PH COSTS SOLUTIONS LIMITED

Business Services

Funds Requested

£50,000.00

Offered so far

£0.00

Loan term

60 MONTHS

Auction Closed

2015-04-30

Thank you for stopping by...
This loan is now passed its deadline, lender funds will soon be released.

About the Business

Company Name: PH COSTS SOLUTIONS LIMITED Company Number: 07153535
Business Type: Business Services Years Trading: 4-5 years
Business Location: 23 GROVE CRESCENT

About the Risk

Risk rating

C

Default rate

13.30%

Bad debt rate

5.47%

About the Security

Security Offered:

All Assets Debenture - Fixed and floating charge created over all assets of applicant company

Est. Equity: 0.00

Personal Guarantee - PG from Mark Hardcastle

Est. Equity: 0.00

Risk Indicators Identified:

Important Files

Who are we?

Visit Our Website

We are a firm of Costs Lawyers based in Central London, who provide a wide range of legal costs services, to include preparing Bills of Costs, Points of Dispute and Replies, advising on and negotiating legal costs and attending Detailed Assessment Hearings. We pride ourselves on providing a comprehensive, reliable and personal service to Solicitors throughout England.

As Costs Lawyers, we have the right to conduct costs litigation and hold rights of audience in all costs proceedings, to include those before the Supreme Court (formerly the House of Lords) and Her Majesty's Privy Council.

Our fees are based on a fixed percentage of our Solicitor client’s profit (per case) or on an hourly rate basis (between £111 and £125). Our fees invoice is raised once a case is concluded (typically between 1 and 3 months of receipt of instructions) and normally paid within 28 days thereafter.

The business was incorporated in February 2010 and we are now in our 6th year of trading. We have made a reasonable profit in each year of trading (excluding dividends paid out in 2014/15) with gross turnover expected to steadily increase.

We are regulated by the Costs Lawyers Standards Board (CLSB) and have retainers with 5 long-standing clients, across the South of the UK (Devon to London). 3 of our clients want to send us more work, as soon as we are able.

Read more

Loan Offers

What is the loan for?

We need funding for 2 more employees (experienced Costs Lawyers). The typical salary for an experienced Costs Lawyer would be £50,000 per annum with an annual billing target in the region of £120,000 (£10,000 per month). Recruitment agencies charge 12-18% of salary with fees payable within 14 days of acceptance.

The loan would firstly help us clear our overdraft and secondly, bridge the cash flow ‘gap’ between taking on new employees (covering salary and recruitment fees) and receiving payment on the billed fees. This gap is usually up to 3 months. With additional staff, we project that our gross annual turnover would increase to over £500,000, which would significantly increase our net profit. This is achievable with just 2 additional, experienced Costs Lawyers given our fast-growing reputation in the legal costs industry and our existing clients’ desire for us to expand.

Why consider investing?

We are well respected in the legal costs industry, have grown the business organically and have not needed to market for work at any stage. In fact, we have been turning work away, given our staff resourcing limitations.

Family members have been confident enough to lend money to the business,

Security

The Loan is to be secured by way of two director guarantees and an all Assets Debenture

Steven Page owns his own property valued at £200K with a first charge of £95K and a secured loan of £30K; Mark Hardcastle owns his own property valued at £220K with a first mortgage of £160K. Equity across the two totals £135K giving adequate cover for the guarantee.

DateAmountCapitalInterestReceived
15/05/2015£1,253.95£528.11£725.84
15/06/2015£1,253.95£535.78£718.17
15/07/2015£1,253.95£543.56£710.39
15/08/2015£1,253.95£551.45£702.50
15/09/2015£1,253.95£559.46£694.49
15/10/2015£1,253.95£567.58£686.37
15/11/2015£1,253.95£575.82£678.13
15/12/2015£1,253.95£584.17£669.78
15/01/2016£1,253.95£592.65£661.30
15/02/2016£1,253.95£601.26£652.69
15/03/2016£1,253.95£609.99£643.96
15/04/2016£1,253.95£618.84£635.11
15/05/2016£1,253.95£627.83£626.12
15/06/2016£1,253.95£636.94£617.01
15/07/2016£1,253.95£646.19£607.76
15/08/2016£1,253.95£655.57£598.38
15/09/2016£1,253.95£665.08£588.87
15/10/2016£1,253.95£674.74£579.21
15/11/2016£1,253.95£684.53£569.42
15/12/2016£1,253.95£694.47£559.48
15/01/2017£1,253.95£704.55£549.40
15/02/2017£1,253.95£714.78£539.17
15/03/2017£1,253.95£725.15£528.80
15/04/2017£1,253.95£735.68£518.27
15/05/2017£1,253.95£746.36£507.59
15/06/2017£1,253.95£757.20£496.75
15/07/2017£1,253.95£768.19£485.76
15/08/2017£32,433.78£31,958.87£474.90
Total:£49,264.80£17,025.62