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Judicium Plc (JUD)

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Wednesday 31 August, 2011

Judicium Plc

Final Results


                     FOR IMMEDIATE RELEASE 31 August 2011                      

                                 JUDICIUM PLC                                  

               AUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2011                

The directors submit their annual report and group financial statements for
Judicium Plc for the year ended 31 March 2011.

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 minor contribution to group revenue from its newly launched
subsidiary Porta Verde Financial Services Limited. This latter company will
operate 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.

On 10 March 2011, the group acquired 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                                      2010             2011
                                                                              
                                                            £                £
                                                                              
Turnover                                            1,583,541        1,925,093
                                                                              
Operating profit                                      195,283          293,045
                                                                              
Interest income                                           325              572
                                                                              
Profit on ordinary activities before                  195,608          293,617
taxation                                                                      

The Directors are pleased to report that trading in the year ended 31 March
2011 has been broadly in line with expectations as set out in the half yearly
report published to the PLUS Market on the 23rd December 2010. As expected, the
company has incurred a significant increase in operating costs in the second
half of the year, with a view to preparing the ground for healthy organic
growth over the next 24 months. Notwithstanding this increase in costs, the
company has seen pre-tax earnings grow by over 50% over the year, with turnover
growth of 21%.

The company incurred costs associated with the acquisition of its newly
acquired subsidiary, UK Work Permits Limited, which has been included in the
cost of the acquisition. Both figures for turnover and earnings, set out above,
include 21 days trading from this subsidiary.

FUTURE DEVELOPMENTS

Over the next 12 months, the company will continue its strategy of developing
organic and acquisition led growth.

In terms of organic growth, the company has invested in new, larger premises
for its Fareham based operations, and is currently engaged in negotiations with
its landlord to more than double the size of its London office. Whilst the
extra space is being leased in anticipation of future need over the next three
to five years, it will add significantly to the company's cost base over the
next 12 months.

Notwithstanding this, the directors believe that the negative effect will be
more than off-set by increases in revenue, including the contribution of its
newly acquired subsidiary UK Work Permits Limited. Consequently,
notwithstanding a significant increase in costs, the Directors believe 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 company will continue with its strategy of developing its consultancy
business, with a particular focus on employment law and HR services as they
relate to the education sector where the company has established a significant
presence. The company also expects to see significant growth in revenue derived
from its financial services regulation team, whether by advising clients
directly or providing them a regulatory umbrella under which they can trade via
our newly launched subsidiary Porta Verde Financial Services Limited.

The Directors also continue to believe that the market for regulatory
consultancy, especially in employment laws and financial services regulation,
is one which offers good growth potential and that there are currently good
prospects for consolidation amongst participants in the market. To that end,
the company will continue to look for suitable acquisition opportunities.

The company made its first significant acquisition in UK Work Permits Limited
at the end of the financial year, and the Directors are pleased to report that
the acquired company is trading in line with expectations as set out in our
statement published to the PLUS Market on 11 March 2011.

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.

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 of
which the group's auditors are unaware, and each director has taken steps that
he ought to have taken 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 2010:

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 2011    31 March 2010   
                                                                               
S Shukla                                               564,474          564,474
                                                                               
L de Costa                                             506,500          505,400
                                                                               
C Dufficy                                              328,148          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 29 (2010 - 7).

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

31 August 2011

INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDERS OF JUDICIUM PLC AND SUBSIDIARY
UNDERTAKINGS

YEAR ENDED 31 MARCH 2011

We have audited the group and parent company financial statements ("the
financial statements") of Judicium Plc and subsidiary undertakings for the year
ended 31 March 2011. The financial reporting framework that has been applied in
their preparation is applicable law and United Kingdom Accounting Standards
(United Kingdom Generally Accepted Accounting Practice).

This report is made solely to the company's shareholders, as a body, in
accordance with Chapter 3 of Section 16 of the Companies Act 2006. Our audit
work has been undertaken so that we might state to the company's shareholders
those matters we are required to state to them in an auditor's report and for
no other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the company and the company's
shareholders as a body, for our audit work, for this report, or for the
opinions we have formed.

RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITOR

As explained more fully in the Directors' Responsibilities Statement set out on
page 6, the directors are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair view. Our
responsibility is to audit the financial statements in accordance with
applicable law and International Standards on Auditing (UK and Ireland). Those
standards require us to comply with the Auditing Practices Board's (APB's)
Ethical Standards for Auditors.

SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS

An audit involves obtaining evidence about the amounts and disclosures in the
financial statements sufficient to give reasonable assurance that the financial
statements are free from material misstatement, whether caused by fraud or
error. This includes an assessment of: whether the accounting policies are
appropriate to the group's and the parent company's circumstances and have been
consistently applied and adequately disclosed; the reasonableness of
significant accounting estimates made by directors; and the overall
presentation of the financial statements.

OPINION ON FINANCIAL STATEMENTS

In our opinion the financial statements:

 give a true and fair view of the state of the group's and parent company's
affairs as at 31 March 2011 and of the group's profit for the year then ended;

 have been properly prepared in accordance with United Kingdom Generally
Accepted Accounting Practice; and

 have been prepared in accordance with the requirements of the Companies Act
2006.

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion the information given in the Directors' Report for the financial
year for which the financial statements are prepared is consistent with the
financial statements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

We have nothing to report in respect of the following matters where the
Companies Act 2006 requires us to report to you if, in our opinion:

 adequate accounting records have not been kept by the parent company, or
returns adequate for our audit have not been received from branches not visited
by us; or

 the parent company financial statements are not in agreement with the
accounting records and returns; or

 certain disclosures of directors' remuneration specified by law are not made;
or

 we have not received all the information and explanations we require for our
audit.


Mark Turner (Senior Statutory Auditor)
For and on behalf of
Lubbock Fine
Chartered Accountants Russell Bedford House
& Statutory Auditor City Forum, 250 City Road
London EC1V 2QQ
31 August 2011



CONSOLIDATED PROFIT AND LOSS ACCOUNT

YEAR ENDED 31 MARCH 2011

                                              Notes           2011          2010
                                                                                
                                                                 £             £
                                                                                
TURNOVER                                                 1,925,093     1,583,541
                                                                                
COST OF SALES                                   2        (180,562)     (159,057)
                                                                                
                                                                                
                                                                                
GROSS PROFIT                                             1,744,531     1,424,484
                                                                                
Administrative expenses                         2      (1,451,486)   (1,229,201)
                                                                                
                                                                                
                                                                                
OPERATING PROFIT                                           293,045       195,283
                                                                                
Interest receivable and similar income          3              572           325
                                                                                
                                                                                
                                                                                
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION   4          293,617       195,608
                                                                                
Taxation                                        6         (62,654)       131,421
                                                                                
                                                                                
                                                                                
PROFIT FOR THE FINANCIAL YEAR                   16         230,963       327,029
                                                                                
                                                                                
                                                                                
Earnings per share                              19          11.69p        16.55p

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 2011

                                                                                      
                                                                                      
                                       Group       Company         Group       Company
                                        2011          2011          2010          2010
                                                                                      
                                           £             £             £             £
                                                                                      
FIXED ASSETS                                                                          
                                                                                      
Intangible fixed assets    7         444,920             -             -             -
                                                                                      
Tangible assets            8          28,447             -        16,096             -
                                                                                      
Investments                9               -       694,639             -       198,597
                                                                                      
                                                                                      
                                                                                      
                                     473,367       694,639        16,096       198,597
                                                                                      
                                                                                      
                                                                                      
CURRENT ASSETS                                                                        
                                                                                      
Debtors                   10         405,109             -       358,936             -
                                                                                      
Cash at bank and in hand             933,755             -       644,736             -
                                                                                      
                                                                                      
                                                                                      
                                   1,338,864             -     1,003,672             -
                                                                                      
CREDITORS: Amounts        12       (830,209)     (497,042)     (268,709)       (1,000)
falling due within one                                                                
year                                                                                  
                                                                                      
                                                                                      
                                                                                      
NET CURRENT ASSETS/                  508,655     (497,042)       734,963       (1,000)
(LIABILITIES)                                                                         
                                                                                      
                                                                                      
                                                                                      
                                                                                      
                                                                                      
TOTAL ASSETS LESS                    982,022       197,597       751,059       197,597
CURRENT LIABILITIES                                                                   
                                                                                      
PROVISIONS FOR                                                                        
LIABILITIES                                                                           
                                                                                      
Other provisions          13        (25,000)             -      (25,000)             -
                                                                                      
                                                                                      
                                                                                      
NET ASSETS                           957,022       197,597       726,059       197,597
                                                                                      
                                                                                      
                                                                                      
CAPITAL AND RESERVES                                                                  
                                                                                      
Called up share capital   15         197,597       197,597       197,597       197,597
                                                                                      
Profit and loss account   16         759,425             -       528,462             -
                                                                                      
                                                                                      
                                                                                      
SHAREHOLDERS' FUNDS       17         957,022       197,597       726,059       197,597
                                                                                      
                                                                                      

These financial statements were approved by the directors and authorised for
issue on 31 August 2011 and are signed on their behalf by:




Leon de Costa

Director


CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2011

                                                                 2011           2010 
                                                                                     
                                                                    £              £ 
                                                                                     
NET CASH INFLOW FROM OPERATING                                452,908        209,720 
ACTIVITIES                                                                           
                                                                                     
Returns on Investments                                                               
                                                                                     
Interest received                                                 572            325 
                                                                                     
                                                                                     
                                                                                     
Net cash inflow from returns on                                   572            325 
investment                                                                           
                                                                                     
Taxation                                                                             
                                                                                     
Taxation paid                                                       -         (1,586)
                                                                                     
                                                                                     
                                                                                     
Net cash outflow from taxation                                      -         (1,586)
                                                                                     
Capital expenditure                                                                  
                                                                                     
Payments to acquire tangible fixed                            (15,836)       (12,273)
assets                                                                               
                                                                                     
                                                                                     
                                                                                     
Net cash outflow from capital                                 (15,836)       (12,273)
expenditure                                                                          
                                                                                     
Acquisitions and disposals                                                           
                                                                                     
Payments to acquire UK Work Permits                          (321,174)             - 
Limited                                                                              
                                                                                     
Net cash acquired with subsidiary                             150,738              - 
                                                                                     
                                                                                     
                                                                                     
Net cash outflow from acquisitions and                       (170,436)             - 
disposals                                                                            
                                                                                     
                                                                                     
                                                                                     
INCREASE IN CASH                                              267,208        196,186 
                                                                                     
                                                                                     
                                                                                     
RECONCILIATION OF OPERATING PROFIT TO                            2011           2010 
NET CASH INFLOW FROM OPERATING                                                       
ACTIVITIES                                                          £              £ 
                                                                                     
Operating profit                                              293,045        195,283 
                                                                                     
Depreciation                                                    9,705          5,671 
                                                                                     
Amortisation                                                    1,284             -  
                                                                                     
Increase in debtors                                           (39,767)       (13,005)
                                                                                     
Increase/(decrease) in creditors                              188,641         (3,229)
                                                                                     
Increase in provisions                                              -         25,000 
                                                                                     
                                                                                     
                                                                                     
NET CASH INFLOW FROM OPERATING                                452,908        209,720 
ACTIVITIES                                                                           
                                                                                     
                                                                                     
                                                                                     
                                                                                     
ANALYSIS OF CHANGES IN NET FUNDS                     At           Cash             At
                                           1 April 2010          Flows       31 March
                                                                                 2011
                                                                                     
Cash in hand and at bank                       644,736        289,019        933,755 
                                                                                     
Overdraft                                       (1,552)       (21,811)       (23,363)
                                                                                     
                                                                                     
                                                                                     
NET FUNDS                                      643,184        267,208        910,392 
                                                                                     
                                                                                     




ACCOUNTING POLICIES

FOR THE YEAR ENDED 31 MARCH 2011

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,
domain names, and websites and content 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.

NOTES TO THE ACCOUNTS

YEAR ENDED 31 MARCH 2011

1. PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION
   
The group's profit before taxation was all derived from its principal
activities.


2. OPERATING EXPENSES                                        2011          2010
                                                                                
                                                                 £             £
                                                                                
    Cost of sales                                          180,562       159,057
                                                                                
    Administration expenses                              1,451,486     1,229,201
                                                                                
                                                                                
                                                                                
    Total operating expenses                             1,632,048     1,386,258
                                                                                
                                                                                

3. INTEREST RECEIVABLE AND SIMILAR INCOME                    2011           2010
                                                                                 
                                                                £              £ 
                                                                                 
    Bank and other interest receivable                         572            325
                                                                                 
                                                                                 

    PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION             2011          2010
                                                                                
                                                                £             £ 
                                                                                
4. Profit on ordinary activities before taxation is                            
    stated after                                                                
                                                                                
    charging:                                                                   
                                                                                
    Depreciation - owned assets                              9,705         5,671
                                                                                
    Amortisation of goodwill                                 1,284             -
                                                                                
    Auditors' remuneration                                                      
                                                                                
    - Audit fees                                            13,500         9,125
                                                                                
    - Taxation fees                                          1,800             -
                                                                                
    - Other                                                 15,000             -
                                                                                
    Operating lease: other                                  52,865        45,006
                                                                                
    Operating lease: plant and machinery                     8,204         5,020
                                                                                
                                                                                

5. EMPLOYEES                                                 2011          2010
                                                                                
                                                               No.           No.
                                                                                
    The average monthly number of persons (including                            
    directors) employed by the group during the                                 
    period was:                                                                 
                                                                                
    Sales, office and management                                18            16
                                                                                
    The average monthly number of external                      18            18
    consultants of the group was:                                               
                                                                                
                                                                                
                                                                                
                                                              2011         2010 
                                                                                
                                                                 £            £ 
                                                                                
    Staff costs for above employees (including                                  
    directors):                                                                 
                                                                                
    Wages and salaries                                     825,400       669,074
                                                                                
    Social security costs                                   90,016        72,287
                                                                                
    Pensions                                                 1,802             -
                                                                                
                                                                                
                                                                                
                                                           917,218       741,361
                                                                                
                                                                                
                                                                                

    DIRECTORS' REMUNERATION                                   2011          2010
                                                                                
                                                                 £            £ 
                                                                                
    Emoluments                                             132,000       150,000
                                                                                
    Value of group pension contributions to money              550             -
    purchase schemes                                                            
                                                                                
                                                                                
                                                                                
                                                           132,550       150,000
                                                                                
                                                                                

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

                                                               2011          2010
                                                                                 
                                                                No.           No.
                                                                                 
     Money purchase schemes                                       1             -
                                                                                 
                                                                                 

6. TAXATION                                                  2011          2010
                                                                                
                                                                £              £
                                                                                
    Current tax:                                                                
                                                                                
    UK Corporation based upon the results for the           10,183             -
    year                                                                        
                                                                                
    Under provision in prior year                                -         1,586
                                                                                
                                                                                
                                                                                
    Total current tax                                       10,183         1,586
                                                                                
    Deferred tax:                                                               
                                                                                
    Origination and reversal of timing differences          52,471     (133,007)
    (note 10)                                                                   
                                                                                
                                                                                
                                                                                
                                                            62,654     (131,421)
                                                                                
                                                                                
                                                                                
    Factors affecting the tax charge for the year:                              
                                                                                
    Profit on ordinary activities before taxation          293,617       195,608
                                                                                
                                                                                
                                                                                
    Profit on ordinary activities before taxation           61,660        41,078
    multiplied by standard rate of UK Corporation                               
    tax of 21% (2010: 21%)                                                      
                                                                                
    Non deductible expenses                                    375            52
                                                                                
    Depreciation and amortisation                            2,279         1,191
                                                                                
    Capital allowances                                     (3,479)       (2,768)
                                                                                
    Brought forward tax losses utilised                   (57,937)      (39,553)
                                                                                
    Losses carried forward                                   1,245             -
                                                                                
    Effect of marginal rate                                  6,040             -
                                                                                
    Under provision in prior year                                -         1,586
                                                                                
                                                                                
                                                                                
    Current tax charge                                      10,183         1,586
                                                                                
                                                                                

7. INTANGIBLE FIXED ASSETS                                                    
                                                                                 
    GROUP                                    Software      Goodwill         Total
                                                                                 
                                                    £             £             £
                                                                                 
    Cost                                                                         
                                                                                 
    At 1 April 2010                            49,530             -        49,530
                                                                                 
    Additions                                       -       446,204       446,204
                                                                                 
                                                                                 
                                                                                 
    At 31 March 2011                           49,530       446,204       495,734
                                                                                 
                                                                                 
                                                                                 
    Amortisation                                                                 
                                                                                 
    At 1 April 2010                            49,530             -        49,530
                                                                                 
    Charge for the year                             -         1,284         1,284
                                                                                 
                                                                                 
                                                                                 
    At 31 March 2011                           49,530         1,284        50,814
                                                                                 
                                                                                 
                                                                                 
    Net book value                                                               
                                                                                 
    At 31 March 2011                                -       444,920       444,920
                                                                                 
                                                                                 
                                                                                 
    At 31 March 2010                                -             -             -
                                                                                 
                                                                                 

8. TANGIBLE FIXED ASSETS                                                        
                                                                                 
    GROUP                                    Computer     Fixtures,         Total
                                            equipment  fittings and             £
                                                    £     equipment              
                                                                  £              
                                                                                 
    Cost                                                                         
                                                                                 
    At 1 April 2010                            58,086        29,853        87,939
                                                                                 
    Additions in the period                     8,433         7,403        15,836
                                                                                 
    Assets acquired on                              -        19,849        19,849
    acquisition of subsidiary                                                    
                                                                                 
                                                                                 
                                                                                 
    At 31 March 2011                           66,519        57,105       123,624
                                                                                 
                                                                                 
                                                                                 
    Depreciation                                                                 
                                                                                 
    At 1 April 2010                            47,789        24,054        71,843
                                                                                 
    Charge for the period                       5,727         3,978         9,705
                                                                                 
    Depreciation of assets                          -        13,629        13,629
    acquired                                                                     
                                                                                 
                                                                                 
                                                                                 
    At 31 March 2011                           53,516        41,661        95,177
                                                                                 
                                                                                 
                                                                                 
    Net book value                                                               
                                                                                 
    At 31 March 2011                           13,003        15,444        28,447
                                                                                 
                                                                                 
                                                                                 
    At 31 March 2010                           10,297         5,799        16,096
                                                                                 
                                                                                 

9.   INVESTMENTS                                                    Subsidiary
     COMPANY                                                      undertakings 
                                                                             £ 
                                                                               
     Cost                                                                      
                                                                               
     At 1 April 2010                                                    198,597
                                                                               
     Additions                                                          496,042
                                                                               
                                                                               
                                                                               
     At 31 March 2011                                                   694,639
                                                                               
                                                                               
                                                                               
     Net book value                                                            
                                                                               
     At 31 March 2011                                                   694,639
                                                                               
                                                                               
                                                                               
     At 31 March 2010                                                   198,597
                                                                               
                                                                               

On 10 March 2011 the company acquired 100% of the ordinary share capital of UK
Work Permits Limited for an initial payment of £300,000, excluding legal and
professional fees in respect to the acquisition. Under the share purchase
agreement further payments totalling £174,868 are payable by 10 March 2012, and
are secured on the assets of the company.

Additionally, the company may have to pay a further amount, up to a maximum of
£37,500, which is dependent on the results of UK Work Permits Limited meeting
certain criteria for the year ended 31 March 2012.

                                                                           £ 
                                                                              
Cost of acquisition                                                  496,042  
                                                                              
                                                                              

                                                                   Book value 
                                                                              
                                                                            £ 
                                                                              
Fixed assets                                                            6,220 
                                                                              
Debtors                                                                58,882 
                                                                              
Cash at bank and in hand                                              150,738 
                                                                              
Creditors                                                            (166,002)
                                                                              
                                                                              
                                                                              
                                                                       49,838 
                                                                              
                                                                              

Goodwill                                                              446,204  
                                                                              
                                                                              

There were no fair value adjustments.

Summarised profit and loss account for UK Work Permits Limited

                                                                  Period from
                                                                  1.10.10 to 
                                                                     10.03.11
                                                                             
                                                                            £
                                                                             
Turnover                                                              232,058
                                                                             
                                                                             
                                                                             
Operating profit                                                       90,072
                                                                             
                                                                             
                                                                             
Profit before taxation                                                 90,087
                                                                             
                                                                             
                                                                             
Taxation                                                             (19,117)
                                                                             
                                                                             
                                                                             
Profit for the financial period before dividends paid                 70,970    
                                                                             
                                                                             

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

UK Work Permits Limited's profit after tax for the year ended 30 September 2009
was £129,189.

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
                                        2011          2011          2010          2010
                                                                                      
                                           £             £             £             £
                                                                                      
   Trade debtors                     134,556             -       146,968             -
                                                                                      
   Other debtors                      89,398             -        44,807             -
                                                                                      
   Prepayments                       100,619             -         34,154            -      
                                                                                      
   Deferred tax (note 11)             80,536             -       133,007             -
                                                                                      
                                                                                      
                                                                                      
                                     405,109             -        358,936            -      
                                                                                      
                                                                                      

11 DEFERRED TAXATION

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

                                                           2011         2010
                                                                             
                                                             £             £ 
                                                                             
Included in debtors (note 10)                           80,536       133,007      
                                                                             
                                                                             

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

                                                           2011         2010
                                                                             
                                                             £             £ 
                                                                             
Balance brought forward                                133,007             -            
                                                                             
Profit and loss account movement arising during       (52,471)       133,007      
the year                                                                     
                                                                             
                                                                             
                                                                             
Balance carried forward                                 80,536       133,007      
                                                                             
                                                                             

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

                                                           2011          2010
                                                                             
                                                             £             £ 
                                                                             
Tax losses available                                    80,536        133,007      
                                                                             
                                                                             

The deferred tax asset has been recognised since it is considered that the
group will make sufficient future profits to utilise losses brought forward.

12. CREDITORS: Amounts falling         Group       Company         Group       Company
    due within one year                 2011          2011          2010          2010
                                                                                      
                                           £             £             £             £
                                                                                      
    Bank overdraft                    23,363             -         1,552             -
                                                                                      
    Trade creditors                   55,632       -              17,046       -      
                                                                                      
    Corporation tax                   58,209             -             -             -
                                                                                      
    Taxation and social              137,104             -        84,862             -
    security costs                                                                    
                                                                                      
    Other creditors                  250,155    497,042            8,361     1,000    
                                                                                      
    Accruals and deferred            305,746       -             156,888       -      
    income                                                                            
                                                                                      
                                                                                      
                                                                                      
                                     830,209       497,042       268,709         1,000
                                                                                      
                                                                                      

13. OTHER PROVISIONS FOR LIABILITIES AND CHARGES
   
Group                                                         2011          2010
                                                                                
                                                                 £             £
                                                                                
Other provisions:                                           25,000        25,000       
                                                                                
                                                                                

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

14. PENSIONS
   
The company operates a pension scheme which provides for the payment of the
full contribution by the company. 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 £1,802 (2010 - £nil).


15. SHARE CAPITAL                                              2011            2010 
                                                                                    
                                                                  £               £ 
                                                                                    
    Allotted, issued and fully paid:                                                
                                                                                    
    1,975,967 ordinary shares of 10p each                   197,597          197,597
                                                                                    
                                                                                    

16. PROFIT AND LOSS RESERVE                                    Group  Company 2011
                                                                                 
                                                               2011             £
                                                                                 
                                                                  £              
                                                                                 
   Balance brought forward                                  528,462             -
                                                                                 
   Profit for the year                                      230,963             -
                                                                                 
                                                                                 
                                                                                 
   Balance carried forward                                  759,425             -
                                                                                 
                                                                                 

17. RECONCILIATION OF MOVEMENT IN                             Group  Company 2011
                                                                                 
    SHAREHOLDERS' FUNDS                                        2011             £
                                                                                 
                                                                  £              
                                                                                 
    Opening shareholders' funds                             726,059       197,597
                                                                                 
    Profit for the year                                     230,963             -
                                                                                 
                                                                                 
                                                                                 
    Closing shareholders' funds                             957,022       197,597
                                                                                 
                                                                                 

18. COMMITMENTS UNDER OPERATING LEASES                                       

At 31 March 2011 the group had annual commitments under non-cancellable
operating leases as follows:

                                            2011                        2010            
                                                                                        
                                              £                           £             
                                                                                        
                                        Land &         Other        Land &         Other
                                     buildings                   buildings              
                                                           £                           £
                                             £                           £              
                                                                                        
    Operating leases which                                                              
    expire;                                                                             
                                                                                        
    Within 1 year                            -           900             -         3,080
                                                                                        
    Within 2 to 5 years                 52,760         3,161         7,000         2,446
                                                                                        
    In more than 5 years                     -             -        43,550             -
                                                                                        
                                                                                        

19. EARNINGS PER SHARE                                                      
                                                                               
       Earnings per share for the group is based on a profit for the year of £ 
       230,963 (2010 - £327,029) and 1,957,967 (2010 - 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 2010 or 31 March 2011, but is
extracted from those accounts. Statutory accounts for 2010 have been delivered
to the Registrar of Companies in England and Wales, and those for 2011 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