Blenheim Chalcot Ltf Limited

Principal activities and business review The principal activity during the year was the provision of legal, tax and financial support. The revenue of the group has risen from £9.1m to £14.6m, with our loss before taxation in the prior year of £2.9m, also rising to a profit before taxation of £5.6m. This was in line with our expectations. Key financial indicators 2022 2021 £ £ Revenue 14,638,567 9,149,421 Gross profit 8,067,833 3,419,957 Profit/(Loss) before taxation 5,307,278 2,868,357 Earnings before interest tax depreciation and amortisation 3,979,047 1,626,345 Net liabilities 17,311,168 22,618,446 Future developments We expect to continue to grow throughout 2023 and believe that the company will manage its costs continue to maintain a break even or profit position. Going concern In preparing the accounts and reviewing the company's and group's net liability positions of £10.2m and £17.3m, the directors have considered going concern. The directors have received confirmation from the shareholders to whom the group owe £26.1m (personally and through their investment companies), that they do not intend to recall the amount due to them within 12 months of signing these financial statements, where this will affect the company's ability to continue as a going concern. The directors have been in in discussions with the shareholders who also confirm it is their intention to continue to support the additional financing requirements and will provide additional financing where this cannot be independently source. The directors recognise that without the support from its shareholders there is a material uncertainty to the company's ability to continue as a going concern, however the directors have no reason to believe that the funding will be withdrawn. As a result, the accounts have been prepared on a going concern basis. Financial risk management objectives and policies Credit risk The directors and the credit committee have taken up reasonable measures via credit risk policy and underwriting procedures to mitigate credit risk to an acceptable level. Insurable risk The group has taken up various worldwide insurance. Furthermore professional indemnity, travel, directors and officers' indemnity have also been secured by the group. Employment risk The directors have taken sufficient steps and advice on employment, health and safety issues. Information technology and communication The group relies heavily on information technology. Our priority is to ensure the operation of our business is not unduly interrupted either due to a lack of support or maintenance. The directors ensure that first tier providers are secured on a long term contract in order to ensure we have a continuous service support throughout our operation. Working capital and banking facility and borrowings The group utilises its line of bank credit to support funding growth and to meet the ongoing capital requirements. Regular audits are required to ensure that we adhere to our bank covenants.