareholder funds                               726,059       197,597
                                                                                 
                                                                                 

17   COMMITMENTS UNDER OPERATING LEASES                                        
                                                                               

At 31 March 2010 the group had annual commitments under non-cancellable
operating leases as follows:

                                            2010                        2009            
                                                                                        
                                              £                           £             
                                                                                        
                                        Land &         Other        Land &         Other
                                     buildings                   buildings              
                                                           £                           £
                                             £                           £              
                                                                                        
    Operating leases which                                                              
    expire;                                                                             
                                                                                        
    Within 1 year                            -         3,080         7,000             -
                                                                                        
    Within 2 to 5 years                  7,000         2,446             -         4,874
                                                                                        
    In more than 5 years                43,550             -        44,313             -
                                                                                        
                                                                                        

18   EARNINGS PER SHARE                                                        
                                                                               
     Earnings per share for the group is based on a profit for the year of £   
     327,029 (2009 - £296,873) and 1,957,967 shares in issue. The fully diluted
     earnings per share figure are the same as the basic figure.               

The financial information set out above does not constitute the Group's
statutory accounts for the years ended 31 March 2009 or 31 March 2010, but is
extracted from those accounts. Statutory accounts for 2009 have been delivered
to the Registrar of Companies in England and Wales, and those for 2010 will be
delivered shortly.

For more information, please contact:

Leon de Costa

Chief Executive Officer

020 7336 8403

Roland Cornish

Beaumont Cornish Limited

020 7628 3396

Additional information regarding the Company can be obtained from the Company's
website. The Company's website can be accessed at www.judicium.com


                                                                                                                      

a d v e r t i s e m e n t