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Construction 
& Scaffold
Environmental 
Management & 
Remediation
Asbestos Asbestos 
Consultancy Consultancy Consultancy
Construction 
& Scaffold
Environmental 
Management & 
Remediation
Construction 
& Scaffold
Asbestos
Removal
Environmental 
Management & 
Remediation
Annual Report and Accounts
for the year ended 30 September 2009
Creating a cleaner environment
Construction 
& Scaffold
Environmental 
Management & 
Remediation
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SILVERDELL PLC
Annual Report and Accounts for the year ended 30 September 2009
The Silverdell Group is a leading specialist in hazardous waste services, providing Consulting and 
Remediation solutions in the UK and overseas. 
The Group provides managed solutions for the assessment, survey, safe handling and removal of hazardous or potentially 
hazardous waste. Our collaborative approach supports remediation and refurbishment projects and serves ongoing 
maintenance contract requirements for access and regulatory compliance. Working with partners in public, private, 
construction and industrial markets, we are committed to creating an improved and protected environment in which to 
live and work.
The Group has developed into a high quality environmental services and regeneration organisation from its origins in 
asbestos and licensed waste as a premium brand providing innovative solutions which meet client requirements safely 
and cost effectively. This has been achieved through growth in key market sectors. These include the public sector, 
defence, nuclear, transport, utilities, construction, industrial and petrochemical markets which provide a diverse range 
of commercial opportunities. A track record of winning and delivering some of the largest and most challenging projects 
around the country is testament to the technical expertise of our people. 
Contents
Our Business
Our Governance
Directors and Senior Management  12
Directors’ Report  13
Corporate Governance and Risk Management  19
Inroducing Silverdell  IFC
Year in Brief  1
Our Brands  2
Our Markets  3
Chairman’s Statement  4
Chief Executive’s Business Review  5
Financial Review  11
Our Accounts
Independent Auditors’ Report — Group 20
Consolidated Income Statement  21
Consolidated Balance Sheet  22
Consolidated Statement of Recognised
Income and Expense  23
Consolidated Cash Flow Statement  23
Notes to the Consolidated Financial Statements  24
Independent Auditors’ Report — Company 52
Company Balance Sheet  53
Notes to the Company Financial Statements  54
Introducing Silverdell
Training Construction & Scaffold Asbestos Removal
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     2009 2008
     £m £m
Continuing operations:
Turnover     59.5 61.4
Operating loss     (5.7) (15.8)
Adjusted operating profit†     1.5 1.6
Adjusted operating margin†     3% 3%
Earnings per Share     pence pence
Adjusted basic†     0.8 0.6
Basic     (7.3) (37.2)
Diluted     (7.3) (37.2)
† Before goodwill impairment, intangible asset amortisation, share-based payments and non-recurring items (see Note 11).
Group Financial Highlights
Year in Brief
Operational Highlights
n Successful placing raised £5.3m (after costs)
n Repaid £4.75m of debt in the second half of 2009 and a further £0.75m 
subsequent to the year-end
n Net debt at 30 September 2009 of £4.7m (2008: £14.4m), gearing 26% (2008: 76%)
n Gross margin 24.6%, up 0.8 ppts on 2008
n Underlying EBITDA* £2.3m (2008: £2.5m)
n £6.8m cash generated from operations, up £6.2m from prior year
n Order book at 31 October of £45m, of which £28m relates to 2009/10.
* Earnings before interest, tax, depreciation and amortisation and also before goodwill impairment, share-based payments and non-recurring items.
Transport Solutions Asbestos Consultancy Nuclear Decommissioning 
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Our Brands
Asbestos Environmental Environmental Consultants Industrial Environmental
Remediation Consulting
Multi disciplinary solutions:
Environmental 
services
u Asbestos survey, 
 management and removal
u Land remediation and 
 demolition
u Removal of lead and other   
 contaminants
u Preconstruction and 
 enabling works
u Environmental consultancy  
 — land, carbon and energy 
 management
u Soil Stabilisation
Industrial 
Solutions
 
u Scaffolding and access 
 solutions
u Thermal insulation 
 and cladding
u Surface protection
 and coatings
Regulatory 
Compliance
 
u Asbestos compliance
u Training (SAFE)
u Compliance testing — 
 Legionella
u Waste management 
 solutions
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Our Brands | Our Markets
Our Markets
Public
 The Silverdell Group offers expertise in a wide range of markets:
Utilities &
Energy
Local Authorities, Health   Services are provided in accordance with best value, 
construction excellence and re-thinking principles. 
  These embrace PFI and BSF projects.
Housing Planned and responsive solutions nationally are provided 
from regional offices 24/7, with full resident liaison 
support.
Further & Higher Education  Support for ongoing maintenance and refurbishment 
projects in partially occupied premises.
Defence Works support regional prime contracts and other 
weapons establishments in security regulated areas.
Utilities  Asset management planning is a key area for electricity, 
water and gas suppliers where national and regional 
solutions are offered.
Power   Nuclear, coal fired and gas power stations to include 
decommissioning and dismantling on older sites, and 
supporting installation on new stations.
Commercial & 
Construction
Retail/Leisure   Responsive solutions for large and small-scale works as 
part of refurbishments for many major high street brands 
are critical to success, particularly when the buildings 
remain partially occupied.
Construction  Enabling solutions are integrated, planned and structured 
to support the on-site teams. 
Industrial
Industrial/Engineering   Access, asbestos and insulation are important areas to 
food processing and manufacturing plants in respect 
of maintenance, new production facilities or as part of 
refurbishments.
Petrochemical, Oil and Gas   Maintenance expertise on many oil and gas terminals 
embraces access and tank insulation, with full 
capabilities to underpin scheduled shut-downs.
Rail Engineering  Station regeneration and trackside working capabilities 
are combined through our Link-up approval systems for 
both Network Rail and the Underground.
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Chairman’s Statement
Silverdell Plc is well placed for the future, 
with a strong balance sheet, a capable 
management team, effective internal 
disciplines and excellent customer 
relationships that underpin a strong 
order book.
I am pleased to report substantial progress during the second half 
of the year, including a successful share placing that raised £5.3m 
in cash (after costs) and the repayment of £4.75m of debt which 
led to a reduction in gearing to 26% at 30 September 2009. This 
has been combined with a business review undertaken by the 
new management team that has established a clear strategy for 
the business, a reduction in overheads and a focus on improving 
our gross margins. There is much still to be done, but I consider 
that the Silverdell Group is well placed for the future, with a 
strong balance sheet, a capable management team, effective 
internal disciplines and excellent customer relationships that 
underpin a strong order book. The market remains competitive 
with substantial margin pressure; however, Silverdell is positioned 
now to win new business on both a short and long-term basis at 
reasonable margins.
We welcomed Ian Johnson onto the Board in August as the Chief 
Financial Officer and we have started the search for an additional 
independent Non-Executive Director. We have also made some 
changes at the divisional Managing Director level to further 
strengthen the team to enable the Group to fulfil its growth plans 
and reinforce its position as the dominant provider of specialist 
hazardous waste remediation services in the United Kingdom.
Stuart Doughty
Executive Chairman
30 November 2009
* Earnings before interest tax depreciation and amortisation and also before goodwill impairment, share-based payments and non-recurring items.
n Successful placing raised £5.3m (after costs)
n Repaid £4.75m of debt in the second half 
of 2009 and a further £0.75m subsequent 
to the year-end
n Net debt at 30 September 2009 of £4.7m 
(2008: £14.4m), gearing 26% (2008: 76%)
n Gross margin 24.6%, up 0.8 ppts on 2008
n Underlying EBITDA* £2.3m (2008: £2.5m)
n £6.8m cash generated from operations, up by 
£6.2m from prior year
n Order book at 31 October of £45m, of which 
£28m relates to 2009/10
Highlights:
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Chairman’s Statement | Chief Executive’s Business Review
Chief Executive’s Business Review
Strategic Review
During the last 12 months we have seen substantial changes in an 
increasingly challenging and competitive market place. During this 
time, I am pleased to report that the Group’s trading and financial 
performance has continued to improve. We have built on an 
excellent track record in a diverse range of markets by continuing 
to extend our capabilities.
Our strategy in the next year is designed to deliver growth and 
develop market share. This will be achieved by developing our 
capabilities and profile as a Group through our premium Consulting 
and Remediation brands in the regulatory, compliance and 
environmental markets. We will be addressing the contamination 
legacies of the past, particularly in respect of land and buildings, 
providing a clean foundation for future use. The skills, passion and 
expertise of our staff will be key to delivering the ongoing growth of 
our business. 
Our strategic approach will comprise:
n Further development of our capabilities in other regulated 
environmental and compliance markets;
n Development of our position in industrial and power generation 
markets through winning new frameworks and contracts;
n Development of our existing UK office network to improve 
market share;
n Further development of our existing customer relationships to 
generate new business; and 
n Driving more synergies through better internal collaboration.
The Group will seek to increase penetration in the public sector. 
Maintenance and compliance solutions will continue to be required 
for existing property portfolios despite the current economic 
climate. Whilst we expect the public sector to spend less in the 
short term, we will seek to exploit our wider geographic coverage 
to best commercial advantage. 
We are developing stronger links with many trading partners 
based on providing a wider service offering. Our scaffolding 
solutions have the opportunity to expand through the contracting 
arms in particular, and our consulting division broadens trading 
opportunities to include other hazardous materials solutions. Our 
training division, SAFE, is unique in our industry and we are looking 
to create a separate trading entity to maximise this commercial 
opportunity. Deconstruction, demolition and remediation are other 
areas we will seek to develop during the next two years. Land 
remediation and waste stream management capabilities have 
continued to evolve with numerous projects won this year which 
we expect will further evolve in 2009/10.
Our reputation overseas has been enhanced in the last 12 
months with the successful conclusion of our car plant contract 
in Romania and environmental clean up operations for the MoD in 
the Falkland Islands. We have a client list of blue-chip customers 
in the UK and will continue to explore opportunities to sell our 
services overseas, subject to the right risk-return profile.
We have built on an excellent track 
record in a diverse range of markets 
building primarily through organic 
growth. Our strategy in the next year 
is designed to deliver growth and 
develop market share.
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Chief Executive’s Business Review
Operational Review
Public sector works
The public sector remains a significant part of our portfolio of 
works, recognising that the public sector property portfolio 
will cost the taxpayer some £20bn in 2009. Under the existing 
government’s policies, construction plays a significant role as an 
economic stimulus. For Silverdell Plc, the public sector comprises 
28% (2008: 20%) of our Remediation revenues and 60% 
(2008: 52%) of our Consulting revenues.
Our relationships with local councils continue to develop: the Local 
Government share of our Remediation revenues grew from 9% 
in 2008 to 11% in 2009. Significant framework contracts have 
been retained in Scotland based on technical capability, quality 
assurance, safety and environmental commitment, while new 
contract wins have been recorded in the South East, Midlands, 
North West, Wales and North East. The largest contracts were 
secured through our ability to offer a local value-added service 
complemented by a commitment to quality and safety. These 
contracts provide a continuous requirement for clients with a larger 
property portfolio as part of wider maintenance and refurbishment 
needs. The Billingham Forum refurbishment project was secured 
in the year. We are working alongside the Principal Contractors, 
where the scope of works includes asbestos removal and 
scaffolding. 
The Government’s Decent Homes initiative seeks to ensure social 
housing stock meets a reasonable degree of thermal comfort, is in 
a reasonable state of repair and has reasonably modern facilities. 
Our Asbestos in 
Schools support 
documentation 
was recognised as 
one of the leading 
campaigns in 2008 
by Construction 
News.
REMEDIATION
Turnover by Sector (2009) %
11%
13%
4%
34%
2%
4%
12%
20%
Local Government (inc Housing)
Defence
Health & Education
Power Generation, 
Utilities, Industrial
Retail
Rail
Other Commercial (inc FM)
Construction
Turnover by Sector (2008) %
9%
7%
4%
27%
1%
4%
23%
25%
Local Government (inc Housing)
Defence
Health & Education
Power Generation, 
Utilities, Industrial
Retail
Rail
Other Commercial (inc FM)
Construction
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Chief Executive’s Business Review
The Group has made continued progress in this market as part of 
development requirements from Social Landlords, authorities and 
arm’s-length management organisations. 
With regard to Consulting we are providing solutions for a major 
social housing provider where surveys, project management 
and analytical services are part of an extension to the existing 
framework agreement.
Education
The Building Schools for the Future programme will see every state 
secondary school in England — around 3,500 in total — rebuilt 
or remodelled over the lifetime of the programme. Our Asbestos 
in Schools support documentation was recognised as one of 
the leading campaigns in 2008 by Construction News under the 
Redhills brand. 
Deconstruction, dismantling and asbestos removal solutions have 
been provided to educational establishments and this has been 
widened to include universities throughout the UK. Major works 
have been undertaken in Scotland addressing redundant clasp 
buildings and augmented by ongoing works in the North West. An 
additional framework agreement was secured at Nottingham Trent 
University in the Midlands for a three-year term contract.  
Health
Procure 21 and the Private Finance Initiative (“PFI”) are two 
development schemes used by the NHS for updating existing 
infrastructure and building new facilities. The Procure 21 
Picture : Development works at Manchester Joint Hospitals.
framework has had over £3.6bn of work registered, while 
PFI provides a capital efficient way of funding major capital 
investments. During the year, the Group has been working 
extensively on the Manchester Joint Hospitals, the single largest 
healthcare investment in Manchester. The main building will be 
the central hub of the new development containing the main 
clinical facilities for the Children’s Hospital together with the new 
infrastructure for the Manchester Royal Eye Hospital, St Mary’s 
Hospital and Manchester Royal Infirmary. 
The Group has contributed to numerous Procure 21 projects 
nationally. The Oxford Radcliffe Hospital project with a value of 
£1.6m has been delivered as part of the wider demolition package 
solution. Prince Charles Hospital is another project we have 
been involved in. This project has a value of around £1.6m over 
the six phases. The works will improve and decontaminate the 
buildings whilst the hospital remains operational. Redhills provided 
consultancy services to various NHS Trusts. 
CONSULTING
Turnover by Sector (2009) %
15%
22%
23%
6%
0%
12%
4%
18%
Local Government (inc Housing)
Defence
Health & Education
Power Generation, 
Utilities, Industrial
Retail 
Rail
Other Commercial (inc FM)
Construction
Turnover by Sector (2008) %
19%
9%
24%
11%
0%
4%
11%
22%
Local Government (inc Housing)
Defence
Health & Education
Power Generation, 
Utilities, Industrial
Retail
Rail
Other Commercial (inc FM)
Construction
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Chief Executive’s Business Review
Operational Review
Regional Prime Contracting in Defence
Project Allenby/Connaught, the largest infrastructure Private 
Finance Initiative project ever let by the Ministry of Defence, 
has one simple mission – to make life better for nearly 19,000 
soldiers by providing modern, high quality, fully serviced, 
purpose-built living and working accommodation. Aspire 
Defence, a Joint Venture between Carillion and Kelly Brown 
Root (“KBR”), was awarded the contract and is working 
in partnership with the MoD. The £12bn, 35 year contract 
encompasses an eight year construction programme and 
involves the new build or refurbishment of 541 buildings and 
the demolition of 447 buildings. 11,500 refurbished and new 
accommodation units will be complemented by shops, cafes, 
bars and sports facilities.
Silverdell is the appointed supply chain partner to Aspire 
Defence to meet their service delivery specification. Silverdell 
has been undertaking asbestos removal works located in a 
number of buildings. All staff are appropriately security cleared 
to work on such sites. The detailed method statements not 
only have to address the issues of asbestos and Construction 
Design Management, but other implications such as transit 
routes for waste materials affected by occupied buildings and 
protecting wildlife habitats.
The client has high expectations in terms of service 
delivery, efficiency, price, innovation and to the meeting of 
agreed timescales. Performance is rewarded and quality of 
communication has been critical to success to date. The 
works are carried out by a core team which is increased 
according to planned work schedules to respond to the 
exact requirements of the client. 
Aspire Defence hold annual ‘Safety First Always’ awards 
and during the summer Silverdell was awarded the quarterly 
Trade Contractor Award. Michael Ward, Works Director at 
Aspire Defence, said: “Silverdell’s contribution to safety and 
the environment is invaluable to our ‘Safety First Always’ 
campaign and all it sets out to achieve. Silverdell has 
achieved a consistently high performance throughout the 
second quarter as Trade Contractor Winners.” Consulting 
support has been provided through Redhills also. 
Case Study
Defence
Silverdell has been appointed for additional capital works 
programmes as our defence works continue to go from strength 
to strength, with Remediation revenues from this sector rising from 
7% in 2008 to 13% this year. The Regional Prime contracts within 
which we operate are essentially seven year frameworks, providing 
a consistent link for specialist contractors to work within on a 
collaborative basis.
Our nuclear expertise within Kitsons has assisted in adding value 
to our safety case and operational credentials as we continue 
to raise our profile in this sector. Within the Nuclear sector, we 
have been supporting our client’s successful implementation 
of modernisation and development at a major research 
establishment which will provide specialist research in laser 
physics, hydrodynamics, materials science and high performance 
computing.
We have delivered environmental cleans and remediation works on 
a number of military ships during the year as part of their ongoing 
refurbishments or decommissioning. Consulting services to the 
Defence sector have generated over £1m in consulting services 
this year as the Defence share of Consulting revenues rose to 22% 
(2008: 19%).
Power Generation, Utilities and Industrial
Power generation
Ensuring the future energy supply is one of the key issues facing 
the UK today, with a forecasted “energy gap” likely to materialise 
between 2016 and 2022. Langage Power station is a new £400m 
power plant being constructed, consisting of both gas and steam 
turbines. Through our Kitsons brand, we have been a major 
contractor in providing insulation to the pipework within the plant, 
employing an estimated 70 personnel with a value of works in 
excess of £2.0m. The Power Generation, Utilities and Industrial 
sector share of Remediation revenues rose to 34% in 2009 (2008: 
27%) becoming the most significant part of our Remediation 
business. For Consulting, this Sector’s share of revenues fell from 
11% in 2008 to 6% in 2009 as the Public sector share increased.
Nuclear decommissioning
Nuclear waste has been managed safely in this country for over 
60 years. The UK will need a diverse energy supply in the future 
that includes nuclear as well as renewable energy, necessitating 
effective management of nuclear waste. 
Asbestos removal and scaffolding solutions on the world’s second 
largest asbestos project at Chapelcross Power Station continue 
as part of a wider decommissioning project. Scaffolding services 
to the nuclear sector have developed this year using a complex 
engineered design of supports and fixings. Asbestos removal 
works are continuing as part of this major decommissioning 
project. 
Picture: Courtesy of the MoD.
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Chief Executive’s Business Review
Chapelcross
The Chapelcross asbestos projects are a seven year 
programme of works designed to protect the workforce 
from potential asbestos exposure and ultimately, to remove 
the 3,300 tonnes of asbestos hazard in and around 
numerous plant areas on site, a major step towards the 
final decommissioning of the site as part of the Nuclear 
Decommissioning Authority’s long term agenda. Magnox 
commissioned two elements of work following a lengthy 
and detailed procurement process – weather containment 
and asbestos removal. The Chapelcross asbestos removal 
contract is the largest in Europe, and the second largest in 
the world.
These projects have required a close partnership between 
Magnox North, which leads the decommissioning activities 
on site, and Kitsons. Working together over the last two 
years and utilising the NEC 3 contract philosophy of 
collaboration, Magnox and Kitsons have developed the 
most time and cost efficient solution to remove this major 
hazard from the site. Effective communication between 
partner contractors and stakeholders has been critical to 
stimulate innovation and trust whilst achieving maximum 
value for money. 
A single design team was formed, combining forward-
thinking and expertise from both companies to turn the 
conceptual design into a workable reality. This approach 
worked extremely well, with the final design acting as the 
basis for both long-term weather containment and asbestos 
removal contracts. It was, in effect, a dual design, reducing 
re-works and allowing asbestos to be stripped from an 
active nuclear safety circuit with zero impact on the plant. 
This culture of innovation continues to be encouraged 
within the project, with all ideas considered from Magnox 
or Kitsons in an open forum. This is managed on the 
site with daily, weekly and monthly meetings involving 
all levels of the project delivery team. We recognise the 
need for consistency in information flow, the importance 
of accountability, and the customer’s desire for responsive 
services. 
Case Study
Utilities
An ageing infrastructure, more stringent regulations, increasing 
energy costs and a growing population mean that the utilities 
market has many challenges in the provision of electricity, water 
and gas. We support works under the Asset Management 
programmes delivered throughout the UK on both a standalone 
project basis and as part of ongoing maintenance frameworks. 
We have been working at one sub-station providing solutions for 
remediation and cleaning contaminated waste as enabling works. 
Working for the Principal Contractor, the removal of contaminated 
soil as part of a large ground-works exercise is being undertaken, 
which can then be clean backfilled with hardcore to enable the 
erection of the GIS Building. A separate contract involves the 
excavation and removal of asbestos contaminated soil to facilitate 
the cable runs for the sub-station. Excavators and 20 yard open 
skips are being used as part of a wide portfolio of plant in-works 
that are likely to run until late 2009 with an estimated value of 
£1.8m in total.
Industrial
Remediation spend in the industrial sector remains relatively 
consistent due to the ongoing maintenance requirements 
of infrastructure. A three-year framework for scaffolding, 
thermal insulation and painting has been secured at a major 
pharmaceutical production facility in Scotland where maintenance 
requirements are increasing as our client has committed further 
investment into a site that forms a key part of its global supply 
network strategy. 
Pictured: Paul John receiving the trade contractor award 
at Aspire Defence.
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Operational Review
Major financial services Plc
In the past financial year and after completing a detailed due 
diligence exercise, Redhills has successfully commenced 
an asbestos consultancy framework contract with a major 
financial services group, which has one of the largest 
banking property portfolios in the UK. 
Our client’s work streams, like its property portfolio, are 
varied and provide the business with a diverse range 
of projects driven by capital expenditure and planned 
maintenance requirements. Whilst the financial services 
sector in the current macro-economic climate faces its 
challenges, our client continues to upgrade its facilities 
and property infrastructure. Redhills has been successfully 
integrating with the client’s own project teams working 
on both the corporate estate and branch network, 
demonstrating a high level of service, quality and bespoke 
project expertise that has enabled projects to run smoothly, 
on time and to budget. 
During 2009, our client has undertaken a significant 
refurbishment project at the headquarters of a key 
subsidiary where Redhills successfully managed the unique 
risks of the site, making a real difference to the operational 
delivery for the rest of the project. Driven by the will to 
succeed, Redhills is entirely focused on exceeding the 
project requirements.
Through our commitment to higher standards and delivery 
in line with agreed Key Performance Indicators, Redhills is 
becoming a key facilities management partner and asbestos 
consultant of choice. 
Case Study
Construction
The construction industry has seen challenging times in recent 
months and this is reflected in this sector’s declining share of 
revenues, comprising 12% (2008: 23%) of Remediation revenues 
and 4% of Consulting (2008: 11%). A prestigious Central London 
Hotel project has been successfully completed where asbestos 
removal works were key elements to the enabling works at this 
hotel which is currently undergoing a major refurbishment. The 
contract was worth £4.5m over 2 years and has led to Silverdell’s 
successful appointment at a neighbouring prestigious London 
landmark venue to a contract worth more than £1m.
Retail
Despite the recent economic downturn, we have maintained a 
strong position in the market to secure projects with the leading 
high street brands, the largest being a major store refurbishment 
in Liverpool which has a value in excess of £1m with works 
undertaken whilst the premises remained open for trade. The 
demise of a number of significant retail chains has provided 
new opportunities in the high street as sites are acquired and 
refurbished.
From a consulting perspective, ongoing trading relationships within 
the traditional high street brands continue to flourish. Consultancy 
works for a major supermarket retailer were commissioned with a 
value of more than £0.1m.
Insurance
We have been working to support insurance providers in removing 
asbestos from properties following accidental damage. Silverdell 
provides a network of national coverage providing consultancy 
services 24 hours a day for residential and commercial properties. 
Consistency of high quality service provision and the ability to react 
has been the key to our success. 
Rail
During the year we have contracted with both the London 
Underground and Network Rail, working on trackside 
environments and station refurbishment programmes. Our 
Consulting division achieved successful entry to this market, and 
secured a four-year analytical framework contract in Tyneside.
Overseas
In addition to our clean-up work in the Falklands Islands, Silverdell 
(UK) completed works in Romania on a major manufacturing 
plant during its redevelopment to build new vehicles for UK and 
European markets. In line with our strategy, we will continue to bid 
for significant contracts in Continental Europe.
Sean Nutley
Chief Executive
30 November 2009
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Chief Executive’s Business Review | Financial Review
Financial Review
As a result of the share placing 
and stronger operating cash flows, 
net debt at 30 September 2009 
was down by £9.7m, or 67%, 
year on year.
Group turnover decreased slightly by 3% to £59.5m (2008: 
£61.4m). However, gross profit was maintained at £14.6m
(2008: £14.6m) and the gross margin percentage therefore 
increased by 0.8 percentage points (ppts) to 24.6% 
(2008: 23.8%). 
Administration costs fell by £0.1m to £13.0m (2008: £13.1m). 
Administration costs as a percentage of revenue were 21.9% 
(2008: 21.4%). Restructuring savings, the related one-time costs 
of which have contributed to the exceptional operating costs in 
the year of £0.7m (2008: £0.5m), are expected to be realised 
fully in the new financial year. The non-recurring operating costs 
also included a number of one-off costs directly attributable to 
the refinancing. The statutory operating loss was £5.7m, which 
is an improvement of £10.2m compared with the prior year, while 
adjusted operating profit* was broadly in line with the previous 
period at £1.5m (2008: £1.6m). The operating profit margin* was 
2.5% (2008: 2.6%).
During the year, the Directors assessed that the goodwill arising 
on the acquisition of the Kitsons Group had been reduced to 
an amount below the net present value of that business and 
accordingly an impairment charge of £4.8m (2008: £14.6m) has 
been charged to income. 
Finance charges, excluding non-recurring costs, were £1.0m
(2008: £1.0m), the reduction in interest costs arising from the 
repayment of debt following the share placement being offset by 
the amortisation of loan issue costs over the expected life of the 
new facilities. There was also £0.2m (2008: £nil) of exceptional 
finance charges, in addition to the direct issuing costs, relating to 
the refinancing exercise. The statutory loss before tax was £6.9m 
(2008: £16.8m loss), while the adjusted profit before tax* remained 
steady at £0.6m (2008: £0.6m).
The tax credit for the year was £0.8m (2008: £0.2m), reflecting 
the taxable losses arising from the current year and prior year 
non-recurring expenses. The effective corporation tax rate is 
12.0% (2008: 1.4%). Adjusted profit after tax* was £0.7m (2008: 
£0.7m) and adjusted earnings per share* was up 0.2 pence at 
0.8 pence (2008: 0.6 pence). In line with the prior year, the 
Directors do not propose a dividend be paid for the year ended 
30 September 2009.
During the year 110m new 1p ordinary shares were issued at 
5p per share to raise £5.3m, (net of issuing costs), and part of 
this was used to repay £4.75m of debt during the second half 
of the year. As a result of this and of stronger operating cash 
flows, net debt at 30 September 2009 was down by £9.7m, or 
67%, at £4.7m (2008: £14.4m) whilst gearing was down 50 ppts 
at 26% (2008: 76%). In addition to the share placing proceeds, 
movements in working capital contributed £5.2m (2008: £1.3m 
adverse movement) to the reduction in net debt in the year and 
reflects a significant improvement in the management of trade 
debtors and trade creditors from the prior year. Capital expenditure 
fell by £0.3m to £0.4m (2008: £0.7m).
An exercise was carried out in the year to reduce the par value 
of one ordinary share from 10 pence to 1 pence in order to allow 
the Group to issue new shares at 5 pence. This was achieved by 
the creation of a new class of 1p deferred shares, which will in 
due course be cancelled and which carry no economic rights.
The Group has a number of derivatives designed to protect it 
from the interest rate risk that arises in respect of its borrowings, 
for which the Group applied hedge accounting treatment in 
accordance with IAS 39. At 30 September 2009, a liability was 
held on the balance sheet of £0.2m (2008: £0.1m) in respect 
of these derivatives. All assets, liabilities (including borrowings) 
and cash flows in the year were denominated in sterling and 
accordingly the Group did not have an exposure to currency 
risk and has no related hedging products. A full discussion of 
the financial risks to which the Group is exposed, along with the 
definitions of its Key Performance Indicators, is included in the 
Directors’ Report on pages 15 and 16.
Ian Johnson
Chief Finance Officer
30 November 2009
* Before goodwill impairment, intangible asset amortisation, share-based 
payments and non-recurring items.
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Directors and Senior Management
Stuart Doughty (65)
Executive Chairman
Appointed 2009. Stuart Doughty 
previously served as Chief 
Executive Officer of Costain 
Group Plc. He has over 40 years’ 
experience in the construction 
industry, including positions 
as Non-Executive Chairman 
of Alstec Group Limited, 
Non-Executive Chairman of 
Beck & Pollitzer Limited, Non-
Executive Chairman of Kennedy 
Construction Group Limited. 
Currently Mr. Doughty serves as 
Senior Non-Executive Director of 
Scott Wilson Group Plc and as 
Senior Non-Executive Director of 
Aigis Blast Protection Limited.
David Rhodes 
Silverdell UK 
Managing Director 
David Rhodes was promoted 
to Managing Director in 2009 
to develop the commercial 
growth of Silverdell (UK) Ltd. 
This follows successful tenure 
as a board director with primary 
responsibilities for commercial, 
operational safety and fiscal 
responsibility for the Midlands 
Region. 
Sean Nutley (38)
Chief Executive
Appointed October 2008.
Sean was previously Chief 
Operating Officer of Silverdell Plc 
and a Board member 
since 2006, before being 
promoted to Chief Executive. 
Sean has more than 20 years 
experience in the Asbestos 
and Environmental sectors. 
Brian Giddings
Redhill Analysts 
Managing Director 
Brian Giddings has worked 
at Redhills for 12 years, initially 
joining as a Project Manager 
and promoted to the board 
of directors 7 years ago. 
Brian is currently acting 
Managing Director. He has been 
instrumental in driving the growth 
of Redhills.
 
Mark Watts (35)
Non-Executive Director,
Mark is a partner in Marwyn 
Capital LLP and Marwyn 
Investment Management LLP . 
Mark holds directorships in 
several other of Marwyn’s 
investments: Praesepe Plc, 
ACS Plc, Entertainment One 
Ltd and Melorio Plc. Previously, 
Mark was a management 
consultant completing strategic 
development projects for many 
blue-chip companies including 
Ford Motor Company and 
Barclays Bank.
Andrew Watson
Kitsons Environmental 
Managing Director
In 1998, Andrew joined 
Kitsons Environmental 
Europe Limited as 
Operations Director. He was 
promoted to the position of 
Managing Director 
3 years ago, leading Kitsons 
continued growth. 
Senior Management
Ian Johnson (44)
Chief Financial Officer
Appointed August 2009. 
Previously Ian was Group 
Finance Director of McBride plc. 
Ian has also held senior finance 
roles within Taylor Wimpey plc, 
including Commercial Director 
for Taylor Morrison Inc in North 
America. Ian has also had senior 
finance positions within the 
support service sector including 
roles at Regus plc and Exel plc.
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Our Governance
The Directors have pleasure in presenting their report and the audited financial statements for the year ended 30 September 2009.
Principal activities
Silverdell Plc is the parent company of a Group of companies providing asbestos, industrial and environmental solutions from Consulting and 
Remediation perspectives. The principal subsidiaries are shown in note 32 to the accounts.
Business review
Details of the Group’s performance and activities during the year are contained within the Chairman’s statement and the Chief Executive’s 
business review on pages 4 and 5 to 10 and are incorporated in this report by reference.
Information about the use of financial instruments by the Group is given in Note 21 to the financial statements and is incorporated into this 
report by reference.
Results
The Group results for the year and the Group’s financial position at the end of the year are shown in the attached financial statements.
Future developments
An indication of the future developments is contained in the Chairman’s Statement and the Chief Executive’s business review.
Dividends
The Directors do not recommend the payment of a dividend (2008: £nil).
Directors and their interests in the shares of the Company
The Directors of the Company in office during the period and their beneficial interests in the issued share capital of 1p (2008:10p) ordinary 
shares* required to be disclosed were as follows:
    30 September 30 September 30 September 30 September
    2009 2009 2008 2008
    Shares Options Shares Options
Stuart Doughty
(4)
    — — — —
David Williams
(3)
    — — 1,000,000 —
Mark Watts    — — 40,000 —
Danny Spicer
(1)
    — — 1,418,892 276,000
Sean Nutley    3,298,018 276,000 508,018 276,000
Ian Johnson
(5)
    — — — —
Gordon Morrison
(2)
    — — 1,300,000 —
Chris Sims
(1)
    — — 55,000 200,000
* During the year the Company’s 10p ordinary shares were effectively replaced with 1p ordinary shares by a capital reorganisation. See Note 24 for more details.
1
 Danny Spicer and Chris Sims resigned as Directors of the Company on 22 October 2008.
2
 Gordon Morrison resigned as a Director of the Company on 26 February 2009.
3
 David Williams resigned as Chairman and as a Director of the Company on 6 April 2009.
4
 Stuart Doughty was appointed as Chairman and as a Director of the Company on 6 April 2009.
5
 Ian Johnson was appointed as Chief Financial Officer and as a Director of the Company on 10 August 2009.
There have been no changes in the Directors’ interests between the year end date and the date of this report and accounts.
In accordance with the Articles of Association, Directors who have been elected to the Board since the last Annual General Meeting (“AGM”) 
will be proposed for re-election at the next AGM. In accordance with the Articles, Stuart Doughty and Ian Johnson retire at the forthcoming 
AGM and offer themselves for re-election.
Directors and Senior Management | Directors’ Report
Directors’ Report
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Directors’ Report
The Directors had the following interests in share options during the year ended 30 September 2009:
  As at    As at 
  1 October Exercised Forfeited 30 September Exercise Exercise
  2008 in period in period 2009 period from/to price
Sean Nutley  226,000 — — 226,000 2009–2013 80.5p
  50,000 — — 50,000 2010–2014 150.0p
  276,000 — — 276,000
Danny Spicer  226,000 — (226,000) — 2009–2013 80.5p
  50,000 — (50,000) — 2010–2014 150.0p
  276,000 — (276,000) —
Chris Sims  100,000 — (100,000) — 2010–2014 157.0p
  100,000 — (100,000) — 2010–2014 150.0p
  200,000 — (200,000) —
  752,000 — (476,000) 276,000
The market price of the Company’s shares as at 30 September 2009 was 9.5p (30 September 2008: 32.5p) and the range during the year 
was 6.6p to 27.0p (2008: 32.5p to 160.0p).
 
Directors’ remuneration
It is the Board’s policy to provide executive compensation packages that attract and retain management talent and properly motivate 
executives to deliver the Board’s strategy and provide long-term value to shareholders. The compensation of the Executive Directors and 
the senior management comprises a number of elements, including both short-term and long-term incentive plans, designed to optimise 
the individual’s performance and align the interests of the manager with those of the shareholders. The Directors consider that the overall 
balance of executive pay be balanced in favour of performance incentives, both short and long-term. 
The remuneration of senior executives comprises: base pay and benefits (including pension contributions, private health care, insurance and 
car allowances), annual bonus payments and share options.
The base pay and benefits of Executive Directors and senior management is reviewed at least annually by the Remuneration Committee 
with particular regard to the base pay and benefits of similar positions in comparable organisations, taking appropriate advice from qualified 
advisers.
The annual bonus scheme pays up to 100% of the base pay of senior executives and is predominantly linked to overall profit performance 
relative to a budget set at the commencement of the financial year. Recognising the importance that the Directors place on Health & Safety, 
part of the annual bonus is determined by Health & Safety performance, measured against an internal standard.
The share option scheme provides the senior executives with the opportunity to participate in the future success of the Group along with its 
shareholders. Share options may be granted up to the value of 100% of an executive’s base pay. Options will then vest according to set of 
performance criteria set by the Board based on the growth of Group post-tax profits (ahead of inflation) over a three year period.
Substantial interests in the share capital at 13 November 2009 
In addition to the Directors, the Company had been notified of the following shareholders who held 3% or more of the ordinary share capital 
in issue of the Company:
      Number of 
      shares %
Marwyn Investment Management Limited     34,870,499 22.99
Paul Anthony Bell      23,175,000 15.28
Octopus Investments Limited      15,650,000 10.32
Fidelity (Institutional Group)      14,591,700 9.62
Killik Asset Management      5,903,213 3.89
Daniel Joseph Spicer      5,418,692 3.57
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Our Governance Directors’ Report
Going Concern
During the year the Group successfully completed an equity placing raising funds of £5.5m (before costs) and finalised revised banking 
facilities. Detailed cash flow forecasts are prepared and regularly reviewed by the Board to assess the Group’s financial position. The current 
economic conditions do create some uncertainty and the Group’s borrowings do fluctuate, but the successful refinancing and continued 
planned actions on improving working capital management have enabled the repayment of £4.75m of debt and the reduction of net debt 
from £14.4m to £4.7m during the year ended 30 September 2009. Further, the Group has a number of long-term framework contracts with 
customers and suppliers across industries. As a consequence the Directors believe that the Group is well placed to manage its business 
risks successfully despite the current economic outlook. For further information in respect of liquidity please refer to note 21 to the financial 
statements.
The Directors have a reasonable expectation that the Group has adequate resources to continue operating for the foreseeable future. On 
these grounds the Board have continued to adopt the going concern basis for the preparation of the financial statements.
Health and Safety policy
The Group is a specialist operator in the handling of hazardous waste, in particular asbestos. All teams are required to attend at least annual 
training sessions to ensure they are up to date and reappraised of the environmental risks and Health & Safety policy. Our systems are 
accredited to Occupational Health and Advisory Services (OHSAS) 18001 standards and are designed to protect our employees and those 
living and working in close proximity to our sites. We have been a Royal Society for the Prevention of Accidents (RoSPA) Gold Award winner 
for two years consecutively in 2008 and 2009. The Group has an in-house training function, “SAFE”, that is recognised throughout the 
industry and often used to train client teams. The SAFE team works to ensure that all operatives are equipped with superior technical and 
safety management skills. All operatives are required to carry out induction training upon arriving at a site and Health & Safety policies and 
procedures are rigidly adhered to and enforced, including monitoring systems and subsequent demobilisation and project review. Our audit 
systems are then designed to ensure that all safety procedures are adopted on a timely basis and without compromise.
The Group provides services which meet the most demanding industry accreditations including ISO 9901, ISO 200, ISO 14001, ISO 18001, 
ISO 17025 and ISO 17020 as well as the UK’s Industrial Accreditation Service, UKAS.
Finally, the Group has appropriate insurance covers to protect against the risk of material loss in the event of a failure in these preventative 
systems.
Key Risks and Mitigations
The identification, assessment and management of risk is fundamental to the achievement of the Group’s strategic objectives. The principal 
risks to the business, as determined by the Board, are set out below. The Board recognises that the nature and scope of the risks 
faced by the business can change and so periodically reviews the risks and the controls in place to mitigate them and/or transfer them to 
third parties.
Market Related Risk
The Group is exposed to the risk of the general macro-economic environment as well as government spending priorities. We monitor the 
forward order books to ensure that appropriate resources are allocated to fulfil orders and procure new work either from existing clients or 
new customers.
Regulatory Risks
The Group operates in a sector overseen by a number of environmental regulators. As such, the regulatory landscape is constantly 
changing, increasing the risk of non-compliance and the resultant reputational damage that may arise. We remain fully committed to our 
teams being appraised of any changes in the regulatory framework through an extensive training programme, outlined above. We are 
members of all the recognised trade associations in the sectors we operate in and in particular, one of our senior executives is currently 
Chairman of the Asbestos Remediation trade body, ARCA.
Contractual Risk
The Group operates in a sector where fixed-price contracts are common and this may result in a loss arising from a failure to properly reflect 
the operational risks in the contract price and terms. All significant contracts are reviewed by the Executive Directors and all reasonable 
efforts are made to consider the potential extent of the work involved and the consequent risk of increased cost to provide reasonable 
certainty that the Group has the capacity and capability to meet the requirements of the contract.
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Acquisition Effectiveness
The Group’s strategy acknowledges that acquisitions may be required to enhance the Group’s capability in certain areas. There is a risk that 
an acquisition will fail to meet its strategic, financial or operational objectives. The Board has set key investment criteria that must be made 
by any acquisition target. All appropriate due diligence will be performed and contractual protections sought from the vendor to safeguard 
the Group’s interests. The Board will review the requirement to retain the target’s key personnel and detailed integration plans will be put in 
place for implementation post-acquisition.
 
People Risk
Our people are our greatest asset and provide the basis for our competitive advantage. We will seek to ensure that our operatives are 
trained through the application of a comprehensive training strategy and a policy that offers sufficient remuneration and incentives to retain 
our best people, consistent with the market rates. Recruitment processes are applied that are appropriate to the seniority of the position 
being filled and to minimise the risk of an unsuitable appointment.
Financial Risks
Interest Rate Risk
The Group finances its operations through a mix of equity and debt funding. All borrowings are denominated in sterling, predominantly at 
variable rates of interest. Accordingly, the Group has hedged a proportion of its interest costs through an interest rate swap as mitigation 
against the risk of rising variable rates. The Board reviews the appropriateness of this policy from time to time taking into consideration 
expectations for future interest rates and the underlying level of borrowings.
Credit (including Counterparty) Risk
Credit risk arises from the risk of having credit exposures to customers, including outstanding receivables and retentions. The Group 
monitors the credit ratings of all customers with which it has, or may have, significant credit balances and takes any appropriate action it 
considers necessary, including obtaining guarantees and ensuring that no single customer failure would present a significant risk to the 
achievement of the Group’s strategic objectives. 
Counterparty risk arises from holding cash and cash equivalents with financial institutions. The Group controls this risk by ensuring that it 
enters into relationships only with highly credit-rated financial institutions.
Liquidity Risk
Liquidity risk is the risk that the Group does not have sufficient cash resources to meet its commitments, whether short- or long-term. The 
Group has a mixture of borrowing facilities, such as an overdraft to provide short-term flexibility as well as a three-year long-term facility 
arrangement. The Group prepares a rolling 13 week cash flow forecast which is updated every two weeks which is reviewed by both 
management and the Board to consider whether the Group’s cash resources are sufficient.
Covenant Risk
The Group must comply with a number of financial covenants as the conditions of its banking facility. The Group monitors compliance with 
its covenants on an actual and forecast basis at each Board meeting.
Treasury Risk
Treasury risk includes the risk of unauthorised, or unsuitable, transactions. The Group operates under a strict mandate in respect of its 
cash disbursements and all financial derivative contracts must be reviewed and approved by the Board. The Group does not use derivative 
financial instruments for speculative purposes. All new bank accounts or facilities and all new relationships with financial institutions must be 
approved by the Board.
The Group does not have an exposure to foreign currency risk.
Key Performance Indicators (“KPIs”)
The Board monitors the performance of the Group by regular reference to a small number of KPIs which are:
n Adjusted EBITDA: this is earnings before amortisation and impairment costs in respect of intangible assets, depreciation, finance costs, 
corporation tax and excludes non-recurring costs and share-based payment charges.
n Gross margin percentage: this is the percentage of profit to revenue after deducting direct costs, but before the deduction of any fixed 
or variable overhead costs.
n Administration costs as a percentage of revenue: this is the central overhead cost (both divisional and corporate) as a percentage of 
total revenue.
Directors’ Report
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Our Governance Directors’ Report
n Operating margin: this is operating profit as a percentage of revenue. Operating profit is calculated before corporation tax and finance 
costs, which includes depreciation charges but excludes amortisation and impairment charges relating to intangible assets, share-based 
payment charges and any non-recurring costs.
n Earnings per share: This is the adjusted post-tax earnings per basic ordinary share. Adjusted post-tax earnings is the profit after finance 
charges and corporation tax but excluding any non-recurring expenses, share-based payment charges and finance charges relating to 
deferred consideration. The basic number of ordinary shares is the weighted average number of shares in issue (including contingently 
issuable shares) during the financial year before considering the dilutive effect of share options that are, or may become, exercisable.
n Gearing: This is the net debt expressed as a percentage of shareholders’ funds.
The Group’s performance against these KPIs is reviewed in the financial review on page 11.
Donations
The Group did not make political donations in the year (2008:£nil). During the year the Group made charitable donations of £40,350 
(2008:£14,645).
Creditor Payments Policy
The Group’s policy in respect of the payment of suppliers is to agree payment terms in advance with its suppliers and pay in accordance 
with those terms, subject to any disputes and the timely presentation of purchase invoices. The average number of days credit taken at 
30 September 2009 was 55 days (2008: 43 days).
Disabled Employees
The Group makes every reasonable effort to provide employment opportunities for work, training and career development for disabled 
applicants and employees, commensurate with their abilities. In the recruitment and subsequent career development of employees, 
consideration is only given to an individual’s aptitudes and abilities irrespective of race, gender, religion, marital status, sexuality or disability.
Employee Involvement
The Group places considerable value on the involvement of its employees and encourages the development of employee involvement in 
each of its operating companies through formal and informal meetings.
Directors’ Indemnities
The Company has made qualifying third party indemnity provisions for the benefit of its Directors, which were made during the year and 
remains in force at the date of this report.
Statement of Directors’ responsibilities for the Annual Report
The Directors are responsible for preparing the Annual Report 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 are required to 
prepare the Group financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European 
Union and Article 4 of the IAS regulation and have elected to prepare the Parent Company 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 accounts unless they are satisfied that they give a true and fair view of the state of affairs of the Group and of 
the profit or loss of the Group for that period.
In preparing the Parent Company financial statements, the Directors are required to:
n select suitable accounting policies and then apply them consistently;
n make judgements and accounting estimates that are reasonable and prudent;
n state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in 
the financial statements; and
n prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in 
business.
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Directors’ Report
In preparing the Group financial statements, International Accounting Standard 1 requires that Directors:
n properly select and apply accounting policies;
n present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable 
information;
n provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand 
the impact of particular transactions, other events and conditions on the entity’s financial position and financial performance; and
n make an assessment of the Group’s ability to continue as a going concern.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group’s transactions and 
disclose with reasonable accuracy at any time the financial position of 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 Group and hence for taking reasonable 
steps for the prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group’s website. 
Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other 
jurisdictions.
Auditors
Each of the persons who is a Director at the date of approval of this report confirms that:
n So far as the Director is aware, there is no relevant information of which the Group’s auditors are unaware;
n The 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;
n The financial statements, prepared in accordance with IFRSs as adopted by the EU, give a true and fair view of the assets, liabilities, 
financial position and profits or loss of the Group; and
n The Business Review and Directors’ Report includes a fair review of the development and performance of the business and the position 
of the Group, together with a description of the principal risks and uncertainties they face.
This confirmation is given and should be interpreted in accordance with the provisions of S418 of the Companies Act 2006.
The Group’s auditors, Deloitte LLP , have expressed their willingness to continue in office as auditors, and a resolution that they be 
re-appointed will be proposed at the forthcoming Annual General Meeting.
Approved by the Board of Directors and signed on behalf of the Board.
Robert Hillhouse FCIS
Joint Company Secretary
30 November 2009
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Corporate Governance and Risk Management
Statement by the Directors on compliance with the Combined Code
As an AIM listed company, Silverdell Plc is not required to comply with the provisions of the Combined Code on Corporate Governance 
(“The Combined Code”) that applies to companies with a full London Stock Exchange Listing. However, the Board recognises the 
importance and value of good corporate governance and accordingly has detailed below those elements of the Combined Code that it 
considers most relevant and appropriate to the Group, given its size and structure.
The Board
The composition of the Board is detailed on page 12. There are three Executive Directors and one Non-Executive Director. The Board 
recognises that the current composition of the Board is not in line with best practice as identified in Higgs Review and will seek to address 
any shortcomings during the forthcoming year. In particular, the Board is seeking to appoint an additional Non-Executive Director who will 
also sit on each of the sub-committees.
The Board has two sub-committees comprising the following:
The Audit Committee: The purpose of the Audit Committee is to provide formal and transparent arrangements for considering how to apply 
the financial reporting and internal control principles and to maintain the appropriate relationship with the Company’s auditors. This is chaired 
by Stuart Doughty and includes Mark Watts as the other member. Ian Johnson and Sean Nutley are invited to attend each meeting.
The Remuneration Committee: The purpose of the Remuneration Committee is to establish a formal and transparent procedure for 
developing a policy on executive remuneration and to set the remuneration packages for individual Directors. This is chaired by Mark Watts 
and includes Stuart Doughty as the other member.
Risk Management and Internal Controls
The Directors are responsible for the Group’s system of internal controls and reviewing its effectiveness. The role of management is to 
execute the strategy whilst adhering to, and enforcing throughout the business, the Board’s policies on risk management and internal 
control. Any system of internal control is designed to manage, rather than eliminate, the risk of failure to achieve the Group’s strategic 
objectives and can only provide reasonable, and not absolute assurance against material misstatement or loss.
The Group operates a system of internal controls that is designed to meets its needs. These controls include a clearly defined organisational 
structure, an annual strategic planning and budgeting process, regular forecasting and detailed monthly reporting. The organisational 
structure makes clear the lines of authority and responsibility throughout the business, while the budget process ensures that targets are 
properly established and communicated. The Board reviews and approves the annual budget and the period re-forecasts to ensure that 
targets and plans are consistent with the Group’s overall objectives. Progress against the budget and forecasts are then reviewed each 
month by the Board, including the cash flow forecast and other Key Performance Indicators (“KPIs”), as outlined in the Directors’ Report. 
A comprehensive series of management reports is made each month to the executive management committee which comprises the Chief 
Executive Officer, Chief Financial Officer, subsidiary Managing Directors and Finance Directors and these reports are also summarised for 
the Board.
The Board has established a clear set of delegated authorities and accounting policies. The application of these policies is reviewed by 
executive management in the normal course of business as well the external auditors. The Board has considered the need for an internal 
audit function but has determined that current procedures are sufficient given the scale, scope and complexity of the Group’s operations.
Recognising the potentially hazardous nature of the Group’s operations, the Board has a comprehensive Health & Safety policy. Health 
& Safety is a mandated agenda item for all executive management committee and Board meetings. The Group has a dedicated Health 
& Safety team that provides expert advice to operational teams and also performs regular, comprehensive audits at all operational sites, 
including spot checks.
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Independent Auditors’ Report to the 
Members of Silverdell Plc
We have audited the Group financial statements of Silverdell Plc for the year ended 30 September 2009, which comprise the Consolidated 
Income Statement, the Consolidated Balance Sheet, the Consolidated Statement of Recognised Income and Expense, the Consolidated 
Cash Flow Statement and the related notes 1 to 29. The financial reporting framework that has been applied in the preparation of the Group 
financial statements is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union. 
We have reported separately on the Parent Company financial statements of Silverdell Group Plc for the year ended 30 September 2009. 
This report is made solely to the Company’s members, as a body, in accordance with sections 495 and 496 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 
an auditors’ report 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.
Respective responsibilities of Directors and auditors
As explained more fully in the Directors’ Responsibilities Statement, the Directors are responsible for the preparation of the financial 
statements and for being satisfied that they give a true and fair view. Our responsibility is to audit the financial statements in accordance with 
applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices 
Board’s (APB’s) Ethical Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance 
that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether 
the accounting policies are appropriate to the Group’s circumstances and have been consistently applied and adequately disclosed; the 
reasonableness of significant accounting estimates made by the Directors; and the overall presentation of the financial statements.
Opinion on financial statements
In our opinion:
n the financial statements give a true and fair view of the state of the Group’s affairs as at 30 September 2009 and of the Group’s loss for 
the year then ended;
n the Group financial statements have been properly prepared in accordance with IFRSs as adopted by the European Union;
n the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
 
Opinion on other matters prescribed by the Companies Act 2006
In our opinion the information given in the Directors’ Report for the financial year for which the financial statements are prepared is consistent 
with the financial statements.
Matters on which we are required to report by exception
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:
n adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited 
by us; or
n the financial statements are not in agreement with the accounting records or returns; or
n we have not received all the information and explanations we require for our audit.
Makhan Chahal (Senior Statutory Auditor)
For and on behalf of Deloitte LLP
Chartered Accountants and Statutory Auditors
London, United Kingdom
30 November 2009
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Our Accounts Independent Auditors’ Report | Consolidated Income Statement
Consolidated Income Statement
for the year ended 30 September 2009
    Non-recurring
    items,
    impairments
   Before and
   non-recurring  amortisation
   items (see Note 11)
   2009 2009 2009 2008
  Notes £’000 £’000 £’000 £’000
Revenue   59,509 — 59,509 61,378
Cost of sales   (44,897) — (44,897) (46,793)
Gross profit   14,612 — 14,612 14,585
Administrative expenses   (13,055) — (13,055) (13,144)
— impairment of goodwill   — (4,802) (4,802) (14,653)
— amortisation of intangible assets   — (1,742) (1,742) (2,151)
— non-recurring expenses    — (690) (690) (520)
Operating profit/(loss)   6 1,557 (7,234) (5,677) (15,883)
Finance income   8 — 9 9 42
Finance costs  9 (999) (200) (1,199) (963)
Profit/(loss) before tax   558 (7,425) (6,867) (16,804)
Income taxation credit  10 153 673 826 231
Profit/(loss) for the year — continuing operations  25 711 (6,752) (6,041) (16,573)
Earnings per share (Pence)
Basic earnings per ordinary share  12   (7.3) (37.2)
Diluted earnings per ordinary share  12   (7.3) (37.2)
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SILVERDELL PLC
Annual Report and Accounts for the year ended 30 September 2009 Company registration number: 5755897.
Consolidated Balance Sheet
at 30 September 2009
     2009 2008
    Notes £’000 £’000
Non-current assets
Goodwill    13 16,156 20,976
Other intangible assets    14 601 2,343
Property, plant and equipment    15 2,343 2,809
Trade and other receivables    18 1,001 1,001
Deferred tax asset    10 120 —
     20,221 27,129
Current assets
Inventories and work in progress    16 1,624 1,163
Other financial assets    17 9 —
Trade and other receivables    18 12,691 16,562
Current tax receivable     369 —
Cash and cash equivalents     2,885 17
     17,578 17,742
Total assets     37,799 44,871
Non-current liabilities
Borrowings    20 4,700 11,170
Deferred tax liabilities    10 157 728
Trade and other payables    22 1,001 1,001
     5,858 12,899
Current liabilities
Borrowings    20 2,848 3,241
Trade and other payables    22 10,912 9,139
Other financial liabilities    17 157 41
Deferred consideration    23 — 334
Current tax liabilities     — 255
     13,917 13,010
Total liabilities     19,775 25,909
Total net assets     18,024 18,962
Equity
Share capital    24 5,265 4,165
Share premium account    25 17,813 13,649
Equity reserve    25 334 411
Hedging reserve    25 (114) (30)
Other reserves    25 16,635 16,635
Retained earnings    25 (21,909) (15,868)
Total equity     18,024 18,962
These financial statements were approved by the Board of Directors on 30 November 2009.
Signed on behalf of the Board of Directors
Ian Johnson
Director
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Our Accounts Consolidated Balance Sheet | Consolidated Statement of Recognised Income and Expense | Consolidated Cash Flow Statement
Consolidated Statement of Recognised 
Income and Expense at 30 September 2009
     2009 2008
    Note £’000 £’000
Net expense recognised directly in equity    25 (84) (92)
Loss for the year    25 (6,041) (16,573)
Total recognised income and expense    25 (6,125) (16,665)
     2009 2008
    Notes £’000 £’000
Cash flows from operating activities — continuing
Operating loss     (5,677) (15,883)
Impairment of goodwill     4,802 14,653
Amortisation of intangibles      1,742 2,151
Depreciation on property, plant and equipment     792 848
Loss/(profit) on disposal of property, plant and equipment    13 (38)
Share-based payments     (77) 212
Movements in working capital:
— (Increase)/decrease in inventories     (461) 143
— Decrease/(increase) in trade and other receivables     3,871 (217)
— Increase/(decrease) in trade and other payables     1,791 (1,258)
Cash generated from operations     6,796 611
Income tax paid     (457) (1,993)
Net cash inflow/(outflow) from operating activities     6,339 (1,382)
Cash flows from investing activities
Payments for property, plant and equipment     (395) (675)
Proceeds from disposal of property, plant and equipment    56 86
Acquisition of subsidiaries     (334) (3,239)
Net cash and cash equivalents acquired with subsidiaries    — 372
Net cash outflow from investing activities     (673) (3,456)
Cash flows from financing activities
Interest paid     (1,174) (910)
Interest paid on finance leases     (25) (53)
Interest received     — 42
Payments for hire purchase contracts principals     (410) (509)
Proceeds from bank loans     3,250 4,150
Repayments of bank loans     (9,096) (1,050)
Proceeds from issue of equity shares (net)     5,264 —
Net cash (outflow)/inflow from financing activities     (2,191) 1,670
Net increase/(decrease) in cash and cash equivalents    3,475 (3,168)
Cash and cash equivalents at the beginning of the year    (1,750) 1,418
Cash and cash equivalents at the end of the year     1,725 (1,750)
Cash and cash equivalents comprises:
Cash at bank and in hand    19 2,885 17
Bank overdrafts    19 (1,160) (1,767)
     1,725 (1,750)
Consolidated Cash Flow Statement
for the year ended 30 September 2009
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Notes to the Consolidated Financial Statements
for the year ended 30 September 2009
1. General information
Silverdell Plc is a company incorporated in Great Britain under the Companies Act 2006. The address of the registered office is 14 
Buckingham Street, London WC2N 6DF. The nature of the Group’s operations and its principal activities are set out in the Directors’ 
Report on pages 13 to 18.
2. Basis of preparation
The annual consolidated financial statements of the Group have been prepared in accordance with International Reporting Standards 
(IFRS) as adopted by the European Union (EU) (IFRS as adopted by the EU), International Financial Reporting Interrelation Committee 
(IFRIC) interpretations and the Companies Act 2006 applicable to companies reporting under IFRS.
During the year the Group successfully completed an equity placing raising funds of £5.5m (before costs) and finalised revised banking 
facilities. Detailed cash flow forecasts are prepared and regularly reviewed by the Board to assess the Group’s financial position. The 
current economic conditions do create some uncertainty and the Group’s borrowings do fluctuate, but the successful refinancing and 
continued planned actions on improving working capital management has enabled the repayment of £4.75m of debt and the reduction 
of debt from £14.4m to £4.7m during the year ended 30 September 2009. Further, the Group has a number of long-term framework 
contracts with customers and suppliers across industries. As a consequence the Directors believe the Group is well placed to manage 
its business risks successfully despite the current economic outlook. For further information on liquidity please refer to Note 21 and the 
Directors’ Report.
The Directors have a reasonable expectation that the Group has adequate resources to continue operating for the foreseeable future. 
On these grounds the Board have continued to adopt the going concern basis for the preparation of the financial statements.
3.  Adoption of new and revised standards
In the current year the Group has adopted the amendments to IAS 39 Financial Instruments: Reclassification of Financial Assets. In 
addition, the following interpretations issued by the IFRIC are effective for the current period: IFRIC 13 Customer Loyalty Programmes 
and IFRIC 16, Hedges of a Net Investment in a Foreign Operation. The adoption of the above had no impact on the Group’s financial 
statements.
New IFRS standards and interpretations not applied
At the date of authorisation of these financial statements the following standards and interpretations which have not been applied in 
these financial statements were in issue (and have been endorsed by the EU) but are not yet effective. 
IFRS 8, Operating Segments (effective for accounting periods beginning on or after 1 January 2009) replaces IAS 14. The new standard 
uses a management approach, under which segment information is presented on the same basis as that used for internal reporting 
purposes. The Group will apply IFRS 8 from 1 October 2009 but it is not expected to have a significant impact on the Group’s financial 
statements.
IFRS 3 Business Combinations (amendment for accounting periods beginning on or after 1 July 2009). The revised standard makes 
significant changes to the acquisition method of accounting for business combinations but will only affect the Group’s financial 
statements if a material acquisition is made after 1 October 2009 as the standard will not apply retrospectively. 
IAS 1 (Revised) Presentation of Financial Statements (effective for accounting periods beginning on or after 1 January 2009). The Group 
will apply IAS 1 (Revised) with effect from 1 October 2009 but it is not expected to have a significant impact on the Group’s financial 
statements.
Amendment to IAS 23, Borrowing Costs (effective for accounting periods beginning on or after 1 January 2009), which gives guidance 
on the accounting for borrowing costs that relate to assets that take a substantial period of time to get ready for use or sale. The Group 
will apply the amendment to IAS 23 from 1 October 2009 but it is not expected to have a significant impact on the Group’s financial 
statements.
Amendment to IFRS 2, Share Based Payments on vesting conditions and cancellations (effective for accounting periods beginning on 
or after 1 January 2009). The Group will apply this amendment from 1 October 2009 but it is not expected to have a significant impact 
on the Group’s financial statements.
Amendment to IAS 32, Financial Instruments Presentation and IAS 1 Presentation of Financial Statements: Puttable Financial 
Instruments and Obligations Arising on Liquidation. This is not expected to impact the Group.
Amendment to IAS 27, Consolidated and Separate Financial Statements. This is not expected to impact the Group.
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Our Accounts Notes to the Consolidated Financial Statements
3.  Adoption of new and revised standards (continued)
Amendment to IAS 39 Financial Instruments: Recognition and Measurement: Eligible Hedged Items. This is not expected to impact the 
Group.
Amendment to IFRS 1, First time adoption of IFRS and IAS 27, Consolidated and Separate Financial Statements on the cost of an 
investment in a subsidiary, jointly controlled entity or associate. This is not expected to impact the Group.
Improvements to IFRSs listed by the ISAB in May 2008). This is not expected to impact the Group.
IFRIC 12, Service Concession Arrangements. This is not expected to impact the Group.
IFRIC 14, IAS 19, The Limit of a Defined Benefit Asset, Minimum Funding Requirements and their Interaction. This is not expected to 
impact the Group.
IFRIC 15, Agreements for the Construction of Real Estate (effective for accounting periods beginning after 31 December 2008). This is 
not expected to impact the Group.
IFRIC 17, Distribution of Non-Cash Assets to Owners (effective for accounting periods beginning on or after 1 July 2009). This is not 
expected to impact the Group.
IFRIC 18, Transfer of Assets from Customers (effective for accounting periods beginning on or after 1 July 2009). This is not expected 
to impact the Group.
3.1 Accounting policies 
Basis of accounting
The consolidated financial information has been prepared in accordance with IFRSs adopted by the European Union and therefore the 
Group financial statements comply with Article 4 of the EU IAS Regulation.
The consolidated financial information has been prepared on the historical cost basis except for the revaluation of certain financial 
instruments. The principal accounting policies adopted are set out below.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its 
subsidiaries) made up to 30 September each year. Control is achieved where the Company has the power to govern the financial and 
operating policies of an investee entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed off during the year are included in the consolidated income statement from the effective 
date of acquisition or up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with 
those used by the Group.
All intra-Group transactions, balances, income and expenses are eliminated on consolidation.
Business combinations 
The acquisition of subsidiaries is accounted for using the purchase method. The cost of the acquisition is measured at the aggregate 
of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the Group 
in exchange for control of the acquiree, plus any costs directly attributable to the business combination. The acquiree’s identifiable 
assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 are recognised at their fair value at the 
acquisition date.
Goodwill arising on acquisition is recognised as an asset and initially measured at cost, being the excess of the cost of the business 
combination over the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised. If, after 
reassessment, the Group’s interest in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities exceeds 
the cost of the business combination, the excess is recognised immediately in profit or loss.
Goodwill
Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group’s interest in the fair value of the 
identifiable assets and liabilities of a subsidiary at the date of acquisition. Goodwill is initially recognised as an asset at cost and is 
subsequently measured at cost less any accumulated impairment losses. Goodwill which is recognised as an asset is reviewed for 
impairment at least annually. Any impairment is recognised immediately in profit or loss and is not subsequently reversed.
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Notes to the Consolidated Financial Statements
for the year ended 30 September 2009
3.1 Accounting policies (continued)
For the purpose of impairment testing, goodwill is allocated to each of the Group’s cash-generating units expected to benefit from the 
synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more 
frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than 
the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the 
unit and then to the other assets of the unit pro rata on the basis of the carrying amount of each asset in the unit. An impairment loss 
recognised for goodwill is not reversed in a subsequent period.
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for services 
provided in the normal course of business, net of discounts, VAT and other sales-related taxes.
Profit is recognised on long-term contracts if the final outcome can be assessed with reasonable certainty by including in the income 
statement revenue and related costs as contract activity progresses. Revenue is calculated by reference to the value of work performed 
to date as a proportion of total contract value.
Leasing
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to 
the lessee. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets of the Group at their fair value or, if lower, at the present value of the 
minimum lease payments, each determined at the inception of the lease. 
The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation. Lease payments are apportioned 
between finance charges and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of 
the liability. Finance charges are charged directly against income.
Rentals payable under operating leases are charged to income on a straight-line basis over the term of the relevant lease.
Benefits received and receivable as an incentive to enter into an operating lease are also spread on a straight-line basis over the 
lease term.
Borrowing costs
Borrowing costs are recognised in profit or loss in the period in which they are incurred.
Retirement benefit costs 
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 
Taxation
The tax expense represents the sum of the tax currently payable and the movements in deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are 
never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively 
enacted by the balance sheet date.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities 
in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using 
the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred 
tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary 
differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of 
goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects 
neither the tax profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able 
to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer 
probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
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Our Accounts Notes to the Consolidated Financial Statements
3.1 Accounting policies (continued)
Taxation (continued)
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. 
Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in 
which case the deferred tax is also dealt with in equity.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax 
liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax 
assets and liabilities on a net basis.
Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and any recognised impairment loss.
Depreciation is charged so as to write off the cost or valuation of assets, other than land and assets under construction, over their 
estimated useful lives, on the following bases:
Leasehold property 10% on cost
Plant and machinery 10% on cost
Office equipment 16.6%–25% on cost
Motor vehicles 25% on reducing balance
Assets held under finance leases are depreciated over their expected useful lives on the same basis as owned assets or, where shorter, 
over the term of the relevant lease.
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the 
carrying amount of the asset and is recognised in income.
Impairment of tangible and intangible assets excluding goodwill
At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there 
is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset 
is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are 
independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. 
An intangible asset with an indefinite useful life is tested for impairment annually and whenever there is an indication that the asset may 
be impaired.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash 
flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of 
money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount 
of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately, 
unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised 
estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would 
have been determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. A reversal of an 
impairment loss is recognised as income immediately, unless the relevant asset is carried at a revalued amount, in which case the 
reversal of the impairment loss is treated as a revaluation increase.
Inventories and work in progress
Inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour 
costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Cost is calculated 
using the weighted average method. Net realisable value represents the estimated selling price less all estimated costs of completion 
and costs to be incurred in marketing, selling and distribution.
Work in progress on service contracts is stated at cost plus, where the outcome can be assessed with reasonable certainty, estimated 
profits attributable to the stage of completion less provision for any expected losses and progress payments received on account. 
Amounts recoverable on long-term service contracts, which are included in trade and other receivables, are stated at the net sales 
value of the work done less progress payments received on account. Excess progress payments are included on trade and other 
payables. Cumulative costs incurred, less amounts transferred to cost of sales, less provision for contingencies and expected future 
losses on service contracts, are included as long-term service contract balances in inventories.
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Notes to the Consolidated Financial Statements
for the year ended 30 September 2009
3.1 Accounting policies (continued)
Financial instruments
Financial assets and financial liabilities are recognised in the Group’s balance sheet when the Group becomes a party to the contractual 
provisions of the instrument.
Financial instruments are classified into the following categories: ‘financial assets at fair value through profit and loss’ “FVTPL” (held 
for trading), ‘loans and receivables’ at amortised cost, financial liabilities — derivatives designated as cash flow hedges, and financial 
liabilities at amortised cost.
The classification depends on the nature and purpose of the financial instruments.
Trade receivables
Trade receivables are measured at initial recognition at fair value. Appropriate allowances for estimated irrecoverable amounts are 
recognised in profit or loss when there is objective evidence that the asset is impaired.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits, and other short-term highly liquid investments that are 
readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
Financial liabilities and equity
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An 
equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities.
Bank borrowings
Interest-bearing bank loans and overdrafts are recorded at the proceeds received, net of direct issue costs. Finance charges, including 
premiums payable on settlement or redemption and direct issue costs, are accounted for on an accrual basis in profit or loss using 
the effective interest rate method and are added to the carrying amount of the instrument to the extent that they are not settled in the 
period in which they arise.
Trade payables
Trade payables are initially measured at fair value.
Derivative financial instruments and hedge accounting
The Group’s activities expose it primarily to the financial risk of changes in interest rates. The Group uses interest rate swap contracts to 
hedge this exposure. The Group does not use derivative financial instruments for speculative purposes.
The use of financial derivatives is governed by the Group’s policies approved by the Board of Directors, which provide written principles 
on the use of financial derivatives. 
Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are 
recognised directly in equity and the ineffective portion is recognised immediately in the income statement. If the cash flow hedge of 
a firm commitment or forecast transaction results in the recognition of an asset or a liability, then, at the time the asset or liability is 
recognised, the associated gains or losses on the derivative that had previously been recognised in equity are included in the initial 
measurement of the asset or liability. For hedges that do not result in the recognition of an asset or a liability, amounts deferred in equity 
are recognised in the income statement in the same period in which the hedged item affects net profit or loss.
Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are classified as FVTPL (held for 
trading) and the gains and losses are recognised in the income statement as they arise. These are classified as held for trading as they 
have not been hedge accounted and have not been “designated” as FVTPL.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for 
hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is retained in equity until the 
forecast transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in equity 
is transferred to net profit or loss for the period.
Equity instruments
Equity instruments issued by the Company are recorded at proceeds received, net of direct issue costs.
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Our Accounts Notes to the Consolidated Financial Statements
3.1 Accounting policies (continued)
Investments
Investments in subsidiaries are stated at cost, less provision for any impairment.
Provisions
Provisions are recognised when the Group has a present obligation as a result of a past event, and it is probable that the Group will 
be required to settle that obligation. Provisions are measured at the Directors’ best estimate of the expenditure required to settle the 
obligation at the balance sheet date, and are discounted to present value where the effect is material.
Share-based payments
The Group issues equity-settled share-based payments to certain employees. Equity-settled share-based payments are measured at 
fair value (excluding the effect of non market-based vesting conditions) at the date of grant. The fair value determined at the grant date 
of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group’s estimate 
of shares that will eventually vest and adjusted for the effect of non market-based vesting conditions.
Fair value is measured by use of the Black–Scholes model. The expected life used in the model has been adjusted, based on 
management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.
Intangible assets
Customer relationships
Customer relationships are measured as the present value of cash flows attributable to the relationship after deduction of appropriate 
contributory assets charges. The relationship is amortised over its expected useful life, typically three years.
Order book
Order book is the value of confirmed orders on the date of acquisition after appropriate costs have been deducted. The order book is 
amortised over the period in which it is expected to unwind.
4.  Critical accounting judgements and key sources of estimation uncertainty 
The preparation of consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and 
assumptions about the carrying amount of assets and liabilities and the amount of income and revenue recognised in the period. Actual 
results may differ from these estimates.
The key assumptions concerning the future, and other key sources of estimation uncertainty at the balance sheet date, that have 
a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are 
discussed below. 
Revenue and profit/margin recognition
The Group’s revenue recognition, turnover and long-term contracts policies are set out in the notes above. Management exercises 
judgement to estimate the total expected contract costs and determine the percentage of completion in order to recognise the 
appropriate revenue and profit in the period. The assessment of profitability and recognition is assessed on an ongoing basis, which 
ensures adequate controls are in place that appropriate amounts are calculated.
Recognition and measurement of intangible assets under IFRS 3 “Business Combinations”
In order to determine the value of the separately identifiable intangible assets on the acquisition of a business combination, 
management are required to make estimates on secured customer contracts, other contracts and customer relationships and goodwill. 
The Group engaged outside independent parties to perform these calculations and determine the fair value and estimated useful lives 
of these assets.
Impairment of goodwill and other intangible assets
There are a number of assumptions management have considered in performing impairment reviews of goodwill and intangible assets. 
Determining whether goodwill is impaired requires an estimation of the value in use of the cash-generating units to which goodwill has 
been allocated. The value in use calculation requires the Directors to estimate the future cash flows expected to arise from the cash-
generating unit and a suitable discount rate in order to calculate present value. Note 13 details the assumptions that have been applied 
for goodwill.
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Notes to the Consolidated Financial Statements
for the year ended 30 September 2009
5.  Segmental information
Management consider that the Group comprises two segments — Remediation and Consulting. 
    Remediation Consulting  Unallocated Group
2009    £’000 £’000 £’000 £’000
For the year ended 30 September 2009
Revenue
Total revenue    53,839 6,771 — 60,610
Less: between segments     (983) (118) — (1,101)
External revenue    52,856 6,653 — 59,509
Sales between segments are charged at prevailing market prices.
    Remediation Consulting  Unallocated Group
2009    £’000 £’000 £’000 £’000
For the year ended 30 September 2009
Result
Operating profit before amortisation and non-recurring items  2,457 562 (1,462) 1,557
Intangible assets amortisation    (1,399) (343) — (1,742)
Goodwill impairment loss    (4,802) — — (4,802)
Non-recurring expenses    (229) (73) (388) (690)
Finance income (including non-recurring items)    — — 9 9
Finance costs (including non-recurring items)    (32) (15) (1,152) (1,199)
(Loss)/profit before tax     (4,005) 131 (2,993) (6,867)
Taxation     (52) 31 847 826
Loss for the year     (4,057) 162 (2,146) (6,041)
At 30 September 2009
Balance sheet
Total assets    28,430 7,437 1,932 37,799
Total liabilities    (10,885) (694) (8,196) (19,775)
Other information
Capital expenditure     296 99 — 395
Depreciation     635 157 — 792
As the Group’s activities are almost entirely based in the UK, no geographic segmental analysis is required.
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Our Accounts Notes to the Consolidated Financial Statements
5.  Segmental information (continued)
    Remediation Consulting Unallocated Group
2008    £’000 £’000 £’000 £’000
For the year ended 30 September 2008
Revenue
Total revenue    55,680 5,871 — 61,551
Less: between segments    (4) (169) — (173)
External revenue    55,676 5,702 — 61,378
Sales between segments are charged at prevailing market prices.
    Remediation Consulting Unallocated Group
2008    £’000 £’000 £’000 £’000
For the year ended 30 September 2008
Result
Operating profit before amortisation and non-recurring items  1,856 649 (1,064) 1,441
Intangible assets amortisation    (1,681) (470) — (2,151)
Goodwill impairment loss    (13,554) (1,099) — (14,653)
Non-recurring expenses    — — (520) (520)
Finance income    34 1 7 42
Finance costs    (83) (25) (855) (963)
Loss before tax    (13,428) (944) (2,432) (16,804)
Taxation    (305) (68) 604 231
Loss for the year    (13,733) (1,012) (1,828) (16,573)
At 30 September 2008
Balance sheet
Total assets    35,692 8,021 1,158 44,871
Total liabilities    (11,582) (933) (13,394) (25,909)
Other information
Capital expenditure (including acquisitions)   1,180 45 — 1,225
Depreciation    623 225 — 848
As the Group’s activities are almost entirely based in the UK, no geographic segmental analysis is required.
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Notes to the Consolidated Financial Statements
for the year ended 30 September 2009
6.  Operating profit/(loss)
      2009 2008
      £’000 £’000
Operating profit/(loss) is stated after charging/(crediting):
Goodwill impairment loss      4,802 14,653
Share-based payment (credit)/charge     (77) 212
Amortisation of intangible assets (see Note 14)     1,742 2,151
Depreciation of:
— owned assets      448 442
— assets held under finance leases     344 406
Auditors’ remuneration (see below)     143 134
Hire of plant and machinery      1,677 1,751
Operating lease rentals — land and buildings     354  298
Loss/(profit) on disposal of fixed assets     13 (38)
Analysis of auditors’ remuneration
      2009 2008
Audit services      £’000 £’000
— audit of Company’s annual accounts     30 30
— audit of Company’s subsidiaries, pursuant to legislation    73 80
      103 110
Other services
— other services pursuant to legislation — interim review    25 —
— other services relating to tax compliance     15 24
      143 134
7.  Staff costs including Directors’ remuneration
Directors’ remuneration and transactions
 Salary   Performance Total Pension Total Total
 and fees Benefits bonus emoluments contributions 2009 2008
 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Non-Executive Directors:
Mark Watts* 30 — — 30 — 30 30
David Williams* 26 — — 26 — 26 50
Gordon Morrison† 12 — — 12 — 12 30
Executive Directors:
Stuart Doughty 38 1 5 44 — 44 226
Sean Nutley 175 3 30 208 18 226 207
Ian Johnson 22 2 15 39 — 39 —
Danny Spicer‡ 203 — — 203 1 204 232
Chris Sims‡ 102 — — 102 — 102 163
Total 608 6 50 664 19 683  712
* Payable to Marwyn LLP
† Payable to Chaldean Management Ltd
‡  Includes compensation for loss of office of £195,000 for Danny Spicer and £92,000 for Chris Sims.
The pension contributions disclosed above were all in respect of money purchase arrangements.
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Our Accounts Notes to the Consolidated Financial Statements
7.  Staff costs including Directors’ remuneration (continued)
Options over ordinary shares
The Directors had the following interests in share options during the year ended 30 September 2009:
  As at    As at Exercise
  1 October Exercised Forfeited 30 September period Exercise
  2008 in period in period 2009 from/to price
Sean Nutley  226,000 — — 226,000 2009–2013 80.5p
  50,000 — — 50,000 2010–2014 150.0p
  276,000 — — 276,000
Danny Spicer  226,000 — (226,000) — 2009–2013 80.5p
  50,000 — (50,000) — 2010–2014 150.0p
  276,000 — (276,000) —
Chris Sims  100,000 — (100,000) — 2010–2014 157.0p
  100,000 — (100,000) — 2010–2014 150.0p
  200,000 — (200,000) —
  752,000 — (476,000) 276,000
The market price of the Company’s shares as at 30 September 2009 was 9.5p (30 September 2008: 32.5p) and the range during the 
year was 6.6 to 27.0p (2008: 32.5p to 160.0p).
Staff costs
      2009 2008
Employees       Number Number
Average number of persons (including Directors) employed by the Group in the year:
Operational, sales and other      624 652
Administrative       130 90
      754 742
The payroll costs in respect of the employees included in the table above were:
      2009 2008
      £’000 £’000
Salaries and wages      26,026 23,591
Social security costs      2,649 2,768
Pension costs      163 158
Share-based payment (credit)/charge     (77) 212
      28,761 26,729
Certain subsidiary undertakings of the Group had operated defined contribution pension schemes. The assets of the schemes were 
held separately from those of the Group by an independently administered fund.
Remuneration of key management personnel
In accordance with IAS 24 Related Party Disclosures, key management personnel are those persons having authority and responsibility 
for planning, directing and controlling the activities of the entity, directly or indirectly, including any Director (Executive and Non-
Executive) of the Group.
      2009 2008
      £’000 £’000
Short-term employee benefits      1,202 1,058
Post-employment benefits      37 73
Key management personnel include members of the Board and the Managing Directors of the principal subsidiaries.
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Notes to the Consolidated Financial Statements
for the year ended 30 September 2009
8.  Finance income
An analysis of the Group’s finance income for the year is as follows:
      2009 2008
      £’000 £’000
Change in fair value of derivative financial instrument    9 —
Bank interest      — 42
      9 42
9.  Finance costs
      2009 2008
      £’000 £’000
Interest on bank overdrafts and loans     974 910
Interest on obligation under finance leases     25 53
Non-recurring bank charges (see Note 11)     200 —
Total interest expense      1,199 963
10.  Tax on loss on ordinary activities
Income tax recognised in profit or loss
      2009 2008
      £’000 £’000
Tax credit comprises:
United Kingdom corporation tax based on the (loss)/profit for the year   (61) (351)
Adjustment in respect of previous years     228 36
Total current tax credit/(expense)      167 (315)
Deferred tax income relating to the origination and reversal of temporary differences   659 546
Total tax income       826 231
The charge for the year can be reconciled to the loss per the income statement as follows:
    2009 2009 2008 2008
    £’000 % £’000 %
Loss before tax    (6,867)  (16,804)
Income tax credit/(expense) calculated at the standard rate
of 28% (2008: 29%)    1,923 (28) 4,873 (29)
Share-based payment (credit)/charge   22 — (117) —
Effect of expenses that are not deductible in determining taxable profit (1,364) 20 (4,681) 28
Marginal relief    17 (1) — —
Other    — — (48) 2
Prior year adjustment    228 (3) 36 (2)
Income tax credit recognised in profit or loss   826 (12) 231 (1)
The Group’s planned level of capital investment is expected to remain at similar levels of investment. Therefore, it expects to be able to 
claim allowances in excess of depreciation in future years, at a similar level to the current year.
There were no unrecognised deferred tax assets.
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Our Accounts Notes to the Consolidated Financial Statements
10.  Tax on loss on ordinary activities (continued)
The movement in deferred tax was as follows:
      Asset Liability
      £’000 £’000
At 1 October 2007      — (1,110)
Credited to income statement      — 546
Credited to equity reserve      — (169)
Credited to hedging reserve      — 35
Acquisition of subsidiary undertakings     — (30)
At 1 October 2008      — (728)
Credited to income statement      88 571
Credited to hedging reserve      32 —
At 30 September 2009      120 (157)
Deferred tax comprises:      2009 2008
      £’000 £’000
Accelerated tax depreciation      77 (83)
Intangible assets      (157) (656)
Other      43 11
      (37) (728)
The change in the standard UK corporation tax rate from 30% to 28% in 2009 had the effect of reducing the deferred tax credit for the 
year by £11,000 (2008: £nil).
11.  Non-recurring expenses, impairments and amortisation
Non-recurring items, impairments and amortisation are shown separately on the face of the income statement in order to reflect the 
Group’s underlying financial performance. The items comprise the following:
      2009 2008
      £’000 £’000
Goodwill impairment (see Note 13)      (4,802) (14,653)
Amortisation of intangible assest (see Note 14)     (1,742) (2,151)
Non-recurring expenses (see below)     (690) (520)
Change in fair value of derivative (see Note 17)     9 —
Non-recurring bank charges (see below)     (200) —
      (7,425) (17,324)
Related income tax credit      673 —
Impact on post-tax loss      (6,752) (17,324)
Non-recurring expenses in 2009 comprise severance costs for senior executives and professional fees incurred in connection with the 
renegotiation of the Group’s banking facilities. Non-recurring expenses in 2008 related to aborted acquisition costs.
The change in fair value of a derivative arose from the interest rate cap contract entered into as part of the renegotiation of the Group’s 
banking facilities.
Non-recurring bank charges of £200,000 (2008: £nil) were incurred during the period of renegotiation of the banking facilities.
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Notes to the Consolidated Financial Statements
for the year ended 30 September 2009
12.  Earnings per share
Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of 
ordinary shares during the year, determined in accordance with the provisions of IAS 33 “Earnings per share”.
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue on the assumption of 
conversion of all dilutive potential ordinary shares. Unexercised share options and warrants are determined to be anti-dilutive and are 
therefore excluded from the calculation of the diluted earnings per share.
Adjusted basic earnings per share is calculated by dividing the earnings attributed to ordinary shareholders, before intangible assets 
amortisation, share-based payment charges, non-recurring expenses and finance charges on deferred consideration, by the weighted 
average number of ordinary shares during the year.
   2009   2008
   Earnings    Earnings
   per share Diluted  per share Diluted
Earnings  £’000 Basic pence pence £’000 Basic pence pence
Loss attributable to 
ordinary shareholders  (6,041) (7.3) (7.3) (16,573) (37.2) (37.2)
Special items, goodwill 
impairment, amortisation and 
share-based payments  6,674 8.1 8.1 16,857 37.8 37.8
Profit for adjusted earnings 
per share  633 0.8 0.8 284 0.6  0.6
The adjusted numbers have been reported in order that the impact of the above charges against reported (loss)/profit can be fully 
appreciated.
      2009 2008
Number of shares      No. No.
Weighted average number of ordinary shares used in calculation of 
basic earnings per share      83,143,761 44,550,187
Effect of dilutive potential ordinary shares:
Share options      — 708,936
Weighted average number of ordinary shares used in calculation of diluted earnings per share  83,143,761 45,259,123
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Our Accounts Notes to the Consolidated Financial Statements
13.  Goodwill
       £’000
Cost
At 1 October 2007       37,127
Additions through acquisitions       984
Adjustment to provision for deferred consideration      (2,482)
At 30 September 2008       35,629
Adjustment to provision for deferred consideration      (18)
At 30 September 2009       35,611
       £’000
Accumulated impairment losses 
At 1 October 2007       —
Impairment losses for the year        (14,653)
At 30 September 2008       (14,653)
Impairment losses for the year       (4,802)
At 30 September 2009       (19,455)
Carrying amount 
At 30 September 2009        16,156
At 30 September 2008       20,976
The carrying amount of goodwill relates to the Group’s two business segments as follows:
      2009 2008
      £’000 £’000
Remediation      10,869 15,690
Consulting      5,287 5,286
      16,156 20,976
The Group tests goodwill annually for impairment or more frequently if there are indications that goodwill might be impaired. Goodwill is 
allocated for impairment testing to cash-generating units (CGU) which reflects how it is monitored for internal management purposes. 
The recoverable amounts of the CGUs are determined from value in use calculations. Value in use is calculated using pre-tax cash flow 
projections based on the financial budgets and business plans covering a three year period, which take into account historical trends 
and market conditions, which have been approved by the Board. The key assumptions for the value in use calculations are those 
regarding the discount rates and growth rates for the period. Management estimates discount rates using pre-tax rates that reflect 
current market assessments of the time value of money and the risks specific to the CGUs, equivalent to a real pre-tax discount rate 
which average 12% (2008: post-tax 8.5%). The growth rates are based on industry growth forecasts and long-term growth in gross 
domestic product. 
The Group prepares cash flow forecasts derived from the most recent financial budgets approved by management for the next three 
years and extrapolates cash flows for the following years based on an estimated annual growth rate of 2.4%. The rates do not exceed 
the average long-term growth rate for the relevant markets. The rates used to discount the cash flows in both 2009 and 2008 for all 
CGUs have been based on the Group’s weighted average cost of capital. 
The Group’s impairment review is sensitive to changes in the key assumptions used. The major assumptions that result in significant 
sensitivities are the revenue growth and the discount rate. Given the Group’s sensitivity analysis, a reasonably possible change in a 
single assumption will not result in further impairments.
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Notes to the Consolidated Financial Statements
for the year ended 30 September 2009
13.  Goodwill (continued)
At 30 September 2009, goodwill was allocated to the Kitsons Environmental Europe Limited (“Kitsons”), Silverdell (UK) Limited 
(“Silverdell UK”) and Redhill Analysts Limited (“Redhills”) CGUs.  
In the light of challenging market conditions, the Group revised its cash flow forecasts for these CGUs in 2008, and then again in 2009 
as conditions worsened. The goodwill relating to these CGUs has therefore been reduced to its recoverable amount by recognising 
impairment losses as follows:
      2009 2008
      £’000 £’000
Silverdell UK      — 9,990
Kitsons      4,802 3,564
Redhills      — 1,099
      4,802 14,653
14.  Other intangible assets
     Order  Customer
     backlog contracts Total
Cost
At 1 October 2007, 1 October 2008 and 30 September 2009   1,480 5,434 6,914
Accumulated amortisation and impairment losses
At 1 October 2007     1,196 1,224 2,420
Amortisation charge      276 1,875 2,151
At 30 September 2008     1,472 3,099 4,571
Amortisation charge     8 1,734 1,742
At 30 September 2009     1,480 4,833 6,313
Carrying amount
At 30 September 2009     — 601 601
At 30 September 2008     8 2,335 2,343
All amortisation charges in the year have been included in administrative expenses.
15.  Property, plant and equipment
   Leasehold  Motor Office Plant and
   property vehicles equipment machinery Total
   £’000 £’000 £’000 £’000 £’000
Cost
At 1 October 2007   215 1,792 734 1,950 4,691
Additions   14 44 119 498 675
Disposals   — (388) — — (388)
Acquisitions through business combinations  400 150 — — 550
At 30 September 2008   629 1,598 853 2,448 5,528
Additions   19 41 7 328 395
Disposals   — (463) — (2) (465)
At 30 September 2009   648 1,176 860 2,774 5,458
Accumulated depreciation
At 1 October 2007   62 658 425 1,066 2,211
Disposals   — (340) — — (340)
Depreciation charge for the year   40 452 130 226 848
At 30 September 2008   102 770 555 1,292 2,719
Depreciation charge for the year   6 399 69 318 792
Disposals   — (394) — (2) (396)
At 30 September 2009   108 775 624 1,608 3,115
Carrying amount
At 30 September 2009   540 401 236 1,166 2,343
At 30 September 2008   527 828 298 1,156 2,809
The net book value of assets held under finance leases comprises £730,000 (2008: £845,000).
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Our Accounts Notes to the Consolidated Financial Statements
16.  Inventories
      2009 2008
      £’000 £’000
Raw materials and consumables      514 277
Work in progress      1,110 886
      1,624 1,163
The cost of inventories recognised as an expense and included in “cost of sales” amounted to £3,672,000 (2008: £5,388,000). The 
Directors consider that the carrying amount of inventories approximates to their fair value. 
17.  Derivative financial assets/(liabilities)
      2009 2008
      £’000 £’000
Financial asset:
Interest rate cap      9 —
Financial liability: interest rate swap
Interest rate swap      (157) (41)
The notional principal amount of the outstanding interest rate cap contract was £798,000 (2008: £nil). The interest cap was at LIBOR at 
3.5% and the contract expires on 31 December 2011. This derivative is treated as at FVTPL — (held for trading).
The notional principal amount of the outstanding interest rate swap contract at 30 September 2009 was £2,750,000 (2008: 
£3,750,000). At 30 September 2009, the fixed interest rate was 5.8% and the main floating rates were LIBOR. Gains and losses 
recognised in the hedging reserve in equity on the interest rate swap at 30 September 2009 will be released to the income statement 
upon the repayment of the bank borrowings.
18.  Trade and other receivables
      2009 2008
      £’000 £’000
Non-current
Other receivables      1,001 1,001
Total non-current      1,001 1,001
Current
Trade receivables      11,362 14,012
Less: provision for impairment      (353) (708)
Trade receivables net      11,009 14,304
Other receivables      — 298
Prepayments and accrued income      745 1,476
Due from customers for contract work     937 1,484
Total current      12,691 16,562
Total       13,692 17,563
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Notes to the Consolidated Financial Statements
for the year ended 30 September 2009
18.  Trade and other receivables (continued)
The average credit period taken on sales is 60 days (2008: 66 days). The Group has different provision policies for its various divisions 
which have been determined by references to past default experience and specific provisions are raised after taking an individual view 
to debts recoverability. 
Due to the nature of the Group’s operations, it is common practice for customers to hold retentions in respect to contracts completed. 
Retentions held by customers as at 30 September 2009 were £1,084,000 (2008: £904,000).
The Group’s exposure to credit risk and impairment losses related to trade and other receivables are disclosed in Note 21.
Under the normal course of business, the Group does not charge interest on its overdue receivables.
The Directors consider that the carrying amount of trade and other receivables approximates to their fair value.
19.  Analysis of net debt position
      Other
      non-cash
    2008 Cash flow changes 2009
    £’000 £’000 £’000 £’000
Cash at bank and in hand    17 2,868 — 2,885
Bank loans    (12,100) 5,844 — (6,256)
Bank overdraft    (1,767) 607 — (1,160)
Finance lease obligations    (542) 410 — (132)
    (14,392) 9,729 — (4,663)
The Group’s exposure to interest rate risks and a sensitivity analysis for financial assets and liabilities is disclosed in Note 21.
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Our Accounts Notes to the Consolidated Financial Statements
20.  Borrowings
      2009 2008
      £’000 £’000
Non-current
Bank loans      4,700 11,050
Obligations under finance lease contracts     — 120
      4,700 11,170
Current
Bank loans and overdrafts      2,716 2,819
Obligations under finance lease contracts     132 422
      2,848 3,241
Total      7,548 14,411
Further information on the principal features of the Group’s borrowings is set out in Note 21.
The Group‘s bank overdraft and loan facilities are secured by debentures over the assets of the Group. The debenture agreement 
includes a fixed and floating charge over the assets of the Group. Finance lease liabilities are secured on the assets to which the 
contracts relate.
The bank loan is at both fixed and variable rates of interest. £2,750,000 is subject to an interest rate swap; the amount amortises 
by £250,000 per quarter and the rate on the amortised amount is fixed at 5.8%. A further £798,000 was subject to an interest rate 
cap agreement at 30 September 2009, placing a 3.5% cap on 3-month LIBOR. The amount of notional borrowings covered by the 
cap agreement is scheduled to vary each quarter in order to achieve the Group’s objective of 55% of the “B” and “C” elements of 
its banking facilities being covered by the combined hedge. The remaining elements of the Group’s facilities are subject to interest 
at variable rates over LIBOR. The finance leases are at variable rates of interest. The weighted average interest rate on the fixed rate 
facilities is 5.8% for a weighted average period of three years. 
As at 30 September 2009, the Group had an undrawn committed revolving credit facility of £Nil (2008: £1,152,000) and an overdraft 
facility of £2,000,000 (2008: £Nil), all of which expires as at 31 December 2011. 
The Group obtained a waiver from its lenders in respect of the testing of the financial covenants contained within its borrowing 
arrangements for the early part of the year ended 30 September 2009. Subsequent to this the Group re-negotiated its facilities 
(see Note 21d).
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Notes to the Consolidated Financial Statements
for the year ended 30 September 2009
21.  Financial instruments
(a) Financial risk management
All companies are exposed to capital and market risk, but the Board considers the Group’s key elements of financial risk to be: 
n  Credit risk
n  Liquidity risk
n  Interest rate risk
This note presents information about the Group’s exposure to each of the above risks, the Group’s management of capital, and the 
Group’s objectives, policies and procedures for measuring and managing risk. Please refer also to the principal business risks in the 
Directors’ Report on pages 15 and 16.
Capital risk management 
The Board is responsible for overall Group strategy, acquisition and divestment policy, approval of major capital expenditure projects 
and consideration of significant financing matters. The Board manages its capital to ensure that entities in the Group will be able to 
continue as a going concern while maximising the return to stakeholders as well as sustaining the future development of the business. 
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to 
shareholders, issue new shares or sell assets to reduce debt. 
The capital structure of the Group consists of debt, which includes the borrowings disclosed in Note 20, cash and cash equivalents 
and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings as disclosed in Notes 
24 and 25 respectively.
Market risk
Market risk is the risk that changes in the market prices, such as foreign exchange rates and interest rates, will affect the Group’s 
income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market 
risk exposures within acceptable parameters, while optimising the return on risk.
The Group’s activities expose it mainly to the financial risks of changes in interest rates. The Board reviews and agrees the policy for 
managing interest rate risk and foreign currency risk and the potential impact of any significant economic changes are discussed at 
monthly Board meetings. 
The Group reviews its treasury position daily, placing any surplus cash on short-term deposits. 
(b)  Categories of financial instruments
Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement 
and the basis on which income and expenses are recognised in respect of each class of financial asset, financial liability and equity 
instrument are disclosed in Note 3 to the financial statements.
      2009 2008
      £’000 £’000
Financial assets
(1)
At amortised cost:
Loans and receivables      11,009 13,303
Cash and cash equivalents      2,885 17
Derivatives — FVTPL (held for trading)     9 —
Total financial assets      13,903 13,320
(1)
  Financial assets exclude prepayments, amounts due under long-term contracts, other receivables and other non-current receivables.
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Our Accounts Notes to the Consolidated Financial Statements
21.  Financial instruments (continued)
      2009 2008
      £’000 £’000
Financial liabilities
(2)
At amortised cost:
Trade and other payables       9,202 7,317
Obligations under finance leases     132 542
Other borrowings and overdrafts     7,416 13,869
Deferred consideration      — 317
Derivatives — designated as cash flow hedges     157 41
Total financial liabilities      16,907 22,086
(2)  
Financial liabilities exclude tax and social security, deferred income and other non-current payables.
(c) Credit risk
The Group’s principal financial assets are cash and cash equivalents and trade and other receivables, which represent the Group’s 
maximum exposure to credit risk in relation to financial assets.
The Group’s credit risk is primarily attributable to its trade and other receivables. The amounts presented in the consolidated balance 
sheet are net of allowances for doubtful receivables, estimated by the Group’s management based on prior experience and their 
assessment of the current economic environment.
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The 
Group has adopted a policy of only dealing with creditworthy counterparties as a means of mitigating the risk of financial loss from 
defaults. 
The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the Group’s 
maximum exposure to credit risk. 
The Group’s exposure and the credit ratings of its counterparties are continuously monitored and the aggregate value of transactions 
concluded is spread amongst approved financial institutions. 
Trade receivables
Trade receivables consist of a large number of customers, spread across diverse areas within the UK and the Group’s exposure to 
credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the Group’s customer base, 
including default risk of the industry and country in which the customers operate, has less of an influence on credit risk.
The Directors consider that the carrying amount of trade and other receivables, which are non-interest bearing, approximates to their 
fair value. 
The Group does not have any significant credit risk exposure to any single counterparty or any group of counterparties having similar 
characteristics. The Group defines counterparties as having similar characteristics if they are related entities. 
Before accepting any new customer, the Group runs credit checks to assess the potential customer’s credit quality. The Group 
monitors exposure to individual clients and all customers are subject to standard terms of payment for each division. 
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Notes to the Consolidated Financial Statements
for the year ended 30 September 2009
21.  Financial instruments (continued)
Analysis of trade receivables past due but not impaired:
      2009 2008
      £’000 £’000
Past due nil–30 days      2,800 2,450
Past due 30–60 days      1,461 1,783
Past due 60–90 days      444 301
Past due 90–120 days      550 1,580
Past due greater than 120 days      52 87
      5,799 6,201
The Group establishes an allowance for impairment that represents its estimate of incurred losses in respect of trade and other 
receivables and investments when there is objective evidence that the asset is impaired. The main components of this allowance are 
a specific loss component that relates to individually significant exposures, and a collective loss component established for groups 
of similar assets in respect of losses that have been incurred but not yet identified. The collective loss allowance is determined by 
references to past default experience and historical data of payment statistics for similar financial assets. 
Movement in the provision for impairment:
      2009 2008
      £’000 £’000
Balance at beginning of the year      708 687
Increase in impairment provision recognised     12 31
Receivables written off as uncollectable      (367) (10)
      353 708
The creation and release of provisions for impaired receivables has been included in “administrative expenses” in the income statement.
In determining the recoverability of a trade receivable, the Group considers any change in the credit quality of the trade receivable from 
the date credit was initially granted up to the reporting date. The concentration of credit risk is limited due to the customer base being 
large and unrelated. Accordingly, the Directors believe that there is no further credit provision required in excess of the above amount.
(d) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. Responsibility for liquidity risk 
management rests with the Board of Directors. The Group manages liquidity risk by maintaining adequate reserves, banking facilities 
and reserve borrowing facilities, by continuously monitoring bank covenant compliance, forecast and actual cash flows and matching 
the maturity profiles of financial assets and liabilities. Details of additional undrawn facilities that the Group has at its disposal to further 
reduce liquidity risk are disclosed in Note 20. 
During the early part of the year ended 30 September 2009, the Group obtained a waiver from its lenders in respect of a breach of 
financial covenants contained within its borrowing agreements.
The Group renegotiated its banking facilities on 15 May 2009. The revised facilities comprised a short-term facility of £3.25m due for 
repayment on or before 30 June 2009, a £5.95m amortising term loan due for repayment on or before 31 December 2011, a £2m term 
loan due for bullet repayment on 31 December 2011 and a £2m overdraft facility. The short-term facility of £3.25m was duly repaid in 
May 2009 from the proceeds of the equity placing described in Note 24. Under the revised facility agreement, the Group’s bankers also 
acquired a warrant enabling them to subscribe for 10% of the enlarged share capital of the Group at 5p per share exercisable up to 
30 June 2017. The interest rates applying to the revised facilities range from 3.5% to 3.75% above LIBOR.
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Our Accounts Notes to the Consolidated Financial Statements
21.  Financial instruments (continued)
Liquidity and interest risk tables
The following tables detail the Group’s expected maturity for its financial assets and liabilities. The tables below have been drawn up 
based on the undiscounted contractual maturities of the financial assets and liabilities. No material interest is expected to accrue on the 
interest bearing assets, which represent cash deposits.
 Unidiscounted Cash Flows
  Book Less than   3 months   
  value 1 month 1–3 months to 1 year 1–5 years 5+ years Total
30 September 2009  £’000 £’000 £’000 £’000 £’0 00 £’000 £’000
Financial assets
Non-interest bearing   11,018 11,018 — — — — 11,018
Variable interest rate instruments  2,885 2,885 — — — — 2,885
  13,903 13,903 — — — — 13,903
Financial liabilities
Non-interest bearing  9,359 9,359 — — — — 9,359
Variable interest rate instruments  7,548 1,223 1,210 1,211 5,113 — 8,757
  16,907 10,582 1,210 1,211 5,113 — 18,116
  Book Less than   3 months   
  value 1 month 1–3 months to 1 year 1–5 years 5+ years Total
30 September 2008  £’000 £’000 £’000 £’000 £’000 £’000 £’000
Financial assets
Non-interest bearing   13,303 13,303 — — — — 13,303
Variable interest rate instruments  17 17 — — — — 17
  13,320 13,320 — — — — 13,320
Financial liabilities
Non-interest bearing  7,675 7,358 — 317 — — 7,675
Variable interest rate instruments  14,411 1,868 535 1,469 11,826 — 15,698
  22,086 9,226 535 1,786 11,826 — 23,373
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Notes to the Consolidated Financial Statements
for the year ended 30 September 2009
21.  Financial instruments (continued)
(e) Interest rate risk
Interest rate risk is the risk that the value of a financial instrument, or cash flows associated with the instrument, will fluctuate due to 
changes in market interest rates. As the Group has no significant interest-bearing assets, the Group’s income and operating cash flows 
are substantially independent of changes in market interest rates.
The Group is exposed to interest rate risk primarily though borrowing funds at floating interest rates. Borrowings issued at variable rates 
expose the Group to cash flow interest rate risk. The Group manages interest rate risk on borrowings by ensuring access to diverse 
funding and through monitoring interest rate movements with weekly reports. 
Interest rate risk is reviewed on a regular basis and if considered necessary a strategy to minimise any potential risk through interest 
rate swaps will be discussed and implemented. 
Based on the various scenarios, the Group manages its cash flow interest rate risk by using a combination of floating-to-fixed interest 
rate swaps and an interest rate cap. The combined effect of these instruments is to ensure that the Group’s objective is met of 
maintaining hedging over 55% of amounts drawn down under “B” and “C” elements of the bank facilities negotiated in May 2009. The 
interest rate swap has the economic effect of converting borrowings from floating rates to fixed rates. Generally the Group raises 
long-term borrowings at floating rates and swaps them into fixed rates that are lower than those available if the Group borrowed at 
fixed rates directly. Under the interest rate swap, the Group agrees with other parties to exchange, at specified intervals (primarily 
quarterly), the difference between fixed contract rates and floating rate instrument amounts calculated by reference to the agreed 
notional amounts. The interest rate cap ensures that, for the specified portion of borrowings, floating rate interest will apply only up to a 
specified ceiling.
The Group’s exposures to interest rates on financial assets and financial liabilities are detailed below. 
Interest rate sensitivity analysis
If interest rates had been 100 basis points higher or lower and all other variables were held constant, the Group’s profit for the year 
would increase or decrease by £48,000 (2008: £107,000) in respect to exposure to the Group’s borrowings and cash and cash 
equivalents. For floating rate liabilities the analysis is prepared assuming the amount of the liability at the balance sheet date was 
outstanding for the whole period.
(f)  Fair value of financial instruments
The fair value of interest rate swaps is calculated at the present value of the estimated future cash flows.
The Directors consider that the carrying amounts of financial assets and financial liabilities recorded at amortised cost in the financial 
statements approximate to their fair values due to the short maturity of the instruments or because they bear interest at rates 
approximate to the market.
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Our Accounts Notes to the Consolidated Financial Statements
22. Trade and other payables
      2009 2008
      £’000 £’000
Non-current
Other payables      1,001 1,001
      1,001 1,001
In 2006, the Group recorded a provision of £1.0m in respect of a contingent liability arising on the acquisition of Silverdell (UK) Limited. 
The Group has a corresponding asset relating to the indemnities from the vendors of Silverdell (UK) Limited in respect of this provision.
      2009 2008
      £’000 £’000
Current
Trade payables      5,061 4,442
Other taxation and social security      1,710 1,822
Other payables      4,141 2,875
      10,912 9,139
An analysis of the maturity of debt is given in Note 21(d). 
The Directors consider that the carrying amount of trade payables approximates to their fair value. 
The Group’s policy is to fix payment terms when agreeing the terms of each transaction. It is the Group’s general policy to pay suppliers 
according to the agreed terms and conditions, provided that the supplier has complied with those terms. 
Trade creditors and accruals principally comprise amounts outstanding for trade purchases and ongoing cost and they include 
retention amounts held over defect liability periods. The average credit period taken for trade purchases is 55 days (2008: 43 days) for 
the Group. The Group has financial risk management policies in place to ensure that all payables are paid within the credit timeframe.
There are no suppliers who represent more than 10% of the total balance of trade creditors in either 2009 or 2008.
The Group has financial risk management policies in place to ensure that all payables are paid within the credit time frame. Therefore, 
under the normal course of business, the Group is not charged interest on overdue payables.
23. Deferred and contingent consideration
       Deferred 
       consideration
       £’000
Group
At 1 October 2007       2,649
Acquisition of subsidiary undertakings      317
Reduction in estimated liability       (2,632)
At 1 October 2008       334
Paid during the year       (334)
At 30 September 2009       —
Under the terms of the acquisition agreements in respect of Silverdell (UK) and of Redhill Analysts Limited, there was provision for the 
payment of deferred consideration. Deferred consideration also formed part of the consideration for the acquisition of Swift Asbestos 
(Holdings) Limited during 2008. All liabilities for deferred consideration were discharged during 2009.
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Notes to the Consolidated Financial Statements
for the year ended 30 September 2009
24. Share capital
 2009 2008
    No. £’000 No. £’000
Authorised:
Ordinary shares of 10p each     —  — 100,000,000 10,000
Ordinary shares of 1p each      260,000,000  2,600 — —
Deferred shares of 1p each     1,132,210,521  11,322 — —
Total     1,392,210,521  13,922 100,000,000 10,000
Allotted, called up and fully paid
Ordinary shares of 10p each    — — 41,654,717 4,165
Ordinary shares of 1p each     151,654,717  1,516 — —
Deferred shares of 1p each     374,892,471  3,749 — —
Total    526,547,188 5,265 41,654,717 4,165
Movement in issued share capital
At 1 October — 10p ordinary shares   41,654,717 4,165 40,683,427 4,068
Issued to vendors as partial consideration in respect 
of acquisitions — 10p ordinary shares   — — 971,290 97
10p ordinary shares cancelled    (41,654,717) (4,165) — —
1p ordinary shares created    41,654,717 416 — —
1p deferred shares created    374,892,471 3,749 — —
Placing of new 1p ordinary shares     110,000,000 1,100 — —
At 30 September    526,547,188 5,265 41,654,717 4,165
On 18 May 2009 the Group completed a placing of 110 million new 1p ordinary shares at 5p per share, raising cash funds of £5.5m 
(before expenses) and giving rise to a share premium of £4.4m. In preparation for the placing the Company’s ordinary shares of 10p 
each were divided into ordinary shares of 1p and deferred shares of 1p in a capital reorganisation. Each shareholder’s proportionate 
interest in the Company’s equity was unchanged as a result.
On 30 June 2009 the Company granted a warrant to Barclays Bank Plc over 11,374,104 1p ordinary shares at a subscription price of 
5p per share exercisable up to 30 June 2017.
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Our Accounts Notes to the Consolidated Financial Statements
25.  Reconciliation of movement in equity
 Share  Share Other Equity Hedging Retained
 capital premium reserve reserve reserve earnings Total
 £’000 £’000 £’000 £’000 £’000 £’000 £’000
At 1 October 2007 4,068 13,649 15,233 368 62 705 34,085
Net loss for year — — — — — (16,573) (16,573)
Change in fair value of 
interest rate swap — — — — (127) — (127)
Tax on items taken to equity — — — — 35 — 35
Total recognised loss 
for the year — — — — (92) (16,573) (16,665)
Shares issued 97 — 1,402 — — — 1,499
Share-based payment 
charge including tax — — — 43 — — 43
At 1 October 2008 4,165 13,649 16,635 411 (30) (15,868)  18,962
Net loss for year — — — — — (6,041) (6,041)
Change in fair value of 
interest rate swap — — — — (116) — (116)
Tax on items taken to equity — — — — 32 — 32
Total recognised loss 
for the year — — — — (84) (6,041)  (6,125)
Shares issued* 1,100 4,400 — — — — 5,500
Expenses of placing — (236)     (236)
Share-based payment 
charge including tax — — — (77) — — (77)
Balance as at 
30 September 2009 5,265 17,813 16,635 334 (114) (21,909) 18,024
Other reserves are not distributable and relate to the premium arising on:
i. Shares issued as consideration for the acquisition of subsidiary companies; and
ii. Warrants issued to Marwyn Neptune Fund LP in consideration for the participation in placing of shares on 19 July 2006.
*  The shares existing at 1 October 2008 were divided into ordinary shares of 1p and deferred shares of 1p in 2009. Refer to Note 24 
for more details.
26. Capital and other commitments
At 30 September 2009, the Group had no capital commitments (2008: £nil).
Operating leases
The Group had outstanding total commitments under non-cancellable operating leases at 30 September which fall due as follows:
 2009 2008
    Land and  Land and
    buildings Other buildings Other
    £’000 £’000 £’000 £’000
Operating leases which expire:
Within one year    244 674 216 647
Within two to five years    547 475 470 893
After five years    91 — 271 —
    882 1,149 957 1,540
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Notes to the Consolidated Financial Statements
for the year ended 30 September 2009
27. Employee share schemes 
The Group has adopted share incentive arrangement plans as set out below.
Equity-settled share option scheme
The Group has a share option scheme for certain employees of the Group. Options are exercisable at a price equal to the average 
quoted market price of the Company’s shares on the date of grant. The vesting period is three years. If the options remain unexercised 
after a period of five years from the date of grant, the options expire. Options are forfeited if the employee leaves the Group before the 
options vest.
Details of the share options outstanding during the year are as follows:
 2009 2008
     Weighted  Weighted
    Number of  average Number of average
    share exercise price share exercise price
    options £ options £
Outstanding at beginning of year    3,610,472 1.028 3,606,552 0.953
Granted during the year    — — 450,000 1.500
Forfeited during the year    (705,368) 0.938 (446,080) (0.893)
Outstanding at the end of the year    2,905,104 0.945 3,610,472 1.028
Exercisable at the end of the year    — — — —
The options outstanding at 30 September 2009 had a weighted average remaining contractual life of 2.02 years (2008: 5.14 years). 
In 2008, options over 450,000 shares were granted on 3 October 2008. The aggregate of the estimated fair values of the options 
granted on that date is £0.1m.
The inputs into the Black–Scholes Option Pricing Model for options granted each year are as follows:
      2009 2008
      £’000 £’000
Weighted average share price      — 103p
Weighted average exercise price      — 103p
Expected volatility      — 21.01
Expected life      — 3 years
Risk-free rate      — 5.14%
Expected dividend yield      — 0%
Expected volatility was determined by calculating the historical volatility of the Group’s share price over the previous 1.5 years. The 
expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, 
exercise restrictions, and behavioural considerations. The risk-free rate of return is the yield on zero coupon UK government bonds 
with a term similar to the expected life of the option.
For the year ended 30 September 2009, the Directors have revised the estimate of fair value at the date of grant for performance 
conditions not originally considered. The Directors are of the opinion that this resulted in an immaterial difference to the charge in 
the period.
28.  Contingent liabilities
There are Group cross guarantees from the Company for all moneys due to certain of the Group’s banks and surety lenders. No 
moneys were outstanding at 30 September 2009 (2008: £nil). In the normal course of business there are contingent liabilities including 
the provision of bonds in respect of completed and uncompleted contracts.
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Our Accounts Notes to the Consolidated Financial Statements
29. Related party transactions
During the year to 30 September 2009, the Group paid £176,000 (2008: £261,000) to Marwyn Capital LLP for corporate finance 
services and Directors’ fees and £55,000 (2008: £60,000) to Marwyn Partners Limited for office services. At the end of that year £nil 
(2008: £nil) remained outstanding.
Mark Watts is a partner in Marwyn Capital LLP and Marwyn Investment Management LLP and a shareholder in Marwyn Investments 
Group Limited, which owns 100% of Marwyn Partners Limited. Marwyn Neptune Fund LP is managed by Marwyn Investment 
Management LLP and beneficially owns shares and warrants in the Group.
During the year to 30 September 2008, Kalistar LLP , a partnership of certain of the executive directors of Silverdell (UK) Limited, 
charged £48,000 (2008: £39,000) for the provision of cars used by some of the directors of Silverdell (UK) Limited. At the end of that 
year £nil (2008: £nil) remained outstanding.
One property occupied by Silverdell (UK) Limited is owned by the pension fund in which Sean Nutley has an interest. The property is 
subject to a market rent of £29,000 (2008: £29,000) per annum and £7,000 (2008: nil) remained outstanding at the year-end.
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Independent Auditors’ Report to the 
Members of Silverdell Plc
We have audited the Parent Company (“the Company”) financial statements of Silverdell Plc for the year ended 30 September 2009 which 
comprise the Balance Sheet and the related notes 30 to 36. These Parent Company financial statements have been prepared under the 
accounting policies set out therein. The financial reporting framework that has been applied in their preparation is applicable law and United 
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
We have reported separately on the Group financial statements of Silverdell Plc for the year ended 30 September 2009. 
This report is made solely to the Company’s members, as a body, in accordance with section 495 and 496 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 
an auditors’ report 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.
Respective responsibilities of Directors and auditors
As explained more fully in the Directors’ Responsibilities Statement, the Directors are responsible for the preparation of the financial 
statements and for being satisfied that they give a true and fair view. Our responsibility is to audit the financial statements in accordance with 
applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices 
Board’s (APB’s) Ethical Standards for auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance 
that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether 
the accounting policies are appropriate to the Company’s circumstances and have been consistently applied and adequately disclosed; the 
reasonableness of significant accounting estimates made by the Directors; and the overall presentation of the financial statements.
Opinion on financial statements
In our opinion the financial statements:
n give a true and fair view of the state of the Company’s affairs as at 30 September 2009 and of the Company’s loss for the year then 
ended;
n have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and;
n have been prepared in accordance with the requirements of the Companies Act 2006.
Matters on which we are required to report by exception
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:
n adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited 
by us; or
n the financial statements are not in agreement with the accounting records and returns; or
n we have not received all the information and explanations we require for our audit.
Makhan Chahal (Senior Statutory Auditor)
For and on behalf of Deloitte LLP
Chartered Accountants and Statutory Auditors
London, United Kingdom
30 November 2009
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Our Accounts
www.silverdell.plc.uk
Company registration number: 5755897. Stock code: SID
Independent Auditors’ Report | Company Balance Sheet
Company Balance Sheet
at 30 September 2009
     2009 2008
    Notes £’000 £’000
Fixed assets
Investments    32 23,793 25,904
Current assets
Debtors: amounts falling due within one year    33 1,600 1,008
Debtors: amounts falling due after more than one year    33 — 5,997
     1,600 7,005
Creditors: amounts falling due within one year    34 (3,956) (5,542)
Net current (liabilities)/assets      (2,356) 1,463
Total assets less current liabilities     21,437 27,367
Creditors: amounts falling due after one year    34 (4,493) (11,050)
Total net assets     16,944 16,317
Capital and reserves
Called up share capital    24 5,265 4,165
Share premium account    35 17,813 13,649
Equity reserve    35 334 411
Other reserve    35 16,635 16,635
Profit and loss account    35 (23,103) (18,543)
Total shareholders’ funds     16,944 16,317
The financial statements were approved by the Board of Directors and authorised for issue on 30 November 2009. They were signed on 
behalf of the Board of Directors.
Ian Johnson
Director
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Annual Report and Accounts for the year ended 30 September 2009
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Notes to the Company Financial Statements
for the year ended 30 September 2009
30.  Significant accounting policies
The separate financial statements of the Company have been prepared on the historical cost basis and under the going concern 
assumption. The accounting policies are summarised below and have been applied consistently throughout the year and the preceding 
year. The separate financial statements are presented as required by the Companies Act 2006. As permitted by that Act, the separate 
financial statements have been prepared in accordance with United Kingdom accounting standards.
Taxation
The tax currently payable is based on the taxable profit for the year. Taxable profit differs from net profit as reported in the income 
statement because it excludes items of income and expense that are taxable or deductible in other years and it further excludes items 
which are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or 
substantively enacted at the balance sheet date. 
Deferred taxation is provided in full on all timing differences that result in an obligation at the balance sheet date to pay more tax, or 
a right to pay less tax, at a future date, subject to the recoverability of deferred tax assets. Deferred tax assets and liabilities are not 
discounted.
Share-based payments
The Company has applied the requirements of FRS 20 Share-based Payment. In accordance with the transitional provisions, FRS 20 
has been applied to all grants of equity instruments after 7 November 2002 that had not vested as at 1 January 2005.
The Company makes equity-settled share-based payments to the Directors, which are measured at fair value at the date of grant. The 
fair value of share options issued with non-market vesting conditions has been calculated using the Black–Scholes model. For all other 
share awards, the fair value is determined by reference to the market value of the share at the date of grant. For all share schemes with 
non-market related vesting conditions, the likelihood of vesting has been taken into account when determining the associated charge. 
Vesting assumptions are reviewed during each reporting period to ensure they reflect current expectations.
The Company also makes equity-settled share-based payments to certain employees of certain subsidiary undertakings. Equity-settled 
share-based payments that are made to employees of the Company’s subsidiaries are treated as increases in equity over the vesting 
period of the award, with a corresponding increase in the Company’s investments in subsidiaries, based on an estimate of the number 
of shares that will eventually vest.
Any payments received from subsidiaries are applied to reduce the related increases in investments in subsidiaries.
Accounting for share-based payments is the same as under IFRS 2 and details on the schemes and option pricing models relevant to 
the charge included in the Company financial statements are set out in Note 27 to the consolidated financial statements of the Group 
for the year ended 30 September 2009.
Investments
Investments represent equity holdings in subsidiaries, joint ventures and associates and are held at cost less provision for impairment.
31.  Parent Company profit and loss account
The Company has taken advantage of the exemption afforded by the Companies Act 2006 and has not presented its own 
profit and loss account. The loss for the year dealt with in the financial statements of the Parent Company is £4,560,000 
(2008: loss £16,650,000).
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Stock code: SID
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Our Accounts Notes to the Company Financial Statements
32.  Investments
       2009
       £’000
Cost
At 1 October 2008       40,557
Capital contributions in respect of share-based payment charges     (44)
At 30 September 2009       40,513
Impairment
At 1 October 2008       (14,653)
Impairment loss for the year       (2,067)
At 30 September 2009       (16,720)
Carrying amount
At 30 September 2009       23,793
At 30 September 2008        25,904
Details of the principal subsidiary undertakings are as follows:
  Proportion
 Country of  of ordinary
Company incorporation shares held Principal activity
Silverdell (UK) Ltd England and Wales 100% Asbestos and environmental services
Redhill Analysts Ltd England and Wales 100% Consultancy services
Kitsons Group Ltd England and Wales 100% Asbestos and environmental services
33.  Debtors
Amounts falling due within one year:
      2009 2008
      £’000 £’000
Other debtors and prepayments      94 108
Amounts due from Group undertakings     1,311 369
Corporation tax recoverable      195 531
      1,600 1,008
Amounts falling due after more than one year:
At the balance sheet date amounts receivable from the fellow Group companies of £nil (2008: £5,997,000) were due after more than 
one year. The carrying amount of these assets approximates their fair value. The above amount is due from Silverdell (UK) Limited and 
the Company has given an undertaking to give at least 12 months’ notice before requesting payment of all or part of it.
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Annual Report and Accounts for the year ended 30 September 2009
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34.  Creditors
 Amounts falling due within one year:
      2009 2008
      £’000 £’000
Bank overdraft      1,160 422
Bank loans      1,763 1,050
Other creditors and accruals      493 120
Deferred consideration      — 150
Amounts due to subsidiary undertakings     540 3,800
      3,956 5,542
The carrying amount of trade payables approximates to their fair value.
 Amounts falling due after more than one year:
      2009 2008
      £’000 £’000
Bank loan      4,493 11,050
 Full details of the Company’s bank loans are disclosed in notes 20 and 21 to the Group financial statements.
35.  Share premium account and reserves
   Share premium  Equity Other Profit and
   account reserve reserves loss account Total
   £’000 £’000 £’000 £’000 £’000
At 1 October 2008   13,649 229 16,635 (18,543) 12,152
Premium arising on shares issued in the year  4,164 — — — 4,164
Share-based payment credit in the year  — (77) — — (77)
Retained loss for the year   — — — (4,560) (4,560)
At 30 September 2009   17,813 334 16,635 (23,103) 11,679
Other reserves are not distributable and relate to the premium arising on shares issued as consideration for the acquisition of 
subsidiary companies and warrants issued to Marwyn Neptune Fund LP in consideration for their participation in placing of shares on 
19 July 2006.
36.  Related parties
The Company has taken advantage of the exemption available under FRS 8 Related Party Transactions not to disclose details of 
transactions between wholly owned Group companies.
Notes to the Company Financial Statements
for the year ended 30 September 2009
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Registered Office
14 Buckingham Street
London WC2N 6DF
Joint Company Secretary
Susan Fadil FCIS
Mayer Brown International LLP
201 Bishopsgate
London EC2M 3AF
Solicitors
DLA Piper UK LLP
101 Barbirolli Square
Bridgewater
Manchester M2 3DL
Registrars
Capita IRG Plc
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
Auditors
Deloitte LLP
2 New Street Square
London EC4A 3BZ
NOMAD and Broker
Collins Stewart Europe Ltd
88 Wood Street
London EC2V 7QR
Financial PR
College Hill Associates Ltd
The Registry
Royal Mint Court
London EC3N 4QN
Advisers
This report is printed on Revive Pure White Silk 100% recycled material. The fibre source used is 100%
de-inked recycled waste, the pulp is bleached using a Totally Chlorine Free (TCF) process and the 
paper mill is certified with the ISO 14001 environmental management standard.
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EEnergy
Public &  
Private Sectors Nuclear
Public &  
Private Sectors Nuclear T Transport
Public &  
Private Sectors Nuclear
SILVERDELL PLC 
14 Buckingham St 
London WC2N 6DF 
Tel 020 7004 2744 
www.silverdell.plc.uk 
Registered Office: 14 Buckingham St, London WC2N 6DF
Public &  
Private Sectors Nuclear
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