annual report and
accounts 2006 highlights of 2006    1
company information    2
chairman’s statement    3
chief executive’s report    4
board of directors    6
directors’ report    8
corporate governance report    11
statement of directors’ responsibilities    15
independent auditors’ report to the members    16
consolidated income statement    18
consolidated statement of changes in shareholders’ equity    19
consolidated balance sheet    20
company balance sheet    21
consolidated cash flow statement    22
notes to the financial statements    23
notice of annual general meeting    35
contents annual report and accounts 2006 1


Summary:
 annual report and accounts 2006 3
along with geoff somervail the group’s newly appointed ceo i am pleased to be
able to report on the group’s results and performance for the financial year to
december 2006 over the period turnover increased by 4 to £282 million 2005
£271million and consultancy income lifted significantly to £1241846 2005
£358749
although initially disappointing the small loss of £62k 2005 profit of £52k belies
the positive strides we have made to developing the business overall and the
board is greatly encouraged by the outlook of the business
during the year the board faced the challenge of balancing the growth of the
consultancy business and rationalising the loss adjusting cost base the group
enjoyed the financial benefit of this in the second half of the year – in which claims
people turned its half year loss of £67k to a loss of £62k at the year end 
the board continues to carefully monitor costs and cashflow and we believe
additional margin gains are achievable as our level of activity increases  
as announced on 1 march 2007 and as part of the board’s plan for the ongoing development of the current
claims people business the group has appointed geoff somervail as chief executive with barry whyte moving
to the position of group managing director robert mitchell of bluehone investments has been appointed as a
nonexecutive director effective immediately dominic boyce the group financial director is to assume the
added responsibility of company secretary from peter morgan who is giving up the role due to commitments
outside the group the board also announces that graham cole nonexecutive director has stepped down
from the board with immediate effect due to increasing business commitments elsewhere i’d like to take this
opportunity to thank all of the directors for their combined efforts during what was a very busy period and wish
graham the best for the future
we are encouraged that new and existing directors have subscribed for new shares in the company as part of
the placing at 15p raising a total of £500k geoff somervail has subscribed for 11121667 shares representing
816 per cent of the issued share capital of the company bluehone investments have subscribed for 4423333
new ordinary shares which increases their holding to 18089330 shares representing 1327 per cent of the
issued share capital of the company cornhill shareholders limited have subscribed for 11121667 new
ordinary shares representing 816 per cent of the issued share capital of the company
founding directors barry whyte and david croston have each subscribed for 3333333 new ordinary shares
taking their holdings to 8850014 shares 649 per cent and 6835014 shares 502 per cent respectively  
as highlighted at the time of the placing the board has clearly identified a number of interesting target markets
to accelerate the growth of the group i believe the changes as outlined will provide the foundations in terms of
management skills and other related resources to enable the group to capitalise on such opportunities a
number of which have been identified for exploration
as always i wish to thank our employees and shareholders for their continued support  
john french
chairman
31 may 2007
chairman’s statement