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REGISTERED NUMBER: 12940643 (England and Wales)















Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 30 November 2024

for

CLIENT FIRST GROUP HOLDINGS LIMITED

CLIENT FIRST GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12940643)

Contents of the Consolidated Financial Statements
for the year ended 30 November 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 17


CLIENT FIRST GROUP HOLDINGS LIMITED

Company Information
for the year ended 30 November 2024







Directors: A W Fernie
R Clark





Registered office: Oakwater House
4 Oakwater Avenue
Cheadle Royal Business Park
Cheadle
SK8 3SR





Registered number: 12940643 (England and Wales)





Auditors: S & W Partners Audit Limited
Northern Assurance Buildings
9-21 Princess Street
Manchester
M2 4DN

CLIENT FIRST GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12940643)

Group Strategic Report
for the year ended 30 November 2024


The directors present their strategic report of the company and the group for the year ended 30 November 2024.

The principal activity of the group in the year under review was the provision of serious and catastrophic injury legal services to clients in the UK. Client First Group Holdings Limited itself is the holding company for its trading subsidiary company CFG Law Limited.

Review of business
The Directors are pleased with the turnover achieved of £7.2m. Profit before tax for the year has increased to £654k.

The business has continued to deliver on the strong foundations established in recent trading years as a result of strategic investment. After a strong performance in 2032, building on 2022, results in 2024 demonstrate again the strength of the business and our delivery against a clear strategy with positive growth in relation to both turnover but, more importantly, profitability. Both are forecast to grow strongly again in 2025 and in future years.

We continue to invest in the business in line with strategy, focusing on operating processes, colleagues, locations and developing our brand. Most importantly, we continue to build our network of work sources, delivering long-term sustainable profitable growth for the next 3-5 years as a minimum. Successful agreements concluded within the financial year reported have driven further expansion and enabled us to expand our office in Warwick to support increasing work volumes in the Midlands and Thames Valley alongside further recruitment into our long established Cheadle office.

We also continue to achieve quicker settlement of cases than the market average, benefiting our clients and their families, while also delivering settlement values at least in line with other established firms regarded as the benchmark on this metric.

CFG - More Than Law, launched in 2023 is now firmly established in the market providing the business with a nationally recognised brand. Our branding reflects three core aims of our business: legal excellence, wraparound support and leading change in our sector.

With reference to the latter of those three areas, we continue to make no significant deductions from client damages in serious and catastrophic injury work, and have stated our intention publicly to oppose the deduction of shortfall fees in particular. We believe this is one area where the serious injury sector can and must do better and we intend to make this a focus of our campaigning in the future, to the benefit of those we support and in line with our purpose of 'helping all those affected by injury - together'.

Our infrastructure investment continues to ensure we maintain a secure platform which can be accessed from anywhere in support of clients alongside skilled colleagues who are focused on delivering our purpose. Our main areas of investment in 2024 were:

- Promoting the rebranded business
- Affirming our genuine hybrid working approach which will reduce our premises costs whilst increasing our colleague retention rates in the future
- Expanding our office in Warwick reflecting our national growth
- Increasing our trainee intake and full adoption of the new SQE training programme
- Recruitment of new colleagues nationally,.

Principal risks and uncertainties
Competitive pressure and further industry reforms are the main risks and uncertainties which also present opportunities which the Directors consider the company is well placed to exploit.

Research and development
We continued to invest in developing our case managements system which we believe provides us with a competitive advantage. We will continue to invest further in the future.

This aligns with our support of a diverse hybrid workforce which we believe is critical in the changing employment and generational landscape.


CLIENT FIRST GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12940643)

Group Strategic Report
for the year ended 30 November 2024

Future developments
Our strategy continues to be the delivery of long -term sustainable profitable growth across the UK, delivering legal excellence and market-leading damages levels and settlement times whilst also offering clients and families our renowned wraparound support and also leading change in our sector to the benefit of those we work with.

We anticipate further significant partnerships coming on stream in the financial year 2025 in line with our strategic plans, increasing the value and volume of new business and enabling us to help more people affected by injury.

On behalf of the board:





R Clark - Director


7 May 2025

CLIENT FIRST GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12940643)

Report of the Directors
for the year ended 30 November 2024


The directors present their report with the financial statements of the company and the group for the year ended 30 November 2024.

Principal activity
The principal activity of the group in the year under review was that of the provision of serious and catastrophic injury legal services to clients in the UK. Client First Group Holdings Limited itself is the holding company for its trading subsidiary company CFG Law Limited.

Dividends
No dividends will be distributed for the year ended 30 November 2024.

Directors
The directors shown below have held office during the whole of the period from 1 December 2023 to the date of this report.

A W Fernie
R Clark

Going concern
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. These have been prepared on the assumption that the bank will continue to support the group. Based on these assessments and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Auditors
S & W Audit Partners Limited was formerly Haines Watts Manchester Limited and so the auditors remain unchanged.

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;
- 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.

CLIENT FIRST GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12940643)

Report of the Directors
for the year ended 30 November 2024


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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

On behalf of the board:





R Clark - Director


7 May 2025

Report of the Independent Auditors to the Members of
Client First Group Holdings Limited


Opinion
We have audited the financial statements of Client First Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. 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).

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 November 2024 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
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The other information comprises the information included in the report of the directors, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the report of the directors. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions 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.

Report of the Independent Auditors to the Members of
Client First Group Holdings Limited


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.

Auditors' 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

- We perform walkthrough testing to confirm that the company's own controls were operating correctly;
- We test a sample of sales and purchases to confirm they are accounted for correctly and are appropriately disclosed;
- We test a sample of debtors and creditors to confirm they are correctly stated;
- We test a sample of journals to confirm they are genuine transactions;
- We review accounting estimates, in particular those relating to work in progress, to confirm they are reasonable.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Report of the Independent Auditors to the Members of
Client First Group Holdings Limited


Use of our report
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.




Antony Sassen FCA (Senior Statutory Auditor)
for and on behalf of S & W Partners Audit Limited
Northern Assurance Buildings
9-21 Princess Street
Manchester
M2 4DN

9 May 2025

CLIENT FIRST GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12940643)

Consolidated
Statement of Comprehensive
Income
for the year ended 30 November 2024

2024 2023
Notes £ £

Turnover 7,247,423 6,675,046

Administrative expenses (6,514,718 ) (6,277,174 )
Operating profit 5 732,705 397,872


Interest payable and similar expenses 6 (78,652 ) (50,243 )
Profit before taxation 654,053 347,629

Tax on profit 7 (224,716 ) (144,458 )
Profit for the financial year 429,337 203,171

Other comprehensive income - -
Total comprehensive income for the year 429,337 203,171

Profit attributable to:
Owners of the parent 429,337 203,171

Total comprehensive income attributable to:
Owners of the parent 429,337 203,171

CLIENT FIRST GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12940643)

Consolidated Balance Sheet
30 November 2024

2024 2023
Notes £ £ £ £
Fixed assets
Intangible assets 9 367,693 599,919
Tangible assets 10 270,631 294,997
Investments 11 - -
638,324 894,916

Current assets
Debtors 12 6,533,478 6,505,753
Cash in hand 178 178
6,533,656 6,505,931
Creditors
Amounts falling due within one year 13 2,324,629 3,165,682
Net current assets 4,209,027 3,340,249
Total assets less current liabilities 4,847,351 4,235,165

Creditors
Amounts falling due after more than one
year

14

(342,747

)

(142,398

)

Provisions for liabilities 18 - (17,500 )
Net assets 4,504,604 4,075,267

Capital and reserves
Called up share capital 19 3,776,632 3,776,632
Retained earnings 20 727,972 298,635
Shareholders' funds 4,504,604 4,075,267

The financial statements were approved by the Board of Directors and authorised for issue on 7 May 2025 and were signed on its behalf by:





R Clark - Director


CLIENT FIRST GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12940643)

Company Balance Sheet
30 November 2024

2024 2023
Notes £ £ £ £
Fixed assets
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 3,776,531 3,776,531
3,776,531 3,776,531

Current assets
Debtors 12 101 101
Net current assets 101 101
Total assets less current liabilities 3,776,632 3,776,632

Capital and reserves
Called up share capital 19 3,776,632 3,776,632
Shareholders' funds 3,776,632 3,776,632

Company's profit for the financial year - -

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 7 May 2025 and were signed on its behalf by:





R Clark - Director


CLIENT FIRST GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12940643)

Consolidated Statement of Changes in Equity
for the year ended 30 November 2024

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 December 2022 3,776,632 95,464 3,872,096

Changes in equity
Total comprehensive income - 203,171 203,171
Balance at 30 November 2023 3,776,632 298,635 4,075,267

Changes in equity
Total comprehensive income - 429,337 429,337
Balance at 30 November 2024 3,776,632 727,972 4,504,604

CLIENT FIRST GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12940643)

Company Statement of Changes in Equity
for the year ended 30 November 2024

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 December 2022 3,776,632 - 3,776,632

Changes in equity
Balance at 30 November 2023 3,776,632 - 3,776,632

Changes in equity
Balance at 30 November 2024 3,776,632 - 3,776,632

CLIENT FIRST GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12940643)

Consolidated Cash Flow Statement
for the year ended 30 November 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 987,253 (337,671 )
Interest paid (69,353 ) (48,971 )
Interest element of hire purchase payments
paid

(9,299

)

(1,272

)
Tax paid (159,258 ) (103,073 )
Net cash from operating activities 749,343 (490,987 )

Cash flows from investing activities
Purchase of tangible fixed assets (36,727 ) (37,794 )
Net cash from investing activities (36,727 ) (37,794 )

Cash flows from financing activities
New loans in year 1,072,510 382,308
Loan repayments in year (589,855 ) (351,228 )
Capital repayments in year (7,666 ) (1,729 )
Net cash from financing activities 474,989 29,351

Increase/(decrease) in cash and cash equivalents 1,187,605 (499,430 )
Cash and cash equivalents at beginning
of year

2

(1,896,736

)

(1,397,306

)

Cash and cash equivalents at end of year 2 (709,131 ) (1,896,736 )

CLIENT FIRST GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12940643)

Notes to the Consolidated Cash Flow Statement
for the year ended 30 November 2024


1. Reconciliation of profit before taxation to cash generated from operations

2024 2023
£ £
Profit before taxation 654,053 347,629
Depreciation charges 352,059 356,326
Loss on disposal of fixed assets 31,260 -
Finance costs 78,652 50,243
1,116,024 754,198
Increase in trade and other debtors (27,725 ) (1,247,409 )
(Decrease)/increase in trade and other creditors (101,046 ) 155,540
Cash generated from operations 987,253 (337,671 )

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 November 2024
30/11/24 1/12/23
£ £
Cash and cash equivalents 178 178
Bank overdrafts (709,309 ) (1,896,914 )
(709,131 ) (1,896,736 )
Year ended 30 November 2023
30/11/23 1/12/22
£ £
Cash and cash equivalents 178 296
Bank overdrafts (1,896,914 ) (1,397,602 )
(1,896,736 ) (1,397,306 )


CLIENT FIRST GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12940643)

Notes to the Consolidated Cash Flow Statement
for the year ended 30 November 2024


3. Analysis of changes in net debt

Other
non-cash
At 1/12/23 Cash flow changes At 30/11/24
£ £ £ £
Net cash
Cash at bank
and in hand 178 - 178
Bank overdrafts (1,896,914 ) 1,187,605 (709,309 )
(1,896,736 ) 1,187,605 (709,131 )
Debt
Finance leases (93,398 ) 7,666 - (175,732 )
Debts falling due
within 1 year (427,437 ) (354,530 ) - (781,967 )
Debts falling due
after 1 year (59,375 ) (128,125 ) - (187,500 )
(580,210 ) (474,989 ) - (1,145,199 )
Total (2,476,946 ) 712,616 - (1,854,330 )

CLIENT FIRST GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12940643)

Notes to the Consolidated Financial Statements
for the year ended 30 November 2024


1. Statutory information

Client First Group Holdings 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.

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.

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. These have been prepared on the assumption that the bank will continue to support the group. Based on these assessments and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Basis of consolidation
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 November 2024.
Subsidiary undertakings are included using the acquisitions method of accounting. Under this method the group profit and loss account and statement of cashflows include the results and cashflows of subsidiaries from the date of acquisition and to the date of sale outside the group in the case of disposals of subsidiaries. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any critical judgements in applying the company's accounting policies.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual results. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets or liabilities within the next financial year are addressed below.

(i) Accrued income valuation

The valuation of accrued income involves a number of estimates including prospects of success and liability status.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the fair value of professional services provided during the year to clients. Fair value reflects the amount expected to be recoverable from clients and is based on time spent, skills and expertise provided and expenses incurred, but excludes Value Added Tax.

Turnover in respect of contingent fee assignments is recognised in the period when the contingent event occurs. The anticipated fee is discounted for the liability status and the prospects of success.

Turnover which has been recognised but not invoiced is included in prepayments and accrued income.

CLIENT FIRST GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12940643)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 November 2024


3. Accounting policies - continued

Goodwill
Goodwill is the difference between the fair value of consideration paid for an acquired entity and the aggregate of the fair value of the entity's identifiable assets and liabilities.

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation is provided so as to write off the cost, less any estimated residual value, over the expected useful life of 5 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% straight line and 10% straight line
Fixtures and fittings - 33% straight line
Motor vehicles - 20% straight line
Computer equipment - 33% straight line

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use.

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors, loans to fellow group companies that are classified as debt and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

There are no assets which are initially measured at fair value.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

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

CLIENT FIRST GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12940643)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 November 2024


3. Accounting policies - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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. Employees and directors
2024 2023
£ £
Wages and salaries 3,392,745 3,306,459
Social security costs 407,552 368,674
Other pension costs 118,493 99,340
3,918,790 3,774,473

The average number of employees during the year was as follows:
2024 2023

Administration and support 25 24
Other departments 51 50
76 74

The average number of employees by undertakings that were proportionately consolidated during the year was 76 (2023 - 74 ) .

2024 2023
£ £
Directors' remuneration 245,592 191,400

Information regarding the highest paid director for the year ended 30 November 2024 is as follows:
2024
£
Emoluments etc 185,802

CLIENT FIRST GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12940643)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 November 2024


5. Operating profit

The operating profit is stated after charging:

2024 2023
£ £
Other operating leases 132,379 108,517
Depreciation - owned assets 119,833 124,101
Loss on disposal of fixed assets 31,260 -
Goodwill amortisation 232,226 232,226
Auditors' remuneration 8,500 8,000

6. Interest payable and similar expenses
2024 2023
£ £
Bank interest - 6,502
Loan 69,353 42,469
Hire purchase 9,299 1,272
78,652 50,243

7. Taxation

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£ £
Current tax:
UK corporation tax 242,216 159,258

Deferred tax (17,500 ) (14,800 )
Tax on profit 224,716 144,458

UK corporation tax was charged at 23.01 %) in 2023.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£ £
Profit before tax 654,053 347,629
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 23.010 %)

163,513

79,989

Effects of:
Expenses not deductible for tax purposes - 6,785
Depreciation in excess of capital allowances 61,203 57,684

Total tax charge 224,716 144,458

The average rate of corporation tax during the year ended 30 November 2024 was 25%.

CLIENT FIRST GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12940643)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 November 2024


8. Individual statement of comprehensive income

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. Intangible fixed assets

Group
Goodwill
£
Cost
At 1 December 2023
and 30 November 2024 1,936,132
Amortisation
At 1 December 2023 1,336,213
Amortisation for year 232,226
At 30 November 2024 1,568,439
Net book value
At 30 November 2024 367,693
At 30 November 2023 599,919

10. Tangible fixed assets

Group
Fixtures
Improvements and Motor Computer
to property fittings vehicles equipment Totals
£ £ £ £ £
Cost
At 1 December 2023 600,989 249,867 115,127 156,875 1,122,858
Additions - 1,850 105,000 19,877 126,727
Disposals (173,423 ) - - - (173,423 )
At 30 November 2024 427,566 251,717 220,127 176,752 1,076,162
Depreciation
At 1 December 2023 415,174 249,031 23,025 140,631 827,861
Charge for year 62,083 397 46,051 11,302 119,833
Eliminated on disposal (142,163 ) - - - (142,163 )
At 30 November 2024 335,094 249,428 69,076 151,933 805,531
Net book value
At 30 November 2024 92,472 2,289 151,051 24,819 270,631
At 30 November 2023 185,815 836 92,102 16,244 294,997

CLIENT FIRST GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12940643)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 November 2024


11. Fixed asset investments

Company
Shares in
group
undertakings
£
Cost
At 1 December 2023
and 30 November 2024 3,776,531
Net book value
At 30 November 2024 3,776,531
At 30 November 2023 3,776,531

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

CFG Law Limited
Registered office: Oakwater House, 4 Oakwater Avenue, Cheadle Royal Business Park, Cheadle, Cheshire SK8 3SR.
Nature of business: Solicitors
%
Class of shares: holding
Ordinary 100.00
Ordinary redeemable 100.00

CFG Trust Corporation Ltd
Registered office: Oakwater House, 4 Oakwater Avenue, Cheadle Royal Business Park, Cheadle, Cheshire, SK8 3SR
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00


12. Debtors: amounts falling due within one year

Group Company
2024 2023 2024 2023
£ £ £ £
Trade debtors 1,276,821 1,077,967 - -
Other debtors 275,667 474,027 101 101
Directors' current accounts 850,000 850,000 - -
Tax 212,500 212,500 - -
Prepayments and accrued income 3,918,490 3,891,259 - -
6,533,478 6,505,753 101 101

CLIENT FIRST GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12940643)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 November 2024


13. Creditors: amounts falling due within one year

Group
2024 2023
£ £
Bank loans and overdrafts (see note 15) 1,491,276 2,324,351
Hire purchase contracts (see note 16) 20,485 10,375
Trade creditors 56,252 76,246
Corporation tax 242,506 159,548
Social security and other taxes 90,447 92,643
VAT 210,820 309,157
Other creditors 4,746 5,823
Accrued expenses 208,097 187,539
2,324,629 3,165,682

14. Creditors: amounts falling due after more than one year

Group
2024 2023
£ £
Bank loans (see note 15) 187,500 59,375
Hire purchase contracts (see note 16) 155,247 83,023
342,747 142,398

15. Loans

An analysis of the maturity of loans is given below:

Group
2024 2023
£ £
Amounts falling due within one year or on demand:
Bank overdrafts 709,309 1,896,914
Bank loans 781,967 427,437
1,491,276 2,324,351
Amounts falling due between one and two years:
Bank loans - 1-2 years 187,500 59,375

CLIENT FIRST GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12940643)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 November 2024


16. Leasing agreements

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£ £
Net obligations repayable:
Within one year 20,485 10,375
Between one and five years 155,247 83,023
175,732 93,398

Group
Non-cancellable
operating leases
2024 2023
£ £
Within one year 59,321 55,421
Between one and five years 64,061 27,890
123,382 83,311

17. Secured debts

The following secured debts are included within creditors:

Group
2024 2023
£ £
Bank overdrafts 709,309 1,896,914

The subsidiary company's bankers hold a debenture dated 29 November 2007 as security for any bank overdrafts. The security incorporates a fixed and floating charge over the undertaking and all property and assets both present and future.

18. Provisions for liabilities

Group
2024 2023
£ £
Deferred tax
Accelerated capital allowances - 17,500

Group
Deferred tax
£
Balance at 1 December 2023 17,500
Credit to Statement of Comprehensive Income during year (17,500 )
Balance at 30 November 2024 -

CLIENT FIRST GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12940643)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 November 2024


19. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
3,776,532 Ordinary £1 3,776,532 3,776,532
100 A Ordinary £1 100 100
3,776,632 3,776,632

Ordinary shares have full voting and dividend rights and are entitled to a share of any surplus on winding up.

A Ordinary shares have no voting rights, unless specifically relating to the rights of those shares, and no rights to dividends. They are entitled to a share of any surplus on winding up.

20. Reserves

Group
Retained
earnings
£

At 1 December 2023 298,635
Profit for the year 429,337
At 30 November 2024 727,972


21. Pension commitments

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £118,493 (2023 - £99,340)
There were no contributions were payable to the scheme at the end of the year (2023 - £nil).

22. Contingent liabilities

The subsidiary, CFG Law Limited, has guaranteed a bank loan creditor of a related party, The Client First Group Limited. At 30 November 2024 the amount outstanding was £nil (2023 - £825,288).

23. Directors' advances, credits and guarantees

A director had an overdrawn loan account of £850,000 at 30 November 2023 and 30 November 2024. There were no advances or credits during the year.

The above loan is interest free and repayable on demand.

24. Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

CLIENT FIRST GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 12940643)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 November 2024


24. Related party disclosures - continued

Other related parties
2024 2023
£ £
Purchases 99,437 193,353
Amount due from related party 251,822 484,786

25. Ultimate controlling party

The controlling party is Claire Fernie.