Camberford Law 2008 Limited - Limited company accounts 17.3

REGISTERED NUMBER: 06511574 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 June 2017

for

Camberford Law 2008 Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Consolidated Income Statement

7

Consolidated Other Comprehensive Income

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Cash Flow Statement

14

Notes to the Consolidated Financial Statements

15

DIRECTORS:

D G Ottewill

P A Cooper

S J Carter

S L Anyango

SECRETARY:

D G Ottewill

REGISTERED OFFICE:

Lygon House

50 London Road

Bromley

Kent

BR1 3RA

REGISTERED NUMBER:

06511574 (England and Wales)

AUDITORS:

Thornton Springer LLP

Chartered Accountants

Statutory Auditor

67 Westow Street

London

United Kingdom

SE19 3RW

The directors present their strategic report of the company and the group for the year ended 30 June 2017.

REVIEW OF BUSINESS

We are delighted to report an increase in turnover and profitability for this period. We continue to concentrate on our

strengths and build new schemes to be utilised by our brokers. We are starting to see the benefits of our new bespoke IT

platform and we expect this trend to continue in the long term.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's activities expose it to a number of financial risks including price risk, credit risk and liquidity risk.

Price risk

The company is exposed to commodity price risk. The company does not manage its exposure to commodity price risk

due to cost benefit considerations.

Credit risk

The company's principal financial assets are bank balances and cash, trade and other debtors.

The company's credit risk is primarily attributable to its trade debtors. The amounts presented in the balance sheet are

net of allowances for doubtful debts. An allowance for impairment is made where there is an identified loss event which,

based on previous experience, is evidence of a reduction in the recoverability of the cash flows.

The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by

international credit-rating agencies.

The company has no significant concentration of credit risk, with exposure spread over a large number of counterparties

and customers.

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future

developments the company has access to short term and long term debt finance.

Interest rate risk

The main risk arising from the company's cash deposits is changes in interest rates. The directors ensure risk is

mitigated by placing cash deposits in interest bearing deposit accounts.

KEY PERFORMANCE INDICATORS

The principal KPIs used by the directors to assess the performance and position of the business of the company are as

follows:

Operating profit

Operating profit and profit before tax are key measures of the group's performance. The group generated an operating

profit of £1,629,077 in the year.

Revenue

The group's sales are £10,596,101, which are in line with expectations.

Net assets

The directors also monitor the position of net assets within the group. The group's net assets have increased slightly to

£9,258,064 and so the group remains very strong.

ON BEHALF OF THE BOARD:

D G Ottewill - Secretary

22 December 2017

The directors present their report with the financial statements of the company and the group for the year ended

30 June 2017.

DIVIDENDS

No dividends will be distributed for the year ended 30 June 2017.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 July 2016 to the date of this report.

D G Ottewill

P A Cooper

S J Carter

S L Anyango

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial

statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors

have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not

approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the

company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the

directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the

company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the

company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006.

They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable

steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act

2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have

taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the

group's auditors are aware of that information.

AUDITORS

The auditors, Thornton Springer LLP, will be proposed for re-appointment at the forthcoming Annual General

Meeting.

ON BEHALF OF THE BOARD:

D G Ottewill - Secretary

22 December 2017

Opinion

We have audited the financial statements of Camberford Law 2008 Limited (the 'parent company') and its subsidiaries

(the 'group') for the year ended 30 June 2017 on pages seven to twenty one. The financial reporting framework that has

been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial

Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United

Kingdom Generally Accepted Accounting Practice).

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the

Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those

matters we are required to state to them in a Report of the Auditors 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

members as a body, for our audit work, for this report, or for the opinions we have formed.

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2017 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.

Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the

financial statements section of our report. We are independent of the group in accordance with the ethical requirements

that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have

fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we

have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to

you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group

Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the

Auditors thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of

assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing

so, consider whether the other information is materially inconsistent with the financial statements or our knowledge

obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we

conclude that there is a material misstatement of this other information, we are required to report that fact. We have

nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in

the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the

Directors.

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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible

for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such

internal control as the directors determine necessary to enable the preparation of financial statements that are free from

material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's

ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going

concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease

operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from

material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with

ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are

considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic

decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting

Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Peter L Wallyn (Senior Statutory Auditor)

for and on behalf of Thornton Springer LLP

Chartered Accountants

Statutory Auditor

67 Westow Street

London

United Kingdom

SE19 3RW

22 December 2017

TURNOVER

4

10,596,101

10,065,912

Cost of sales

(5,205,314

)

(4,877,088

)

GROSS PROFIT

5,390,787

5,188,824

Administrative expenses

(3,802,667

)

(3,780,441

)

1,588,120

1,408,383

Other operating income

40,957

87,381

OPERATING PROFIT

6

1,629,077

1,495,764

Interest receivable and similar income

26,383

25,311

1,655,460

1,521,075

Interest payable and similar expenses

7

(57

)

-

PROFIT BEFORE TAXATION

1,655,403

1,521,075

Tax on profit

8

(490,289

)

(464,365

)

PROFIT FOR THE FINANCIAL YEAR

1,165,114

1,056,710

Profit attributable to:

Owners of the parent

1,165,114

1,056,710

PROFIT FOR THE YEAR

1,165,114

1,056,710

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,165,114

1,056,710

Total comprehensive income attributable to:

Owners of the parent

1,165,114

1,056,710

FIXED ASSETS

Intangible assets

12

6,179,434

6,951,863

Tangible assets

13

11,085

33,388

Investments

14

-

-

6,190,519

6,985,251

CURRENT ASSETS

Debtors

15

4,871,912

2,932,853

Cash at bank and in hand

7,059,986

6,444,045

11,931,898

9,376,898

CREDITORS

Amounts falling due within one year

16

(8,864,353

)

(8,269,199

)

NET CURRENT ASSETS

3,067,545

1,107,699

TOTAL ASSETS LESS CURRENT LIABILITIES

9,258,064

8,092,950

CAPITAL AND RESERVES

Called up share capital

18

100,000

100,000

Retained earnings

19

9,158,064

7,992,950

SHAREHOLDERS' FUNDS

9,258,064

8,092,950

The financial statements were approved by the Board of Directors on 22 December 2017 and were signed on its behalf

by:

P A Cooper - Director

FIXED ASSETS

Intangible assets

12

-

-

Tangible assets

13

-

-

Investments

14

10,688,548

10,688,548

10,688,548

10,688,548

CREDITORS

Amounts falling due within one year

16

(10,340,318

)

(10,515,318

)

NET CURRENT LIABILITIES

(10,340,318

)

(10,515,318

)

TOTAL ASSETS LESS CURRENT LIABILITIES

348,230

173,230

CAPITAL AND RESERVES

Called up share capital

18

100,000

100,000

Retained earnings

19

248,230

73,230

SHAREHOLDERS' FUNDS

348,230

173,230

Company's profit for the financial year

175,000

1,595,000

The financial statements were approved by the Board of Directors on 22 December 2017 and were signed on its behalf by:

P A Cooper - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 July 2015

100,000

8,611,240

8,711,240

Prior year adjustment

-

(1,000,000

)

(1,000,000

)

As restated

100,000

7,611,240

7,711,240

Changes in equity

Dividends

-

(675,000

)

(675,000

)

Total comprehensive income

-

1,829,139

1,829,139

Balance at 30 June 2016

100,000

8,765,379

8,865,379

Prior year adjustment

-

(772,429

)

(772,429

)

As restated

100,000

7,992,950

8,092,950

Changes in equity

Total comprehensive income

-

1,165,114

1,165,114

Balance at 30 June 2017

100,000

9,158,064

9,258,064

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 July 2015

100,000

153,230

253,230

Prior year adjustment

-

(1,000,000

)

(1,000,000

)

As restated

100,000

(846,770

)

(746,770

)

Changes in equity

Dividends

-

(675,000

)

(675,000

)

Total comprehensive income

-

1,595,000

1,595,000

Balance at 30 June 2016

100,000

73,230

173,230

Changes in equity

Total comprehensive income

-

175,000

175,000

Balance at 30 June 2017

100,000

248,230

348,230

Cash flows from operating activities

Cash generated from operations

1

1,197,497

2,934,779

Interest paid

(57

)

-

Tax paid

(487,399

)

(510,305

)

Net cash from operating activities

710,041

2,424,474

Cash flows from investing activities

Sale of tangible fixed assets

17,500

-

Interest received

26,383

25,311

Net cash from investing activities

43,883

25,311

Cash flows from financing activities

Amount withdrawn by directors

(137,983

)

-

Equity dividends paid

-

(675,000

)

Net cash from financing activities

(137,983

)

(675,000

)

Increase in cash and cash equivalents

615,941

1,774,785

Cash and cash equivalents at beginning of year

2

6,444,045

4,669,260

Cash and cash equivalents at end of year

2

7,059,986

6,444,045

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30.6.17

30.6.16

as restated

£

£

Profit before taxation

1,655,403

1,521,075

Depreciation charges

775,005

782,247

Loss on disposal of fixed assets

2,227

-

Finance costs

57

-

Finance income

(26,383

)

(25,311

)

2,406,309

2,278,011

(Increase)/decrease in trade and other debtors

(1,777,985

)

466,458

Increase in trade and other creditors

569,173

190,310

Cash generated from operations

1,197,497

2,934,779

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of

these Balance Sheet amounts:

Year ended 30 June 2017

30.6.17

1.7.16

£

£

Cash and cash equivalents

7,059,986

6,444,045

Year ended 30 June 2016

30.6.16

1.7.15

as restated

£

£

Cash and cash equivalents

6,444,045

4,669,260

1.	STATUTORY INFORMATION

Camberford Law 2008 Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Commission and administration fees are recognised as income when the policy transaction is processed.

Goodwill

Goodwill on acquisition is initially measured at cost being the excess of the cost of the business combination

over the Group's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities. The

goodwill is being written off over its estimated useful life of 10 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income

Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension

scheme are charged to profit or loss in the period to which they relate.

4.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

All turnover is derived from activities performed in the UK.

5.	EMPLOYEES AND DIRECTORS

30.6.17

30.6.16

as restated

£

£

Wages and salaries

1,714,171

1,701,917

Social security costs

162,864

151,935

Other pension costs

83,633

155,384

1,960,668

2,009,236

The average monthly number of employees during the year was as follows:

30.6.17

30.6.16

as restated

Administration

21

22

Sales

32

33

53

55

The average number of employees by undertakings that were proportionately consolidated during the year was

53 (2016 - 55 ) .

30.6.17

30.6.16

as restated

£

£

Directors' remuneration

336,747

335,786

Directors' pension contributions to money purchase schemes

46,640

116,800

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

4

4

Information regarding the highest paid director is as follows:

30.6.17

30.6.16

as restated

£

£

Emoluments etc

92,316

91,787

6.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.6.17

30.6.16

as restated

£

£

Hire of plant and machinery

1,215

1,893

Depreciation - owned assets

2,576

9,818

Loss on disposal of fixed assets

2,227

-

Goodwill amortisation

772,429

772,429

Auditors' remuneration

29,998

22,801

Auditors' remuneration for non audit work

7,200

3,200

Foreign exchange differences

(446

)

(4,742

)