Eatonfield Annual Report 
2007
Building the future
Eatonfield House
4 Mold Business Park
Wrexham Road
Mold
Flintshire CH7 1XP
Telephone 01352 757008
enquiries@eatonfield.co.uk
www.eatonfield.co.uk
Registered in England and Wales, Company Number 05801082 Eatonfield is committed to environmentally responsive developments.
The paper used to print this Annual Report is made from 80% recovered fibre with the remaining 20% from sustainable forests.
Eatonfield Group plc Head Office in Mold, North Wales Contents
Introduction
What We Do 2
Financial Highlights 3
Chairman’s Statement 4
Chief Executive’s Review 6
Financial Review 8
Director’s Report 12
Financial Report
Independent Auditors’ Report 26
Group Profit and Loss Account  28
Group Balance Sheet 29
Company Balance Sheet 30
Group Cash Flow Statement 31
Accounting Policies 32
Notes to the Financial Statements 35
Directors
Sir L C Young
R J W Lloyd
S S Kalirai
Secretary
H J Jones
Registered Office
Eatonfield House
4 Mold Business Park
Wrexham Road
Mold
Flintshire CH7 1XP
Nominated Adviser 
and Broker
Evolution Securities Limited
Kings House
1 King Street
Leeds LS1 2HH
Solicitors
Hammonds
2 Park Lane
Leeds LS3 1ES
Auditors
Baker Tilly UK Audit LLP
Chartered Accountants
Brazennose House
Lincoln Square
Manchester M2 5BL
Registrars
Capita Registrars
Northern House
Woodsome Park
Fenay Bridge
Huddersfield HD8 0LA Annual Report 2007
Introduction
2
What We Do
Development
Eatonfield identifies and acquires property
development opportunities on both greenfield 
and brownfield sites within the commercial and
residential sectors. The sites are developed to add
value through change of usage, gaining planning
permission, refurbishment or redevelopment.
We then have the opportunity to trade, hold for
investment or build out for potential gain.
Homes
Eatonfield are working towards building
environmentally friendly homes for everyone.
Our commitment is to utilise eco-friendly building
materials and practices whilst using technology to
reduce the homeowners’ energy costs and water
usage. Currently building on six developments, the BRE
Environmental Assessment Method (BREEAM) gives a
rating of “Excellent”.
Regeneration
Eatonfield’s expertise with all aspects of property from
industrial to house building gives us the capabilities to
put together sustainable regeneration projects with far
reaching results. Working with local authorities to
provide quality driven regeneration, a well-planned
project can realise a positive and lasting change,
affording opportunities to individuals, business
interests and future generations.
“We will continue 
to tactically use joint
ventures and profit
share agreements as
a way of accessing
individual projects.”
Rob Lloyd,
Group Chief Executive  3
Financial Highlights
for the year ended 30 June 2007
• Profit before tax up 48% to £5.09m (2006: £3.43m)
• Turnover £18.6m (2006: £17.3m)
• Operating profit up 43% to £5.14m (2006: £3.6m)
• Basic EPS 17.10p (2006: 15.82p)
• Exceeded full year forecasts
• Already sufficient sites to deliver 2007/8 forecasts
• Acquiring land for 2008/9 and beyond
• Strong track record of growth over 10 years
“The flotation and the
funds raised in that
process have allowed
us to substantially
grow our land bank.”
Rob Lloyd,
Group Chief Executive 
Turnover
£18.6m
£17.3m
£5.09m
£3.43m
Profit before tax
Key
2007 2006 Annual Report 2007
Chairman’s Statement
4
The foundation of 
our business is our
staff and on behalf 
of the Board,
I would like to thank
them all for their
hard work 
and loyalty.
I am pleased to report the results for the year ended 30 June 2007 which show an increase in operating
profits of 43% to £5.14m (2006: £3.60m) on the back of a 7% increase in turnover to £18.63m 
(2006: £17.35m). Our margins have also improved as we have increased the proportion of commercial
transactions within the sales.
We will be recommending to shareholders a dividend of 1.5p per share, in line with the undertaking
made at the time of our admission onto AIM last November.
People
The executive team has remained focused in a year where a large part of its attention was diverted by
the admission process at the end of November 2006. I would like to extend our thanks to Terry Carroll,
who has been our finance director since flotation and who resigned with effect from 12 September 2007,
for all his help with that process.
My thanks also go to Rob Lloyd for his leadership and his focus on the needs of the business from both
a trading and strategic perspective.
I would also like to thank Suki Kalirai, my fellow non-executive director, who brings a wealth of business
experience to the Board and has made a significant contribution to our deliberations and our
performance for the year.
The foundation of our business is our staff and on behalf of the Board, I would like to thank them all for
their hard work and loyalty.
Outlook
The well-publicised mid-term shortage of housing in the UK means that we expect to see continued
volume growth in this sector. As well as the broader consumer aspects, the economics of the sector
and the speed of growth in the housing sales are being affected by:
– the planning process, which is becoming more drawn out with lead times for the whole cycle
moving from 12 months to close to 24 months. This is an area in which we are particularly
strong as our teams work with local planning authorities to ensure the fastest possible 
turn around;
– the continued increase in competition for available plots. Our teams remain focused regionally
and therefore, with their local expertise and knowledge, we are in a strong position to continue
to grow our substantial land bank further.
Housing demand continues to be buoyant in the regional areas in which we operate and we
anticipate a significant increase in house sales in 2007/8 as more of our development projects come
to fruition.
The commercial sector has seen a downturn in the yields being achieved over the last 12 months.
We do not envisage this changing significantly in the near term. However, for a business of our size,
there are still significant potential opportunities in pure commercial projects as well as in the
development of mixed use sites on a regional basis. We continue to explore a sufficient number 
of substantial opportunities in both our commercial and residential businesses to feel confident that
our strategy of growing both areas is the right one. 5
This is an exciting time for Eatonfield and I remain confident of our prospects for the coming financial
year and beyond.
Finally, I would like to thank our key advisors; Baker Tilly, Evolution and Hammonds, who have also
helped and supported us throughout the year.
Sir Leslie Young
Chairman  
This is an exciting
time for Eatonfield
and I remain
confident of our
prospects for the
coming financial year
and beyond.
Eatonfield purchased the 24 acre industrial site, the former
manufacturing facility of electronics firm, Bookham Technology
on the 17th November 2006. Located in Paignton, Devon the
site is within an area of mixed residential and commercial use.
Eatonfield worked with local agencies to produce a master plan
for the regeneration of the site, to reinvigorate the area and
promote sustainable jobs. The planning process and
redevelopment of this site was due to take 5-10 years.
Eatonfield sold the site to Modus Paignton Limited on the 
4th June 2007. The deal was structured so that it gives
Eatonfield a share in any future development gains or any 
profit arising from an earlier sale.
“We have a very talented land-buying
team behind our cash generative
business. The capital released from
Paignton will be reapplied in
opportunities we already have 
in hand.”
Sir Leslie Young, Chairman
Case study 
Paignton Regeneration Scheme Annual Report 2007
Chief Executive’s Review
6
Overview
The year to 30 June 2007 has seen a step change in the Group at all levels, both on a financial level,
with turnover, profits and margins increasing and at an operational level with average staff numbers
increasing from 27 to 46.
The business
The flotation and the funds raised in that process have allowed us to substantially grow our land bank.
As well as additional commercial and unallocated sites for development, we have allocated sites with
planning permission for 800 houses to be built by our housing division team, led ably by Nick Marrs.
I anticipate this division growing both organically, and if the right opportunities arise, by targeted
regional acquisitions. Our homes are built to Building Research Establishment Environment Assessment
Method (BREEAM) ‘Excellent’ standard and Code of Sustainable Housing level 5, which represents 
a 100% improvement on current building regulation requirements. We shall be improving on this further
to demonstrate our commitment to sustainable construction and to developing the Eatonfield brand.
As mentioned by our Chairman, the commercial sector has seen a slowdown at a national level but 
on a regional basis we believe profitable opportunities continue to exist for the foreseeable future.
We have strengthened our local buying team to help access these opportunities with additional
resources based both in the North and the South West of England. The Northern resource will also work
on Scottish projects. Jon Richards and myself will lead these buying resources to identify sites for
housing, commercial and mixed site developments.
Whilst most of the revenue in 2006 and 2007 came from the commercial sector, I anticipate this
proportion will be lower for the coming year, albeit the move will be gradual and we expect these
commercial developments or land sales will still account for over half the revenues. We will also
continue to tactically use joint ventures and profit share agreements as a way of accessing individual
projects; we have such relationships with Ethel Austin Properties Limited, Modus Properties Limited
and Jenard Properties Limited.
Rugeley Cross development in Hednesford, Staffordshire
Rob Lloyd, Group Chief Executive 7
Staff
Our internal design and planning function has more than doubled in size to support the growth of the
Group. The finance function too has increased to support the needs of the business and be ready for
the IFRS implementation in next year’s accounts. In this regard, we welcome Howard Jones,
an experienced Finance Director, as Financial Controller to take charge of both this process and the
systems required to implement it. I look forward to working with him going forward.
I would like to add many thanks to all the Eatonfield team at every level. They are a pleasure to work
with and the business growth is a testament to their commitment and skill. All our staff and advisers
have proved invaluable in achieving this year’s step changes. As a management team, we very much
look forward to continuing this progress in the coming year and beyond.
Rob Lloyd
Chief Executive
All our staff and
advisers have 
proved invaluable 
in achieving this
year’s step changes.
Eatonfield purchased the Old Post Office Distribution Depot and the Viking Centre in Driffield in February 2006
and plans to redevelop the two sites as one.
The Old Post Office Depot is a two story building with vacant possession. The Viking Centre is a two storey
building, sub-divided into twelve units, one of which is currently let but with the tenant due to vacate,
the combined site is 2.3 acres in area.
Eatonfield entered into a joint venture with Ethel Austin Properties Holdings Limited, to assemble the sites,
obtain planning permission and market the site for re-development. A planning application has been
submitted to the Local Authority to seek permission for a new Supermarket and residential scheme, whilst
retaining some of the existing properties.
Eatonfield have exchanged contracts to sell the site conditional upon obtaining a satisfactory consent 
to another developer.
“The re-development of the Viking Centre site represents
an exciting opportunity to regenerate this underused site
and to extend the vibrant town centre of Driffield.“
Rob Lloyd, Group Chief Executive 
Case study 
Driffield regeneration scheme Annual Report 2007
Financial Review
8
Gross profit as a
percentage of the
turnover has
increased from 
29% to 38% due to
the higher mix of
commercial property
transactions.
Case study 
Lon Elan development in Meliden, North Wales
Profit and Loss Account
Gross profit as a percentage of the turnover has increased from 29% to 38% due to the higher mix 
of commercial property transactions. This is due to our ability to identify and make decisions quickly 
in order to maximise opportunities.
Administrative expenses
Administrative Expenses have increased in the year by £463,126. This is partly due to AIM costs but
in the main due to the expansion of the business. We have increased our planning and design
resource in house such that we can react quickly to opportunities and hence keep our competitive
advantage. Our Homes Division is also expanding and as such needs more administrative support 
for the increasing number of building sites being developed. We had an average number of
employees in the year of 46 compared to 27 for the year ended 30 June 2006. We currently have
offices in South Wales, Bristol and Newcastle upon Tyne as well as the head office in Mold.
Joint ventures
We have one active joint venture (Hawkesbury Properties Limited) where the 50% partner is Jenard
Properties Limited. We have another established with Modus Properties Limited, which will become
active at the end of September 2007.
Profit share agreements
As well as the Joint ventures we have two Profit Share Agreements, which we use tactically as a way
of accessing individual projects. Further details can be found in the Chief Executive’s review.
Finance Costs and Income
In November 2006 we raised £8.9m net through our AIM listing. This gave us a cash fund which has
been utilised to further grow our land bank. This cash fund enabled us to earn £103,251 in bank interest
in the year. This is not expected to repeat in 2007/8 unless a further share issue occurs. Interest on
property loans is capitalised hence interest payable charged to the profit and loss account is interest
on the loan to buy head office and interest on hire purchase agreements. 9
Taxation
The effective rate of taxation for the year has increased from 31% to 33% of profit on ordinary activities.
The rate is higher than the 30% of standard UK Corporation tax due to disallowable expenses,
chargeable gains and timing differences.
Earnings per share
The year began with 15m ordinary shares in issue and ended with 23m ordinary shares in issue,
giving a weighted average number of shares of 19.9m. With a profit after tax of £3.4m this gives an 
EPS of 17.10p (2006:15.82). When current share options are accounted for the diluted EPS 
is 17.03p (2006:15.82p).
Cash Flow and Financing 
The Group generated £20.8m of cash in the year which was used to invest in land.
Our entry to AIM in November 2006 raised a net £8.9m. We raised a further £11.9m through bank loans
and spent the £20.8m on increasing our land bank. We typically raise loan finance to 70% of the value
of land bought or house development cost and at year end had loans of £29.3m, with 6 different
lenders. Having paid tax and dividends of £1.3m in the year our increase in cash was £587,000.
Balance Sheet
Current assets per share increased in the year from 125p to 201p. The main increases were in Stock
and Debtors. The increase in stock reflects the increase in our “land bank” to be used either as trading
opportunities, commercial opportunities or to be developed as residential housing sites.
Stocks
Comprises land held for resale within the commercial division and work in progress on building sites
within the homes division. The land stocks are held at historical cost and have not been subject 
to upwards revaluation to reflect current market values. The cost of properties in the course of
development includes attributable loan interest and other outgoings having regard to the development
potential of the property. In the year the Group paid interest of £1.78m. £631,000 of this was charged
to cost of sales, £1m was charged to stock and £143,000 to the profit and loss account.
Current assets per
share increased 
in the year from
125p to 201p.
A residential development of four, detached homes, on a 0.42 acre site
in Meliden, North Wales. There is one social housing unit and three,
3 bedroom family homes.
All of the homes are constructed to Eatonfield’s high standards and
benefit from high levels of insulation, air to water heating and hot water
system, which is backed up by using uv solar power, the properties also
benefit from rainwater harvesting to reduce water costs.
The affordable home has been sold to local housing association Tai Clwyd.
“I would like to take this
opportunity of thanking you – 
the bungalow in Lon Elan is a gem
and the standard of workmanship
is something to which every
developer should aspire.”
Bryn Davies, Tai Clwyd,
Charitable Housing Association Annual Report 2007
Financial Review
10
Debtors
At first glance debtors would appear high as they are equal to turnover but this is due to our revenue
recognition policy which on land sales is at the date of the receipt of an unconditional contract 
to exchange. House sales are recognised at legal completion.
Creditors
Since our float we have enjoyed better loan conditions and frequently now pay 1% over base, reduced
arrangement fees and often no exit fee. We have utilised just over half of our existing facilities and have
other lenders keen to work with us.
Capital and reserves
Called up share capital and share premium have increased owing to the shares issued in connection
with the Group’s admission to AIM. The number of shares increased from 15m to 23m.
Treasury risk management 
The maturity profile of the financial liabilities is relatively unchanged below one year and above 
five years but has increased in the periods one to two years and two to five years.
The group’s financial instruments comprise borrowings, some cash and various items, such as trade
debtors, trade creditors etc, that arise directly from its operations. The main purpose of these financial
instruments is to raise finance for the Group’s operations.
The Group does not generally enter into derivative transactions (such as interest rate swaps and
forward foreign currency contracts), and it is, and has been throughout the period under review,
the Group’s policy that no trading in financial instruments shall be undertaken.
The main risks arising from the Group’s financial instruments are interest rate risk and liquidity risk.
The Board reviews and agrees policies for managing each of these risks and they are summarised below.
Interest rate risk
The Group finances its operations through a mixture of bank borrowings and other borrowings. The
Group borrows at fixed and floating rates of interest in order to generate the desired interest profile.
During the year the Executive Directors considered a proposal to put in place a cap or collar
arrangement but decided not to pursue it.
Liquidity risk
The Group’s policy is to achieve continuity of funding by ensuring that adequate loan facilities are 
in place appropriate to meet its forecast requirements. Where appropriate the group seeks to put
committed facilities in place.
Foreign currency risk
The Group has no dealings other than in Sterling and as such has no foreign currency risk.
Since our float we
have enjoyed better
loan conditions and
frequently now pay 
1% over base.
The Barns health spa in Higher Whitley, Cheshire 11
International Financial Reporting Standards (“IFRS”)
These are the Group’s last set of results prepared under generally accepted accounting principles in the
UK (“UK GAAP”). The interim result as at 31 December 2007 will be reported under IFRS. Hence there
will be a reconciliation from UK GAAP to IFRS accordingly at the Interim and also Full Year results 
at 30 June 2008.
The IFRS conversion project is progressing to plan with a number of areas of significance being
reviewed. In addition the significant disclosure requirements of IFRS, which are relevant to the Group,
have been identified.
We shall be implementing IFRS reporting during 2007/08, to be first reflected in our interim results 
to 31 December 2007.
Eatonfield has assembled a mixed use regeneration site in the
Swansea Valley town of Ystalyfera. The initial purchase of the
former Diwhurst Factory was completed from the then Welsh
Development Agency in 2004 and three further acquisitions have
been added since in order to provide a re-development site of
around 22 acres in total.
Eatonfield’s scheme provided two residential areas totalling 
9.6 acres with a range of new homes from affordable through to
luxury 4 bedroom detached houses, and 6.1 acres of starter/light
industrial units. In addition to the developed areas, 6.3 acres has
been set aside for landscaping in order to complement the
development areas and minimise the impact of the development
on the character of the area.
Outline Planning permission was granted on the 9th of 
October 2007.
“I am delighted to confirm that the application was approved by a unanimous vote.
Local Councillor Alun Llewelyn welcomed the proposals as a means of regenerating
a rather run down part of Ystalyfera, and said that only good could come out of the
scheme for the benefit of local people and the town in general.”
Steve Jones, Eatonfield Developments Director of Planning
Case study 
The Ystalyfera regeneration scheme, South Wales
We shall be
implementing IFRS
reporting during
2007/08, to be first
reflected in our
interim results to 
31 December 2007. Annual Report 2007
Director’s Report
12
The directors present their report and the financial statements, together with the audited accounts,
for the year ended 30th June 2007.
Principal Activities & Review of the Business
The Group’s results are set out in the Group Profit and Loss Account on page 28 and are explained 
in the subsequent notes. A full review of the Group’s activities and future developments is incorporated
in the Chairman’s and Chief Executive’s statements and financial review.
The principal activities of Eatonfield Group plc during the year were the development and sale of
commercial property and real estate.
The Company was incorporated on 29 April 2006 under the name of Hamsard 3004 Limited.
On 31 August 2006 the Company changed its name to Eatonfield Group Limited. On 6 November 2006
the Company re-registered as a public limited company and changed its name to Eatonfield Group plc.
The Company adopted plc status in preparation for its flotation on AIM, which was achieved on 
17 November 2006. The Group consolidates Eatonfield Developments Limited (formerly Eatonfield
Holdings Limited), Eatonfield Homes Limited (formerly Eatonfield Construction Limited), Kingfisher Real
Estate Limited and Eatonfield Asset Management Limited.
The purpose of the flotation was to raise capital to invest in progressing the development strategy 
of the Group. The proceeds have already been applied to investing in business growth, including
developing a credible house building operation, together with the skilled personnel to implement the 
5 year Group Corporate Strategy.
The principal activities
of Eatonfield Group plc
during the year were
the development and
sale of commercial
property and 
real estate.
Case study 
Hen Felin development in Garnant, South Wales
A residential development of eight, eco-friendly 4 bedroom family homes,
on the 1.7 acre site in Garnant, South Wales.
The house types were designed and built by Eatonfield’s in house team and 
to comply with the companies ISO 9001 certification as an eco-friendly house
builder. The houses are built using timber frame to  give a highly insulated and
air tight construction. The heating and hot water is provided by an air to water
heat pump that converts the outside temperature to heat the water. There is
underfloor heating throughout.
Each property has a rainwater harvesting system that reduces the need to draw
on mains water. The collected water can be utilised in the washing machine,
for flushing toilets and for direct use from an outside tap. Additional eco-friendly
features can be purchased by the home owner. 13
The success of this strategy is already showing in two practical ways: Turnover has increased by 7.4%
to £18.6m during the year and gross margins increased from 28.8% to 38.3%. Also, the Group has
exceeded analyst expectations of profit made at the time of flotation. In addition, the book value 
of Stocks has increased from £11.3m to £26.6m. Furthermore, during 2007/8, it is expected that
Eatonfield Homes Limited will be building on up to 16 residential sites.
The benefits of this broader strategy include: balancing the market risk between commercial property
and residential development; building on acknowledged strengths in regenerating brownfield sites; and
creating the choice of either realising the planning uplift by sale or increasing the total return through
residential development.
The Group’s geographical focus has expanded progressively during the year. Further expansion into
Scotland is planned during 2007/8. There are no plans to develop outside the United Kingdom.
The directors are comfortable with analyst forecasts for business and financial growth in 2007/8 and
2008/9. The investment in land buying, planning and design skills underpins our confidence in the
growth potential. Regeneration will remain a core theme, not just through site acquisition and 
re-planning but also by involvement in larger scale development projects.
We shall be implementing IFRS reporting during 2007/8, first reflected in our Interim results to 
31 December 2007. This is the last time we shall report under UK GAAP .
During 2006/7, Management has undertaken a fundamental review of the Business Processes and
Corporate Governance. Together with our core ‘Pipeline’ process, we have implemented a range of
policies, including Risk Management and Health & Safety. From 1 July 2007, a framework of detailed
accountability has been implemented to ensure that business performance is achieved accompanied
by financial rigour.
At the time of flotation, a range of key personnel were awarded share options. In February 2007, the
Remuneration Committee agreed the introduction of performance related remuneration, including both
cash and share option based bonuses. These will be tied to business and financial performance.
The Group’s geographical
focus has expanded
progressively during 
the year.
“We are delighted with 
the Hen Felin site, we have
been commended by
Building Control for the
high quality and the
sustainable eco friendly
features incorporated.”
Shaun Davies, Eatonfield Homes
Construction Manager  Annual Report 2007
Director’s Report
14
Future Developments
The Group will only consider additional acquisitions as and when they present themselves, on their
business and economic merits, including enhancing earnings per share. As stated at the time of
flotation our strategy ‘involves controlled expansion across the UK’ and ‘only potential acquisitions that
clearly relate to the core business will be considered.’
Key Performance Indicators (“KPIs”)
Eatonfield Group plc floated on AIM on 17 November 2006. Whilst a clearly defined Strategy and
Business Model were detailed in the Admission Document (and remained robust throughout 2006/7),
the new Group Board was not ‘operational’ until after flotation. Accordingly, the KPIs agreed for the
remainder of 2006/7 remained centred around Profit and Earnings per Share expectations created with
investors, captured in Evolution’s Research note issued to support the float.
On 15 February 2007, the Group Board set aside a day to review every aspect of the 5 year Strategic
Direction and to review the expected performance for 2006/7. Part of the outcome was the
‘confidence’ statement issued at the time of the Interim announcement on 21 March 2007.
There are three further significant outcomes:
• The 2007/13 Strategic Direction, including key 5 year objectives 
• The 2007/8 Business Plan and Budget, including KPI’s for Group.
• A process of monthly and annual Management Accounting and Accountability, supported by Opera
based accounting systems, to capture performance against target and in forming performance
based remuneration 
Payment Practice
It is the Group’s policy to agree and clearly communicate the terms of payment as part of the
commercial arrangements negotiated with suppliers and then to pay according to those terms based
upon the timely receipt of an accurate invoice. Average creditor days at 30 June 2007 were 50 (2006 –
41 days).
Results and Dividends
The Group’s trading profit for the year, after taxation, was £3,409,867. The current policy is to pay an
annual dividend. On 28 June 2007 the Directors proposed the payment of a 1.5p per share dividend for
the year to 30 June 2007. If ratified at the AGM, the dividend will be paid 18 December 2007.
Share Issues
The Company’s authorised share capital on incorporation comprised 100 £1 ordinary shares of which
1 was issued fully paid, to the initial subscriber. On 13 September 2006 the subscriber share was
transferred to R J W Lloyd.
The Group’s trading
profit for the year,
after taxation,
was £3,409,867.
Cardiff apartment development 15
On 9 October 2006 the authorised share capital was increased from £100 to £3,000,000 by the creation
of 2,999,900 ordinary shares of £1 each. On the same date the Company acquired the entire share
capital of Eatonfield Holdings Limited, satisfied by the issue of 1,499,999 ordinary shares of £1, together
with the initial subscriber share. Also on 9 October 2006 each of the ordinary shares of £1 each,
both in issue and unissued, were subdivided into 10 shares of 10p each.
On 17 November 2006, following admission to the Alternative Investment Market of the London Stock
Exchange, a further 8,000,000 ordinary shares of 10p each were issued at a price of 125p per 
ordinary share.
Post Balance Sheet Event
Upon his resignation as Finance Director on 12 September 2007 it was agreed T P Carroll could exercise
his share options. The Company therefore issued 64,775 ordinary shares of 10p each at a price 
of 67p per ordinary share.
Eatonfield have completed the development of a Vehicle
Maintenance Depot and HGV Test Centre for Denbighshire
County Council. Extending to 1.35 acres the site is one
mile from the main commercial centre of Bodelwyddan
and served by the A55 Expressway.
The Test Centre provides a unique facility in this part of
North Wales. The building was subsequently sold to
Modus Properties Limited, who retained Denbighshire
County Council as their tenant.
Graham Taylor, Denbighshire County Council’s Fleet
Manager, has had seven other Local Authorities visit the
site, so they can learn how to improve their own facilities.
“The facility is both extremely functional
and a major asset for the Authority.”
Graham Taylor, Denbighshire County Council’s Fleet Manager
Case study 
Vehicle Maintenance Depot in Bodelwyddan, North Wales Annual Report 2007
Director’s Report
16
Directors
The directors who served the Company during the period were as follows:
Sir L C Young (appointed 19 October 2006)
R J W Lloyd (appointed 19 October 2006)
T P Carroll (appointed 19 October 2006, resigned 12 September 2007)
S S Kalirai (appointed 19 October 2006)
Directors
At 30 June 2007, the directors had the following beneficial interests in the Company’s shares:
At At 29 April 2006
30 June or later date
Class of share 2007 of appointment
No. No.
Sir L C Young Ordinary shares of 10p each 210,000 –
R J W Lloyd Ordinary shares of 10p each 11,000,000 –
Ordinary shares of £1 each – 1
T P Carroll Ordinary shares of 10p each 40,000 –
S S Kalirai Ordinary shares of 10p each 40,000 –
Directors Share Options
At 30 June 2007 the directors held the following options over the shares of the Company:
Exercise At 30 June Date
price Granted in year 2007 exercisable Expiry date
T P Carroll {67p 44,775 44,775 25 October 2009 25 October 2016
{67p 20,000 20,000 9 November 2009 9 November 2016
The market price of shares at 30 June 2007 was 167p and the range during the period was 125p to 188p.
Major Shareholdings 
As at 21 September 2007 other than the directors, substantial shareholdings were held by:
Number of Ordinary
% Share
holding No.
SAAD Investments Company 29.9 6,880,000
No other person has notified an interest in the ordinary share capital of the Company. 17
Director’s Responsibilities in the preparation 
of the Financial Statements
The directors are responsible for preparing the Annual Report and the financial statements in
accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year which give
a true and fair view of the state of affairs of the Company and of the Group and of the profit or loss 
of the Group for that period. In preparing those financial statements, the directors are required to:
a. select suitable accounting policies and then apply them consistently;
b. make judgements and estimates that are reasonable and prudent;
c. state whether applicable accounting standards have been followed, subject to any material
departures disclosed and explained in the financial statements; and
d. prepare the financial statements on the going concern basis unless it is inappropriate to presume
that the Group will continue in business.
The directors are responsible for keeping proper accounting records which disclose with reasonable
accuracy at any time the financial position of the Group and to enable them to ensure that the financial
statements comply with the requirements of the Companies Act 1985. 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 ensuring that the Directors’ Report and other information included 
in the Annual Report is prepared in accordance with Company law in the United Kingdom. They are also
responsible for ensuring that the Annual Report includes information required by the AIM Rules.
The directors are responsible for the maintenance and integrity of the corporate and financial
information included on the Company’s website.
Legislation in the United Kingdom governing the preparation and dissemination of the financial statements
and other information included in annual reports may differ from legislation in other jurisdictions.
The directors are
responsible for
preparing the Annual
Report and the
financial statements.
Former Mita Head Office on Bodelwyddan Business Park, North Wales Annual Report 2007
Director’s Report
18
Going Concern
The directors are of the opinion that, having regard to the bank and loan facilities available to the Group,
there is a reasonable expectation that the Group has sufficient working capital to continue in
operational existence for the foreseeable future. For this reason, they continue to adopt the going
concern basis in preparing the accounts.
Employee Involvement
The Group encourages employee involvement and places emphasis on keeping its employees informed
of the Group’s activities and performance. A performance related annual bonus scheme and share
option arrangements are designed to encourage employee involvement in the success of the Group.
The Group takes seriously its responsibilities under the Disability Discrimination Codes, the Equality Act
2006 and Employment Equality (Age) Regulations 2006 and operates a rigorous non-discriminatory
employment policy under which full and fair consideration is given to all individuals in their own right,
together with training, career and personal development.
The Group recognises and encourages employee involvement and places emphasis on keeping its
employees informed of the Group’s activities and performance, with the aim being the recruitment,
motivation and retention of talented people throughout the Group. An approved share option scheme
is in place operated within the Company Share Option Plan (CSOP), as well as an unapproved share
option scheme.
The Group is committed to ensuring and communicating the requirements for a safe and healthy
working environment for all employees, consistent with health and safety legislation. It has established
a range of policies, including employment, risk and health and safety, all of which are openly accessible
at all times.
The Group made
charitable donations
of £11,660 in the year
to 30 June 2007.
Colleagues and friends helping raise money for charity 19
Charitable and Political Contributions
The Group made charitable donations of £11,660 in the year to 30 June 2007 (2006: Nil). No political
donations were made in either period.
Corporate Governance Report
Principles of corporate governance
The Group’s Board appreciates the value of good corporate governance not only in the areas of
accountability and risk management but also as a positive contribution to business prosperity.
It believes that corporate governance involves more than a simple “box ticking” approach to establish
whether a Company has met the principles (including those set out in the corporate governance
guidelines for AIM companies published by the Quoted Companies Alliance in July 2005) of a number
of specific rules and regulations. Rather the issue is one of applying corporate governance in a sensible
and pragmatic fashion having regard to the individual circumstances of a particular Company’s
business. The key objective is to enhance and protect shareholder value.
The role of the board is to provide entrepreneurial leadership of the Company within the framework of
prudent and effective controls, which enables risk to be assessed and managed. The board set out the
Company’s strategic aims, ensures that the necessary financial and human resources are in place for
the Company to meet its objectives and reviews management performance. The board sets the
Company’s values and standards and ensures that its obligations to shareholders and others are
understood and met.
Business standards
The Company does not condone any form of corrupt behaviour in business dealings and has formal
disciplinary procedures in place to deal with any illegal or inappropriate activities by employees.
Board structure
During the year the Board comprised the non-executive independent Chairman Sir L C Young, the Chief
Executive R J W Lloyd, the Finance Director, T P Carroll, and the independent non-executive Director,
S Kalirai. Their outline biographies can be found on the company website (www.eatonfield.co.uk).
The composition of the board should provide an appropriate blend of experience and qualifications,
as a basis for ensuring appropriate corporate governance of the Group. The board has a formal
schedule of matters reserved to it and normally meets monthly. It is responsible for overall Group
strategy, approval of major capital expenditure projects and consideration of significant financing
matters. The board meets formally during the year and its decisions are implemented by the executive
directors. Every director attended all relevant board and board committee meetings during the year.
The Chairman and the non-executive also met during the year without the executive directors 
being present.
The board is responsible to shareholders for the proper management of the Group. A statement of
directors’ responsibilities in respect of the accounts is set out on page 17. The non-executive directors
have a particular responsibility to ensure that the strategies proposed by the executive directors are
fully considered. To enable the board to discharge its duties, all directors are supplied with timely and
relevant information regarding the business, through regular monthly and ad hoc reports, through site
visits and presentations from members of the management team and by meetings with key partners.
The role of the
board is to provide
entrepreneurial
leadership of 
the Company. Annual Report 2007
Director’s Report
20
Where appropriate, the Company provides the resources to enable directors to update and upgrade
their knowledge. Through the Company Secretary, the board is informed of corporate governance issues.
The directors have access to the advice and services of the Company Secretary. The directors are also
given access to independent professional advice at the Group’s expense, when the directors deem it is
necessary in order for them to carry out their duties. The criteria used for evaluating individual executive
directors’ performance are included in the Remuneration & Nomination Committee Section. Individual
non-executive directors’ performance is reviewed by the Chairman and Chief Executive.
In support of the principles of good corporate governance, the board has appointed the following
committees, all of which have formal terms of reference which are available for inspection 
by shareholders.
Audit Committee
The Audit Committee is chaired by S Kalirai and comprises all of the non-executive directors.
The Audit Committee’s functions include:
• ensuring that appropriate accounting systems and financial controls are in operation and that the
Company’s financial statements comply with statutory and other requirements;
• receiving reports from, and consulting with, the external auditors;
• reviewing the interim and annual results and reports to shareholders, and considering any matters
raised by the auditors;
• considering the appropriateness of the accounting policies of the Company used in preparing its
financial statements;
• monitoring the progress of the Company in preparing for the introduction of International Financial
Reporting Standards (during 2007/8);
• monitoring the scope, cost-effectiveness and objectivity of the audit;
• monitoring the Company’s policy on non-audit services provided by the external auditors;
• making an annual assessment of the external auditors and recommending, or not, their reappointment;
• considering the need for an internal audit function; and 
• reviewing ‘whistle-blowing’ arrangements within the Company.
Three meetings were held during the year and additional meetings may be requested by either the
auditors or the non-executive directors. All meetings were attended by all the current members of the
committee. The finance director attends these meetings but the committee also meets without
executive directors being present and has private sessions with the auditors. The committee has direct
access to the auditors.
The committee’s policy on the provision of non-audit services by the external auditors is that,
whilst it is appropriate and cost effective for the external auditors to provide tax compliance and tax
planning services to the Group, no other services (other than corporate finance and due diligence)
should be provided.
Remuneration & Nomination Committee
Given the size of the Company and the relatively small number of senior employees the decision was
taken by the Board to integrate the roles of the Remuneration and Nomination Committees.
The committee comprises both non-executive directors and is chaired by S Kalirai. The committee is
Where appropriate,
the Company
provides the
resources to enable
directors to update
and upgrade their
knowledge. 21
responsible for making recommendations to the Board on the Company’s framework for Executive
remuneration, and to agree the structure and make-up of the Board and senior management of the
Group to facilitate the Group’s progress to meet and hopefully exceed its short and medium term
objectives. The committee determines the contract terms, remuneration and other benefits for each of
the senior employees and Executive Directors of the Group, including performance related bonus
schemes and compensation payments. The Executive Board members determine the remuneration 
of the Non-Executive Directors. The report of the Remuneration and Nomination Committee is set out
on pages 23 to 24. It met formally three times during the year, attended by all members.
Performance evaluation
During the year we carried out a full performance evaluation of the Board, its committees and each
individual director. This evaluation was conducted internally as we believe that we have the right
resources and experience of previous reviews. The performance of individual directors, both executive
and non-executive, was evaluated by the Chairman, in conjunction with the Chief Executive in the case
of other executive directors. As a result of this review, the Board confirms that each of the directors,
who are proposed for re-election at the AGM, continues to demonstrate the necessary commitment
and to be a fully effective member of the Board.
Risk management and internal control
The board recognises that it has overall responsibility for the identification and mitigation of risks and
the development and maintenance of an appropriate system of internal control. The Board has
designed the Group’s system of internal control in order to provide the directors with reasonable
assurance that its assets are safeguarded, that transactions are authorised and properly recorded and
that material errors and irregularities are either prevented or would be detected within a timely period.
However, no system of internal control can eliminate the risk of failure to achieve business objectives
or provide absolute assurance against material misstatement or loss. During the period since flotation,
the directors have reviewed the effectiveness of the systems of internal control, including:
• the Group’s control environment;
• the manner in which key business risks are identified;
• the adequacy of information systems and control procedures;
• and the manner in which any required corrective action is to be taken.
During the year we
carried out a full
performance
evaluation of the
Board, its committees
and each individual
director. Annual Report 2007
Director’s Report
22
The Group’s key internal controls are centred on detailed monthly reporting from all activities which
includes a detailed portfolio analysis, development progress reviews, management accounts, detailed
cashflow forecasts and a comparison of committed expenditure against available facilities.
The core ‘Pipeline’ process drives the budgeted business plan performance. It meets at least once a fortnight
and ad hoc where necessary in order to approve a time critical transaction. The executive directors keep the
Chairman informed on a personal basis of all significant or material business or corporate developments.
These matters are reported to both the subsidiary board meetings and the non-executive directors
monthly and the Group board whenever it meets, with reasons for any significant variances from budget.
Detailed annual budgets are reviewed by the board and revised forecasts for the year are prepared on a
regular basis. There are clearly defined procedures for the authorisation of capital expenditure, purchases
and sales of development and Investment properties, contracts and commitments. Major investment and
development decisions and strategic matters are reserved for board approval.
Formal policies and procedures are in place covering all elements of employment, risk management,
health and safety, Data Protection and IT. Internal control, by its nature, provides only reasonable and
not absolute assurance against material misstatement or loss. The directors continue, however, to
strive to ensure that internal control and risk management are further embedded into the operations
of the business by dealing with areas for improvement as they are identified.
The directors confirm that the Board has reviewed the effectiveness of the system of internal control
as described during the period. There are no significant issues disclosed in the report and financial
statements for the year ended 30 June 2007 and up to the date of approval of the report and financial
statements that have required the Board to deal with any related material internal control issues.
Shareholder relations
The executive directors have a formal programme of meetings with institutional shareholders and
analysts at least twice a year, at which the Company’s strategy and most recently reported performance
are explained, questions and comments made being relayed to the whole board. The presentations for
these are available on the Company website, which also meets all AIM Rule 26 requirements.
Major investment 
and development
decisions and
strategic matters
are reserved for
board approval.
Stanley Pottery site in Burslem, Stoke on Trent 23
Visits are also arranged for analysts and investors to sites and projects of particular interest or
significance to assist investors’ understanding of the Company’s business. The Company’s Annual
General Meeting is also used as an opportunity to communicate with investors and this year is being
held at the Head Office in Mold, with an opportunity on the day for site visits. In addition to the usual
period for questions which is made available for shareholders at the Annual General Meeting, S Kalirai,
the Chairman of the Audit and Remuneration & Nomination Committees will also be prepared to
answer appropriate questions.
Copies of all RNS releases, investor presentations and Annual Reports are posted on the Company’s
website (www.eatonfield.co.uk), together with additional details of major projects, key information and
company background.
The Remuneration Committee’s terms of reference are available for inspection by shareholders.
Remuneration & Nomination Committee Report
Composition and function of the remuneration & nomination committee
The Remuneration & Nomination Committee comprises all of the non-executive directors of the
Company, as explained in the corporate governance report. S Kalirai is Chairman of the Committee.
The Committee considers all aspects of the executive directors’ remuneration and administers the
Company’s share option schemes. The remuneration of the non-executive directors is considered 
by the Board following recommendations by the executive directors. No director participates in setting
his own remuneration. The Committee is also aware of the remuneration paid to executives below
Board level.
Independent professional advice is sought by the Remuneration & Nomination Committee from time to
time to ensure that the policy remains appropriate and to benchmark the levels of remuneration.
BDO Stoy Hayward LLP were asked in 2007 by the Remuneration & Nomination Committee to provide
advice on remuneration matters including especially share options and advice on the structure of long-
term incentives. Following this review the Remuneration & Nomination Committee has considered the
best means of providing longer-term incentives in the future within a competitive and appropriate
overall remuneration package, including the award of share options to key employees, based solely on
performance against agreed targets.
Remuneration policy for executive directors
The objective of Eatonfield’s remuneration policy is to attract, retain and motivate high calibre senior
executives through competitive pay arrangements which are also in the best interests of shareholders.
These will include performance-related elements to align the interests of directors and shareholders
and to motivate the highest performance. Given the relatively short period of trading between the
admission of the Company on AIM and the year end, the Board took the view that the performance in
the year ended 30 June 2007 should be treated as one off for the purposes of bonus schemes and no
material cash bonuses were awarded for the business performance during this year. However, salaries
of key executives were adjusted taking into account the increasing complexity of the Company and its
activities, especially arising out of the flotation.
During the year the Group had two Executive Directors: R J W Lloyd and T P Carroll. The remuneration
of the executive directors is determined by the Remuneration & Nomination Committee which,
together with the Chief Executive, also annually reviews the general level of remuneration for all staff
and the specific terms of key Executives.
Visits are also
arranged for analysts
and investors to sites
and projects of
particular interest. Annual Report 2007
Director’s Report
24
Group practice is for Executive Directors to receive a basic salary, together with appropriate bonuses
(whether cash or share options), related to the business, financial, share price performance and asset
build of the Company. R J W Lloyd receives no share options.
No director has any other rights to compensation on loss of office (apart from payment in lieu of notice,
where appropriate). The non-executive directors do not have service contracts. The Executive Directors
did not hold any external non-executive directorships during the year.
Each executive director and senior manager receives a salary which reflects the individual’s
responsibilities, experience and performance. Base salaries are reviewed annually. Where deemed
useful comparisons are sought from outside the Company to guide the Remuneration Committee.
Share options
The Remuneration & Nomination Committee is responsible for supervising the Company’s ‘approved’
and ‘unapproved’ share option schemes in accordance with rules previously approved by
shareholders. Executive directors (as well as other senior employees) are awarded regular grants 
of options over the Company’s shares.
There are two share option schemes in place. 237,775 options were granted under an HMRC ‘approved’
scheme to various staff before flotation on 26 October 2006, at an exercise price of 67p. During the year
to 30 June 2007 T P Carroll received 44,775 options.
The ‘unapproved’ share options scheme adopted on 9 November 2006 allowed for the grant of up to
250,000 options at an exercise price of 67p. In addition to these, and after the creation of the scheme,
T P Carroll was granted 20,000 options at an exercise price of 67p.
Incentive schemes
In addition to the above statement on remuneration policy for executive directors, it is the intention that
the non-executive directors should receive a cash bonus after 30 June 2008, based on an agreed target
performance of the Company share price during the year to that date.
Pension schemes
The Company’s general practice is to pay a basic salary high enough for the individual to make their
own pension arrangements.
Remuneration policy for non executive directors
During the year, the executive directors took advice on current market practice in connection with 
non-executive director fees, as a result of which the remuneration was increased and a provision 
was made for the award of a modest number of shares on retirement or termination of their non-
executive role.
Service contracts
On 19 October 2006 R J W Lloyd entered into a service agreement to act as Chief Executive. The service
agreement can be terminated by either party giving to the other party not less than 12 months’ 
written notice.
The reappointment of non-executive directors is not automatic. It is intended that appointments will be
for an initial term of three years, which may be extended by mutual agreement. All of the directors are
required to offer themselves for re-election at the first AGM after incorporation and flotation. Prior to
each non-executive offering themselves to the members for re-election, their reappointment must be
confirmed by the Chairman in consultation with the remainder of the board.
Each executive
director and senior
manager receives a
salary which reflects
the individual’s
responsibilities,
experience and
performance. 25
Annual General Meeting
The notice convening the Annual General Meeting to be held at 11a.m. on 29 November 2007 at
Eatonfield House can be found on the company’s website (www.eatonfield.co.uk).
Awareness of Relevant Audit Information
The directors who were in office on the date of approval of these financial statements have confirmed,
as far as they are aware, that there is no relevant audit information of which the auditors are unaware.
Each of the directors have confirmed that they have taken all the steps that they ought to have taken
as directors in order to make themselves aware of any relevant audit information and to establish that
it has been communicated to the auditor.
Auditors
During the period Baker Tilly, Chartered Accountants were appointed as the first auditors of the
Company. The directors, having been notified of the cessation of the partnership known as Baker Tilly,
resolved that Baker Tilly UK Audit LLP be appointed as successor auditor with effect from 1 April 2007,
in accordance with the provisions of the Companies Act 1985 s26(5). A resolution to reappoint 
Baker Tilly UK Audit LLP as Auditors will be proposed at the Annual General Meeting.
On behalf of the Board on 1 October 2007
R J W Lloyd
(Chief Executive)
Colleagues and friends engage in charity events and award ceremonies Independent Auditors’ Report 
to the Members of Eatonfield Group PLC
We have audited the financial statements which comprise the Group Profit and Loss Account, the Group Statement of Total Recognised
Gains and Losses, the Group Balance Sheet, the Company Balance Sheet, the Group Cash Flow Statement, and the related notes.
This report is made solely to the Company’s members, as a body, in accordance with section 235 of the Companies Act 1985. 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
The directors’ responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out in the Statement of Directors’ Responsibilities.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International
Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with
the Companies Act 1985. We also report to you whether in our opinion the information given in the Directors’ Report is consistent with the
financial statements. In addition report to you if, in our opinion, the Company has not kept proper accounting records, if we have not received
all the information and explanations we require for our audit, or if information specified by law regarding directors’ remuneration and other
transactions is not disclosed.
We read other information contained in the Annual Report, and consider whether it is consistent with the audited financial statements.
This other information comprises the Directors’ Report, Chairman’s Statement, Chief Executive’s Review, Financial Review, Corporate
Governance Statement, and Remuneration and Nomination Committee Report. We consider the implications for our report if we become
aware of any apparent misstatements or material inconsistencies with the financial statements. Our responsibilities do not extend to any
other information.
Basis of opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board.
An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements.
It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the financial
statements, and of whether the accounting policies are appropriate to the Group’s and Company’s circumstances, consistently applied and
adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide
us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused
by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information 
in the financial statements.
Annual Report 2007
Financial Report
26 27
Opinion
In our opinion 
• the financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of the state
of the Group and Company’s affairs as at 30 June 2007 and of the Group’s profit for the year then ended and have been properly prepared
in accordance with the Companies Act 1985; and
• the information given in the Directors’ Report is consistent with the financial statements.
Baker Tilly UK Audit LLP
Registered Auditor
Chartered Accountants
Brazennose House,
Lincoln Square
Manchester M2 5BL Date: 1 October 2007 Group Statement of Total Recognised Gains and Losses 
for the year ended 30 June 2007
2007 2006
££
Profit for the financial period 3,409,867 2,372,475
Unrealised deficit on revaluation – (126,558)
Total recognised gains and losses relating to the period 3,409,867 2,245,917
Annual Report 2007
Financial Report
28
Group Profit and Loss Account for the year ended 30th June 2007
2007 2006
Notes ££
TURNOVER 1 18,628,867 17,347,547
Cost of sales (11,502,123) (12,341,263)
GROSS PROFIT 7,126,744 5,006,284
Administrative expenses (1,982,311) (1,519,185)
Other operating income 2 – 111,063
GROUP OPERATING PROFIT 3 5,144,433 3,598,162
Share of (loss)/profit from Joint Venture (7,087) –
TOTAL OPERATING PROFIT: Group & share of joint venture 5,137,346 3,598,162
(Loss)/profit on disposal of fixed assets (7,243) 73,142
Interest receivable 103,251 393
Interest payable and similar charges 6 (143,572) (236,868)
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 5,089,782 3,434,829
Taxation 7 (1,679,915) (1,062,354)
PROFIT FOR THE FINANCIAL YEAR 3,409,867 2,372,475
Basic earnings per share – pence 9 17.10 15.82
Fully diluted earnings per share – pence 9 17.03 15.82
The operating profit for the period arises from the Group’s continuing operations.
NOTE OF HISTORICAL COST PROFITS AND LOSSES 2007 2006
for the year ended 30 June 2007 £ £
Reported profit on ordinary activities before taxation 5,089,782 3,434,829
Realisation of property revaluation gains of previous years 180,000 –
Historical cost profit on ordinary activities before taxation 5,269,782 3,434,829
Historical cost profit on ordinary activities after taxation and dividends 3,439,867 1,372,475 Group Balance Sheet 
30 June 2007
2007 2006
Notes ££
FIXED ASSETS
Intangible assets 11 64,000 72,000
Tangible assets 12 1,271,292 1,564,022
Investment in joint venture:
Share of gross assets 13 663,146 –
Share of gross liabilities 13 (670,233) –
1,328,205 1,636,022
CURRENT ASSETS
Assets held for resale within one year – 757,262
Stocks 14 26,582,401 11,357,873
Debtors due within one year 15 18,746,683 7,109,298
Cash at bank and in hand 1,045,717 458,480
46,374,801 19,682,913
CREDITORS: Amounts falling due within one year 16 (20,339,970) (17,870,587)
NET CURRENT ASSETS 26,034,831 1,812,326
TOTAL ASSETS LESS CURRENT LIABILITIES 27,363,036 3,448,348
CREDITORS: Amounts falling due after more than one year 17 (13,414,539) (1,751,999)
13,948,497 1,696,349
PROVISIONS FOR LIABILITIES AND CHARGES
GOVERNMENT GRANTS 18 (16,920) (16,920)
NET ASSETS 13,931,577 1,679,429
CAPITAL AND RESERVES
Called up share capital 22 2,300,000 1,500,000
Share premium account 23 8,182,018 –
Revaluation reserve 23 – 183,958
Merger reserve 23 (1,499,000) (1,499,000)
Share based payments reserve 23 14,221 –
Profit and loss account 23 4,934,338 1,494,471
SHAREHOLDERS’ FUNDS 23 13,931,577 1,679,429
These financial statements were approved by the board of directors and authorised for issue on 1 October 2007 and are signed on their
behalf by:
R W Lloyd Sir L Young
(Chief Executive) (Chairman)
29 Company Balance Sheet 
30 June 2007
2007
Notes £
FIXED ASSETS
Investments 13 1,510,260
CURRENT ASSETS
Debtors 15 8,850,382
Cash at bank and in hand 708,825
9,559,207
CREDITORS: Amounts falling due within one year 16 (33,970)
NET CURRENT ASSETS 9,525,237
TOTAL ASSETS LESS CURRENT LIABILITIES 11,035,497
CAPITAL AND RESERVES
Called up share capital 22 2,300,000
Share premium account 23 8,182,018
Share based payments reserve 23 14,221
Profit and loss account 23 539,258
SHAREHOLDERS’ FUNDS 11,035,497
These financial statements were approved by the board of directors and authorised for issue on 1 October 2007 and are signed on their
behalf by:
R W Lloyd Sir L Young
(Chief Executive) (Chairman)
Annual Report 2007
Financial Report
30 Group Cash Flow Statement
for the year ended 30 June 2007
2007 2006
Notes ££
Net cash outflow from operating activities 24.a (18,991,253) (3,016,693)
Returns on investments and servicing of finance  24.b (40,321) (236,475)
Taxation (1,113,437) (20,000)
Capital expenditure and financial investment  24.b 195,908 (874,857)
Acquisitions and disposals 24.b (118,090) 772
Equity dividends paid (150,000) (1,000,000)
CASH OUTFLOW BEFORE FINANCING (20,217,193) (5,147,253)
Financing  24.b 20,804,430 5,486,990
INCREASE IN CASH IN THE PERIOD 587,237 339,737
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
2007 2006 
£ £ 
Increase in cash in the year 587,237 339,737
Cash flow in respect of long term loans and hire purchase contracts (11,822,412) (5,486,990)
CHANGE IN NET DEBT 24.c (11,235,175) (5,147,253)
NET DEBT AT 1 JULY 2006 24.c (17,006,007) (11,858,754)
NET DEBT AT 30 JUNE 2007 24.c (28,241,182) (17,006,007)
31 Accounting Policies
Basis of Accounting
The financial statements have been prepared under the historical cost convention, with the exception of revaluation of certain investment
properties. Accounting policies are consistently applied and are in accordance with generally accepted accounting practice in the UK.
Basis of Consolidation
The consolidated financial statements incorporate the financial statements of the company and all group undertakings. These are adjusted,
where appropriate, to conform to group accounting policies.
Under a group reconstruction on 9 October 2006 the Company acquired the whole of the issued share capital of Eatonfield Holdings Limited
in exchange for shares. The reconstruction has been accounted for in accordance with the principles of merger accounting as set out in the
Financial Reporting Standard No. 6 (FRS 6) and in accordance with Schedule 4A of the Companies Act 1985. The accounts have been
prepared as if Eatonfield Holdings Limited had been owned and controlled by the Company throughout the periods ended 30 June 2007 and
30 June 2006.
As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group
financial statements by virtue of section 230 of the Companies Act 1985.
FRS 20 “Share based payment” is effective for unlisted companies (including AIM companies) for accounting periods beginning on or after
1 January 2006. In accordance with the standard, the cost of share options awarded to employees measured by reference to their fair value
at the date of grant is recognised over the vesting period of the options based on the number of options which in the opinion of the Directors
will ultimately vest.
An analysis of the impact of FRS 20 is as follows:
Profit and loss account
2007 2006
£ £ 
Profit before adoption of new accounting standard 3,424,088 2,372,475
Impact of FRS 20 (14,221) –
Restated profit after adoption of new accounting standard 3,409,867 2,372,475
There is a corresponding credit to the share based compensation reserve and there is no impact on the Group’s cash position.
Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets,
financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company
after deducting all of its liabilities.
Turnover
The turnover shown in the profit and loss account represents amounts receivable during the period, exclusive of Value Added Tax.
Revenue Recognition
Revenue is recognised on house sales at legal completion. Revenue is recognised on land and commercial property sales from the point of
unconditional exchange of contracts.
Annual Report 2007
Financial Report
32 Finance Costs
Finance costs in relation to borrowed funds used to purchase development property currently held are capitalised.
Goodwill
Goodwill representing the excess of the purchase price compared with the fair value of net assets acquired is capitalised and written off
evenly over 10 years as in the opinion of the directors this represents the period over which the goodwill is effective. It is reviewed for
impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances
indicate the carrying value may not be recoverable.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset
as follows:
Fixtures & Fittings – 25% reducing balance or cost
Motor Vehicles – 25% reducing balance or cost
Equipment – 25% or 33% on cost
Freehold property – 4% on cost from the first year of ownership
An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge
on those assets is transferred annually from the revaluation reserve to the profit and loss reserve.
In accordance with Statement of Standard Accounting Practice No 19, investment properties are not depreciated.
Investment Properties
Certain of the Group’s properties are held for long term investment. Investment properties are accounted for in accordance with SSAP 19
and are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost,
or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account
for the year.
Although the Companies Act would normally require the systematic depreciation of fixed assets, the directors believe that the policy of not
providing depreciation is necessary in order for the financial statements to give a true and fair view, since the current value of investment
properties, and charges to that current value, are of prime importance rather than a calculation of systematic depreciation. Depreciation 
is only one of the many factors reflected in the annual valuation, and the amount which might otherwise have been included cannot 
be separately identified or quantified.
Stocks and Work in Progress
Stock and work in progress is valued at the lower of cost and net realisable value. Costs include, where appropriate, attributable overheads
and financing. The cost of properties in the course of development includes attributable loan interest and other outgoings having regard 
to the development potential of the property. Interest is calculated on the development expenditure by reference to specific borrowings.
A property ceases to be treated as a development on practical completion.
Assets Held for Resale
Assets held for resale are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow 
moving items.
33 Leasing and Hire Purchase Commitments
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the assets have passed 
to the company, and hire purchase contracts, are capitalised in the balance sheet and are depreciated over their useful lives.
The capital elements of future obligations under the leases and hire purchase contracts are included as liabilities in the balance sheet.
The interest elements of the rental obligations are charged in the profit and loss account over the periods of the leases and hire purchase
contracts and represent a constant proportion of the balance of capital repayments outstanding.
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.
Deferred Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where
transactions or events have occurred at that date that will result in an obligation to pay more, or right to pay less or receive more, tax, with
the following exceptions:
• provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets that have been rolled
over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets
concerned. However no provision is made where, on the basis of all the available evidence at the balance sheet date, it is more likely 
or not that the taxable gain will be rolled over into replacement assets and charged tax only where the replacement assets are sold.
• deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable
taxable profits from which the future reversal of the underlying differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the period in which timing differences
reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Deferred Government Grants
Deferred government grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account
over the estimated useful life of the assets to which they relate.
Share-Based Compensation
The Group operates an equity-settled, share based compensation plan. The fair value of the employee services received in exchange for 
the grant of options is recognised as an expense. The total amount to be expensed over the vesting period is determined by reference 
to the fair value of the options granted, excluding the impact of any non-market vesting conditions (for example, profitability and growth
targets). Non-market vesting conditions are included in the assumptions about the number of options that are expected to become
exercisable. At each balance sheet date, the Group revises its estimates of the number of options that are expected to become exercisable.
It recognises the impact of the revision of original estimates, if any, in the profit and loss account, and a corresponding adjustment 
to reserves over the remaining vesting period.
The proceeds received net of any attributable transaction costs are credited to share capital (nominal value) and share premium when 
the options are exercised.
Annual Report 2007
Financial Report
34 Notes to the Financial Statements 
for the year ended 30 June 2007
1 Turnover and Segmental Analysis
Turnover, profit before taxation and net assets were all derived from the Group’s principal activity of property investment, development and
house building. All operations are carried out in the United Kingdom.
2 Operating Income
2007 2006 
£ £ 
Other operating income – 111,063
3 Operating Profit 
Operating profit is stated after charging:
2007 2006 
£ £ 
Amortisation of goodwill 8,000 8,000
Depreciation of owned fixed assets 67,911 15,698
Depreciation of assets held under hire purchase agreements 17,710 27,721
Operating lease costs:
Land and buildings 23,647 12,439
Other 26,862 –
Auditors’ remuneration
– statutory audit of parent and consolidated accounts 15,000 18,000
– audit of subsidiaries 58,500 29,100
– other services pursuant to legislation 23,850 –
– tax compliance services 38,004 36,470
Amounts payable to Baker Tilly UK Audit LLP and their associates in respect of both audit and non audit services:
2007
£
Audit services
– statutory audit of parent and consolidated accounts 15,000
– IFRS conversion 3,850
Other services
The auditing of accounts of associates of the Company pursuant to legislation
– Audit of subsidiaries where such services are provided by Baker Tilly UK Audit LLP and their associates 58,500
Tax services
– Compliance services 38,004
Services relating to corporate finance transactions entered into or proposed to be entered into
by or on behalf of the Company or any of its associates –
115,354
35 3 Operating Profit (continued)
Amounts payable to Baker Tilly and their associates in respect of both audit and non audit services:
2007 2006
££
Audit services
– statutory audit of parent and consolidated accounts – 18,000
Other services
The auditing of accounts of associates of the Company 
pursuant to legislation
– Audit of subsidiaries where such services are provided by 
Baker Tilly and their associates – 29,100
– Interim statements 7,500 –
– Other advisory 12,500 –
Tax services
– Compliance services – 36,470
Services relating to corporate finance transactions entered 
into or proposed to be entered into by or on behalf of the 
Company or any of its associates 85,587 –
105,587 83,570
An amount of £85,587 (2006: £Nil) in relation to corporate finance services provided by the auditors was incurred in relation to the
Company’s admission to AIM and was charged to the share premium account.
4 Particulars of Employees
The average number of staff employed by the group, including directors, during the financial period amounted to:
2007 2006 
No No 
Administration and finance staff 22 7
Sales and development staff 84
Site operatives 16 4
46 15
The aggregate payroll costs, including directors’ emoluments, of the above were:
2007 2006 
£ £ 
Wages and salaries 1,548,548 669,761
Social security costs 182,547 85,729
1,731,095 755,490
Annual Report 2007
Financial Report
36 5 Directors’ Emoluments
The directors’ aggregate emoluments in respect of qualifying services were:
2007 2006 
£ £ 
Emoluments receivable 671,504 394,405
The emoluments of the highest paid director were:
2007 2006 
£ £ 
Emoluments receivable 330,872 231,319
No directors accrued benefits under a company pension scheme.
6 Interest Payable and Similar Charges
2007 2006 
Interest payable on: £ £ 
Bank loans and overdrafts gross 1,785,624 992,950
Less charged to cost of sales (631,339) (486,425)
Less capitalised in stock (1,010,713) (269,657)
143,572 236,868
2007 2006 
Interest payable on: £ £ 
Bank loans and overdrafts 133,980 225,674
Finance charges 9,592 11,194
143,572 236,868
7 Taxation on Ordinary Activities
2007 2006
Current tax: ££
Corporation tax at 30% (2006: 30%) 1,658,042 1,042,354
Adjustment in respect of earlier years 21,873 20,000
Total current tax 1,679,915 1,062,354
Deferred tax:
Origination of and reversal of timing differences – –
Tax on profit on ordinary activities 1,679,915 1,062,354
37 7 Taxation on Ordinary Activities (continued)
2007 2006 
£ £ 
Factors affecting the tax charge for the year
Profit on ordinary activities before taxation 5,089,782 3,434,829
Profit on ordinary activities before taxation multiplied by standard rate
of UK corporation tax of 30% (2006: 30%) 1,526,935 1,030,449
Effects of:
Non deductible expenses 87,629 17,831
Chargeable gains 50,736 5,376
Capital allowances in excess of depreciation 6,827 4,754
Profit on disposal of fixed assets (13,334) (6,939)
Marginal relief (4,032) –
Unrealised tax losses carried forward – (2,939)
Other 3,281 (6,178)
Adjustments in respect of previous periods 21,873 20,000
Current tax charge 1,679,915 1,062,354
8 Profit Attributable to Members of the Parent Company
The profit dealt with in the accounts of the parent company was £539,258.
9 Earnings per Share
Earnings per share is calculated in accordance with Financial Reporting Standard 22 (FRS 22).
Earnings and the number of shares used in the calculations of earnings per share are set out below:
2007 2006 
£ £ 
Profit for the period 3,409,867 2,372,475
No. No.
Weighted average number of shares in issue:
For basic earnings per share 19,945,055 15,000,000
Exercise of share options 75,115 _
For fully diluted earnings per ordinary share 20,020,170 15,000,000
Earnings per share:
Basic 17.10 15.82
Diluted 17.03 15.82
Annual Report 2007
Financial Report
38 10 Dividends
2007 2006
£ £ 
Declared and paid during the year
Equity dividends on ordinary shares:
Final dividend for 2006 10 p (2005: Nil p) 150,000 –
Interim dividend for 2007 Nil p (2006: 66
2
/ 3
p) – 1,000,000
150,000 1,000,000
Proposed for approval at Annual General Meeting (Not recognised at 30 June)
Equity dividends on ordinary shares:
Final dividend for 2007 1.5p (2006: Nil p) 345,000 –
11 Intangible Fixed Assets
Group Goodwill 
£ 
Cost:
At 1 July 2006 and 30 June 2007 80,000
Amortisation:
At 1 July 2006 8,000
Charge for the period 8,000
At 30 June 2007 16,000
Net book value:
At 30 June 2007 64,000
At 30 June 2006 72,000
39 12 Tangible Fixed Assets
Group Plant
Fixtures machinery
Freehold Develop’t Investment & Motor &
property property property fittings vehicles equipment Total
££££££ £
Cost
At 1 July 2006 984,699 10,000 424,275 46,002 181,292 34,915 1,681,183
Additions        9,167–––– 9,995 19,162
Disposals       – – (220,000) (7,278) – – (227,278)
Revaluation – – (3,958)––– (3,958)
At 30 June 2007 993,866 10,000 200,317 38,724 181,292 44,910 1,469,109
Depreciation
At 1 July 2006 – – – 19,102 84,182 13,877 117,161
Charge for the year 39,388 – – 8,306 24,446 13,481 85,621
Disposals       – – – (4,965) – – (4,965)
At 30 June 2007 39,388 – – 22,443 108,628 27,358 197,817
Net book value 
At  30 June 2007 954,478 10,000 200,317 16,281 72,664 17,552 1,271,292
At 30 June 2006 984,699 10,000 424,275 26,900 97,110 21,038 1,564,022
The investment properties are valued on an open market basis on 30 June 2007 by the directors. In respect of certain fixed assets stated
at valuations, the comparable historical cost and depreciation values are as follows:
Investment 
property
Group £
At 1 July 2006 240,317
Disposals (40,000)
At 30 June 2007 200,317
Hire purchase agreements
Included within the net book value of £1,271,292 is £53,131 (2006: £83,160) relating to assets held under hire purchase agreements.
The depreciation charged to the financial statements in the period in respect of such assets amounted to £17,710 (2006: £27,721).
Annual Report 2007
Financial Report
40 13 Investments
Company Shares in
subsidiary
undertakings
Additions 1,500,000
FRS 20 adjustment 10,260
1,510,260
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Description and proportion of
voting rights and shares held Nature of business
Subsidiary undertakings
Eatonfield Developments Limited Ordinary shares 100% Property investment and development
Kingfisher Real Estate Limited Ordinary shares 100%* Property investment and development
Eatonfield Asset Management Limited Ordinary shares 100%* Development and sale of real estate
Eatonfield Homes Limited Ordinary shares 100%* House building
Eatonfield Special Projects Limited Ordinary shares 100%* Dormant
Eatonfield SP1 Limited Ordinary shares 100%* Dormant
Eatonfield Facilities Management Limited Ordinary shares 100%* Dormant
Eatonfield Construction Limited Ordinary shares 100%* Dormant
Joint venture
Hawkesbury Properties Limited Ordinary shares 50%* Property investment and development
*Held by a subsidiary undertaking
The Group owns 50% of Hawkesbury Properties Limited. At 30 June 2007 the gross assets were £1,326,292 and gross liabilities were
£1,340,466. The loss after tax amounted to £14,174.
14 Stocks
Group Group Company
2007 2006 2007 
£ £ £ 
Stocks and work in progress 26,582,401 11,357,873 –
Included in the stock valuation above is capitalised loan interest of £1,010,713 (2006: £269,657) 
41 15 Debtors
Group Group Company
2007 2006 2007 
£ £ £ 
Amounts falling due within one year:
Trade debtors 183,250 222,250 –
Amounts owed by group undertakings – – 8,817,296
VAT recoverable 174,486 43,305 33,086
Other debtors 499,953 541,962 –
Prepayments and accrued income 17,888,994 6,301,781 –
18,746,683 7,109,298 8,850,382
16 Creditors: amounts falling due within one year
Group Group Company
2007 2006 2007 
£ £ £ 
Bank loans 15,834,758 15,682,831 –
Trade creditors 793,291 342,588 26,752
Corporation tax 1,677,372 1,110,894 7,218
Other taxes and social security costs 205,404 231,940 –
Hire purchase agreements 37,602 29,657 –
Director’s loan account – 62,797 –
Other creditors 354,375 123,580 –
Accruals and deferred income 1,437,168 286,300 –
20,339,970 17,870,587 33,970
Security has been given by the Group to secure £15,834,758 (2006: £15,682,831) of the amount shown under creditors falling due within 
one year.
The bank loans, secured over the properties held by the Group, were as follows:
The Natwest Loans are secured by:-
A charge over a Keyman Life Assurance Policy for £250,000 in the name of R J W Lloyd
First Legal charge over 4.88 acres of land at Northpark, Cardigan;
First legal charge over land at Nantgwineu Road, Garnant, Ammanford;
First legal charge over land at Bryn Coed, Conway Old Road, Penmaenmawr;
First Legal charge over land and buildings at Rhyd-y-Galed, Mold;
First legal charge over land at Cilwgwyn Bach Fields, Llandysul;
First legal charge over land at Lon Elan, Meliden, Prestatyn, Denbighshire;
First legal charge dated 1 December 2006 over Nags Head, Bettisfield;
First legal charge dated 14 February 2007 over land at Cadney Lane, Bettisfield. First legal charge over 0.42 acres of land to the rear 
of Ash Cottage, Cadney Lane, Bettisfield;
Annual Report 2007
Financial Report
42 16 Creditors: amounts falling due within one year (continued)
First legal charge dated 1 June 2007 over land adjoining Rhoslan Rhosaman, Ammanford;
First legal charge dated 8 June 2007 over land at Llansilin, Powys;
First legal charge dated 16 June 2007 over land at 264 Heathwood Road, Cardiff;
First legal charge dated 28 June 2007 over land at Bron yr Yrn, Drefach, Llanelli;
First legal charge over the freehold property at 14, Pendre, Cardigan;
In addition there is a right of Set-Off incorporated in all Legal Mortgages and Life Policies.
The rate charged is generally base plus 1% on all new loans, payable quarterly in arrears, the loans being repayable once the property 
is sold.
The Anglo Irish Loans are secured by:-
A first fixed legal charge over the land and property known as Coach House and Dean House, Stanneylands Road, Wilmslow and a charge
over all related sales proceeds and deposits and an assignment over the Contract and collateral warranties from the professional team
appointed in respect of the development (if deemed appropriate), the land to the west of West Hook Road, Hook, Pembrokeshire,
the property at 1 Europa Drive, Shepcote Business Park, Sheffield, including an equitable assignment over any rental income derived from
The Coach and Dean House, a debenture, by way of a floating charge over certain of the group’s assets, a deed of subordination in respect
of all directors and shareholder’s loans and a legal charge over the cash deposit accounts held with Anglo Irish, and an assignment of the
sale contract between the borrower and Jenard Properties Limited in relation to the Hook property.
The Allied Irish Bank Loans are secured by:-
Charge over the deposit account held at Allied Irish Bank;
First legal mortgage charge dated 18 July 2006 over the site on the East side of Newport Lane, Stoke on Trent;
First fixed legal charge over construction contract dated 15 September 2006 over the company’s present and future rights, title and interest;
First legal mortgage charge dated 3 November 2005 over the freehold property at Pen-Y-Bont Farmhouse, Mold;
First legal mortgage charge dated 19 December 2005 over the freehold property at 'The Viking Centre/Old Post Office Depot', Middle Street
North/Cranwell Road, Driffield.
The rate charged is generally base plus 2%, payable monthly in arrears, the loans being repayable once the property is sold.
Bank of Ireland has a First legal charge dated 14 November 2006 over Vantage Point, Paignton, Devon.
The rate charged is generally base plus 2%, payable monthly in arrears, the loan being repayable once the property is sold.
43 16 Creditors: amounts falling due within one year (continued)
The Cooperative Bank Loan is secured by way of a first legal charge dated 17 February 2006 over all land and property at the Former
Diwhurst Factory, Ystalyfera, Swansea and a first legal charge over all land and property known as Glanyrafon Land and Buildings 
at Ystalyfera, Swansea.
The rate charged is generally base plus 1.75%, payable monthly in arrears, the loans being repayable once the property is sold.
The HSBC Loan is secured by:
First legal charge over the property known as Linden House (Eatonfield House), Mold Business Park, Mold.
A First legal mortgage dated 3 May 2007 over former Woodhouse Hotel, Nant Mawr Road, Buckley.
First legal charge over the freehold property 13 Vale Street, Denbigh.
The rate charged is generally base plus 1.1%, payable monthly in arrears, the loans being repayable once the property is sold.
Bridging Finance Limited has a First legal charge dated 15 September 2006 over St Barbaras Avenue, Bodelwyddan.
The rate charged is generally base plus 1.25% per month, payable monthly in arrears, the loan being repayable once the property is sold.
Ethel Austin Properties Holdings Limited has a legal charge dated 19 December 2005 over the Viking Centre, Driffield.
17 Creditors: amounts falling due after more than one year
Group Group Company
2007 2006 2007 
£ £ £ 
Bank loans 13,387,745 1,687,603 –
Hire purchase agreements 26,794 64,396 –
13,414,539 1,751,999 –
Future commitments under hire purchase agreements are as follows
Group Group Company
2007 2006 2007 
£ £ £ 
Amounts payable within 1 year 37,602 29,657 –
Amounts payable between 2 and 5 years 26,794 64,396 –
Amounts payable over 5 years –– –
64,396 94,053 –
Included in the bank loan figure of £13,387,745 is an amount due in more than 5 years of £599,060 (2006: £566,903)
Security as detailed under note 16 has been given by the Group to secure £13,387,745 (2006: £1,687,603) of the amount shown under
creditors amounts falling due after more than one year.
Annual Report 2007
Financial Report
44 18 Government Grants
The movement during the period was:
Group Group Company
2007 2006 2007 
£ £ £ 
Received and receivable
Balance brought forward and carried forward 69,193 69,193 –
Amortisation
Balance brought forward and carried forward 52,273 52,273 –
Net balance 16,920 16,920 –
19 Commitments under Operating Leases
At 30 June 2007 the Group and Company had annual commitments under non-cancellable operating leases as set out below.
Land and buildings
Operating leases which expire: 2007 2006
£ £ 
Within 1 year ––
Between 2 and 5 years 26,862 –
Over 5 years ––
26,862 –
20 Related Party Transactions
The directors have taken advantage of the exemption under FRS 8 from reporting transactions with other group companies.
Progressive Land Limited (formerly Eatonfield Leisure Limited) is a related party through a common director and shareholder, R J W Lloyd.
The balance outstanding at 30 June 2007 was £475,970 (2006: £507,348), of which £325,970 is shown within other debtors and £150,000 
is considered to be trading and is therefore shown within trade debtors. Transactions during the year included payments of £152,041 and
receipts of £120,663.
K B Mather, a director of Eatonfield Developments Limited, is a consultant for one of the Company’s conveyancing solicitors,
Perkins Solicitors. The firm provided legal services to the sum of £271,084 during the financial year (2006: £40,944).
There were no other transactions with related parties which should be disclosed under FRS 8.
45 21 Transactions with Directors
There was an amount owed to R J W Lloyd, a director of the Company of £Nil as at 30 June 2007 (2006: £62,797). The maximum balance
outstanding during the year was £62,797.
During the year Eatonfield Developments Limited sold 2 houses to members of R J W Lloyd’s family for £350,000 each.
During the year ended 30 June 2007 work was undertaken on property owned by R J W Lloyd amounting to £214,998.
22 Share Capital
2007 2007 
No £ 
Authorised:
Ordinary shares of 10p each 30,000,000 3,000,000
2007 2007 
No £ 
Authorised:
Issued subscriber shares 11
Issued to former shareholder of Eatonfield Holdings Limited 1,499,999 1,499,999
Sub division of ordinary shares 13,500,000 –
Issued on Admission to Alternative Investment Market 8,000,000 800,000
23,000,000 2,300,000
Ordinary Shares
The Company’s original authorised share capital on incorporation comprised 100 £1 ordinary shares of which 1 was issued fully paid,
to the initial subscriber. On 13 September 2006 the subscriber share was transferred to R J W Lloyd.
On 9 October 2006 the authorised share capital was increased from £100 to £3,000,000 by the creation of 2,999,900 ordinary shares 
of £1 each. On the same date the Company acquired the entire share capital of Eatonfield Holdings Limited, satisfied by the issue of
1,499,999 ordinary shares of 10p, together with the initial subscriber share. Also on 9 October 2006 each of the ordinary shares of £1 each,
both in issue and unissued, were subdivided into 10 shares of 10p each.
On 17 November 2006, following admission to the Alternative Investment Market of the London Stock Exchange, a further 8,000,000 ordinary
shares of 10p each were issued at a price of 125p per ordinary share.
Annual Report 2007
Financial Report
46 22 Share Capital (continued)
Options
At 30 June 2007 the Company had unissued ordinary shares of 10p each under the Company’s share option schemes, details of which are
as follows:
Date from
Granted in Option Price which
Grant date the period pence exercisable Expiry date
25 October 2006 237,775 67 24 October 2009 24 October 2016
9 November 2006 20,000 67 9 November 2009 9 November 2016
48,000 of the above options have lapsed as at 30 June 2007.
The Group recognised the following expenses related to share-based payments:
2007 2006
££
Charged to Consolidated Income Statement 14,221 –
The options outstanding at 30 June 2007 had a weighted average exercise price of 67p (2006: Nil p), and a weighted average remaining
contractual life of 2.4 years (2006: Nil years).
In the period ended 30 June 2007, options were granted on 24 October 2006. The aggregate of the estimated fair values of the options
granted on this date is £42,663.
The fair value of options granted under the scheme is measured by use of the Black-Scholes model. The inputs into the Black-Scholes model
are as follows:
2007 2006
Share price (p) 67 –
Exercise price (p) 67 –
Expected volatility (%) 23.6 –
Expected life (years) 3–
Risk-free rate (%) 5–
Expected dividends (%) 1–
Expected volatility was based upon the historical volatility of the Group’s share price. The expected life is based upon historical data and has
been adjusted based on management’s best estimates for the effects of non-transferability, exercise restrictions and behavioural considerations.
47 23 Reserves and Shareholders’ Funds
Group Share Share based Profit
Share Premium Revaluation Merger compens’n and loss
capital account reserve reserve reserve account Total
££££££ £ 
At 1 July 2005 
as previously stated:
Eatonfield Holdings 
Limited 1,000 – 310,516 – – 121,996 433,512
Merger adjustment 1,499,000 – – (1,499,000) – – –
At 1 July 2005 as 
restated 1,500,000 – 310,516 (1,499,000) – 121,996 433,512
Revaluation of
fixed assets – – (126,558)––– (126,558)
Profit for the year –––––2,372,475 2,372,475
Dividends ––––– (1,000,000) (1,000,000)
At 1 July 2006 1,500,000 – 183,958 (1,499,000) 1,494,471 1,679,429
Share issue 800,000 9,200,000––––10,000,000
Share issue costs – (1,017,982)––––(1,017,982)
Profit for the period –––––3,409,867 3,409,867
Dividends – – – – (150,000) (150,000)
Transfer – – (180,000) – – 180,000 –
Revaluation of 
fixed asset – – (3,958)––– (3,958)
Share based 
compensation –––– 14,221 – 14,221
Balance at 
30 June 2007 2,300,000 8,182,018 – (1,499,000) 14,221 4,934,338 13,931,577
Company Share Share based Profit
Share Premiumcompensation and loss
capital  account  reserve account Total
£ £ £ £ £ 
Issued subscriber shares 1 – – – 1
Shares issued to former shareholder
of Eatonfield Holdings Limited 1,499,999–––1,499,999
Shares issued on AIM placing 800,000 9,200,000 – – 10,000,000
Share issue costs – (1,017,982) – – (1,017,982)
Profit for the period – – – 539,258 539,258
Capital contribution – – 14,221 – 14,221
Balance at 30 June 2007 2,300,000 8,182,018 14,221 539,258 11,035,497
As discussed in more detail in accounting policies, the Group reconstruction has been accounted for in accordance with the principles of
merger accounting. For this reason the Group balance sheet has been restated to reflect the effects of the merger, which resulted in
1,500 Eatonfield Group plc shares for every 1 Eatonfield Holdings Limited share in issue at that date.
Annual Report 2007
Financial Report
48 24 Cash Flows
a Reconciliation of operating profit to cash outflow from operating activities
2007 2006 
£ £ 
Operating profit 5,137,346 3,598,162
Share of joint venture operating loss 7,087 –
Amortisation of goodwill 8,000 8,000
Share based compensation 14,221 –
Depreciation 85,621 43,419
Increase in stocks (14,467,266) (5,292,528)
Increase in debtors (11,637,385) (1,486,024)
Increase in creditors 1,861,123 112,278
Cash outflow from operating activities (18,991,253) (3,016,693)
b Analysis of cash flows for headings netted in the cash flow statement
Returns on investment and servicing of finance 2007 2006 
£ £ 
Interest received 103,251 393
Interest paid (133,980) (225,674)
Interest element of hire purchase contracts (9,592) (11,194)
Net cash outflow from returns on investments and servicing of finance (40,321) (236,475)
Capital expenditure 2007 2006 
£ £ 
Payments to acquire tangible fixed assets (19,162) (1,075,023)
Receipts from sale of tangible fixed assets 215,070 200,166
Net cash inflow/(outflow) for capital expenditure 195,908 (874,857)
Acquisitions and disposals 2007 2006 
£ £ 
Purchase of subsidiary undertakings (118,090) (47,700)
Net cash acquired with subsidiary undertaking – 48,472
Net cash (outflow)/inflow from acquisitions and disposal (118,090) 772
Financing 2007 2006 
£ £ 
Proceeds on issue of ordinary shares 10,000,000 –
Share issue costs (1,017,982) –
Net movement in debt 11,852,069 5,522,491
Capital element of hire purchase payments (29,657) (35,501)
Net cash inflow from financing 20,804,430 5,486,990
49 24 Cash Flows (continued)
c Analysis of net funds/(debt)
At 1 July At 30 June
2006 Cash flows 2007
£ £ £
Cash in hand and at bank 458,480 587,237 1,045,717
Debt:
Debts falling due within one year (15,682,831) (151,927) (15,834,758)
Debts falling due after one year (1,687,603) (11,700,142) (13,387,745)
Hire purchase agreements (94,053) 29,657 (64,396)
(17,464,487) (11,822,412) (29,286,899)
Net debt (17,006,007) (11,235,175) (28,241,182)
25 Financial Instruments
The Group’s treasury policy during the year ended 30 June 2007 was to secure suitable, flexible funding arrangements to satisfy the Group’s
requirements. The Group uses financial instruments comprising borrowings, cash, and trade debtors and creditors that arise directly from
its operations to achieve its financial and operational objectives.
It is not the Group’s policy to enter into financial derivatives for speculative or trading purposes. The financial instruments employed by the
Group other than short term debtors and creditors are used to fund its operations and comprise cash, short term deposits and long term
loans and finance leases.
The Group’s exposure to interest rate risk is limited to bank loans which are typically floating rate and its cash deposits which are also
typically floating rate. As permitted by Financial Reporting Standard (“FRS”) No 13, the disclosures below exclude short term debtors 
and creditors.
Interest rate risk profile of financial assets
The interest rate profile of the financial assets of the Group as at 30 June 2007 is as follows:
Fixed rate Floating rate Financial
financial financial assets on
assets assets which no
interest is paid Total
£££ £
2007
Sterling – 1,045,717 – 1,045,717
2006
Sterling – 458,480 – 458,480
Floating rate financial assets comprise cash deposits.
Annual Report 2007
Financial Report
50 25 Financial Instruments (continued)
Interest rate risk profile of financial liabilities
The interest rate profile of the financial liabilities of the Group as at 30 June 2007 is as follows:
Fixed rate Floating rate Financial
financial financial liabilities on
liabilities liabilities which no
interest is paid Total
£££ £
2007
Sterling 1,564,396 27,722,503 – 29,286,899
2006
Sterling 94,053 17,370,434 – 17,464,487
The weighted average interest rate on fixed rate financial liabilities at 30 June 2007 was 1.20% per month (2006: 0.66%).
The weighted average period to maturity of fixed rate financial liabilities at 30 June 2007 was 4 months (2006: 18 months).
The fixed rate financial liabilities were confined to obligations under hire purchase and finance leases.
The maturity profile of the Group’s financial liabilities as at 30 June 2007 was as follows:
2007 2006
££
Payable within one year, or on demand 15,872,360 15,712,488
Payable between one and two years 5,147,790 487,956
Payable between two and five years 7,595,382 638,623
Payable in more than five years 671,367 625,420
29,286,899 17,464,487
Currency exposures
The Group has no overseas assets or liabilities.
Borrowing facility
The Group had an undrawn overdraft facility of £100,000 at 30 June 2007. Its lenders have offered combined facilities of £58m of which just
over half had been drawn down at year end.
Fair Values of financial assets and financial liabilities 
The fair value, based upon the market value or discounted cashflows of the financial instruments detailed above was not materially different
from their book values.
51 26 Capital Commitment
At 30 June 2007 the Group was committed by unconditional contract to the purchase of sites known as Showground, Cardigan and New Mill
Road for a combined value of £75,000, this being 50% of the cost. The transaction will complete in the next financial year.
At 30 June 2007 the Group was committed by unconditional contract to the purchase of sites known as Greenfield Holywell for a value 
of £1,250,000. The transaction will complete in the next financial year.
At 30 June 2007 the Group was committed by unconditional contract to the purchase of sites known as Dolgader Caravan Park for a value
of £325,000. The transaction will complete in the next financial year.
At 30 June 2007 the Group was committed to the purchase of additional land and release of covenants at Darren Works Ystalyfera site 
for £626,000. The transaction will complete in the next financial year.
27 Annual General Meeting
The annual general meeting will be held at Eatonfield House at 11a.m. 29th November 2007.
28 Post Balance Sheet Event
Upon his resignation as Finance Director on 12 September 2007 it was agreed T P Carroll could exercise his share options. The Company
therefore issued 64,775 ordinary shares of 10p each at a price of 67p per ordinary share.
Annual Report 2007
Financial Report
52 Eatonfield is committed to environmentally responsive developments.
The paper used to print this Annual Report is made from 80% recovered fibre with the remaining 20% from sustainable forests.
Eatonfield Group plc Head Office in Mold, North Wales Eatonfield Annual Report 
2007
Building the future
Eatonfield House
4 Mold Business Park
Wrexham Road
Mold
Flintshire CH7 1XP
Telephone 01352 757008
enquiries@eatonfield.co.uk
www.eatonfield.co.uk
Registered in England and Wales, Company Number 05801082