annual report and
accounts 2005 highlights of 2005    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 2005 1


Summary:
 2005 has been a testing and yet ultimately stimulating
year for the claims people during which the company 
was faced with a number of challenges looking back 
i believe that whilst progress was clearly slow the
fundamental resilience of the company was again
demonstrated 
operations 
overall despite less than favourable market conditions for
traditional loss adjusting the company achieved modest
growth claims people were also particularly delighted
towards the end of the financial year to cement a
strategic alliance with the insurance services arm of the
world class capita group under the agreement a number
of loss adjusters transferred to claims people and commenced work specifically in the
liability field an area in which the company perceives there to be growth potential 
the most significant new development affecting turnover during the year was the
groups expansion of its ‘iteam’ concept under which implant teams are provided to
clients to facilitate the maintenance of consistent service standards this new concept
provided valuable additional revenue and it is our intention to build demand for this
service in the future we also were pleased to extend our activities into the creditor field
for the first time
industry perspective
there seems little doubt that the current era of consolidation in the uk insurance
industry is continuing to influence the claims management and loss adjustment arena
whilst the number of major sources of domestic and small commercial claims has
reduced slightly as a direct result of consolidation the current practice of most insurers
to utilise the suppliers of goods and services for the direct satisfaction of lower value
claims has also been a major factor in reducing the numbers of smaller claims being
referred to loss adjusters whilst there is evidence that this trend may have peaked
there is as yet no significant indication that claims available for allocation to adjusters
are materially increasing in number the lack of any major weatherrelated incidents in
the uk market was also significant in 2005 
chief executive’s report
annual report and accounts 2005 4 the need for claims management companies to be innovative is thus clearly apparent
and the group has taken steps to widen its appeal and range of activities to good
effect as illustrated by the moves into the liability creditor and consultancy fields
referred to earlier this process of appropriate diversification will continue
conclusion
as mentioned in the chairman’s statement we are committed to enhancing our it
capabilities and i expect us to particularly improve our field applications during 2006
we are as always seeking opportunities to grow the business in a number of directions
and look forward to resuming the groups progress in the year ahead
barry whyte
chief executive
22nd march 2006
annual report and accounts 2005 5