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Judicium Plc (JUD)

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Thursday 12 July, 2012

Judicium Plc

Annual Financial Report


FOR RELEASE AT 7.00AM 12 July 2012

                                 JUDICIUM PLC                                  

               AUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2012                

The Directors are pleased to announce the annual results of Judicium Plc for
the year ended 31 March 2012.

PRINCIPAL ACTIVITIES

The principal activity of the Judicium Plc group during the year, conducted
mainly through its wholly owned subsidiary Judicium Consulting Limited 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.

There is also a contribution to group revenue from its subsidiary Porta Verde
Financial Services Limited. This latter company operates as a regulatory
umbrella enabling financial services firms to trade as Appointed
Representatives using the company's regulatory permissions, thereby obviating
the requirement for the client-firm to obtain its own direct authorisation from
the Financial Services Authority.

The group also operates UK Work Permits Limited, a company that provides
consultancy services in the areas of work-related UK immigration and associated
compliance issues.

REVIEW OF THE BUSINESS

The key financial highlights for the year are as follows:

Year ended 31 March                             2012       2011       2010
                                                                          
                                                   £          £          £
                                                                          
Turnover                                   2,776,480  1,925,093  1,583,541
                                                                          
Operating profit                             432,005    293,045    195,283
                                                                          
Interest income                                  783        572        325
                                                                          
Profit on ordinary activities before         432,788    293,617    195,608
taxation                                                                  

Having stated in last year's review that "the next 12 months should see a
modest growth in pre-tax earnings of 10% to 15% before the effects of any new
acquisition", the Directors are pleased to report that actual trading in the
year ended 31 March 2012 has been significantly ahead of those expectations. 

 

The company has achieved a significant increase in organic growth; with pre-tax
earnings growing by over 47% over the year, and turnover growth of 44%. 

 

The reason for better than expected performance is due partly to lower than
anticipated costs (e.g. the company's expansion into another floor within the
building took place later than expected), but mainly from higher than
anticipated sales.

FUTURE DEVELOPMENTS

The directors are currently exploring a number of options as to the future
development of the company and its subsidiaries.  Among the options being
considered is the launch of a number of new support services that complement
the company's current offering.  An alternative option being considered is the
raising of sufficient investment as to enable the company to execute a buy and
build strategy by the acquisition of companies operating within identical or
similar sectors.  A third option being considered is a significant share
buyback programme to be financed from cash resources.  All options currently
remain open.   

Notwithstanding the above, over the next 12 months, the company will continue
its strategy of developing organic and acquisition led growth.   The company is
concentrating on organic growth with significant activity expected in the
education compliance services sector.  Whilst the company has historically
exercised caution when forecasting future performance, usually resulting in
better than expected performance, the next 12 months are likely to see a
significant rise in people costs in anticipation of further growth, resulting
in modest growth in earnings and revenue.

 

One of the companies in the group, Porta Verde Financial Services Limited, was
recently informed by the Financial Services Authority that it is under
investigation due to its oversight function over the activities of two of its
Appointed Representatives.  The investigation concerns the possibility of
mis-selling of insurance contracts over the telephone by the Appointed
Representatives.  Whatever the result of the investigation, the directors do
not anticipate that this issue will impact materially on financial performance
over the next 12 months, on the basis that there is a contractual arrangement
for the recovery of sums paid from the Appointed Representatives. 

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.

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.

Having Porta Verde Financial Services Limited acting as the Principal
authorised firm under which its Appointed Representatives trade, carries both
legal and regulatory risks should the Directors of Porta Verde Financial
Services Limited fail to properly discharge their supervisory and compliance
functions. The Financial Services Authority has wide statutory powers to deal
with regulatory breaches including fines, prohibitions and prosecutions.

DIVIDENDS

The directors do not recommend the payment of a dividend.

DIRECTORS

The following directors have held office since 1 April 2011:

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 2012                 
                                                                  31 March 2011
                                                                               
S Shukla                                               564,474          564,474
                                                                               
L de Costa                                             506,500          506,500
                                                                               
C Dufficy                                              313,148          328,148
                                                                               
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 36 days (2011 - 29).

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

By order of the Board

Leon de Costa

Secretary

Date: 11 July 2012

JUDICIUM PUBLIC LIMITED COMPANY AND SUBSIDIARY UNDERTAKINGS

CONSOLIDATED PROFIT AND LOSS ACCOUNT

YEAR ENDED 31 MARCH 2012

                                              Notes           2012          2011
                                                                                
                                                                 £             £
                                                                                
TURNOVER                                        1        2,776,480     1,925,093
                                                                                
COST OF SALES                                   2        (262,929)     (180,562)
                                                                                
                                                                                
                                                                                
GROSS PROFIT                                             2,513,551     1,744,531
                                                                                
Administrative expenses                         2      (2,081,546)   (1,451,486)
                                                                                
                                                                                
                                                                                
OPERATING PROFIT                                           432,005       293,045
                                                                                
Interest receivable and similar income          3              783           572
                                                                                
                                                                                
                                                                                
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION   4          432,788       293,617
                                                                                
Taxation                                        6         (99,474)      (62,654)
                                                                                
                                                                                
                                                                                
PROFIT FOR THE FINANCIAL YEAR                   16         333,314       230,963
                                                                                
                                                                                
                                                                                
Earnings per share                              19          17.02p        11.69p

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.

JUDICIUM PUBLIC LIMITED COMPANY AND SUBSIDIARY UNDERTAKINGS                           
                                                                                      
CONSOLIDATED AND COMPANY BALANCE SHEET                                                
                                                                                      
AS AT 31 MARCH 2012                                                                   
                                                                                      
                                                                                      
                                                                                      
                                       Group       Company         Group       Company
                                                                                      
                         Notes          2012          2012          2011          2011
                                                                                      
                                           £             £             £             £
                                                                                      
FIXED ASSETS                                                                          
                                                                                      
Intangible fixed assets    7         420,472             -       444,920             -
                                                                                      
Tangible assets            8          29,950             -        28,447             -
                                                                                      
Investments                9               -       692,389             -       694,639
                                                                                      
                                                                                      
                                                                                      
                                     450,422       692,389       473,367       694,639
                                                                                      
                                                                                      
                                                                                      
CURRENT ASSETS                                                                        
                                                                                      
Debtors                   10         422,463             -       405,109             -
                                                                                      
Cash at bank and in hand           1,127,243             -       933,755             -
                                                                                      
                                                                                      
                                                                                      
                                   1,549,706             -     1,338,864             -
                                                                                      
CREDITORS: Amounts        12       (664,792)     (494,792)     (830,209)     (497,042)
falling due within one                                                                
year                                                                                  
                                                                                      
                                                                                      
                                                                                      
NET CURRENT ASSETS/                  884,914     (494,792)       508,655     (497,042)
(LIABILITIES)                                                                         
                                                                                      
                                                                                      
                                                                                      
TOTAL ASSETS LESS                  1,335,336       197,597       982,022       197,597
CURRENT LIABILITIES                                                                   
                                                                                      
PROVISIONS FOR                                                                        
LIABILITIES                                                                           
                                                                                      
Other provisions          13        (45,000)             -      (25,000)             -
                                                                                      
                                                                                      
                                                                                      
NET ASSETS                         1,290,336       197,597       957,022       197,597
                                                                                      
                                                                                      
                                                                                      
CAPITAL AND RESERVES                                                                  
                                                                                      
Called up share capital   15         197,597       197,597       197,597       197,597
                                                                                      
Profit and loss account   16       1,092,739             -       759,425             -
                                                                                      
                                                                                      
                                                                                      
SHAREHOLDERS' FUNDS       17       1,290,336       197,597       957,022       197,597
                                                                                      
                                                                                      

These financial statements were approved by the directors and authorised for
issue on ……………., and are signed on their behalf by:

Leon de Costa

Director

Company Registration No. 5443060

JUDICIUM PUBLIC LIMITED COMPANY AND SUBSIDIARY UNDERTAKINGS

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2012

                                                                 2012           2011 
                                                                                     
                                                                    £              £ 
                                                                                     
NET CASH INFLOW FROM OPERATING                                465,326        452,908 
ACTIVITIES                                                                           
                                                                                     
Returns on Investments                                                               
                                                                                     
Interest received                                                 783            572 
                                                                                     
                                                                                     
                                                                                     
Net cash inflow from returns on                                   783            572 
investment                                                                           
                                                                                     
Taxation                                                                             
                                                                                     
Taxation paid                                                 (58,209)             - 
                                                                                     
                                                                                     
                                                                                     
Net cash outflow from taxation                                (58,209)             - 
                                                                                     
Capital expenditure                                                                  
                                                                                     
Payments to acquire tangible fixed                            (18,431)       (15,836)
assets                                                                               
                                                                                     
                                                                                     
                                                                                     
Net cash outflow from capital                                 (18,431)       (15,836)
expenditure                                                                          
                                                                                     
Acquisitions and disposals                                                           
                                                                                     
Payments to acquire UK Work Permits                          (172,618)      (321,174)
Limited                                                                              
                                                                                     
Net cash acquired with subsidiary                                   -        150,738 
                                                                                     
                                                                                     
                                                                                     
Net cash outflow from acquisitions and                       (172,618)      (170,436)
disposals                                                                            
                                                                                     
                                                                                     
                                                                                     
INCREASE IN CASH                                              216,851        267,208 
                                                                                     
                                                                                     
                                                                                     
RECONCILIATION OF OPERATING PROFIT TO                            2012           2011 
NET CASH INFLOW FROM OPERATING                                                       
ACTIVITIES                                                          £              £ 
                                                                                     
Operating profit                                              432,005        293,045 
                                                                                     
Depreciation                                                   16,928          9,705 
                                                                                     
Amortisation                                                   22,198          1,284 
                                                                                     
Increase in debtors                                           (97,890)       (39,767)
                                                                                     
Increase in creditors                                          72,085        188,641 
                                                                                     
Increase in provisions                                         20,000              - 
                                                                                     
                                                                                     
                                                                                     
NET CASH INFLOW FROM OPERATING                                465,326        452,908 
ACTIVITIES                                                                           
                                                                                     
                                                                                     
                                                                                     
ANALYSIS OF CHANGES IN NET FUNDS                     At           Cash             At
                                                                                     
                                           1 April 2011          Flows       31 March
                                                                                     
                                                                                 2012
                                                                                     
Cash in hand and at bank                       933,755        193,488       1,127,243
                                                                                     
Overdraft                                      (23,363)        23,363              - 
                                                                                     
                                                                                     
                                                                                     
NET FUNDS                                      910,392        216,851       1,127,243
                                                                                     
                                                                                     

BASIS OF ACCOUNTING

The financial statements have been prepared under the historical cost
convention and on the going concern basis and in accordance with United Kingdom
Generally Accepted Accounting Practice (United Kingdom Accounting Standards and
applicable law).

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.

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.

FIXED ASSET INVESTMENTS

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

INTANGIBLE FIXED ASSETS

Intangible fixed assets are stated at historical cost.

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

GOODWILL

When the fair value of the consideration for an acquired undertaking exceeds
the fair value of its separable net assets, the difference is treated as
purchased goodwill and is capitalised and amortised through the profit and loss
account over 20 years, its estimated economic life.

Purchased goodwill is reviewed for impairment at the end of the first full
financial year following each acquisition and subsequently as and when
necessary if circumstances emerge that indicate that the carrying value may not
be recoverable.

TANGIBLE FIXED ASSETS

Tangible 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

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.

PENSION COSTS

The group operates a defined contribution pension scheme for employees. The
assets of the scheme are held separately from those of the group. The annual
contributions payable are charged 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.

  * TURNOVER
   
The group's turnover and profit before taxation was derived from its principal
activity and is wholly within the United Kingdom.

    OPERATING EXPENSES                                        2012          2011
                                                                                
                                                                 £             £
                                                                                
    Cost of sales                                          262,929       180,562
                                                                                
    Administration expenses                              2,081,546     1,451,486
                                                                                
                                                                                
                                                                                
    Total operating expenses                             2,344,475     1,632,048
                                                                                
                                                                                

    INTEREST RECEIVABLE AND SIMILAR INCOME                    2012           2011
                                                                                 
                                                                £              £ 
                                                                                 
    Bank and other interest receivable                         783            572
                                                                                 
                                                                                 

    PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION             2012          2011
                                                                                
                                                                £             £ 
                                                                                
    Profit on ordinary activities before taxation is                            
    stated after                                                                
                                                                                
    charging:                                                                   
                                                                                
    Depreciation - owned assets                             16,928         9,705
                                                                                
    Amortisation of goodwill                                22,198         1,284
                                                                                
    Auditors' remuneration                                                      
                                                                                
    - Audit fees                                            15,700        13,500
                                                                                
    - Taxation fees                                          9,000         1,800
                                                                                
    - Other                                                      -        15,000
                                                                                
    Operating lease: other                                  98,281        52,865
                                                                                
    Operating lease: plant and machinery                     8,338         8,204
                                                                                
                                                                                

    EMPLOYEES                                                 2012          2011
                                                                                
                                                               No.           No.
                                                                                
    The average monthly number of persons (including                            
    directors) employed by the group during the                                 
    period was:                                                                 
                                                                                
    Sales, office and management                                29            18
                                                                                
    The average monthly number of external                       7            18
    consultants of the group was:                                               
                                                                                
                                                                                
                                                                                
                                                              2012          2011
                                                                                
                                                                 £             £
                                                                                
    Staff costs for above employees (including                                  
    directors):                                                                 
                                                                                
    Wages and salaries                                   1,216,755       825,400
                                                                                
    Social security costs                                  131,952        90,016
                                                                                
    Pensions                                                 9,511         1,802
                                                                                
                                                                                
                                                                                
                                                         1,358,218       917,218
                                                                                
                                                                                
                                                                                

5 EMPLOYEES (continued)

    DIRECTORS' REMUNERATION                                   2012          2011
                                                                                
                                                                 £             £
                                                                                
    Emoluments                                             175,397       132,000
                                                                                
    Value of group pension contributions to money            3,125           550
    purchase schemes                                                            
                                                                                
                                                                                
                                                                                
                                                           178,522       132,550
                                                                                
                                                                                

The number of directors who accrued benefits under group pension schemes was as
follows:

                                                               2012          2011
                                                                                 
                                                                No.           No.
                                                                                 
     Money purchase schemes                                       1             1
                                                                                 
                                                                                 

    TAXATION                                                  2012          2011
                                                                                
                                                                £             £ 
                                                                                
    Current tax:                                                                
                                                                                
    UK Corporation based upon the results for the           18,938        10,183
    year                                                                        
                                                                                
                                                                                
                                                                                
    Total current tax                                       18,938        10,183
                                                                                
    Deferred tax:                                                               
                                                                                
    Origination and reversal of timing differences          80,536        52,471
    (note 10)                                                                   
                                                                                
                                                                                
                                                                                
                                                            99,474        62,654
                                                                                
                                                                                
                                                                                
    Factors affecting the tax charge for the year:                              
                                                                                
    Profit on ordinary activities before taxation          432,788       293,617
                                                                                
                                                                                
                                                                                
    Profit on ordinary activities before taxation           86,558        61,660
    multiplied by standard rate of UK Corporation                               
    tax of 20% (2011: 21%)                                                      
                                                                                
    Non deductible expenses                                  5,107           375
                                                                                
    Depreciation and amortisation                            7,824         2,279
                                                                                
    Capital allowances                                     (1,072)       (3,479)
                                                                                
    Brought forward tax losses utilised                   (79,484)      (57,937)
                                                                                
    Losses carried forward                                       5         1,245
                                                                                
    Effect of marginal rate                                      -         6,040
                                                                                
                                                                                
                                                                                
    Current tax charge                                      18,938        10,183
                                                                                
                                                                                

      INTANGIBLE FIXED ASSETS                                                    
                                                                                 
    GROUP                                    Software      Goodwill         Total
                                                                                 
                                                    £             £             £
                                                                                 
    Cost                                                                         
                                                                                 
    At 1 April 2011                            49,530      446,204       495,734 
                                                                                 
    Disposals                                (49,530)            -       (49,530)
                                                                                 
    Price adjustment                                -       (2,250)       (2,250)
                                                                                 
                                                                                 
                                                                                 
    At 31 March 2012                                -      443,954       443,954 
                                                                                 
                                                                                 
                                                                                 
    Amortisation                                                                 
                                                                                 
    At 1 April 2011                            49,530        1,284        50,814 
                                                                                 
    On disposals                             (49,530)            -       (49,530)
                                                                                 
    Charge for the year                                      22,198       22,198 
                                                                                 
                                                                                 
                                                                                 
    At 31 March 2012                                -       23,482        23,482 
                                                                                 
                                                                                 
                                                                                 
    Net book value                                                               
                                                                                 
    At 31 March 2012                                -      420,472        420,472
                                                                                 
                                                                                 
                                                                                 
    At 31 March 2011                                -      444,920       444,920 
                                                                                 
                                                                                 

    TANGIBLE FIXED ASSETS                                                        
                                                                                 
    GROUP                                    Computer     Fixtures,         Total
                                                                                 
                                            equipment  fittings and             £
                                                                                 
                                                    £     equipment              
                                                                                 
                                                                  £              
                                                                                 
    Cost                                                                         
                                                                                 
    At 1 April 2011                            66,519       57,105       123,624 
                                                                                 
    Additions in the period                     7,356       11,075        18,431 
                                                                                 
    Disposals                                       -      (13,000)      (13,000)
                                                                                 
                                                                                 
                                                                                 
    At 31 March 2012                           73,875       55,180       129,055 
                                                                                 
                                                                                 
                                                                                 
    Depreciation                                                                 
                                                                                 
    At 1 April 2011                     53,516              41,661        95,177 
                                                                                 
    On disposals                                    -      (13,000)      (13,000)
                                                                                 
    Charge for the period                       8,097        8,831        16,928 
                                                                                 
                                                                                 
                                                                                 
    At 31 March 2011                    61,613              37,492        99,105 
                                                                                 
                                                                                 
                                                                                 
    Net book value                                                               
                                                                                 
    At 31 March 2012                           12,262       17,688        29,950 
                                                                                 
                                                                                 
                                                                                 
    At 31 March 2011                           13,003       15,444        28,447 
                                                                                 
                                                                                 

9    INVESTMENTS                                                     Subsidiary
                                                                               
     COMPANY                                                      undertakings 
                                                                             £ 
                                                                               
     Cost                                                                      
                                                                               
     At 1 April 2011                                                   694,639 
                                                                               
     Additions                                                               - 
                                                                               
     Price adjustment reduction                                         (2,250)
                                                                               
                                                                               
                                                                               
     At 31 March 2012                                                  692,389 
                                                                               
                                                                               
                                                                               
     Net book value                                                            
                                                                               
     At 31 March 2012                                                  692,389 
                                                                               
                                                                               
                                                                               
     At 31 March 2011                                                  694,639 
                                                                               
                                                                               

The company holds 100% of the issued share capital in the following companies:

     Name of company                   Proportion of        Nature of business 
                                                                               
                                      ordinary shares                          
                                                held                           
                                                                               
     Judicium Business Services                  100% Service company for group
     Limited                                                                   
                                                                               
     Judicium Consulting Limited *               100%      Consultancy services
                                                                               
     Judicium Education Support                  100% Online marketing of legal
     Services Limited *                                               services 
                                                                               
     Porta Verde Financial Services              100%      Financial services &
     Limited                                                         regulation
                                                                               
     UK Work Permits Limited                     100%            UK immigration
                                                           consultancy services

* Investments held indirectly through Judicium Business Services Limited

10 DEBTORS                               Group         Company         Group       Company
                                                                                          
                                          2012            2012          2011          2011
                                                                                          
                                             £               £             £             £
                                                                                          
   Trade debtors                       294,297               -       134,556             -
                                                                                          
   Other debtors                        72,407        -               89,398       -      
                                                                                          
   Prepayments                          55,759        -              100,619       -      
                                                                                          
   Deferred tax (note 11)                    -               -        80,536             -
                                                                                          
                                                                                          
                                                                                          
                                       422,463        -              405,109       -      
                                                                                          
                                                                                          
                                                                                          
    The debtors above include the following amounts falling due after more than one       
    year                                                                                  
                                                                                          
    Other debtors                        41,688       -              10,888       -       
                                                                                          
                                                                                          

11 DEFERRED TAXATION

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

                                                             2012          2011
                                                                               
                                                               £             £ 
                                                                               
Included in debtors (note 10)                       -             80,536       
                                                                               
                                                                               

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

                                                             2012          2011
                                                                               
                                                               £             £ 
                                                                               
Balance brought forward                             80,536        133,007      
                                                                               
Profit and loss account movement arising during the (80,536)      (52,471)     
year                                                                           
                                                                               
                                                                               
                                                                               
Balance carried forward                             -             80,536       
                                                                               
                                                                               

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

                                                             2012          2011
                                                                               
                                                               £             £ 
                                                                               
Tax losses available                                -             80,536       
                                                                               
                                                                               

    CREDITORS: Amounts falling         Group       Company         Group       Company
    due within one year                                                               
                                        2012          2012          2011          2011
                                                                                      
                                           £             £             £             £
                                                                                      
    Bank overdraft                         -             -        23,363             -
                                                                                      
    Trade creditors                  112,681       -              55,632       -      
                                                                                      
    Corporation tax                   18,938             -        58,209             -
                                                                                      
    Taxation and social              157,660             -       137,104             -
    security costs                                                                    
                                                                                      
    Other creditors                   86,694    494,792          250,155    497,042   
                                                                                      
    Accruals and deferred            288,819       -             305,746       -      
    income                                                                            
                                                                                      
                                                                                      
                                                                                      
                                     664,792       494,792       830,209       497,042
                                                                                      
                                                                                      

  * OTHER PROVISIONS FOR LIABILITIES AND CHARGES
   
Group                                                                            2012
                                                                                     
                                                                                    £
                                                                                     
Other provisions:                                                                    
                                                                                     
Balance brought forward                              25,000                          
                                                                                     
Additional provisions made in the year               20,000                          
                                                                                     
                                                     --------------------------------
                                                                                     
                                                     45,000                          
                                                                                     
                                                     ================================

The above provision relates to dilapidation costs payable upon expiration of
lease's on the group's properties.

  * PENSIONS
   
The group operates a pension scheme which provides for the payment of
contributions by the group. The scheme operates on a defined contribution money
purchase basis and the contributions are charged to the profit and loss account
as they arise. The charge for the year was £9,511 (2011 - £1,802).

At the balance sheet date, the amount outstanding in respect of pension
contributions is £2,515 (2011 - £nil).

   SHARE CAPITAL                                               2012           2011
                                                                                  
                                                                  £              £
                                                                                  
   Allotted, issued and fully paid:                                               
                                                                                  
   1,975,967 ordinary shares of 10p each                    197,597        197,597
                                                                                  
                                                                                  

   PROFIT AND LOSS RESERVE                                    Group  Company 2012
                                                                                 
                                                               2012             £
                                                                                 
                                                                  £              
                                                                                 
   Balance brought forward                                  759,425             -
                                                                                 
   Profit for the year                                      333,314             -
                                                                                 
                                                                                 
                                                                                 
   Balance carried forward                                1,092,739             -
                                                                                 
                                                                                 

   RECONCILIATION OF MOVEMENT IN                              Group  Company 2012
                                                                                 
   SHAREHOLDERS' FUNDS                                         2012             £
                                                                                 
                                                                  £              
                                                                                 
   Opening shareholders' funds                              957,022       197,597
                                                                                 
   Profit for the year                                      333,314             -
                                                                                 
                                                                                 
                                                                                 
   Closing shareholders' funds                            1,290,336       197,597
                                                                                 
                                                                                 

  * 17 COMMITMENTS UNDER OPERATING LEASES                                       

At 31 March 2012 the group had annual commitments under non-cancellable
operating leases as follows:

                                            2012                        2011            
                                                                                        
                                              £                           £             
                                                                                        
                                        Land &         Other        Land &         Other
                                     buildings                   buildings              
                                                           £                           £
                                             £                           £              
                                                                                        
   Operating leases which                                                               
   expire;                                                                              
                                                                                        
   Within 2 to 5 years                 103,817         9,267        52,760         3,161
                                                                                        
                                                                                        

  * 18 EARNINGS PER SHARE                                                      
                                                                               
       Earnings per share for the group is based on a profit for the year of £ 
       333,314 (2011 - £230,963) and 1,957,967 (2011 - 1,957,967) shares in    
       issue. The fully diluted earnings per share figure are the same as the  
       basic figure.                                                           

  * 18 CONTINGENT LIABILITIES                                                  
                                                                               
       One of the companies in the group, Porta Verde Financial Services       
       Limited, was recently informed by the Financial Services Authority that 
       it is under investigation due to its oversight function over the        
       activities of two of its Appointed Representatives. The investigation   
       concerns the possibility of mis-selling of insurance contracts over the 
       telephone by the Appointed Representatives. Whatever the result of the  
       investigation, the directors do not anticipate that this issue will     
       impact materially on financial performance over the next 12 months, on  
       the basis that there is a contractual arrangement for the recovery of   
       sums paid from the Appointed Representatives.                           

The financial information set out above does not constitute the Group's
statutory accounts for the years ended 31 March 2011 or 31 March 2012, but is
extracted from those accounts. Statutory accounts for 2011 have been delivered
to the Registrar of Companies in England and Wales, and those for 2012 will be
delivered shortly. The Accounts for 2012 contained an unqualified audit report.

For more information, please contact:

Leon de Costa
Chief Executive Officer
020 7336 8403

Roland Cornish and James Biddle
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