Supporting Primary Care
ASHLEY HOUSE
Ashley House plc and Ashley House Properties Ltd
Report and accounts 2005
Ashley House plc
Chalfont Hall
Gravel Hill
Chalfont St. Peter
Gerrards Cross
Buckinghamshire
SL9 0NP
Telephone: 01753 891 189
Fax: 01753 891 183
www.ashleyhouseplc.com Contents
01 Highlights
02 Ashley House at a glance
03 Our locations
04 Ashley House plc
04 Chairman’s statement
06 Joint CEO’s statement
08 Report of the directors
12 Report of the independent auditors
13 Principal accounting policies
14 Consolidated profit and loss account
15 Balance sheets
16 Consolidated cash flow statement
17 Other primary statements
18 Notes to the financial statements
28 Ashley House Properties
28 Chairman’s Statement
30 Report of the directors
33 Report of the independent auditors
34 Principal accounting policies
35 Consolidated profit and loss account
36 Balance sheets
37 Consolidated cash flow statement
38 Notes to the financial statements
Ashley House plc designs 
and project manages the
construction of Primary Care
infrastructure for the NHS. 
Ashley House Properties is a
property investment company
which owns and develops
Primary Care buildings,
leased to NHS Primary Care
Trusts, doctors and
pharmacists.
Ashley House plc
Chalfont Hall
Gravel Hill
Chalfont St. Peter
Gerrards Cross
Buckinghamshire
SL9 0NP
Telephone: 01753 891 189
Fax: 01753 891 183
Registered in England and Wales No. 2563627
Ashley House Properties Ltd
Chalfont Hall
Gravel Hill
Chalfont St. Peter
Gerrards Cross
Buckinghamshire
SL9 0NP
Telephone: 01753 891 189
Fax: 01753 891 183
Registered in England and Wales No. 4188281
www.ashleyhouseplc.com Ashley House 
Report and accounts 2005
01
Highlights
n Return to profitability of Ashley House plc
n Strengthened balance sheet for 
Ashley House plc
n Establishment of Ashley House Properties Ltd 
with stapled share structure
n Acquisition of Medical Properties Ltd 
by Ashley House Properties Ltd
1. Malden Road, New Malden 
A Classical new build on three
floors for this six GP Practice 
2. Clarence Avenue, New Malden
An exciting joint development 
with AH also providing 
a Sports Hall and Music/
Drama Department for the
adjoining School 
12 Ashley House head office
Ashley House regional offices
Current projects and portfolio
Ashley House
At a glance
Ashley House plc designs 
and project manages the
construction of Primary Care
infrastructure for the NHS.
These buildings typically
comprise doctors’ surgeries
and medical centres often
with pharmacies on the 
same site.
The business has been established for some 
14 years and has been involved in over 200
Primary Care schemes in the UK. 
Ashley House has a healthy pipeline of schemes
currently under construction, schemes with
planning consent due on-site in the near future 
and schemes with planning applications submitted.
Ashley House Properties is a property investment
company which owns and develops Primary Care
buildings, leased to NHS Primary Care Trusts,
doctors and pharmacists.
Ashley House Properties owns a portfolio 
of properties which are complete and income
producing. A further number are on-site under
construction and others with planning consent
due to commence construction. All these new
projects have end users in place with agreed rental
levels. The total approximate gross asset value 
of £50 million is based on annual rents of some 
£3.5 million. Further schemes are being added 
to the portfolio constantly.
This document comprises the reports and
accounts for two companies, Ashley House plc 
and Ashley House Properties Ltd (with a
resolution to become a plc). These are separate
companies but by virtue of a stapled share
structure, have identical shareholders and 
only one trading facility.
02
Ashley House 
Report and accounts 2005
Ashley House 
Report and accounts 2005
03
Our 
locations
1. Newcastle
Major Health Centre comprising
4,600 sqm of GP’s, Mental 
Health, Urgent Care and other
Health Services
2. Melksham  
The Doctors are delighted with
their new working environment
3. Haverhill
Stunning contemporary interior
specifically conceived for this 
go ahead GP Practice
1 23 The establishment of Ashley House Properties Ltd
in September 2004 as a separate company but with
its shares stapled to those of Ashley House plc 
was a significant step. Now shareholders in both
companies have an interest in an earnings driven
company in Ashley House plc and an asset based
company in Ashley House Properties Ltd. Ashley
House Properties Ltd’s annual report is enclosed
with this report so its initial progress is detailed
there separately.
Outlook and move to AIM
The fundraising relating to Ashley House Properties
Ltd’s acquisition of Medical Properties Ltd has
resulted in many new shareholders joining the
register of both companies and I welcome you all 
at a time when Ashley House is moving forward
well and has, we believe, a bright future. It is the
board’s intention to seek an AIM introduction for 
the company’s shares in the next 12 months and 
we shall communicate further with shareholders
once the specifics are clarified in this respect.
Ashley House is better positioned now in terms of
its balance sheet, pipeline of business and the team
to deliver than at any time in the last few years. I
would like to thank all the staff for their hard work,
support and commitment since it has been a team
effort in turning the business round.
David Burton CBE
Chairman
29 July 2005
Results & financial
The year to 30 April 2005 has been a progressive
one for Ashley House plc. Results show a return to
profitability with £716,000 post tax profit achieved
(2004: £466,000 loss) on turnover up 37% to £12.6
million (2004: £9.2 million). Earnings per share were
5.7p (2004: loss per share of 4.07p). At this time the
board does not intend to pay a dividend, but this
will be reviewed with a view to returning to
payment of dividends when appropriate.
These profits and the conversion of £925,000
convertible loan into equity in April 2005, have
transformed the balance sheet to a net assets
position of £2.5 million (April 2004: £781,000) 
with gearing reduced to 38% (2004: 250%). 
The business and Ashley House Properties
It should be noted that Ashley House plc does not
own the property assets it is involved in designing
and building, so whilst the strengthening of the
balance sheet is welcome and important, the value
of this business lies in its ability to generate
consistent and increasing profits. Income is mainly
derived from designing and building Primary Care
infrastructure for the NHS.
Other income streams from related fields such as 
the supply of mobile temporary accommodation and
exploiting opportunities represented by pharmacies
are being developed but with a clear focus in
relation to the business’ core market and skills.
Property and asset management income should be
materially higher in years to come given the close
relationship with Ashley House Properties Ltd,
whose portfolio Ashley House plc manages. With
rapid growth in that portfolio anticipated over the
coming year from schemes currently being built,
this income stream should continue to grow in line.
Ashley House plc 
Chairman’ s
statement
Ashley House is better
positioned now in terms 
of its balance sheet, pipeline 
of business and the team to
deliver than at any time in 
the last few years.
04
Ashley House plc
Report and accounts 2005
Ashley House plc
Report and accounts 2005
05
on site
with planning consent
planning application
submitted
Stowmarket
From concept to model through
construction to completed building
– a true ‘one stop shop’ 1. Brighton
Stunning mixed development
including two GP practices 
2. Wantage
Two large GP Practices, PCT
Services, Dentist, Pharmacy 
and Optician with scope for 
major expansion
3. Southfields
Innovative design to provide 
a five GP Surgery and Pharmacy
maximising the potential of this
constrained brownfield site
06
Ashley House plc
Report and accounts 2005
Ashley House plc
Report and accounts 2005
07
Ashley House
Joint Chief
Executive
Officers’
statement
We look forward to the
coming year with confidence
based on the number of
schemes on site and in our
ability to manage the process.
The business
The design, project management and construction
business has seen more schemes move onto site
during the year under review, particularly in the
latter part. We are pleased to have completed
schemes in Bletchley, Braintree, Chellaston,
Edgware, Elvington, Haverhill, Oxford and 
Market Lavington during the last financial year. 
National coverage
The value of 15 years experience in over 200
schemes should not be underestimated. The
upgrading of the primary care estate has continuing
funding support from central government, and even
less political risk following the general election.
Our regional offices in Wales, the North East and 
East Anglia and the team based at head office in
the South East have proved vital in maintaining
excellent relations with various interested parties
involved in new primary care schemes including 
the doctors, the Primary Care Trusts, Planning
Authorities and other parts of local government. 
It is our team’ s experience and knowledge of such
schemes which is our greatest asset. We are
looking to strengthen our regional presence in 
the North of England where we already have a
number of actual and potential schemes.
The nature of the new schemes has also seen a
positive progression with more substantial schemes
coming through. A healthy number of schemes also
achieved planning consent and since by that stage
they all have funding agreed in principle with the
Primary Care Trusts, the outlook is positive for 
the immediate future of the business.
Margins
We have a keen eye on the margins at all times 
and are pleased that during the year in question 
we managed to maintain an acceptable level
notwithstanding the significant increase in
turnover. Anticipating continued growth in turnover
in the coming year, we are managing our growth
with close attention to the cost base, benefiting
from economies of scale as the business grows.
LIFT
Looking longer term we intend to participate in 
the next wave of NHS LIFT (Local Improvement
Finance Trust) bids in conjunction with partners. 
If we are successful, a participation in a LIFTCo
gives a long-term contract to deliver Primary Care
Schemes in a particular region. Our business
outside LIFT continues to thrive and it is clear that
LIFT will only cover certain areas of the country.
Conclusion
Sourcing new schemes is a function of excellence
of performance resulting in recommendations, in
conjunction with hard work and creative problem
solving for our end-users, namely the doctors 
and Primary Care Trusts. We look forward to the
coming year with confidence based on the number
of schemes on site and in our ability to manage 
the process.
Steve Minion and Jonathan Holmes
Joint Chief Executive Officers
29 July 2005
1 23 Ashley House plc
Report and accounts 2005
09
Going concern
After making enquiries and reviewing forecasts, the directors have, at the time of approving the financial
statements, concluded that it is appropriate to continue to adopt the going concern basis in preparing these
financial statements.
Application of principles
Directors
The group supports the concept of an effective board, leading and controlling the group. The board is responsible
for approving group policy and strategy. It meets regularly and has a schedule of matters specifically reserved to
it for decision. Management supplies the board with appropriate and timely information and the directors are free
to seek any further information that they consider necessary. All directors have access to advice from the
Company Secretary and independent professionals at the group’s expense. 
Directors’ responsibilities for the financial statements
Company law in the United Kingdom 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 the group and of the profit or loss of the
group for that period. In preparing those financial statements, the directors are required to:
n select suitable accounting policies and apply them consistently
n make judgements and estimates that are reasonable and prudent
n state whether applicable accounting standards have been followed, subject to any material departures disclosed
and explained in the financial statements.
The directors are responsible for keeping proper accounting records, which disclose with reasonable accuracy 
at any time the financial position of the Company and group and enable them to ensure that the accounts comply
with the Companies Act 1985, for safeguarding assets of the group and for taking reasonable steps for the prevention
and detection of fraud and other irregularities. The directors are also responsible for the preparation of the directors’
report and other information in the annual report.
The board has overall responsibility for ensuring that the group maintains systems of internal control to provide 
it with reasonable assurance regarding the reliability of financial information used within the business and for
publication and that assets are safeguarded. 
Remuneration policy
The group’s policy on executive directors’ remuneration is to:
n attract and retain high quality executives by paying competitive remuneration packages relevant to each director’ s
role, experience and the external market. The packages include contribution to private medical insurance
n give incentive to directors to maximise shareholder value through annual bonus schemes
Service agreements
No director has a service agreement with a notice period that exceeds three months.
08
Ashley House plc
Report and accounts 2005
Report of the directors
The directors present their report together with the audited financial statements for the year ended 30 April 2005.
Principal activity
The group’s principal activity is the supply of project management and consultancy services, primarily allied 
to the provision of medical facilities delivering NHS-led primary care. 
Business review
The consolidated profit and loss account for the year is set out on page 14. 
A review of developments affecting the group during the year and of its prospects for the future appears 
in the Chief Executives’ Statement. The directors do not recommend payment of a dividend.
Directors
The present membership of the board is set out below. Except as noted, the directors served throughout 
the year.
A D Burton (Non-executive Chairman)
N K Croxford
J H Gunn (Non-executive Director)
J Holmes
S G Minion 
G Mosley
B L Walker (appointed 24 June 2004)
J Holmes retires by rotation and being eligible offers himself for re-election.
Supplier payment policy
The group’s policy is to settle terms of payment with suppliers when agreeing the terms of each transaction, 
to ensure that suppliers are made aware of the terms of payment, and to abide by the terms of payment. Trade
creditors at the year-end amount to 53 days of average supplies for the year.
Employee involvement
The group keeps its employees informed of matters affecting them as employees through regular briefings.
Certain key members of staff who are not directors have been granted options over shares in the Company.
Substantial shareholdings
As at 30 April 2005, the Company had been notified, in accordance with Sections 198 to 209 of the Companies
Act 1985, of the following interests in the ordinary share capital of the Company:
Number Percentage
S G Minion 4,010,636 18.4
G Mosley 2,404,662 11.1
W B (Nominees) Limited 1,875,483 8.6
G E Holmes 1,664,615 7.7
G C Mosley 1,653,223 7.6
J Holmes 1,267,914 5.8
Ludgate 181 (Jersey) Limited 833,332 3.8
N K Croxford 822,656 3.8
P Heath 750,000 3.4
A D Burton 655,000 3.0
Corporate governance
The board supports the principles of good governance. The group is committed to high standards of corporate
governance and has adopted procedures to institute good governance insofar as they are practical and appropriate
for a business of this size at this stage in its development. The board has a remuneration committee comprising 
a majority of non-executive directors and an audit committee chaired by the non-executive chairman. Ashley House plc
Report and accounts 2005
11 10
Ashley House plc
Report and accounts 2005
Report of the directors
continued
Directors’ remuneration, pension entitlements, share options and warrants 
Salaries, Salaries,
fees and fees and
benefits benefits
2005 2004
Total Total
£ £
G Mosley 48,993 45,725
N K Croxford 62,177 56,349
J Holmes 72,173 63,152
S G Minion 78,371 71,449
B L Walker 55,920 –
J A Cane (resigned 16 January 2004) – 115,755
Executive 317,634 352,430
D H M Henry (resigned 16 January 2004) – 13,556
S T Ellen (resigned 16 January 2004) – 21,796
A D Burton 25,480 6,923
J H Gunn 10,416 1,941
Non-executive 35,896 44,216
353,530 396,646
The group did not make contributions to any director’s pension fund during the year.
Directors’ interests 
The directors who held office at the end of the financial year had the following beneficial interests in the ordinary
share capital of Ashley House plc at 30 April 2005 according to the register of directors’ interests:
Interest at 
1 May 2004, 
or date of 
Number of appointment 
shares of Percentage Acquired/ if later, in 
1p held at of issued (disposed of) shares of 
30 April 2005 share capital during year 1p each
A D Burton 655,000 3.0 152,500 502,500
N K Croxford 822,656 3.8 350,091 472,565
J H Gunn 366,273 1.7 17,500 348,773
J Holmes 1,267,914 5.8 680,374 587,540
S G Minion 4,010,636 18.4 1,567,778 2,442,858
G Mosley 2,404,662 11.1 986,389 1,418,273
B L Walker 250,000 1.1 250,000 –
The interest of J H Gunn is held by W B (Nominees) Limited. 
Connected persons’ interest in share capital 
M Holmes and G E Holmes (parents of J Holmes) hold 709,328 and 1,664,615 shares respectively. G C Mosley
(former spouse of G Mosley) holds 1,653,223 ordinary shares. These shares are not included in the director’s
interests above. Ludgate 181 (Jersey) Limited owns 833,332 shares in the Company. A D Burton and J H Gunn
are both directors of and have an interest in Ludgate 181 (Jersey) Limited.
Interests in share options
The interests of the directors and persons connected to the directors in options over units comprising one share
in Ashley House plc and one share in Ashley House Properties Ltd., at 30 April 2005 were:
Number Exercise price Number 
of Options £ granted
N K Croxford 200,000 0.30 200,000
J Holmes 330,000 0.30 330,000
S G Minion 330,000 0.30 330,000
G Mosley 150,000 0.30 150,000
These options, which were granted on 15 August 2004, are exercisable within ten years.
Interests in warrants 
The interests of the directors and persons connected to the directors in warrants over units comprising one share
in Ashley House plc and one share in Ashley House Properties Ltd at 30 April 2005 were:
Warrants Warrants
held at Exercise price Warrants held at 
30 April 2005 £ granted 1 May 2004
A D Burton – Director 330,000 0.30 330,000 –
N K Croxford – Director 23,340 0.95 – 23,340
J H Gunn – Director 330,000 0.30 330,000 –
J Holmes – Director 81,690 0.95 – 81,690
S G Minion – Director 64,190 0.95 – 64,190
G Mosley – Director 64,190 0.95 – 64,190
B L Walker – Director 150,000 0.30 150,000 –
180,000 0.40 180,000 –
The warrants, which were granted on 11 March 2002, at 95p are exercisable within five years. The warrants,
which were granted on 16 August 2004 at 30p, are exercisable within five years. The warrants, which were
granted on 22 December 2004 at 40p, are exercisable within five years.
Market value of shares 
The market price of the ordinary shares, which are traded on OFEX as a stapled unit with shares in Ashley House
Properties Ltd ranged during the year from 9p to 42.5p. At 30 April 2005 the share price was 42.5p per unit.
Auditors
Grant Thornton UK LLP offer themselves for reappointment as auditors in accordance with Section 385 of the
Companies Act 1985.
On behalf of the board
S G Minion
Joint Chief Executive
29 July 2004 Ashley House plc
Report and accounts 2005
13
Principal accounting policies
Basis of preparation
The financial statements have been prepared in accordance with applicable accounting standards and under the
historical cost convention, with the exception of the revaluation of land and buildings. 
The principal accounting policies of the group are set out below. The policies have remained unchanged from the
previous year. 
Basis of consolidation
The group financial statements consolidate those of the Company and of its subsidiary undertakings. Profits or
losses on intra-group transactions are eliminated in full. All of the subsidiary’s assets and liabilities that existed
at the date of acquisition were recorded at their fair values reflecting their condition at that date.
Turnover
Turnover is the total of amounts for goods supplied and services provided, excluding value added tax.
In the case of long term contracts, turnover reflects the contract activity during the year and represents the
proportion of total contract value which costs incurred to date bear to total expected contract costs.
Turnover on long term contracts is only recognised where there is reasonable certainty that the contract will proceed
and planning permission has been obtained.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.
Depreciation is calculated to write down the cost or valuation less estimated residual value of all tangible 
fixed assets, other than freehold land, on the reducing balance basis over their expected useful economic 
lives. The periods generally applicable are:
Freehold buildings 50 years
Office equipment, furniture and fixtures 4 years
Motor vehicles 4 years
Mobile surgeries 4 years
Investments
Investments are included at cost less provision for amounts written off.
Stocks
Stocks are stated at the lower of purchase cost and net realisable value.
Deferred taxation
Deferred tax is recognised on all timing differences where the transactions or events that give the group an
obligation to pay more tax in the future, or a right to pay less tax in the future, have occurred by the balance sheet
date. Deferred tax assets are recognised when it is more likely than not that they will be recovered. Deferred tax is
measured using rates of tax that have been enacted or substantively enacted by the balance sheet date.
Work in progress and long term contracts
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of
activity. Costs associated with long term contracts are included in stock to the extent that they cannot be matched
with contract work accounted for as turnover. Long term contract balances included in stocks are stated at cost,
after provision has been made for any foreseeable losses and the deduction of applicable payments on account.
No element of profit is included in the carrying value of work in progress. Full provision is made for losses on 
all contracts in the year in which the loss is first foreseen.
Leased assets
Costs in respect of operating leases are charged on a straight-line basis over the lease term.
Financial instruments
Income and expenditure arising on financial instruments is recognised on the accruals basis, and is credited 
or charged to the profit and loss account in the financial period to which it relates.
Intangible assets – goodwill
Goodwill, representing the excess of the fair value of consideration given over the fair values of the identifiable
net assets acquired, is capitalised and amortised on a straight line basis over its estimated economic life of
twenty years.
12
Ashley House plc
Report and accounts 2005
Report of the independent auditors 
to the members of Ashley House plc
We have audited the financial statements of Ashley House plc for the year ended 30 April 2005, which comprise
the principal accounting policies, the consolidated profit and loss account, the balance sheets, the consolidated
cash flow statement, the note of historical cost profits and losses and notes 1 to 25. These financial statements
have been prepared under the accounting policies set out therein. 
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 the directors and auditors
The directors’ responsibilities for preparing the annual report and the financial statements in accordance with
United Kingdom law and accounting standards 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 United Kingdom auditing standards.
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 if, in our opinion, the directors’
report is not consistent with the financial statements, if 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 transactions with the group 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 only the report of the directors, the chairman’s statement
and the joint chief executive officers’ statement. 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 United Kingdom auditing standards 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 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.
Opinion
In our opinion the financial statements give a true and fair view of the state of affairs of the Company and the
group at 30 April 2005 and of the profit of the group for the year then ended and have been properly prepared 
in accordance with the Companies Act 1985.
Grant Thornton UK LLP
Registered Auditors
Chartered Accountants
Oxford
29 July 2005 14
Ashley House plc
Report and accounts 2005
Ashley House plc
Report and accounts 2005
15
Consolidated profit and loss account
for the year ended 30 April 2005
Balance sheets 
at 30 April 2005
Group Company
2005 2004 2005 2004
Note £ £ £ £
Fixed assets
Intangible assets 7 334,882 356,482 – –
Tangible assets 8 1,653,523 1,516,944 1,609,154 1,495,692
Investments 9 – 14,200 1,001 15,200
1,988,405 1,887,626 1,610,155 1,510,892
Current assets
Stocks 10 54,107 – – –
Debtors 11 5,278,108 2,629,064 5,579,822 3,473,252
Cash at bank and in hand 42,831 570,423 27,766 498,495
5,375,046 3,199,487 5,607,588 3,971,747
Creditors: amounts falling due within one year 12 (3,953,086) (2,460,701) (3,783,640) (2,889,095)
Net current assets 1,421,960 738,786 1,823,948 1,082,652
Total assets less current liabilities 3,410,365 2,626,412 3,434,103 2,593,544
Creditors: amounts falling due after 
more than one year 13 (921,552) (1,840,121) (921,552) (1,840,121)
Provision for liabilities and charges 14 (4,765) (4,765) (2,298) (2,298)
Net assets 2,484,048 781,526 2,510,253 751,125
Capital and reserves
Called up share capital 15 217,569 124,236 217,569 124,236
Share premium account 16 2,421,827 1,528,973 2,421,827 1,528,973
Revaluation reserve 16 333,851 337,729 333,851 337,729
Profit and loss account 16 (489,199) (1,209,412) (462,994) (1,239,813)
Shareholders’ funds 2,484,048 781,526 2,510,253 751,125
The financial statements were approved by the board of directors on 29 July 2005.
S G Minion 
Joint Chief Executive
The accompanying accounting policies and notes form an integral part of these financial statements.
2005 2004
Note £ £
Turnover 1 12,596,970 9,209,624
Cost of sales (9,363,638) (7,363,063)
Gross profit 3,233,332 1,846,561
Administrative expenses (2,401,266) (2,209,961)
Operating profit/(loss) 832,066 (363,400)
Net interest 3 (115,731) (102,496)
Profit/(loss) on ordinary activities before taxation 1 716,335 (465,896)
Tax on profit/(loss) on ordinary activities 4 – –
Profit/(loss) retained and transferred to/from reserves 16 716,335 (465,896)
Basic earnings/(loss) per share 6 5.74 (4.07)
Diluted earnings/(loss) per share 6 5.65 (4.07)
All of the activities of the group are classed as continuing.
The group has no recognised gains or losses other than the results for the year as set out above.
The accompanying accounting policies and notes form an integral part of these financial statements. Ashley House plc
Report and accounts 2005
17
Other primary statements
for the year ended 30 April 2005
16
Ashley House plc
Report and accounts 2005
Consolidated cash flow statement
for the year ended 30 April 2005
2005 2004
Note £ £
Net cash outflow from operating activities 18 (182,069) (624,905)
Returns on investments and servicing of finance
Interest paid (120,869) (105,197)
Interest received 5,138 2,701
Net cash outflow from returns on investments and servicing of finance (115,731) (102,496)
Taxation – –
Capital expenditure and financial investment
Investment in own shares – (869)
Sale of tangible fixed assets – 1,159
Purchase of tangible fixed assets (233,621) (26,425)
Net cash outflow from capital expenditure and financial investment (233,621) (26,135)
Financing
Receipt from short term borrowings – 4,124
Repayment of short term borrowings (65,065) (86,523)
Repayment of long term borrowings (43,606) (38,420)
Receipts from long term borrowings 50,000 1,017,707
Issue of share capital 62,500 339,235
Net cash inflow from financing 3,829 1,236,123
(Decrease)/increase in cash 19 (527,592) 482,587
The accompanying accounting policies and notes form an integral part of these financial statements.
Note of historical cost profits and losses
2005 2004
£ £
Profit/(loss) on ordinary activities before taxation 716,335 (465,896)
Difference between historical cost depreciation and 
charge based on revalued amounts 3,878 3,878
Historical cost profit/(loss) on ordinary activities before taxation 720,213 (462,018)
Historical cost profit/(loss) transferred from reserves 720,213 (462,018)
The accompanying accounting policies and notes form an integral part of these financial statements. Ashley House plc
Report and accounts 2005
19 18
Ashley House plc
Report and accounts 2005
Notes to the financial statements
for the year ended 30 April 2005
1 Turnover and profit/(loss) on ordinary activities before taxation
The group operates entirely in project management and consultancy in the United Kingdom. 
2005 2004
£ £
Profit on ordinary activities before taxation is arrived at after charging:
Depreciation of tangible fixed assets 97,042 60,230
Rental of premises – operating leases 46,110 40,972
Rental of motor vehicles – operating leases 15,220 18,419
Amortisation of goodwill 21,600 21,600
Auditors’ remuneration:
– statutory audit services 35,920 26,750
– non audit services, corporation tax compliance 5,000 4,650
2 Directors and employees
Staff costs during the year were as follows:
2005 2004
£ £
Wages and salaries 1,458,559 1,253,336
Social security costs 160,103 127,101
1,618,662 1,380,437
The average number of employees of the group during the year was 45 (2004: 37).
Directors’ emoluments amounted to £353,530 (£2004: £396,646). Further details of emoluments paid to directors
are contained in the Report of the Directors on page 10. 
The amount above includes remuneration in respect of the highest paid director as follows:
2005 2004
£ £
Emoluments for services as director 78,371 115,755
No pension contributions were made in respect of the highest paid director.
3 Net interest 
2005 2004
£ £
Bank mortgage 41,530 38,420
Bank overdraft 275 661
Convertible loans 79,064 66,116
Interest receivable (5,138) (2,701)
115,731 102,496
4 Tax on profit/(loss) on ordinary activities
2005 2004
£ £
UK corporation tax at 30% (2004: 30%) – –
Deferred taxation – –
Tax on profit/(loss) on ordinary activities – –
The tax assessed for the year differs from the standard rate of corporation tax in the UK of 30% (2004:30%). 
The differences are explained as follows:
2005 2004
£ £
Profit/(loss) on ordinary activities before tax 716,335 (465,896)
Profit/(loss) on ordinary activities multiplied by standard rate 
of corporation tax in the UK of 30% (2004: 30%). 214,900 (139,769)
Expenses not deductible for tax purposes 11,387 24,985
Depreciation for the period in excess of capital allowances (4,764) 4,239
Utilisation of tax losses (221,523) –
Unutilised losses – 110,545
Current tax charge for period – –
The group has tax losses available of £587,000 (2004: £1,361,000), which can be off set against future taxable
profits. A deferred tax asset has not been recognised as it is considered that it is unlikely to be recovered in the
foreseeable future.
5 Profit for the financial year
The Company has taken advantage of the exemption allowed under section 230(1) of the Companies Act 1985
and has not presented its own profit and loss account in these financial statements. 
The Company’s Profit for the year was £772,941, (2004 loss: £457,916) Ashley House plc
Report and accounts 2005
21 20
Ashley House plc
Report and accounts 2005
Notes to the financial statements
continued
6 Earnings per ordinary share
The calculation of the basic earnings per share is based on the profit attributable to ordinary shareholders
divided by the weighted average number of shares in issue during the year.
2005 2004
Weighted Weighted
average Per share average Per share
Profit number of amount Loss number of amount
£ shares pence £ shares pence
Basic and diluted loss per share
Profit/(loss) attributable to 
ordinary shareholders 716,335 12,474,717 5.74 (465,896) 11,430,298 (4.07)
Dilutive effect of securities
Options 91,818 (0.04)
Warrants – Dilutive 73,636 (0.04)
Convertible loans 31,818 (0.01)
Diluted 716,33512,671,9895.65
The average share price during the year was 33p, which meant that the dilutive securities were those shown in
the table above all of which have an exercise price of 30p per unit, comprising one Ashley House plc share and
one Ashley House Properties Ltd share.
In accordance with FRS 14, the Group has not disclosed a diluted loss per share figure for the year ended 
30 April 2004 as the calculation results in a decrease in the net loss per share.
7 Intangible assets – goodwill
Group
£
Cost
As at 1 May 2004 425,000
As at 30 April 2005 425,000
Amortisation
As at 1 May 2004 68,518
Charged in the year 21,600
As at 30 April 2005 90,118
Net book value as at 30 April 2005 334,882
Net book value as at 30 April 2004 356,482
8 Tangible assets – group
Office
equipment,
Freehold furniture Motor Mobile
property and fixtures vehicles surgeries Total
£££££
Cost/valuation
At 1 May 2004 1,422,517 171,654 10,390 95,432 1,699,993
Additions – 64,991 10,200 158,430 233,621
At 30 April 2005 1,422,517 236,645 20,590 253,862 1,933,614
Depreciation
At 1 May 2004 50,885 103,659 292 28,213 183,049
Provided in the year 14,184 27,725 4,796 50,337 97,042
At 30 April 2005 65,069 131,384 5,088 78,550 280,091
Net book amount at 30 April 2005 1,357,448 105,261 15,502 175,312 1,653,523
Net book amount at 30 April 2004 1,371,632 67,995 10,098 67,219 1,516,944
Tangible assets – company
Office
equipment,
Freehold furniture Motor Mobile
property and fixtures vehicles surgeries Total
£££££
Cost/valuation
At 1 May 2004 1,422,517 132,556 10,115 95,432 1,660,620
Additions – 30,587 10,200 158,430 199,217
At 30 April 2005 1,422,517 163,143 20,315 253,862 1,859,837
Depreciation
At 1 May 2004 50,885 85,619 211 28,213 164,928
Provided in the year 14,184 16,634 4,601 50,336 85,755
At 30 April 2005 65,069 102,253 4,812 78,549 250,683
Net book amount at 30 April 2005 1,357,448 60,890 15,503 175,313 1,609,154
Net book amount at 30 April 2004 1,371,632 46,937 9,904 67,219 1,495,692
The freehold property was revalued in December 2001 by Peter Wilkinson FRICS of Aitchison Rafferty Property
Consultants, who are independent external valuers, as defined by The Royal Institution of Chartered Surveyors
Appraisal and Valuation Manual. The valuation, at £1,400,000, was based on the existing use. Subsequent
additions are added at cost. The directors consider that there has been no significant change in the value of the
freehold property since the revaluation having received an interim valuation from Aitchison Rafferty that this is
the case at the present time.
The value of the land was £705,000, which is not subject to a depreciation charge.
If freehold property had not been revalued, it would have been included on the historical cost basis at the
following amounts:
Group & 
Company
£
Cost 1,073,154
Accumulated depreciation (49,557)
Net book amount at 30 April 2005 1,023,597
Net book amount at 30 April 2004 1,033,903 Ashley House plc
Report and accounts 2005
23 22
Ashley House plc
Report and accounts 2005
Notes to the financial statements
continued
9 Fixed asset investments
Subsidiary Investment in
undertakings own shares Total
£££
Group
At 30 April 2004 – 14,200 14,200
Disposals in the year – (14,200) (14,200)
At 30 April 2005 – – –
Company
At 1 May 2004 1,000 14,200 15,200
Additions 1– 1
Disposals in the year – (14,200) (14,200)
At 30 April 2005 1,001 – 1,001
During the period the company acquired the whole issued share capital of Ashley House Pharmacies Limited for
a total consideration of £1.
At 30 April 2005 the Company held the issued share capital of the following subsidiary undertakings:
Nature of work Class of share capital held Proportion held
Neil Niblett and Associates Limited Architects Ordinary shares of £1 each 100%
Ashley House Pharmacies Limited Pharmacy Ordinary shares of £1 each 100%
10 Stock
Group Group Company Company
2005 2004 2005 2004
£ £ £ £
Goods for resale 54,107 – – –
11 Debtors
Group Group Company Company
2005 2004 2005 2004
£ £ £ £
Trade debtors 3,392,817 1,407,404 3,266,721 1,309,359
Amounts owed by group undertakings – – 529,980 955,998
Amounts recoverable on contracts 1,622,441 1,095,398 1,538,884 1,095,398
Other debtors 112,894 54,238 112,518 54,238
Prepayments and accrued income 149,956 72,024 131,719 58,259
5,278,108 2,629,064 5,579,822 3,473,252
Included in the amounts owed by group undertakings for the Company is £430,000 (2004: £430,000), which is
due after more than one year. 
12 Creditors: amounts falling due within one year
Group Group Company Company
2005 2004 2005 2004
£ £ £ £
Bank loans and overdrafts (note 13) 43,563 43,648 43,563 43,648
Trade creditors 1,374,884 1,088,073 1,223,248 1,063,171
Other loans – 64,980 – 64,980
Social security and other taxes 399,555 138,321 389,344 107,388
Other creditors 15,539 20,114 – 7,106
Accrued expenses 2,119,545 1,105,565 2,127,485 1,602,802
3,953,086 2,460,701 3,783,640 2,889,095
13 Creditors: amounts falling due after more than one year
Group Group Company Company
2005 2004 2005 2004
£ £ £ £
Bank loans 571,552 615,158 571,552 615,158
Loan – Related parties 350,000 300,000 350,000 300,000
Loan – Ashley House Investments Limited – 924,963 – 924,963
921,552 1,840,121 921,552 1,840,121
The bank loans are secured by a first mortgage over the freehold property owned by the group. The loans from
other related parties are unsecured.
Borrowings are repayable as follows:
Group Group Company Company
2005 2004 2005 2004
£ £ £ £
Within one year
Bank loans and overdrafts 43,563 43,648 43,563 43,648
Other loans – 64,980 – 64,980
After one and within two years
Bank loans 46,597 46,122 46,597 46,122
After two and within five years
Bank loans 160,176 153,738 160,176 153,738
Loan – Related parties 350,000 300,000 350,000 300,000
Loan – Ashley House Investments Limited – 924,963 – 924,963
After five years
Bank loans 364,779 415,298 364,779 415,298
965,115 1,948,749 965,115 1,948,749
Financial instruments
The group finances its business in two ways; by way of trade and other creditors arising directly from its operations;
and by way of borrowings from the bank and related parties. The main risk arising from these sources of finance
is interest rate risk.
The interest rate exposure of the financial liabilities of the group and the Company as at 30 April 2005 was:
Fixed Floating
rate rate Total
£££
Convertible debt (note 25) 350,000 – 350,000
Bank loan – 615,100 615,100
350,000 615,100 965,100
The fixed rate loans are at 6.5% and are convertible at any time at the election of the lender to ordinary shares in
the Company at an exercise price of 30p per share, which represented a significant premium to the share price at
the time.
At the end of the financial year, the Company had an unutilised overdraft facility of £150,000 with Lloyds TSB
Bank plc.
The floating rate liability carries interest at 2.5% over the Lloyds TSB Bank plc base rate.
There is no exchange rate risk, and the fair values of the assets and liabilities of the group are not materially
different from their net book values. Ashley House plc
Report and accounts 2005
25 24
Ashley House plc
Report and accounts 2005
Notes to the financial statements
continued
14 Deferred taxation
Deferred taxation provided for in the financial statements is as follows:
Group Group Company Company
2005 2004 2005 2004
£ £ £ £
Excess of tax allowances over depreciation
As at 1 May 2004 4,765 1,214 2,298 –
Movement in year – 3,551 – 2,298
As at 30 April 2005 4,765 4,765 2,298 2,298
15 Share capital
2005 2004
£ £
Authorised
35,000,000 (2004: 35,000,000) Ordinary shares of 1p each 350,000 350,000
Allotted, called up and fully paid
21,756,900 (2004: 12,423,575) Ordinary shares of 1p each 217,569 124,236
Options over 1,717,500 (2004: 572,500) unissued units (comprising one Ashley House plc share and one 
Ashley House Properties Ltd share) have been granted (572,500, options are exercisable at 59.7p; 1,145,000,
options are exercisable at 30p), all of which are currently not exercised. 
Warrants over 750,000; 180,000; 810,000 unissued units (comprising one Ashley House plc share and one 
Ashley House Properties Ltd share) have been granted and are currently exercisable at 95p, 40p and 30p
respectively.(2004: 750,000 exercisable at 95p).
On 28 April 2005 4,115,000 ordinary shares of 1p each were issued for a consideration of 40p (of which 39p 
was attributable to Ashley House Properties Limited) as part of the share staple agreement in relation to the
acquisition of Medical Properties Ltd by Ashley House Properties Ltd.
On 28 April 2005 2,135,000 ordinary shares of 1p each were issued for a consideration of 40p (of which 39p 
was attributable to Ashley House Properties Limited) as part of the share staple agreement in relation to the
acquisition of Medical Properties Ltd by Ashley House Properties Ltd.
On 28 April 2005 3,083,333 number of ordinary 1p shares were issued for a consideration of 30p (of which 0.01p
was attributable to Ashley House Properties Limited) to settle the company’s £925,000 convertible loan.
The excess of the total consideration of shares issued of £3,425,000 (of which £2,437,808 was attributable 
to Ashley House Properties Limited) over the nominal value of £93,333 has been credited to the share 
premium account.
16 Reserves
Share Profit
premium and loss Revaluation
account account reserve Total
Group ££££
At 1 May 2004 1,528,973 (1,209,412) 337,729 657,290
Profit for the year – 716,335 – 716,335
Premium on issue of shares during the year 892,854 – – 892,854
Difference between historical cost depreciation 
and charge based on revalued amounts – 3,878 (3,878) –
At 30 April 2005 2,421,827 (489,199) 333,851 2,266,479
Share Profit
premium and loss Revaluation
account account reserve Total
Company ££££
At 1 May 2004 1,528,973 (1,239,813) 337,729 626,889
Profit for the year – 772,941 – 772,941
Premium on issue of shares during the year 892,854 – – 892,854
Difference between historical cost depreciation 
and charge based on revalued amounts – 3,878 (3,878) –
At 30 April 2005 2,421,827 (462,994) 333,851 2,292,684
17 Reconciliation of movements in shareholders’ funds
2005 2004
£ £
Profit for the financial year 716,335 (465,896)
New shares issued 986,187 339,235
Net addition to shareholders’ funds 1,702,522 (126,661)
Shareholders’ funds at 1 May 2004 781,526 908,187
Shareholders’ funds at 30 April 2005 2,484,048 781,526
18 Reconciliation of operating profit/(loss) to net cash (outflow)/inflow from operating activities 
2005 2004
£ £
Operating profit/(loss) 832,066 (363,400)
Depreciation and amortisation 118,642 81,830
Loss on sale of tangible assets – 5,008
Distribution of investment in own shares 14,200 –
Decrease/(increase) in stock (54,107) 41,470
(Increase) in debtors (2,649,044) (420,791)
Increase in creditors 1,556,174 30,978
Net cash (outflow)/inflow from operating activities (182,069) (624,905)
19 Reconciliation of net cash flow to movement in net debt 
2005 2004
£ £
(Decrease)/Increase in cash in the year (527,592) 482,587
Cash inflow from change in net debt 58,671 (896,889)
Change in net debt resulting from cash flows (468,921) (414,302)
Repayment of net debt by issue of shares 924,963 –
Movement in net debt in the year 456,042 (414,302)
Net debt at 1 May 2004 (1,378,326) (964,024)
Net debt at 30 April 2005 (922,284) (1,378,326) Ashley House plc
Report and accounts 2005
27 26
Ashley House plc
Report and accounts 2005
Notes to the financial statements
continued
20 Analysis of changes in net debt
At At
1 May 2004 Cash flow Other 30 April 2005
£££ £
Cash in hand and at bank 570,423 (527,592) – 42,831
Short term debt (108,628) 65,065 (43,563)
Long term debt (1,840,121) (6,394) 924,963 (921,552)
(1,378,326) (468,921) 924,963 (922,284)
21 Major non cash transactions
During the year the company converted a £925,000 convertible loan due to Ashley House Investments Limited
into ordinary shares. The convertible loan was satisfied by the issue of 3,083,333 ordinary shares at an issue
price of 30p.
22 Capital commitments
Neither the group nor the company had capital commitments at 30 April 2005 or 30 April 2004. 
23 Commitments under operating leases
Operating lease payments amounting to £56,955 (2004: £56,955) are due within one year. The leases to which
these amounts relate expire as follows:
2005 2004
Land and Land and 
buildings Other buildings Other
££ ££
Between one and five years 4,515 17,440 4,515 17,440
Five years or more 35,000 – 35,000 –
39,515 17,440 39,515 17,440
24 Contingent liabilities
Neither the group nor Company had contingent liabilities at 30 April 2005 or 30 April 2004.
25 Related party transactions
Ashley House plc and Ashley House Properties Ltd are related as a consequence of the share stapling agreement
entered into in September 2004. As a result the two companies have identical shareholders registers. During
the year Ashley House plc made sales at an arms length basis of £4,648,545 to Ashley House Properties Ltd. 
At 30 April 2005 the balance due from Ashley House Properties Ltd was £1,909,235.
Medical Properties Ltd was acquired by Ashley House Properties Ltd on 28 April 2005. Prior to that S Minion, 
J Holmes, G Mosley and N Croxford were all shareholders in Medical Properties Ltd. During the year 
Ashley House plc made sales on an arm’s length basis to Medical Properties Ltd of £2,220,589.
All supplies made to Ashley House Properties Ltd and Medical Properties Ltd are related to the design and
construction of medical centres. In every case, the rent for the building which drives the value of the scheme, 
is set by the District Valuer acting for the Primary Care Trust(NHS). Transactions between Ashley House plc 
and Ashley House Properties Ltd are entered into on the basis of market equivalent pricing.
During the year the group made sales, at arm’s length, to Ashley House Investments Limited of £37,086 
(2004: £183,127). At 30 April 2005 the balance due by the group was £17,167 (2004: £8,688).
During the year the Company made payments of £10,416 to Scheidegg Ltd, a Company in which John Gunn 
has an interest and £55,920 to Layland Walker Ltd, a company controlled by B Walker.
Various directors (and members of their families) and senior management as set out below, made loans in 
April 2004, totalling £300,000 to the Company which are still outstanding. The Ludgate 181 loan was made 
in September 2004. These loans are three year secured loans, attracting an interest rate of 6.5% per annum
repayable at the election of the Company subject to the service of 14 days notice and convertible at any time, 
at the election of the lender, to ordinary shares in the Company at an exercise price of 30p per share.
£ 
A D Burton CBE 50,000
John Gunn Trust (J H Gunn Trustee) 15,000
B/O Wengen Ltd Pension Plan (J H Gunn Trustee) 40,000
Ludgate 181 (Jersey) Ltd 50,000
S G Minion 80,000
G Mosley 50,000
R Warner 50,000
S Holmes (sister-in-law of J Holmes) 10,000
N Clark 5,000
Total 350,000
During the year Ashley House Investments Ltd converted its loan of £925,000 under the terms of the loan into
shares in Ashley House plc at a conversion price of 30p per share. The loan to Ashley House Investments Ltd 
is therefore no longer outstanding. David Burton and John Gunn are directors of and have an interest in 
Ludgate 181 (Jersey) Ltd. Ashley House Properties
Report and accounts 2005
29 28
Ashley House Properties
Report and accounts 2005
Ashley House
Properties
Chairman’ s
statement
Results
Ashley House Properties’ first period of trading 
since September 2004 shows significant progress
already. As at 30 April 2005, the fixed assets totalled
£19.9 million of which £13.1 million represents
completed income producing properties with the
balance being properties under construction. The
first period showed a small loss of £70,152. Following
the share issue to fund the acquisition of Medical
Properties Ltd, the net assets show £2.1 million
representing 9.9p per share as at 30 April 2005.
Acquisition
The acquisition of Medical Properties Ltd, completed
on 28 April 2005, gives the business a portfolio of 
nine completed properties producing rental income 
of approx. £1 million p.a. following positive recent
rent reviews on two of the properties purchased.
The equity fundraising, which accompanied the
acquisition, brought in new shareholders whom 
I am pleased to welcome.
Portfolio
In addition to the nine properties recently acquired,
six properties are under construction all of which
will achieve practical completion before the April
2006 year-end (except one which is due to complete
shortly after). All of these properties under
construction are pre-let to doctors’ partnerships
(whose rent is reimbursed by the Primary Care
Trust part of the NHS) or to Primary Care Trusts 
or pharmacies. The gross value of these properties
based on the current market on completion is
approximately £16.5 million.
A further ten schemes have planning consent,
agreements for lease and most are due to start on 
site by the end of this calendar year. Therefore the
portfolio will grow rapidly from the current base and
can all be pre-funded by debt finance. The implied
gross investment value of these 25 properties,
based on the agreed and anticipated annual rents 
of some £3.5 million is approximately £50 million.
Outlook and change to plc
Ashley House Properties should be valued, like
other investment property companies, in relation 
to its net asset value. From the existing base, the
portfolio will grow rapidly from the schemes already
on site and those with planning consent and due 
on site in the coming months. As with the Medical
Properties acquisition, Ashley House Properties 
will selectively acquire completed properties similar
in nature to the portfolio, where the board believes 
it will add to shareholder value. Now that this
company has had its first audit, we propose to
change its status to being a plc and the resolution
for this is included in the notice of AGM attached
which I urge you to vote in favour of.
David Burton CBE
Chairman
29 July 2005
The implied gross 
investment value of these 
25 properties, based on 
the agreed and anticipated
annual rents of some 
£3.5 million is approximately
£50 million.
completed
on site
with planning consent Ashley House Properties
Report and accounts 2005
31 30
Ashley House Properties
Report and accounts 2005
Report of the directors
The directors present their report together with the audited financial statements for the period ended 
30 April 2005.
Principal activity
The group’s principal activity is the purchase, development and management of property primarily allied to the
provision of medical facilities delivering NHS-led primary care. 
The company was previously dormant and commenced trading in September 2004.
Business review
The consolidated profit and loss account for the period is set out on page 35. 
A review of developments affecting the group during the period and of its prospects for the future appears in the
Chairmans’ Statement. The directors do not recommend payment of a dividend.
Directors
The present membership of the board is set out below and was appointed on the dates indicated. 
A D Burton (Non-executive Chairman) (appointed 11/08/04)
J H Gunn (Non-executive Director) (appointed 11/08/04)
J Holmes
S G Minion
B L Walker (appointed 11/08/04)
All directors newly appointed during the period offer themselves for re-election.
Supplier payment policy
The group’s policy is to settle terms of payment with suppliers when agreeing the terms of each transaction, 
to ensure that suppliers are made aware of the terms of payment, and to abide by the terms of payment.
Employee involvement
The group has no employees.
Substantial shareholdings
As at 30 April 2005, the company had been notified, in accordance with Sections 198 to 209 of the Companies
Act 1985, of the following interests in the ordinary share capital of the company:
Number Percentage
S G Minion 4,010,646 18.4
G Mosley 2,404,662 11.1
W B (Nominees) Limited 1,875,483 8.6
G E Holmes 1,664,615 7.7
G C Mosley 1,653,223 7.6
J Holmes 1,267,914 5.8
Ludgate 181 (Jersey) Limited 833,332 3.8
N K Croxford 822,656 3.8
P Heath 750,000 3.4
A D Burton 655,000 3.0
Corporate governance
The board supports the principles of good governance. The group is committed to high standards of corporate
governance and has adopted procedures to institute good governance insofar as they are practical and appropriate.
Application of principles
Directors
The group supports the concept of an effective board, leading and controlling the group. The board is responsible
for approving group policy and strategy. It meets regularly and has a schedule of matters specifically reserved to
it for decision. Management supplies the board with appropriate and timely information and the directors are free
to seek any further information that they consider necessary. All directors have access to advice from the
Company Secretary and independent professionals at the group’s expense. 
Directors’ responsibilities for the financial statements
Company law in the United Kingdom 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 the group and of the profit or loss of the
group for that period. In preparing those financial statements, the directors are required to:
n select suitable accounting policies and apply them consistently
n make judgements and estimates that are reasonable and prudent
n state whether applicable accounting standards have been followed, subject to any material departures disclosed
and explained in the financial statements.
The directors are responsible for keeping proper accounting records, which disclose with reasonable accuracy 
at any time the financial position of the company and group and enable them to ensure that the accounts comply
with the Companies Act 1985, for safeguarding assets of the group and for taking reasonable steps for the
prevention and detection of fraud and other irregularities. The directors are also responsible for the preparation 
of the directors’ report and other information in the annual report.
The board has overall responsibility for ensuring that the group maintains systems of internal control to provide 
it with reasonable assurance regarding the reliability of financial information used within the business and for
publication and that assets are safeguarded. 
Service agreements
No director has a service agreement with a notice period that exceeds three months.
Directors’ remuneration, pension entitlements, share options and warrants 
The directors did not receive any remuneration from the group.
The group did not make contributions to any directors’ pension fund during the period.
The company has no employees.
Directors’ interests 
The directors who held office at the end of the financial period had the following beneficial interests in the ordinary
share capital of Ashley House Properties Ltd at 30 April 2005 according to the register of directors’ interests:
Interest at 
1 May 2004, 
or date of 
Number of appointment 
shares of Percentage Acquired/ if later, in 
0.01p held at of issued (disposed of) shares of 
30 April 2005 share capital during year 0.01p each
A D Burton 655,000 3.0 152,500 502,500
J H Gunn 366,273 1.7 17,500 348,773
J Holmes 1,267,914 5.8 680,374 587,540
S G Minion 4,010,636 18.4 1,567,778 2,442,858
B L Walker 250,000 1.1 250,000 –
The interest of J H Gunn is held by W B (Nominees) Limited. 
Connected persons’ interest in share capital 
M Holmes and G E Holmes (parents of J Holmes) hold 709,328 and 1,664,615 shares respectively. These shares
are not included in the directors’ interests above. Ludgate 181 (Jersey) Limited owns 833,332 shares in the
company. D Burton and J H Gunn are both directors of and have an interest in Ludgate 181 (Jersey) Limited. Ashley House Properties
Report and accounts 2005
33
Report of the independent auditors 
to the members of Ashley House Properties 
We have audited the financial statements of Ashley House Properties Limited for the period ended 30 April 2005,
which comprise the principal accounting policies, the consolidated profit and loss account, the balance sheets,
the consolidated cash flow statement, and notes 1 to 23. These financial statements have been prepared under
the accounting policies set out therein. 
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 the directors and auditors
The directors’ responsibilities for preparing the annual report and the financial statements in accordance with
United Kingdom law and accounting standards 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 United Kingdom auditing standards.
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 if, in our opinion, the directors’
report is not consistent with the financial statements, if 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 transactions with the group 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 only the report of the directors and the 
chairmans’ statement. 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 United Kingdom auditing standards 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 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.
Opinion
In our opinion the financial statements give a true and fair view of the state of affairs of the company and the
group at 30 April 2005 and of the loss of the group for the period then ended and have been properly prepared 
in accordance with the Companies Act 1985.
Grant Thornton UK LLP
Registered Auditors
Chartered Accountants
Oxford
29 July 2005
32
Ashley House Properties
Report and accounts 2005
Report of the directors
continued
Interests in share options
The interests of the directors and persons connected to the directors in options over units comprising one share
in Ashley House plc and one share in Ashley House Properties Ltd at 30 April 2005 were:
Number of Exercise price Number Options held
Options £ granted May 2004
N K Croxford 200,000 0.30 200,000 –
J Holmes 330,000 0.30 330,000 –
S G Minion 330,000 0.30 330,000 –
G Mosley 150,000 0.30 150,000 –
These options, which were granted on 15 August 2004, are exercisable within ten years.
Interests in warrants 
The interests of the directors and persons connected to the directors in warrants over units comprising one share
of Ashley House Properties and one share of Ashley House Plc at 30 April 2005 were:
Warrants Warrants
held at Exercise price Warrants held at 
30 April 2005 £ granted 1 May 2004
A D Burton – Director 330,000 0.30 330,000 –
J H Gunn – Director 330,000 0.30 330,000 –
J Holmes – Director 81,690 0.95 – 81,690
S G Minion – Director 64,190 0.95 – 64,190
B L Walker – Director 150,000 0.30 150,000 –
180,000 0.40 180,000 –
The 95p warrants, which were granted on 11 March 2002, are exercisable within five years. The 30p and 40p
warrants which were granted on 16 August 2004 and 22 December 2004 respectively are exercisable within 
five years.
Market value of shares 
The market price of the ordinary shares, which are traded on OFEX as a stapled unit with shares in 
Ashley House plc ranged during the period from 9p to 42.5p per unit. At 30 April 2005 the share price was 
42.5p per unit.
Auditors
Grant Thornton UK LLP filled a casual vacancy in accordance with Section 388(1) of the Companies Act. 
A resolution to re-appoint Grant Thornton UK LLP as auditors for the ensuing year will be proposed at the 
annual general meeting in accordance with Section 385 of the Companies Act 1985.
On behalf of the board
S Minion
Joint Chief Executive
29 July 2005 Ashley House Properties
Report and accounts 2005
35
Consolidated profit and loss account
for the 13 month period ended 30 April 2005
34
Ashley House Properties
Report and accounts 2005
Principal accounting policies
Basis of preparation
The financial statements have been prepared in accordance with applicable United Kingdom accounting
standards and under the historical cost convention. 
The principal accounting policies of the group are set out below. 
Basis of consolidation
The group financial statements consolidate those of the company and of its subsidiary undertaking. Profits or
losses on intra-group transactions are eliminated in full. All of the subsidiary’s assets and liabilities that existed
at the date of acquisition were recorded at their fair values reflecting their condition at that date.
Turnover
Turnover is the total of rental income, excluding value added tax. Turnover is recognised in accordance with
contractual terms.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation.
Finance costs on fixed asset additions are capitalised during the period of construction and written off as part 
of the total cost. No depreciation is charged during the period of construction.
Investments
Investments are included at cost less provision for amounts written off.
Deferred taxation
Deferred tax is recognised on all timing differences where the transactions or events that give the group an
obligation to pay more tax in the future, or a right to pay less tax in the future, have occurred by the balance sheet
date. Deferred tax assets are recognised when it is more likely than not that they will be recovered. Deferred tax 
is measured using rates of tax that have been enacted or substantively enacted by the balance sheet date.
Investment properties
The group’s properties held for long term investment are included in the balance sheet on the basis of market
value in accordance with SSAP 19. The directors assess the value of the investment properties every six months
with the benefit of input from valuation professionals. Formal valuations will be carried out every three years on
all investment properties. The surpluses or deficit on bi-annual valuations of such properties are transferred to
the revaluation reserve. Depreciation is not provided in respect of freehold investment properties. This policy
represents a departure from statutory accounting principles, which require depreciation to be provided on all 
fixed assets. The directors consider this policy necessary in order that the financial statements give a true 
and fair view, because current values and changes in current values are of prime importance rather than the
calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the annual
valuation and the amount, which might otherwise be shown, cannot be separately identified or quantified.
2005 2004
Note £ £
Turnover 5,118 –
Cost of sales (2,631) –
Gross profit 2,487 –
Administrative expenses (68,356) –
Operating loss (65,869) –
Net interest 3 (4,283) –
Loss on ordinary activities before taxation 1 (70,152) –
Tax on loss on ordinary activities 4 – –
Loss retained and transferred to/from reserves 14 (70,152) –
Basic and diluted loss per share 6 (0.88)p –
All of the activities of the group are classed as continuing.
The group has no recognised gains or losses other than the results for the period as set out above.
The accompanying accounting policies and notes form an integral part of these financial statements. Ashley House Properties
Report and accounts 2005
37
Consolidated cash flow statement
for the 13 month period ended 30 April 2005
36
Ashley House Properties
Report and accounts 2005
Balance sheets 
at 30 April 2005
Group Company Company
2005 2005 31 March 2004
Note ££ £
Fixed assets
Tangible assets 7 19,851,210 5,939,778 –
Investments 8 – 2,063,527 –
19,851,210 8,003,305 –
Current assets
Debtors 9 846,536 735,329 1
Cash at bank and in hand 370,772 306,582 –
1,217,308 1,041,911 1
Creditors: amounts falling due within one year 10 (2,916,150) (2,604,179) –
Net current liabilities (1,698,842) (1,562,268) 1
Total assets less current liabilities 18,152,368 6,441,037 1
Creditors: amounts falling due after more than one year 11 (16,006,223) (4,295,420) –
Provision for liabilities and charges
Net assets 2,146,145 2,145,617 1
Capital and reserves
Called up share capital 13 2,176 2,176 1
Share premium account 14 2,214,121 2,214,121 –
Profit and loss account 14 (70,152) (70,680) –
Shareholders’ funds 2,146,145 2,145,617 1
Net asset value per share 9.9p
The financial statements were approved by the board of directors on 29 July 2005.
S G Minion
Joint Chief Executive
The accompanying accounting policies and notes form an integral part of these financial statements.
2005 2004
Note £ £
Net cash inflow from operating activities 16 1,595,586 –
Returns on investments and servicing of finance
Interest paid (56,496) –
Interest received 308 –
Net cash outflow from returns on investments and servicing of finance (56,188) –
Taxation – –
Capital expenditure and financial investment
Purchase of tangible fixed assets (5,887,873) –
Net cash outflow from capital expenditure and financial investment (5,887,873) –
Purchase of subsidiary (1,146,000) –
Net cash from purchase of subsidiary 64,191 –
Net cash outflow from acquisitions and disposals (1,081,809) –
Financing
Receipts from borrowing 4,438,760 –
Issue of shares 1,362,296 –
Net cash inflow from financing 5,801,056 –
Increase in cash 18 370,772 –
The accompanying accounting policies and notes form an integral part of these financial statements. Ashley House Properties
Report and accounts 2005
39 38
Ashley House Properties
Report and accounts 2005
Notes to the financial statements
for the 13 month period ended 30 April 2005
1 Loss on ordinary activities before taxation
The group operates entirely in property management in the United Kingdom. 
2005 2004
£ £
Loss on ordinary activities before taxation is arrived at after charging:
Auditors’ remuneration:
– statutory audit services 12,000 –
– corporation tax compliance 3,000 –
2 Staff
There were no employees apart from the directors who received no remuneration from this company.
Remuneration paid to the directors by Ashley House plc is disclosed in that company’s financial statements.
3 Net interest 
2005 2004
£ £
Mortgage loan interest 56,494 –
Bank overdraft 2 –
Net interest capitalised (51,905) –
Interest received (308) –
4,283 –
4 Tax on loss on ordinary activities
2005 2004
£ £
UK corporation tax at 19% – –
Deferred taxation – –
Tax on loss on ordinary activities – –
2005 2004
£ £
Loss on ordinary activities before tax (70,152) –
Loss on ordinary activities multiplied by standard rate 
of corporation tax in the UK of 19% (13,329) –
Unutilised losses 13,329 –
Current tax charge for period – –
Unrealised tax losses of approximately £70,000 remain available to offset against future taxable trading profits
subject to agreement with HM Revenue and Customs. A deferred tax asset has not been recognised in respect 
of such losses due to uncertainty over their recoverability.
5 Profit for the financial year
The company has taken advantage of the exemption allowed under section 230(1) of the Companies Act 1985 
and has not presented its own profit and loss account in these financial statements. The company’s loss for the
period was £70,680.
6 Earnings per ordinary share
The calculation of the basic earnings per share is based on the profit attributable to ordinary shareholders
divided by the weighted average number of shares in issue during the period.
2005
Weighted 
average Per share
Loss number of amount
£ shares pence
Basic and diluted loss per share
Loss attributable to ordinary shareholders 70,152 8,015,845 (0.88)
7 Tangible assets – group
Investment Assets under
properties construction Total
£££
Cost and net book amount
Acquisitions 13,140,000 771,432 13,911,432
Additions – 5,939,778 5,939,778
At 30 April 2005 13,140,000 6,711,210 19,851,210
Tangible assets – company
Assets under 
construction
£
Cost and net book amount
Additions 5,939,778
At 30 April 2005 5,939,778
A valuation of the investment properties, which were all held by the company’s subsidiary, was performed in
February 2005 by GVA Grimley Chartered Surveyors. The basis of the valuation used was open market value in
accordance with the Appraisal and Valuation Standards published by the Royal Institute of Chartered Surveyors
(RICS). The valuation was reflected in the subsidiary company’s accounts and is considered to represent the cost
of such properties to the group.
The directors consider these valuations not to be materially different at 30 April 2005.
The amount of finance costs capitalised during the period, being also the aggregate amounts of finance costs
included in assets under construction was £51,905. Ashley House Properties
Report and accounts 2005
41 40
Ashley House Properties
Report and accounts 2005
Notes to the financial statements
for the 13 month period ended 30 April 2005
8 Fixed asset investments
Investment in 
group 
undertaking
£
Company
Cost
Additions 2,063,527
At 30 April 2005 2,063,527
On 28 April 2005 the company acquired 400 ordinary shares of £1 in Medical Properties Limited, being 100% 
of its nominal share capital.
At 30 April 2005 the company and its subsidiary held the whole of the issued share capital of the following
subsidiary undertakings:
Proportion held
Nature of business Class of share capital held By parent By the group
Medical Properties Limited Property Investment Ordinary shares of £1 each 100% –
Chalfont Hall Limited Dormant Ordinary shares of £1 each – 100%
9 Debtors
Group Company Company
2005 2005 2004
££ £
Trade debtors 66,132 – 1
Amounts owed by group undertakings –– –
Recoverable VAT 568,977 628,076 –
Other debtors 95,839 106,944 –
Prepayments and accrued income 115,588 309 –
846,536 735,329 1
10 Creditors: amounts falling due within one year
Group Company Company
2005 2005 2004
££ £
Bank loans 350,533 143,340 –
Trade creditors 2,161,138 2,078,467 –
Amounts owed to group undertakings – 263,527 –
Corporation tax –– –
Accrued expenses 404,479 118,845 –
2,916,150 2,604,179 –
Of trade creditors, £1,985,237 is related to construction contracts on buildings included in fixed assets under
construction, all of which have committed funding in place.
11 Creditors: amounts falling due after more than one year
Group Company
2005 2005
££
Gross loan amount 24,053,961 10,956,660
Less cash on deposit (8,047,738) (6,661,210)
Net bank loans 16,006,223 4,295,420
The bank loans are secured by first mortgages over the freehold properties owned by the group. 
The bank loans bear annual interest at between 5.9% and 6.9%.
Cash on deposit represents the undrawn element of bank loans which will be drawn down in future periods to
fund assets under construction.
11 Creditors: amounts falling due after more than one year continued
Borrowings are repayable as follows:
Group Company
2005 2005
££
After one and within two years 710,797 444,000
After two and within five years 2,191,638 1,332,000
After five years 21,151,526 9,180,660
24,053,961 10,956,660
Financial instruments
The group uses financial instruments, other than derivatives, comprising borrowings, 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 and provide working capital for the group’s operations.
The main risks arising from the group financial instruments are interest rate risk and liquidity risk. The board
review and agree policies for managing each of these risks and they are summarised below.
It has been throughout the period under review the group policy that no trading in financial instruments shall 
be undertaken.
The group has taken advantage of FRS 13 whereby short-term debtors and creditors have been excluded from 
the following disclosures.
Interest rate risk
The group finances its operations through a mixture of retained profits and borrowings. The group exposure 
to interest rate fluctuations on its borrowings is managed by the use of fixed rate facilities. All of the group’s
borrowings were fixed rate at 30 April 2005, apart from the Portfolio loan of £1,106,074 which is variable and
stands at 6.75% at present.
The interest rate exposure of the financial liabilities of the group as at 30 April 2005 was:
Fixed rate financial liabilities
Weighted average fixed Weighted average period for
2005 interest rate% which rate is fixed in years
Financial liabilities 6.07% See below
Financial liabilities represent various mortgages used to fund the purchase of fixed assets. Capital repayments 
of these mortgages commence on completion of the construction of the related fixed asset. During construction
the mortgages bear interest only at their respective fixed rates. 
All mortgages are repayable over 25 years from the date of capital payments commencing.
Liquidity risk
The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs.
The group and company financial liability analysis at 30 April 2005 is disclosed above.
Borrowing facilities
The group has various undrawn committed borrowing facilities which are held on deposit until required.
12 Deferred taxation
No deferred tax has been accounted for in accordance with FRS 19, on revaluations made to investment
properties of subsidiaries before acquisition by the company. Ashley House Properties
Report and accounts 2005
43 42
Ashley House Properties
Report and accounts 2005
Notes to the financial statements
for the 13 month period ended 30 April 2005
13 Share capital
2005 2004
£ £
Authorised
35,000,000 Ordinary shares of 0.01p each (2004: 1,000 ordinary shares of £1 each) 3,500 1,000
Allotted, called up and fully paid
21,756,908 Ordinary shares of 0.01p each (2004: 1 ordinary share of £1) 2,176 1
On 6 September 2004 the 999 authorised but unissued ordinary shares of £1 each and the £1 in issue were
subdivided into 9,990,000 and 10,000 ordinary shares of 0.01p each respectively.
The authorised share capital was increased from £1,000 to £3,500 by the creation of 25,000,000 ordinary shares
of 0.01p.
12,413,575 ordinary shares of 0.01p were issued for a consideration of £1,241 to ensure congruence of shares
issued with Ashley House plc as part of the share stapling agreement between the two companies.
On 28 April 2005 4,115,000 ordinary shares of 0.01p each were issued for a consideration of 40p (of which 1p 
was attributable to Ashley House plc) as part of the share staple agreement in relation to the acquisition of
Medical Properties Ltd by Ashley House Properties Ltd.
On 28 April 2005 2,135,000 ordinary shares of 0.01p each were issued for a consideration of 40p (of which 1p 
was attributable to Ashley House plc) as part of the share staple agreement in relation to the acquisition of
Medical Properties Ltd by Ashley House Properties Ltd.
On 28 April 2005 3,083,333 number of ordinary 0.01p shares were issued for a consideration of 30p (of which
29.99p was attributable to Ashley House plc) to settle the Ashley House plc’s £925,000 convertible loan.
The excess of the total consideration of shares issued of £3,426,241 (of which £987,192 was attributable to
Ashley House plc) over the nominal value of £2,175 has been credited to the share premium account.
Options over 1,717,500 (2004: 572,500) unissued units (comprising one Ashley House plc share and one Ashley
House Properties Ltd share) have been granted (572,500, options are exercisable at 59.7p; 1,145,000, options are
exercisable at 30p), all of which are currently not exercised. 
Warrants over 750,000; 180,000; 810,000 unissued units (comprising one Ashley House plc share and one 
Ashley House Properties Ltd share) have been granted and are currently exercisable at 95p, 40p and 30p
respectively. (2004: 750,000 exercisable at 95p).
14 Reserves
Share Profit 
premium and loss 
account account Total
Group £££
Loss for the period – (70,152) (70,152)
Premium on issue of shares during the period 2,435,638 – 2,435,638
Issue costs (221,517) – (221,517)
At 30 April 2005 2,214,121 (70,152) 2,143,969
Share Profit 
premium and loss 
account account Total
Company £££
Loss for the period – (70,680) (70,680)
Premium on issue of shares during the period 2,435,638 – 2,435,638
Issue costs (221,517) – (221,517)
At 30 April 2005 2,214,121 (70,680) 2,143,441
15 Reconciliation of movements in shareholders’ funds
2005
£
Loss for the financial period (70,152)
New shares issued 2,216,296
Net addition to shareholders’ funds 2,146,144
Shareholders’ funds at 1 April 2004 1
Shareholders’ funds at 30 April 2005 2,146,145
16 Reconciliation of operating loss to net cash (outflow)/inflow from operating activities 
2005
£
Operating loss (65,869)
Increase in debtors (465,124)
Increase in creditors 2,126,579
Net cash inflow from operating activities 1,595,586
17 Reconciliation of net cash flow to movement in net debt 
2005
£
Increase in cash in the period 370,772
Cash inflow from change in net debt (4,438,760)
Movement in net debt in the period (4,067,988)
Loans acquired with subsidiary (11,917,996)
Net debt at 30 April 2005 (15,985,984)
18 Analysis of changes in net debt
At
Cashflow Acquisition 30 April 2005
££ £
Cash in hand and at bank 306,581 64,191 370,772
Net debt (4,438,760) (11,917,996) (16,356,756)
(4,132,179) (11,853,805) (15,985,984)
19 Major non cash transactions
During the period the company acquired Medical Properties Limited. Part of the consideration comprised
£854,000 of the ordinary shares of 0.01p each. Further details of this acquisition are given in note 22.
20 Capital commitments
Neither the group nor the company had capital commitments at 30 April 2005 or 31 March 2004 other than the
projects which had been contracted for at 30 April 2005 at a value of £8,048,738. 
21 Contingent liabilities
Neither the group nor company had contingent liabilities at 30 April 2005 or 31 March 2004. 44
Ashley House Properties
Report and accounts 2005
Notes to the financial statements
for the 13 month period ended 30 April 2005
22 Acquisitions
On 28 April 2005, the company acquired the whole of the issued share capital of Medical Properties Ltd for
consideration of £2,000,000 satisfied by the issue of 2,135,000 units (comprising one Ashley House Properties Ltd
share and one Ashley House plc share) and £1,146,000 in cash.
The assets and liabilities of Medical Properties Ltd acquired were as follows:
Book Value 
and Fair Value
£
Fixed assets
Tangible assets 13,911,432
13,911,432
Current assets
Debtors 381,411
Cash at bank and in hand 64,191
445,602
Creditors: amounts falling due within one year (375,512)
Net current assets 70,090
Total assets less current liabilities 13,981,522
£
Creditors: amounts falling due after more than one year (11,917,996)
Provision for liabilities and charges
Net assets 2,063,526
£
Satisfied by:
Issue of shares 854,000
Cash 1,146,000
Deferred consideration 63,526
Total 2,063,526
The subsidiary undertaking acquired during the period made no contribution to group cash flow.
Analysis of net outflow of cash in respect of the purchase of subsidiary undertaking:
£
Cash at bank acquired 64,191
Cash consideration (1,146,000)
Total (1,081,809)
23 Related party transactions
Ashley House plc and Ashley House Properties Ltd are related as a consequence of the share stapling agreement
entered into in September 2004. As a result of the agreement the two companies have identical shareholders’
registers. During the period Ashley House plc made sales at an arms length basis to Ashley House Properties Ltd
of £4,648,545. At 30 April 2005 the balance due to Ashley House plc was £1,909,235.
Medical Properties Ltd was acquired by Ashley House Properties Ltd on 28 April 2005. Prior to that S Minion, 
J Holmes, G Mosley and N Croxford were all shareholders in Medical Properties Ltd. During the period Ashley
House plc made sales on an arms length basis to Medical Properties Ltd of £2,220,589. At 30 April 2005 the
balance due to Ashley House plc was £76,002 (2004: £348,388).
All supplies made to Ashley House Properties Ltd and Medical Properties Ltd are related to the design and
construction of medical centres. In every case, the rent for the building, which derives the value of the scheme, 
is set by the District Valuer acting for the Primary Care Trust (NHS). Transactions between Ashley House plc 
and Ashley House Properties Ltd are entered into on the basis of market equivalent pricing.