Bango enables businesses, brands 
and individuals to be successful on 
the mobile web. They can get to a 
worldwide market quickly and easily, 
selling their mobile content, analyzing 
visitors to their mobile website 
and tracking the success of mobile 
marketing campaigns.
Payment, information and marketing 
services for mobile users traditionally 
required diverse and complex technical 
and commercial arrangements. Bango 
eliminates cost and speeds time to 
market, by bringing essential services 
together in a single easy to use 
platform. 03
Contents  .................................................................................................1
Highlights  ...............................................................................................2
Chairman’s statement ..............................................................................3
CEO’s statement ......................................................................................4
Case studies ............................................................................................6
Products  .................................................................................................8
Business model .......................................................................................8
Key market developments ........................................................................8
Directors ...............................................................................................10
Company information .............................................................................11
Directors’ report .....................................................................................12
Corporate governance statement .............................................................14
Remuneration Committee report .............................................................15
Report of the independent auditor to the members of Bango PLC .............16
Consolidated balance sheet ....................................................................17
Consolidated income statement ..............................................................18
Consolidated cash flow statement ...........................................................19
Consolidated statement of changes in equity ...........................................20
Notes to the financial statements ............................................................21
Report of the independent auditor to the members of Bango PLC .............39
Company balance sheet .........................................................................40
Notes to the financial statements ............................................................41 
Contents 04
Highlights
Financial highlights
•	 	 Revenues	up	32%	to	£13.76m	(£10.43m)
•	 	 Revenue	growth	in	all	territories,	including	UK	up	26%	and	
USA	&	Canada	up	54%
•	 	 22%	of	all	revenues	now	from	outside	the	UK,	up	from	18%	
last year
•	 	 20%	reduction	in	administrative	expenses	(excluding	share	
based	payments)	to	£4.41m	(£5.53m)
•	 	 Loss	before	tax	&	share	based	payments	cut	to	£1.58m	
(£2.92m)
•	 	 Cash	balance	of	£1.13m	as	at	31	March	2008	(£1.82m	at	 
31	September	2007)
Operational highlights 
•	 	 New	products	have	increased	overall	gross	profits	and	sales	
with reduced sales and marketing costs
•	 	 9,336	Bango.com	sign-ups	for	the	year	(1,616	last	year)	
showing increasing interest in Bango services and expanding 
sales pipeline
•	 	 Launch	of	Bango	Analytics	mobile	marketing	product	in	
February 2008
•	 	 Operating	close	to	break-even	and	cash-flow	neutral	at	year	end
Jan 04
Jan 05
Jan 06
Jan 07
Jan 08
July 03
July 04
July 05
July 06
July 07
Oct 03
Apr 04
Oct 04
Apr 05
Oct 05
Apr 06
Oct 06
Apr 07
Oct 07
Apr 08
3
2.5
2
1.5
1
0.5
0
Daily end user activity
Relative to July 05 = 1.0
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
1,000,000
GBP
Content access fees
Content provider fees
Services to MNOs & ad-funded revenue
Gross profit mix improving
Sources of gross profit
H1 FY07 H2 FY07 H1 FY08 H2 FY08
GBP
Sales & Marketing cost
Content access margin
Content provider margin
Sales productivity
200,000
0
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
H1 FY07 H2 FY07 H1 FY08 H2 FY08 3* (March 
+ April 08)
GBP
Sales & Marketing 
R&D, Support, Finance & Admin
Depreciation
Managing Opex downwards
500,000
500,000
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
H1 FY07 H2 FY07 H1 FY08 H2 FY08 3* (March 
+ April 08)
Highlights 05
The Board is pleased to report good progress in the business.
A	key	focus	for	the	year	was	to	use	Bango	technology	to	introduce	
simpler, lower priced Bango services to improve sales and 
marketing	efficiency .	The	results	have	been	encouraging.	Revenue	
grew	32%	compared	with	the	previous	year	to	£13.76m.	Margin	
earned	on	monthly	fees	grew	36.5%.	Over	the	same	period,	
these changes enabled us to reduce sales and marketing costs by 
approximately	50%.
 
W e	are	now	operating	close	to	break-even	on	a	monthly	basis	and	
with growing sales from a stable cost base and with a strong sales 
pipeline. We are introducing further products and services that 
can be sold using the existing sales and marketing organization.
Today’s mobile phones include web browsers and internet 
connectivity	as	standard.	Millions	of	people	now	browse	for	
information and use search engines on their mobile phones. They 
view advertising and buy content from mobile websites. Those 
website owners want to sell services and content such as music, 
videos, games and alerts globally and incur the lowest possible 
cost of sale. Bango meets those requirements.
When users click to “buy”, the transaction is routed by Bango 
and payment made via the user’s mobile phone bill or alternate 
method. Bango makes this transaction straightforward because our 
software not only connects to the world’s leading mobile network 
operators and other billing providers, but uniquely handles the 
necessary	end	user	screen	flows,	currency	conversions,	taxes	and	
regulatory requirements without extra complexity for the content 
provider.
 
Over	9,000	new	content	owners	signed	up	to	use	the	Bango	
system	during	the	year ,	a	more	than	fivefold	increase	in	sign-up	
rate	over	the	year .	The	value	of	the	Bango	Service	is	demonstrated	
by	the	fact	that	larger	organizations	such	as	Gameloft,	WWE,	EA	
Games,	MTV	and	Paramount	Studios	are	users	of	our	service,	
alongside thousands of much smaller companies and even 
individuals.
Customers	are	staying	with	the	Bango	Service,	moving	from	free	
trials and low end services through our portfolio of services as they 
expand their business and their needs change.
T ransaction	volumes	are	growing.	Overall	user -spend	through	
Bango	grew	by	26%.	Outside	the	UK,	which	is	our	longest	
established	market,	user	payment	activity	grew	faster	at	59%	year	
on year.
 
The traditional way to supply, market and monetize mobile content 
was	through	SMS	and	MMS.	The	move	to	an	internet	model	brings	
benefits	to	the	consumer	in	terms	of	usability	and	transparency ,	
and to the content provider in terms of marketing opportunities. 
For this reason the mobile operators are now starting to actively 
push	the	migration	from	SMS	to	the	mobile	web.	Bango	stands	to	
benefit	from	this	move	from	SMS	to	the	web	due	to	our	leading	
position in that market and the ease of moving to the mobile web 
with our product line.
Bango is a well positioned business that enjoys increasing 
opportunities for growth in revenue in this rapidly expanding 
market. We look forward to providing a further progress update at 
the half year.
 
Lindsay Bury 
Chairman
Chairman’s statement
Chairman’s statement 06
C E O ’ s 	 s t a t e m e n t	
I	am	pleased	to	report	that	in	the	year	ended	March	2008	
we	made	significant	progress	towards	ensuring	that	Bango	is	
financially	self-sufficient	and	able	to	take	full	advantage	of	the	
growth in the mobile web. It has been a year of focusing our 
people	and	technology	to	become	more	efficient	and	operating	
where market demand is growing fastest, and on getting the 
business	to	profitability	and	cash-flow	positive.
Improving sales productivity 
In	my	last	Annual	Report	I	stated	that	we	would	strengthen	our	
self-serve	product	proposition	to	enable	us	to	drive	down	our	
customer acquisition costs and grow sales and margins without 
increasing expenditure.
 
The results have been encouraging. Compared to the previous 
financial	year ,	we	are	pleased	to	report	revenue	growth	of	32%	to	
£13.76m.	Margin	earned	on	monthly	fees	grew	36.5%.	Over	the	
same	period,	our	new	product	line-up	enabled	us	to	reduce	sales	
and	marketing	costs	by	approximately	50%.	
Product	releases	during	the	year	included	a	range	of	simplified,	
lower cost products including Bango Payment World, Bango 
Advantage	UK,	Bango	Payment	UK/USA/España	and	the	Bango	
Button.	In	particular ,	Bango	Payment	UK	enabled	businesses	
anywhere in the world to launch commercial Payforit services 
within	minutes,	for	below	£300	per	month.	
A	new	web	sales	team	was	established	to	drive	customers	through	
a	“self-serve”	sign-up	at	Bango.com,	worldwide,	at	significantly	
lower	cost	than	previous	sales	motions.	Our	regional	teams	in	
Germany ,	Spain,	US	and	UK	were	replaced	by	a	small	worldwide	
corporate sales team selling to accounts anywhere in the world 
that have more complex requirements.
 
Bango’s technology and the mobile web have global reach, but 
take-up	rates	and	content	provider	activity	vary	by	country	–	
depending on the emergence rates of the mobile web in those 
countries. During the year, the emergence of mobile search and 
mobile advertising from Google, Yahoo! and others has increased 
the	opportunities	for	cross-border	marketing	by	content	providers.	
This enabled us to centralize our marketing to these content 
providers	and	deliver	a	consistent	message	worldwide.	Localized	
marketing	in	the	UK,	Spain	and	Germany	was	centralized	into	a	
multilingual team with one common message worldwide and a 
common sales motion irrespective of the location of the business.
 
Marketing	investment	shifted	from	“face	to	face”	activity	at	
events and seminars to web based marketing, webinars, referral 
programs, blogging and search engine optimization. These work 
worldwide and make us more easily contactable by anybody 
wanting to reach mobile phone users through the mobile web, 
where	our	technology ,	especially	for	identification,	payment	
collection or analytics, is of value.
Growing transaction volumes 
Content	access	fees	grew	32%	to	£11.72m.	As	indicated	in	
our interims, the margin earned on payment transactions is now 
around	9%,	reflecting	our	desire	to	keep	our	transaction	fees	down	
to	the	1-2%	level	for	the	largest	content	providers	and	our	ability	
to	charge	up	to	30%	for	very	low	volume	customers.	
Bango	Analytics	now	also	drives	“paid	for”	transactions,	generally	
paid for “per thousand”, to align with the way website owners 
buy	advertising	that	they	measure	with	analytics.	Bango	Analytics	
transactions and sales started in the last six weeks of the year, but 
revenue	contribution	from	these	was	not	significant.		
Driving towards profitability and cash generation 
After	a	year	of	significant	marketing	and	development	investment	
last	year ,	our	plan	for	the	year	was	to	drive	towards	profitability	
and	cash	generation.	As	a	result	of	our	cost	reductions	and	
increasing	sales,	we	reduced	losses	(at	EBITDA	level)	down	from	a	
£240K/month	average	in	the	last	financial	year	to	£144K/month	
average	in	our	first	half	and	then	to	£93K/month	average	in	the	
second	half,	with	continued	progress	towards	break-even	during	
the	final	months	of	the	half	year .
While	increasing	sales	will	drive	profitability ,	we	believe	there	
are	still	opportunities	to	improve	our	efficiency ,	to	enable	us	to	
capitalize	on	market	growth	from	a	position	of	financial	strength.	
Bango currently has no borrowings and the Directors believe the 
Company	has	sufficient	resources	to	meet	its	current	financial	
needs. However, the Directors further believe that additional 
capital	could	be	deployed	to	beneficial	effect.	For	example,	Bango	
has recently accelerated the timing of cash payments to some 
content	providers,	for	a	fee,	to	enable	faster	re-investment	by	
them in search engine marketing with Google, Yahoo! or others. 
Consequently a number of initiatives are under active evaluation 
and further announcements will be made as appropriate.
Product development 
In	February	2008,	we	launched	Bango	Analytics,	a	new	product	
that enables businesses of all sizes to get a better return from 
their investment in marketing and advertising campaigns on the 
mobile	web.	Our	unique	technology	captures	valuable	data	about	
mobile users responding to campaigns and presents it in an easy 
to	use	form	to	enable	informed	decision-making.	
It is a widely held view within advertising agencies that the 
inability to measure the effectiveness of mobile marketing is 
holding	back	investment.	Bango	Analytics	is	the	first	product	
available to meet this need. We already have a number of case 
studies at www.bango.com. 
Gartner	(IT)	forecasts	the	mobile	advertising	market	to	grow	
to	£5.5	billion	in	global	revenue	in	2011,	up	from	less	than	
£500m	a	year	in	2007.	T ools	such	as	Bango	Analytics	which	can	
improve the return on this investment should be able to attract a 
significant	part	of	this	expenditure.	
Being	first	to	market,	exploiting	our	8	years	of	technology	
development and with an established initial customer base, and 
low costs of sale, Bango is well positioned to capitalize on this 
growth. We have packaged our unique technology for a new set 
of	customers	–	those	that	use	the	mobile	web	for	marketing	or	
customer engagement rather than for selling digital content.
 
CEO’ s	statement 07
We continued development of our Payment products and the 
evolution	of	our	integration	and	Management	tools	to	improve	
usability and effectiveness. We also launched a number of product 
initiatives to reduce barriers to using the mobile web and Bango 
technologies, and to attract prospects to sign up at the  
www .bango.com	website.	These	included	W AP .com,	Bango	Button,	
Bango2Go,	check.wap.com	and	Bango	Optimized.	The	number	
of customers converting from free trials to paid for products has 
shown that this process is working. 
System	availability	was	excellent	during	the	year	–	with	less	than	
two	hours	lost	in	total	during	the	year	(99.98%	availability).	W ith	
transaction volumes constantly increasing, scalability at low cost 
and	without	service	outage	is	vital.	Our	R&D	team	has	steadily	
increased the capacity of the Bango system to stay ahead of 
demand	without	significant	capital	expenditure.
 
During	the	year ,	third	party	action	caused	us	to	lose	A T&T	USA	
billing	for	11	weeks	and	several	weeks	US	credit	card	processing.	
These outages took considerable time and energy to rectify, but 
have resulted in better processes and relationships going forward. 
Financial performance 
Revenues	grew	32%	to	£13.76m	(£10.43m	FY07)	and	gross	
profit	grew	12%	to	£2.77m	(£2.46m).	Revenue	from	outside	the	
UK	grew	by	over	57%	to	£3.08m	(£1.96m)	and	accounted	for	
22.4%	(18.7%)	of	total	revenue.
Content provider revenues, mostly recurring monthly fees, grew 
by	28%	during	the	year	to	£1.97m	(£1.5m).	Margin	on	these	
revenues	grew	by	36.5%	to	£1.72m.	(£1.26m	FY07).	Stable	
delivery costs mean that as content provider revenues grow, the 
gross margin improves.
Content	access	fees	grew	by	32%	compared	with	FY07	and	
accounted	for	85.2%	(85.0%)	of	total	revenue	in	the	year	at	
£11.72m	(£8.86m),	delivering	£1.02m	(£1.17m)	of	gross	
margin.	The	change	in	gross	margin	percentage	from	13.2%	
in	FY07	to	8.7%	in	FY08	was	a	result	of	Bango’ s	decision,	as	
reported	in	October	2007,	to	lower	transaction	fees	for	larger	
content provider customers.
 
Revenue	and	margin	from	services	to	mobile	network	operators	
remained at low levels and are not an important part of the 
business.
 
Sales	of	Bango	Analytics	products,	launched	6	weeks	from	year	
end,	did	not	make	a	significant	contribution	to	revenue	in	the	
period under review.
Operating	expenses	(excluding	share	based	payments)	decreased	
by	20%	to	£4.4m	(£5.5m)	as	a	result	of	significant	improvements	
in	sales	and	marketing	efficiencies.
 
The	loss	before	tax	was	£1.83m	(£1.57m	before	share	based	
payments),	improved	by	45%	compared	with	the	loss	of	£3.32m	
(£2.92m	before	shared	based	payments)	in	FY07.
The	cash	outflow	from	operations	was	£0.87m	(£2.82m)	about	
£0.7m	better	than	the	loss	before	tax	and	share	based	payments,	
as	a	result	of	limited	capital	expenditure	(£22k	in	the	year)	and	
stronger management of debtors and creditors.
 
Outlook and strategy for FY2007/8 
We have established an effective and scalable business in an 
early stage market. Growth is continuing and current performance 
indicators are favorable. With largely predictable and stable 
operational	costs,	our	focus	for	the	year	to	March	2009	is	to	
increase the number of customers using our system with a stable 
cost base.
The market continues to develop broadly in the way we envisage. 
The	predictions	made	in	last	year’ s	Annual	Report	have	almost	
all proved accurate, with Bango starting to see the anticipated 
benefits.	A	year	ago,	the	mobile	web	was	seen	by	many	as	a	
novelty. Today it is seen as an important and growing driver of 
consumer usage of mobile devices.
Work with Google during 2007 led to new contracts with large 
content providers and some of these have now started to generate 
early revenues.
Our	new	Bango	Analytics	product,	released	in	February	2008,	is	
first	to	market	and	is	receiving	excellent	reviews.	While	there	was	
little	contribution	from	this	product	in	FYE	March	2008,	we	do	
expect sales from this product in the coming year, through our 
existing sales and marketing organization.
 
Our	goal	is	now	to	deliver	sustained	profitability	and	positive	
cash-flow .	The	significantly	reduced	cost	of	customer	acquisition	
achieved this year, before the market has entered a fast growth 
phase, should enable us to capitalize on market growth from a 
position of strength.
 
On	behalf	of	the	Board,	I	would	like	to	express	my	gratitude	to	
Bango’s partners and employees for their continued support. 
Working with mobile operators, content providers, billing 
companies and other commercial partners and investors, we look 
forward to increasing success in the year ahead.
 
Ray Anderson 
Chief	Executive	Officer	
CEO’ s	statement 08
Case studies
Tapatap
Tapatap, a mobile social game site, uses Bango to track mobile ad 
campaigns	and	refine	advertising	to	target	the	countries,	networks	
and	handsets	which	yield	the	best	conversion	rates.	Users	interact	
through	photo	quizzes,	photo	polls	and	face-off	ratings,	uploading	
their own pictures to join in the fun. 
  
By	looking	at	the	Bango	Analytics	data,	T apatap	is	able	to	
calculate mobile ad conversion rates and acquisition costs 
per	member .	The	impressive	conversion	rates	have	confirmed	
Tapatap’s strategy of focusing their marketing on mobile.
“W e	are	finding	Bango	Analytics	to	be	a	very	useful	tool	as	we	
grow	our	business.	W e	are	using	Bango	Analytics	for	a	wide	range	
of	tasks	–	one	is	to	audit	the	traffic	we	are	getting	from	the	various	
traffic	networks	we	use.	W e	aggregate	traffic	from	a	wide	variety	
of sources and wanted an independent means to ensure that the 
traffic	we	receive	is	what	we	are	paying	for .	Bango	Analytics	has	
proven to be very valuable as an independent auditing tool.” 
Andy Riedel, CEO of Tapatap
The Sun
News	International,	publishers	of	The	Sun	newspaper ,	uses	Bango	
to gain a direct, interactive relationship with its readers on the 
mobile web. With Bango, readers from around the globe are able 
to	access	and	pay	for	Sun	branded	content	and	news	directly	
from	their	mobile.	The	Sun	promotes	its	mobile	website	to	over	9	
million	Sun	newspaper	readers	and	3	million	people	who	access	
The	Sun	Online	website	using	the	Bango	promotional	tools.
“The	Sun	and	News	of	the	W orld	continue	to	have	a	strong	
presence across all publishing platforms which gives us direct and 
interactive engagement with our customers. With Bango’s help 
our mobile platform has created a new and fast growing revenue 
stream.	News	Group	recognizes	the	importance	of	extending	its	
brands into the wireless market and is embracing the growth 
in mobile internet access and customer transactions, whilst 
expanding audience reach”
Andrew Bagguley, Head of Mobile Strategy at News Group Digital, 
News Group Newspapers Ltd
AdEye
AdEye	Mobile,	a	mobile	media	house	that	uses	Bluetooth	
technology to target mobile ads, games and other content directly 
at consumers, uses Bango to accurately measure the success of 
billboard advertising campaigns. 
AdEye	ran	a	campaign	on	behalf	of	Sony	Ericsson	to	analyze	
who was most receptive to the promotion. Bango enabled them 
to	understand	the	user	profile	of	those	most	responsive	to	this	
medium and ensure further marketing was geared towards 
consumer demographic.
“W e	want	to	understand	more	about	who	was	clicking	through	–	
what network were they on, what device did they use, how they 
responded	to	the	offer ,	what	they	did	next?		Bango	Analytics	gives	
us this level of detail which is really invaluable to our clients.”
Tommy Jensen, CEO of AdEye
Autoglass
Autoglass,	the	UK’ s	leading	vehicle	glass	repair	and	replacement	
company, developed a mobile site to make it easier for people to 
get a replacement windscreen. Chances are when a windscreen 
smashes the one thing people have to hand is their mobile phone.
“Understanding	how	our	mobile	site,	autoglass.mobi,	is	
performing and knowing the number of unique visitors using 
Bango	Analytics	is	very	important	as	we	develop	our	mobile	
strategy .	 	 W e	use	 the	 campaign	 tracking	 feature	 in	 Bango	 Analytics	
to assess the value of different search marketing campaigns 
compared to say ads on www.autotrader.co.uk and assessing which 
converted the best.”
Chris Smith, Online Marketing Manager at Autoglass
Perform/Animation FC
Perform/Animation	FC	integrated	with	Bango	to	offer	over	70	UK	
league soccer clubs including Tottenham Hotspur FC, West Ham 
United	FC,	Aston	V illa	FC,	Leeds	United	FC,	Manchester	City	FC	
and	Sunderland	FC	a	mobile	web	presence	worldwide.
  
Animation	FC	produced	the	tailor	made	content	for	each	club	
including animated wallpapers which are sold through the clubs 
Perform hosted mobile site and website. By using Bango’s Web 
Trigger and unique global payment system fans from around 
the world can access content and pay via one seamless and 
transparent experience, which includes compliance to the Payforit 
billing	standard	in	the	UK.	Fans	can	also	pay	for	content	using	
debit/credit	card	and	PayPal.
“Soccer	clubs	are	keen	to	engage	directly	with	their	fans	no	
matter where in the world they are. By providing a bespoke 
solution for each club with Bango’s technology powering the sites, 
we	are	giving	the	clubs	an	easy	on-ramp	to	the	mobile	web.	Now	
users can directly experience their favourite club and buy fun and 
exciting content on their mobile phones over the internet.”
Gavin Skelhorn, Director of Animation FC
Macmillan Publishing Solutions (MPS)
Bango	powers	the	revolutionary	service	from	Macmillan	
Publishing	Solutions	(MPS)	aimed	at	turning	the	mobile	phone	
into a personal “on the go” library. Bango’s billing and digital 
fingerprint	technologies	enabled	MPS	to	create	the	Global	Reader	
–	a	service	that	gives	consumers	with	mobile	phones	access	to	
books, articles, newspapers and other print content easily and 
inexpensively. 
Bango’s ability to uniquely identify each mobile phone users 
allows publishers to track individual customers and provide 
innovative features such as a user’s library, which lists all 
the “books” purchased. The new service also has a built in 
“bookmark” feature so readers can hold a spot in the book they 
are reading.
“We never envisioned people would want to read War and Peace 
on their phones. What we responded to was the idea that millions 
of people have mobile phones in their pockets.”
Bob Kasher, one of the developers and originators of The Global 
Reader at MPS
Case studies 09 Case studies 010
Products
Businesses worldwide depend on Bango to power their mobile web 
products and services. 
Bango products enable content providers to deliver on two critical 
areas of their mobile business: identifying and tracking people 
as they browse and interact with mobile websites and marketing 
campaigns	(Bango	Analytics);	and	charging	for	content	so	that	
it can be purchased worldwide by customers from their mobile 
phone	(Bango	Payment).		
Bango Analytics
As	more	mainstream	web	brands	deliver	a	mobile	presence,	the	
demand for information on visitors and the ability to place a value 
on the marketing campaigns these brands run becomes “mission 
critical”.	A	number	of	these	mobile	websites	will	also	generate	
revenue by charging third parties for advertising on their sites. 
For them, accurately tracking visitor numbers is fundamental to 
valuing their advertising inventory. For all of these needs Bango 
Analytics	is	a	vital	tool.	
Bango Payment
Content providers sell digital content to mobile users, letting them 
easily pay on their phone bills, or by using a payment card or their 
PayPal account. For these businesses, Bango Payment provides 
a single solution that gives them global access to the widest 
possible customer base and the widest set of payment methods. 
When	Bango	collects	payments,	Bango	BillRank
TM
 technology 
determines the best billing options available to that user based on 
mobile operator, device data and user history. It presents the best 
option on the payment screen most likely to generate a successful 
payment using the appropriate billing provider for that transaction.  
Self-service with worldwide reach
Anybody	can	benefit	from	Bango	by	visiting	www .bango.com	and	
choosing the services they require. Customers integrate with or 
connect to any Bango service, manage marketing information, 
configure	pricing,	access	promotional	tools	and	access	detailed	
reports about their visitors, customers and revenues. This can all 
be accomplished from the bango.com website or through a range 
of web services. 
Bango products are easy to understand and quick to implement. 
They encourage comprehensive integration and deliver an easy 
upgrade path for growing businesses. 
Business model
Bango charges for its services through a mixture of transaction 
fees and monthly fees. Where Bango collects payments through 
its billing partners, part of each payment transaction is retained 
by	Bango.	Less	than	2%	is	retained	for	high	volume	customers,	as	
much	as	30%	is	retained	at	low	volume	levels.	Depending	on	the	
range	and	flexibility	of	services	required,	typical	monthly	fees	start	
at $499 per month.
W ith	Bango	Analytics,	a	monthly	fee	is	paid	depending	on	the	
traffic	volumes	being	analyzed.	T ypical	monthly	fees	start	at	$49	
per month.
A	range	of	Bango	services	are	available	without	charge	for	testing	
or	small	scale	users	use.	Some	functionality	is	only	available	
to	paying	customers.	Most	services	are	purchased	on	recurring	
monthly basis, but annual contracts are available for some service 
offerings.
K e y 	 m a r k e t	
developments
2007 and early 2008 saw, as anticipated, some major 
developments that helped drive forward the deployment of the 
mobile web.
•	 	 Apple	launched	the	iPhone	–	championing	the	idea	of	browsing	
the web on a mobile device
•	 	 Google	launched	“Android”	–	to	cut	the	cost	of	mobile	devices	
and make them more “open”
•	 	 Nokia	re-launched	as	an	internet	company
•	 	 Mobile	operators	launched	consumer	marketing	for	the	mobile	
internet
•	 	 V odafone	started	providing	free	“unlimited”	mobile	web	access	
from phones
•	 	 UK	mobile	operators	started	mandating	mobile	web	payment	
(Payforit)	instead	of	Premium	SMS
Products,	Business	model,	Key	market	developments 011 Products,	Business	model,	Key	market	developments 012
Directors
Ray	has	25	years	experience	in	starting,	growing	and	selling	
businesses. He was named “Technology Entrepreneur of the Year” 
in	February	2006.	Ray	co-founded	Bango	in	1999	after	realizing	
that the convergence of the internet with the ubiquity of mobile 
phones could open up huge opportunities for content and service 
providers.	In	1988,	Ray	established	IXI	which	created	the	industry	
standard	network	GUI	-	X.desktop.	IXI	was	an	early	leader	in	the	
creation	of	the	web.	It	sponsored	the	first	ever	WWW	conference	at	
CERN	and	shipped	the	world’ s	first	commercial	web	browser .
Anil	is	a	highly	experienced,	senior	marketing	and	business	
development manager, with over 17 years experience in building 
entrepreneurial,	fast-growth	start-up	businesses	in	the	internet,	
software	publishing	and	technology	sectors.	He	co-founded	Bango	
with	Ray	Anderson	in	1999	and	was	formerly	with	IXI,	where	Anil	
won	worldwide	deals	with	US,	Japanese	and	European	industry	
giants	including	IBM,	Digital	and	Sun	Microsystems.
Peter	provides	the	financial	leadership,	direction	and	policy	
guidance to the Company as it continues to grow rapidly. He has 
over	20	years	experience	in	all	financial	disciplines	including	
accounting,	fund-raising	and	acquisitions.	From	1996	to	2001	he	
was	Finance	Director	at	PayPoint,	the	UK’ s	leading	branded	utility	
bill	payment	Company .	From	start-up,	Peter	was	responsible	for	
all	finance	activity	and	enabled	the	Company	to	profitably	process	
more	than	£2	billion	of	payments	per	year .
Lindsay	Bury	is	Chairman	of	Electric	and	General	Investment	T rust	
plc	and	ServicePower	T echnologies	plc.	He	has	in	recent	years	
been	a	Non-executive	Director	of	The	Sage	Group	plc,	chairman	of	
South	Staffordshire	Group	and	a	number	of	other	listed	as	well	as	
private software and technology companies.
Martin	is	founder	and	joint	managing	Director	of	ET	Capital	
Limited,	a	shareholder	in	the	Company .	He	has	been	a	venture	
capital investor for over 20 years making and manages 
investments in innovative technology businesses, principally in 
network services, software and hardware.
Ray Anderson
CEO
Anil Malhotra
SVP Marketing & Alliances
Peter Saxton
CFO
Lindsay Bury
Chairman
Martin Rigby
Non-executive Director
Directors  
Company information 11 
 
Company information 
 
Company registration number 05386079 
 
Registered office 5 Westbrook Centre 
 Milton Road 
 Cambridge 
 CB4 1YG 
 Tel:  +44 (0)8700 340 360 
 Fax:  +44 (0)1223 472 778 
 
Directors Mr L C N Bury – Non-executive Chairman 
 Mr R Anderson - CEO 
 Mr A Malhotra - SVP Marketing & Alliances 
 Mr P Saxton - CFO 
 Mr M Rigby – Non-executive Director 
  
Company Secretary Mr H Goldstein 
  
Bankers HSBC Bank Plc 
 Vitrum 
 St Johns' Innovation Park 
 Cambridge 
 CB4 0DS 
 
Solicitors Taylor Wessing 
 24 Hills Road 
 Cambridge 
 CB2 1JW 
 
Independent auditor Grant Thornton UK LLP 
 Chartered Accountants and Registered Auditors 
 Byron House 
 Cambridge Business Park 
 Cowley Road 
 Cambridge 
 CB4 0WZ 
 
Nominated adviser and broker Panmure Gordon (UK) Limited 
 155 Moorgate 
 London 
 EC2M 6XB 
 
Public relations advisor ICIS 
 10 - 15 Queen Street 
 London 
 EC4N 1TX 
 
US office 330 Madison Avenue 
6th Floor 
New York, NY 10017 
 Tel:  +1 866 528 6897 
 Fax:  +1 646 349 3023 
 
 
 
 www.bango.com 
 sales@bango.com
 
 
 
 
 
 
 
 
   
12 Directors’ report 
 
Directors’ report 
 
The Directors present the Annual Report and audited financial 
statements of Bango PLC for the year ended 31 March 2008. 
 
Principal activities and business review 
The principal activity of the Company during the year was as 
investment holding company for Bango.net Limited and other 
subsidiaries. 
 
The principal activity of the Group during the year was the 
development, marketing and sale of technology to enable mobile 
phone users to easily choose and purchase services, games, 
pictures, videos, music and ringtones on their mobile phones. 
 
Bango enables businesses of all sizes to quickly and easily benefit 
from the expansion of the world wide web to mobile phones. 
Bango technology and services have been used by many leading 
brands.  
 
A review of the Group’s performance for the year ended 31 March 
2008 and future developments is contained in the Chairman’s 
statement and the CEO’s statement. 
 
Key performance indicators 
The Group made a loss of £1,835,309 (£1,577,249 before share 
based payment costs) for the year ended 31 March 2008 (2007: 
loss of £3,317,106, £2,915,466 before share based payment 
costs).  The Directors do not recommend payment of a dividend. 
 
The Directors and their interests 
The Directors who served the company throughout the year, except 
as noted, together with their beneficial interests in the shares of 
the Company were as follows: 
 
 Ordinary shares Ordinary shares 
 of 20p each  of 20p each 
 At 31 March   
2008 
At 31 March 
2007 
   
Mr R Anderson 5,947,260 5,947,260 
Mr A Malhotra 4,007,000 4,007,000 
Mr P Saxton 200,000 74,626 
Mr L C N Bury 700,000 700,000 
Mr M Rigby  21,999 21,999 
Mr G S Seabrook  44,000 44,000 
(resigned 8 August 2007) = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 
 
The Directors did not exercise any share options during the year. 
 
The Directors’ interests in share options of the company were as 
follows: 
Options to buy ordinary shares of 20p each 
 Option 
price 
At 31 March 
2008 
At 31 March 
2007 
Mr P Saxton    
Granted  
1 March 2005 
£0.500 200,000 200,000 
Granted  
21 September 2005 
£2.020 50,000 50,000 
Granted  
25 May 2006 
£1.400 50,000 50,000 
Granted  
22 March 2007 
£0.505 76,250 76,250 
Granted  
31 January 2008 
£0.230 91,250 - 
Total  467,500 376,250 
The share options were granted at market price and vest over a 
three year period in twelve equal quarterly instalments.  Vested 
options will lapse unless exercised within ten years of the date of 
grant. 
 
Creditor payment policy and practice 
It is the Group's policy that payments to suppliers are made in 
accordance with those terms and conditions agreed between the 
Group and its suppliers, provided that there has been compliance 
with all trading terms.  Content providers are the main suppliers to 
the Group.  At 31 March 2008, the Group had an average of 68 
days (2007: 77 days) creditors outstanding in trade payables, 
accruals and deferred income. 
 
Donations 
The Group made charitable donations during the year of £670 
(2007: £1,200).  There were no donations to political parties. 
 
Share capital 
Details of changes in the share capital of the Company during the 
year are given in note 7 to the financial statements.  
 
Directors’ indemnity arrangements 
The Company has purchased and maintained throughout the year 
Directors’ & Officers’ liability insurance in respect of itself and its 
Directors. 
 
Financial risk management objectives and policies 
The Group’s activities expose it to some financial risks.  The 
Group monitors these risks but does not consider it necessary to 
use any derivative financial instruments to hedge these risks.  See 
notes 6, 8 and 18 for further information. 
 
Liquidity risk 
The Company seeks to manage financial risk by ensuring sufficient 
liquidity is available to meet foreseeable needs and to invest in 
cash assets safely and profitably.  See note 20 for further 
information. 
 
Credit risk 
Credit risk arises from exposure to outstanding receivables.  
Potential new customers are assessed for credit risk before credit 
is given, to minimize credit exposure.  See note 19 for further 
information. 
 
Employment policies 
The Group is committed to following the applicable employment 
laws in each territory in which it operates.  The Group is 
committed to fair employment practices including the prohibition 
of all forms of discrimination and attempts as far as possible to 
give equal access and fair treatment to all employees on the basis 
of merit.  Wherever possible we provide the same opportunities for 
disabled people as for others.  If employees become disabled we 
would make reasonable effort to keep them in our employment, 
with appropriate training where necessary.     
 
Health and safety policies 
The Group is committed to conducting its business in a manner 
which ensures high standards of health and safety for its 
employees, visitors and the general public.  It complies with all 
applicable and regulatory requirements.  
 
 
   
Directors’ report 13 
 
Directors’ report 
 
Directors’ responsibility 
The following statement, which should be read in conjunction with 
both reports of the auditor set out on pages 16 and 39, is made in 
order to distinguish for shareholders the respective responsibilities 
of the Directors and of the auditors in relation to the financial 
statements. 
 
The Directors are responsible for preparing the Annual Report and 
the financial statements in accordance with applicable law and 
regulations. 
 
Company law requires the Directors to prepare financial 
statements for each financial year.  Under that law the Directors 
have prepared the Group and parent company financial statements 
in accordance with International Financial Reporting Standards 
(IFRSs) as adopted by the European Union and separate parent 
company financial statements under United Kingdom Accounting 
Standards (United Kingdom Generally Accepted Accounting 
Practice).  The financial statements are required by law to give a 
true and fair view of the state of affairs of the company and the 
Group and of the profit or loss of the Group for that period.  In 
preparing these financial statements, the Directors are required to: 
 
 Select suitable accounting policies and then apply them 
consistently. 
 
 Make judgments and estimates that are reasonable and 
prudent. 
 
 State that the Group financial statements comply with 
IFRSs as adopted by the European Union and that the 
parent financial statements are prepared under United 
Kingdom Accounting Standards (United Kingdom 
Generally Accepted Accounting Practice). 
 
 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 that disclose with reasonable accuracy at any time the 
financial position of the company and the Group and to enable 
them to ensure that the financial statements comply with the 
Companies Act 1985.  They are also responsible for safeguarding 
the assets of the company and the Group and hence for taking 
reasonable steps for the prevention and detection of fraud and 
other irregularities. 
 
In so far as the Directors are aware: 
 
 There is no relevant audit information of which the 
Company's auditors are unaware. 
 
 The Directors have taken all steps that they ought to 
have taken to make themselves aware of any relevant 
audit information and to establish that the auditors are 
aware of that information. 
 
The Directors are responsible for the maintenance and integrity of 
the corporate and financial information included on the Group's 
website.  Legislation in the United Kingdom governing the 
preparation and dissemination of financial statements may differ 
from legislation in other jurisdictions. 
 
 
Auditor 
A resolution to re-appoint Grant Thornton UK LLP as auditor for 
the ensuing year will be proposed at the Annual General Meeting 
in accordance with section 385 of the Companies Act 1985. 
 
 
BY ORDER OF THE BOARD 
 
 
 
 
Company Secretary 
Mr H Goldstein   
14 Corporate governance statement 
 
Corporate governance statement 
 
Audit Committee 
The Audit Committee comprises the Chairman and both Non-
executive Directors. 
 
The Committee’s main role and responsibilities are to: 
 
 Monitor the integrity of the financial statements of the 
Group. 
 
 Review the Group’s internal financial controls and risk 
management systems. 
 
 Make recommendations to the Board, for it to put to the 
shareholders for their approval in relation to the 
appointment of the external auditor and to approve the 
remuneration and terms of reference of the external 
auditor. 
 
 Discussion of the nature, extent and timing of the 
external auditor’s procedures and discussion of the 
external auditor’s findings. 
 
 Review and monitor the external auditor’s independence 
and objectivity and the effectiveness of the audit 
process. 
 
 Develop and implement policy on the engagement of the 
external auditor to supply non-audit services. 
 
 Report to the Board, identifying any matters in respect of 
which it considers that action or improvement is 
required. 
 
 Ensure a formal channel is available for employees and 
other stakeholders to express any complaints in respect 
of financial accounting and reporting. 
 
The Group does not currently have an internal audit function, 
which the Board considers appropriate for a Group of Bango’s size. 
The Committee is scheduled to meet twice each year and at other 
times if necessary. The Audit Committee will review risk 
assessments and the need for an internal audit function on a 
periodic basis. 
 
Internal control procedures 
The Board is responsible for the Group’s system of internal 
controls and risk management, and for reviewing the effectiveness 
of these systems. These systems are designed to manage, rather 
than eliminate, the risk of failure to achieve business objectives,  
 
 The business plan is updated on a periodic basis to take 
into account the most recent forecasts. On a monthly 
basis, actual results are compared to the latest forecast 
and market expectations and presented to the Board on 
a timely basis. 
 
 Regular reviews by the Board and by the senior 
management team of key performance indicators. 
 
 A limited number of senior management are able to sign 
cheques and authorize payments. Payments are not 
permitted without an approved invoice. 
 
 Reconciliations of key balance sheet accounts are 
performed and independently reviewed by the finance 
team. 
 
 A disaster recovery plan and back-up system is 
documented and in place. 
 
The Board in conjunction with the Audit Committee keeps under 
review the Group’s internal control system on a periodic basis.  
 
Communications with shareholders 
The Board recognizes the importance of regular and effective 
communication with shareholders. The primary forms of 
communication are: 
 
 The annual and interim statutory financial reports and 
associated investor and analyst presentations and 
reports. 
 
 Announcements relating to trading or business updates 
released to the London Stock Exchange. 
 
 The Annual General Meeting provides shareholders with 
an opportunity to meet the Board of Directors and to ask 
questions relating to the business. 
 
Going concern 
After making enquiries, at the time of approving the financial 
statements, the Directors have a reasonable expectation that the 
Company and the Group have adequate resources to continue in 
operational existence for the foreseeable future. For this reason, 
the Directors continue to adopt the going concern basis in 
preparing the financial statements. 
and to provide reasonable, but not absolute assurance against 
material misstatement or loss. 
 
The key features of the Group’s internal controls are described 
below: 
 
 A clearly defined organizational structure with 
appropriate delegation of authority. 
 
 The approval by the Board of a one year budget, 
including monthly income statements, balance sheets 
and cash flow statements. The budget is prepared in 
conjunction with senior managers to ensure targets are 
feasible. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
Remuneration Committee report 15 
 
Remuneration Committee report 
 
The Remuneration Committee comprises the Chairman and both 
Non-executive Directors. 
  
The Committee’s main role and responsibilities are as follows: 
 
 To review, and determine on behalf of the Board, the 
specific remuneration and incentive packages for each of 
the Group’s Executive Directors. 
 
 To review, and make recommendations to the Board in 
respect of, the design of remuneration structures and 
levels of pay and other incentives for employees of the 
Group, including share option awards and any 
adjustments to the terms of share ownership and share 
option schemes. 
 
 To be responsible for reporting to the Group’s 
shareholders in relation to remuneration policies 
applicable to the Group’s Executive Directors. 
 
The Committee may invite the Chief Executive Officer and Chief 
Finance Officer to attend meetings of the Remuneration 
Committee. The Chief Executive Officer is consulted on proposals 
relating to the remuneration of the Chief Finance Officer and of 
other senior executives of the Group. The Chief Executive Officer 
is not involved in setting his own remuneration. 
 
The Committee may use remuneration consultants to advise it in 
setting remuneration structures and policies. The Committee is 
exclusively responsible for appointing such consultants and for 
setting their terms of reference. 
 
The Committee’s terms of reference are reviewed and approved by 
the Board. These are available for inspection at the Group’s 
registered office. 
 
Remuneration policy 
The Group’s policy on remuneration is to provide a package of 
benefits, including salary, performance-related bonuses and share 
options, which reward success and individual contributions to the 
Group’s overall performance appropriately, while avoiding paying 
more than is necessary for this purpose. In addition, the 
Remuneration Committee takes into account remuneration 
packages of comparable companies when making 
recommendations to the Board. 
 
Performance-related elements of remuneration are designed to 
align the interests of Executive Directors with those of 
shareholders and accordingly are set as a significant proportion of 
total remuneration. 
 
Share options 
The Group considers that active participation in a share option 
plan is an effective means of incentivizing and retaining high 
quality people. Directors and employees are eligible to participate 
in the scheme. Further details of the option plan and outstanding 
options as at 31 March 2008 are given in note 7 to the financial 
statements. 
 
Service agreements 
The Executive Directors have service agreements with Bango PLC. 
The agreements include restrictive covenants which apply during 
employment and for a period of twelve months after termination. 
 
 
 
The agreements can be terminated on twelve months’ notice in 
writing by either the Company or by the Executive Director. 
 
Non–executive Directors 
The remuneration of the Non-executive Directors is determined by 
the Executive Directors.  Their appointments can be terminated on 
six months’ notice in writing by the Company. 
 
Directors’ emoluments 
Remuneration in respect of the Directors was as follows: 
 
 2008 2007
 £'000 £'000
  
Aggregate emoluments  314,258 405,858
Aggregate emoluments of 
highest paid Director 
100,500 144,300  
16 Report of the independent auditor to the members of Bango PLC  
 
Report of the independent auditor to 
the members of Bango PLC 
 
We have audited the Group financial statements of Bango PLC for 
the year ended 31 March 2008 which comprise the principal 
accounting policies, the consolidated income statement, the 
consolidated balance sheet, the consolidated cash flow statement, 
the consolidated statement of changes in equity and notes 1 to 
22. These Group financial statements have been prepared under 
the accounting policies set out therein. 
 
We have reported separately on the parent company financial 
statements of Bango PLC for the year ended 31 March 2008. 
 
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 auditor's 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 Group financial statements in accordance with United 
Kingdom law and International Financial Reporting Standards 
(IFRSs) as adopted by the European Union are set out in the 
statement of Directors' responsibilities. 
 
Our responsibility is to audit the Group 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 Group financial 
statements give a true and fair view and whether the Group 
financial statements have been 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.  The information given in 
the Directors’ report includes that specific information presented 
in the CEO’s statement that is cross-referenced from the business 
review section of the Directors’ report. 
 
In addition we report to you if, in our opinion, 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 Group financial 
statements. The other information comprises only the Chairman's 
statement, the CEO's statement, the Directors' report, the 
Corporate Governance statement and the Remuneration 
Committee report.  We consider the implications for our report if 
we become aware of any apparent misstatements or material 
inconsistencies with the Group financial statements.  Our 
responsibilities do not extend to any other information. 
 
Basis of audit 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 Group 
financial statements.  It also includes an assessment of the 
significant estimates and judgments made by the Directors in the 
preparation of the Group 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 Group financial 
statements. 
 
Opinion 
In our opinion: 
 
 The Group financial statements give a true and fair view, 
in accordance with IFRSs as adopted by the European 
Union, of the state of the Group's affairs as at 31 March 
2008 and of its loss for the year then ended. 
 
 The Group financial statements have been properly 
prepared in accordance with the Companies Act 1985. 
 
 The information given in the Directors' report is 
consistent with the financial statements. 
 
 
Grant Thornton UK LLP 
Registered Auditor 
Chartered Accountants 
 
Cambridge 
1 August 2008 
   
 
 
Consolidated balance sheet 17 
 
Consolidated balance sheet 
 
 2008 2007
Note £  £ 
 
ASSETS 
Non-current assets 
Property, plant and equipment 5 318,356 506,450 
Intangible assets 5 4,350 15,311 
 - --- --- --- --- --- --- --- --- --- --- -- - --- --- --- --- --- --- --- --- --- --- ---
  322,706 521,761 
 
Current assets 
Trade and other receivables 6 2,506,700 2,423,266 
Cash and cash equivalents 1,126,033 1,931,094 
 - --- --- --- --- --- --- --- --- --- --- -- - --- --- --- --- --- --- --- --- --- --- ---
 3,632,733 4,354,360 
- --- --- --- --- --- --- --- --- --- --- -- - --- --- --- --- --- --- --- --- --- --- ---
Total assets 3,955,439 4,876,121 
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
 
EQUITY 
Capital and reserves attributable to equity holders of the parent company 
Share capital  7 5,383,282 5,369,548 
Share premium account  5,320,067 5,310,885 
Merger reserve  1,236,225 1,236,225 
Other reserve  853,895 595,835 
Accumulated losses  (11,907,579) (10,072,270) 
 
  - --- --- --- --- --- --- --- --- --- --- -- - --- --- --- --- --- --- --- --- --- --- ---
Total equity  885,890 2,440,223 
  = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
 
LIABILITIES    
Current liabilities    
Trade and other payables 8 3,069,549 2,435,898 
  - --- --- --- --- --- --- --- --- --- --- -- - --- --- --- --- --- --- --- --- --- --- ---
    
Total liabilities 3,069,549 2,435,898 
   
- --- --- --- --- --- --- --- --- --- --- -- - --- --- --- --- --- --- --- --- --- --- ---
Total equity and liabilities 3,955,439 4,876,121 
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
 
These financial statements were approved by the Directors on 31 July 2008 and are signed on their behalf by: 
 
 
Mr R Anderson Mr P Saxton 
Director Director  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The notes on pages 21 to 38 are an integral part of these consolidated financial statements. 
   
 
18 Consolidated income statement 
 
Consolidated income statement 
 
 2008 2007 
Note £  £ 
 
Revenue 4 13,758,468 10,428,312 
Cost of sales (10,993,053) (7,962,403) 
 - --- --- --- --- --- --- --- --- --- --- - - --- --- --- --- --- --- --- --- --- --- -
Gross profit 2,765,415 2,465,909 
Administrative expenses  (4,409,832) (5,528,659) 
Share based payments   (258,060) (401,640) 
  - --- --- --- --- --- --- --- --- --- --- - - --- --- --- --- --- --- --- --- --- --- -
Operating loss 4 (1,902,477) (3,464,390) 
Finance costs  - - 
Investment income 14 67,168 147,284 
  - --- --- --- --- --- --- --- --- --- --- - - --- --- --- --- --- --- --- --- --- --- --
Loss before taxation (1,835,309) (3,317,106) 
Income tax expense 15 - - 
  - --- --- --- --- --- --- --- --- --- --- - - --- --- --- --- --- --- --- --- --- --- --
Loss for the financial year  (1,835,309) (3,317,106) 
  = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
Attributable to equity holders of the Company  (1,835,309) (3,317,106) 
  = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
 
Loss per share for loss attributable to the equity holders of the Company 
Basic loss per share 16 (6.82) (12.40) 
  
Diluted loss per share 16 (6.82) (12.40) 
 
All of the activities of the Group are classed as continuing. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The notes on pages 21 to 38 are an integral part of these consolidated financial statements
 
 
18 Consolidated income statement 
 
Consolidated income statement 
 
 2008 2007 
Note £  £ 
 
Revenue 4 13,758,468 10,428,312 
Cost of sales (10,993,053) (7,962,403) 
 - --- --- --- --- --- --- --- --- --- --- - - --- --- --- --- --- --- --- --- --- --- -
Gross profit 2,765,415 2,465,909 
Administrative expenses  (4,409,832) (5,528,659) 
Share based payments   (258,060) (401,640) 
  - --- --- --- --- --- --- --- --- --- --- - - --- --- --- --- --- --- --- --- --- --- -
Operating loss 4 (1,902,477) (3,464,390) 
Finance costs  - - 
Investment income 14 67,168 147,284 
  - --- --- --- --- --- --- --- --- --- --- - - --- --- --- --- --- --- --- --- --- --- --
Loss before taxation (1,835,309) (3,317,106) 
Income tax expense 15 - - 
  - --- --- --- --- --- --- --- --- --- --- - - --- --- --- --- --- --- --- --- --- --- --
Loss for the financial year  (1,835,309) (3,317,106) 
  = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
Attributable to equity holders of the Company  (1,835,309) (3,317,106) 
  = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
 
Loss per share for loss attributable to the equity holders of the Company 
Basic loss per share 16 (6.82) (12.40) 
  
Diluted loss per share 16 (6.82) (12.40) 
 
All of the activities of the Group are classed as continuing. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The notes on pages 21 to 38 are an integral part of these consolidated financial statements  
 
Consolidated cash flow statement 19 
 
Consolidated cash flow statement 
 
 2008 2007 
Note £  £ 
 
 
Net cash used by operating activities 17 (873,341) (2,821,343) 
 
Cash flows from investing activities 
Purchases of property, plant and equipment (21,804) (352,525) 
Purchase of intangible assets - (15,971) 
Disposal of property, plant and equipment - 2,984 
Interest received 67,168  147,284 
 - --- --- --- --- --- --- --- --- --- --- - - --- --- --- --- --- --- --- --- --- --- - 
Net cash used by investing activities 45,364 (218,228) 
 
Cash flows from financing activities 
Proceeds from other issuance of ordinary shares 22,916 118,433 
 - --- --- --- --- --- --- --- --- --- --- - - --- --- --- --- --- --- --- --- --- --- - 
Net cash generated from financing activities 22,916 118,433 
 
  - --- --- --- --- --- --- --- --- --- --- - - --- --- --- --- --- --- --- --- --- --- - 
Net (decrease)/increase in cash and cash equivalents    (805,061) (2,921,138) 
Cash and cash equivalents at beginning of year  1,931,094 4,852,232 
- --- --- --- --- --- --- --- --- --- --- - - --- --- --- --- --- --- --- --- --- --- - 
Cash and cash equivalents at end of year  1,126,033 1,931,094 
  = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The notes on pages 21 to 38 are an integral part of these consolidated financial statements.   
 
20 Consolidated statement of changes in equity 
 
Consolidated statement of changes  
in equity 
 
 
 Share Share Merger Other Accumulated Total
 capital premium reserve reserve losses  
Group  account     
 £ £ £ £ £  £ 
 
At 1 April 2006 5,306,864 5,255,136 1,236,225 194,195 (6,755,164) 5,237,256 
       
Loss for the financial year - - - - (3,317,106) (3,317,106)
 - --- --- --- --- --- --- --- --- --- -- - --- --- --- --- --- --- --- --- --- -- - --- --- --- --- --- --- --- --- --- -- - --- --- --- --- --- --- --- --- --- -- - --- --- --- --- --- --- --- --- --- --- - --- --- --- --- --- --- --- --- --- --- 
Total income/(expense) - - - - (3,317,106) (3,317,106) 
recognized for 2006/7       
Exercise of share options 62,684 55,749 - - - 118,433 
Share based payment        
charge - - - 401,640 - 401,640 
 - --- --- --- --- --- --- --- --- --- -- - --- --- --- --- --- --- --- --- --- --- - --- --- --- --- --- --- --- --- --- --- - --- --- --- --- --- --- --- --- --- --- - --- --- --- --- --- --- --- --- --- --- - --- --- --- --- --- --- --- --- --- --- 
 62,684 55,749 - 401,640 (3,317,106) (2,797,033) 
 - --- --- --- --- --- --- --- --- --- -- - --- --- --- --- --- --- --- --- --- --- - --- --- --- --- --- --- --- --- --- --- - --- --- --- --- --- --- --- --- --- --- - --- --- --- --- --- --- --- --- --- --- - --- --- --- --- --- --- --- --- --- --- 
At 31 March 2007 5,369,548 5,310,885 1,236,225 595,835 (10,072,270) 2,440,223 
     
Loss for the financial year - - - - (1,835,309) (1,835,309) 
 - --- --- --- --- --- --- --- --- --- -- - --- --- --- --- --- --- --- --- --- --- - --- --- --- --- --- --- --- --- --- --- - --- --- --- --- --- --- --- --- --- --- - --- --- --- --- --- --- --- --- --- --- - --- --- --- --- --- --- --- --- --- --- 
Total income/(expense) - - - - (1,835,309) (1,835,309) 
recognized for 2007/8     
Exercise of share options 13,734 9,182 - - - 22,916 
Share-based payment      
charge - - - 258,060 - 258,060 
 - --- --- --- --- --- --- --- --- --- -- - --- --- --- --- --- --- --- --- --- -- - --- --- --- --- --- --- --- --- --- --- - --- --- --- --- --- --- --- --- --- --- - --- --- --- --- --- --- --- --- --- -- - --- --- --- --- --- --- --- --- --- -- 
 13,734 9,182 - 258,060 (1,835,309) (1,554,333) 
 - --- --- --- --- --- --- --- --- --- -- - --- --- --- --- --- --- --- --- --- -- - --- --- --- --- --- --- --- --- --- --- - --- --- --- --- --- --- --- --- --- --- - --- --- --- --- --- --- --- --- --- -- - --- --- --- --- --- --- --- --- --- -- 
At 31 March 2008 5,383,282 5,320,067 1,236,225 853,895 (11,907,579) 885,890 
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The notes on pages 21 to 38 are an integral part of these consolidated financial statements.   
 
 Notes to the financial statements 21 
 
Notes to the financial statements 
 
1  General information 
Bango PLC (“the Company”) was incorporated on 8 March 2005 
in the United Kingdom. The Company is domiciled in the United 
Kingdom. The address of the registered office of the Company, 
which is also its principal place of business, is given on page 11. 
The Company’s shares are listed on the Alternative Investment 
Market of the London Stock Exchange ("AIM"). 
 
The financial statements for the year ended 31 March 2008 
(including the comparatives for the year ended 31 March 2007) 
were approved by the Board of Directors on 31 July 2008. 
 
2  Basis of preparation 
The consolidated financial statements have been prepared under 
the historical cost convention. 
 
The Group has prepared its Annual Report in accordance with 
International Financial Reporting Standards (“IFRS”) as adopted 
in the European Union and as applied in accordance with the 
provisions of the Companies Act 1985.  IFRS requires the use of 
certain critical accounting estimates. It also requires management 
to exercise its judgement in the process of applying the Group’s 
accounting policies. The areas involving a high degree of 
judgement or complexity, or areas where assumptions and 
estimates are significant to the consolidated financial statements 
are disclosed in notes 3.18. 
 
These financial statements are presented in pounds sterling (GBP) 
because that is the currency of the primary economic environment 
in which the Group operates. Foreign operations are included in 
accordance with the policies set out in notes 3.14. 
 
3  Principal accounting policies 
The principal accounting policies applied in the preparation of 
these consolidated financial statements are set out below. These 
policies have been consistently applied to all the years presented, 
unless otherwise stated. 
 
3.1  Basis of consolidation 
On 9 June 2005 Bango PLC acquired the entire issued share 
capital of Bango.net Limited by way of a share for share exchange.  
As the shareholders were the same before and after this 
transaction, the share for share exchange qualifies as a common 
control transaction and falls outside of the scope of IFRS 3, 
Business Combinations.  
 
No goodwill has been recorded and the difference between the 
parent company's cost of investment and Bango.net Limited's 
share capital and share premium is presented as a merger reserve 
within equity on consolidation.  
 
The consolidated financial statements incorporate the financial 
statements of the Company and all entities controlled by it after 
eliminating internal transactions. Control is achieved where the 
Group has the power to govern the financial and operating policies 
of a Group undertaking so as to obtain economic benefits from its 
activities. Undertakings’ results are adjusted, where appropriate, 
to conform to group accounting policies. 
 
 
 
 
 
 
3.2  Property, plant and equipment 
Property, plant and equipment is stated at historical cost less 
accumulated depreciation. Residual values and useful economic 
lives are assessed annually.  Depreciation is provided to write off 
the cost of all property, plant and equipment to its residual value 
on a straight-line basis over its expected useful economic lives, 
which are as follows: 
 
Leasehold improvements  20% straight-line  
Office equipment   20% straight-line 
Computer equipment 33.3% straight-line 
 
3.3  Intangible assets 
Acquired intangible assets are measured initially at historical cost 
and are amortized on a straight-line basis over the expected useful 
economic lives: 
 
Domain names  33.3% straight-line 
 
3.4  Impairment of property, plant and equipment and 
intangible assets 
At each balance sheet date, the Group reviews the carrying 
amounts of its property, plant and equipment and intangible 
assets for any indication that those assets have suffered an 
impairment loss. If any such indication exists, the recoverable 
amount of the asset is estimated in order to determine the extent 
of the impairment loss, if any. The recoverable amount is the 
higher of the fair value less costs to sell and value in use. 
 
3.5  Loans and receivables 
 
a) Cash and cash equivalents 
Cash and cash equivalents comprise cash in hand and bank 
deposits available on demand. 
 
b) Trade receivables 
Trade receivables are recognized initially at fair value and are 
measured subsequent to initial recognition at amortized cost using 
the effective interest method, less provision for impairment.  Any 
change in their value through impairment or reversal of 
impairment is recognized in the income statement. 
 
Provision against trade receivables is made when there is objective 
evidence that the Group will not be able to collect all amounts due 
to it in accordance with the original terms of those receivables. 
The amount of the write-down is determined as the difference 
between the asset's carrying amount and the present value of 
estimated future cash flows. 
 
3.6  Trade payables 
Trade payables are initially measured at fair value, and are 
subsequently measured at amortized cost, using the effective 
interest rate method. 
 
3.7 Income taxes 
Current income tax liabilities comprise those obligations to fiscal 
authorities relating to the current or prior reporting period, that are 
unpaid at the balance sheet date. They are calculated according to 
the tax rates and tax laws applicable to the fiscal periods to which 
they relate, based on the taxable profit for the year. All changes to 
current tax assets or liabilities are recognized as a component of 
tax expense in the income statement, except where it relates to 
items charged or credited directly to equity.   
 
22 Notes to the financial statements 
 
Notes to the financial statements
 
Deferred income taxes are calculated using the liability method on 
temporary differences. This involves the comparison of the 
carrying amounts of assets and liabilities in the consolidated 
financial statements with their respective tax bases. In addition, 
tax losses available to be carried forward as well as other income 
tax credits to the Group are assessed for recognition as deferred 
tax assets. However, deferred tax is not provided on the initial 
recognition of goodwill, nor on the initial recognition of an asset or 
liability unless the related transaction is a business combination 
or affects tax or accounting profit.  Deferred tax on temporary 
differences associated with shares in subsidiaries and joint 
ventures is not provided if reversal of these temporary differences 
can be controlled by the Group and it is probable that reversal will 
not occur in the foreseeable future.  In addition, tax losses 
available to be carried forward as well as other income tax credits 
to the Group are assessed for recognition as deferred tax assets.  
 
Deferred tax liabilities are always provided for in full. Deferred tax 
assets are recognized to the extent that it is probable that the 
underlying deductible temporary differences will be able to be 
offset against future taxable income. Deferred tax assets and 
liabilities are calculated, without discounting, at tax rates that are 
expected to apply to their respective period of realization, provided 
they are enacted or substantively enacted at the balance sheet 
date. 
 
Deferred tax is recognized as a component of tax expense in the 
income statement, except where it relates to items charged or 
credited directly to equity. 
 
There is no income tax liability unpaid at the balance sheet date. 
 
3.8  Operating lease agreements 
Rentals applicable to operating leases where substantially all of 
the benefits and risks of ownership remain with the lessor are 
charged to the income statement net of any incentives received 
from the lessor on a straight-line basis over the period of the 
lease. 
 
3.9  Revenue recognition 
End users make a prepayment to the Group prior to accessing 
chargeable mobile internet content. 
 
Content access fees are received from end users and are 
recognized as revenue at the time at which end users access 
chargeable mobile internet content. 
 
Where there has been no activity on an end user account for a 
period of 90 days, the balance remaining is released to revenue in 
accordance with the end user terms and conditions, because of 
operating policies of mobile network operators relating to number 
reissue. 
 
Revenue from the sale of licences to content providers and service 
contracts is recognized in the financial statements over the period 
of the contract. 
 
Revenue from services provided to mobile phone operators and 
content providers are recognized in the financial statements over 
the period of the contract. 
 
3.10  Employee benefits 
All accumulating employee-compensated absences that are 
unused at the balance sheet date are recognized as a liability. 
 
Payments to defined contribution retirement benefit schemes are 
charged as an expense in the period to which they relate.   
 
3.11  Share-based payment transactions 
The Group issues equity settled share-based compensation to 
certain employees (including Directors). Equity settled share-
based payments are measured at fair value at the date of grant. 
The fair value determined at the grant date of the equity-settled 
share-based payment is expensed on a straight-line basis over the 
vesting period, together with a corresponding increase in equity, 
based upon the Group’s estimate of the shares that will eventually 
vest. These estimates are subsequently revised if there is any 
indication that the number of options expected to vest differs from 
previous estimates. Any cumulative adjustment prior to vesting is 
recognized in the current period. No adjustment is made to any 
expense recognized in prior periods. 
 
Fair value is measured by an external valuer using the Black-
Scholes option pricing model. The expected life used in the model 
has been adjusted, based on management’s best estimate, for the 
effects of non-transferability, exercise restrictions and behavioural 
considerations. 
 
Where the terms of an equity-settled transaction are modified, as 
a minimum an expense is recognized as if the terms had not been 
modified. In addition, an expense is recognized for any increase in 
the value of the transaction as a result of the modification, as 
measured by the date of modification. 
 
Where an equity-settled transaction is cancelled, it is treated as if 
it had vested on the due date of the cancellation, and any expense 
not yet recognized for the transaction is recognized immediately. 
However, if a new transaction is substituted for the cancelled 
transaction, and designated as a replacement transaction on the 
date that it is granted, the cancelled and new transactions are 
treated as if they were a modification of the original transaction, 
as described in the previous paragraph. 
 
Share-based payment transactions are shown separately in the 
Consolidated income statement.   
 
3.12  Operating loss 
The operating loss is stated before investment income and finance 
costs. 
 
3.13  Foreign currencies 
Monetary assets and liabilities in foreign currencies are translated 
into sterling at the rates of exchange prevailing at the balance 
sheet date. Transactions in foreign currencies are translated into 
sterling at the rate of exchange prevailing at the date of the 
transaction. Exchange gains and losses are included in the income 
statement for the period. 
   
 
Notes to the financial statements 23 
 
Notes to the financial statements 
 
3.14  Segment reporting 
A segment is a distinguishable component of the Group services or 
operating geography.  The primary segmentation is by type of 
service, with a secondary segmentation by geography.   
 
3.15  Financial instruments/liabilities 
Financial liabilities and equity instruments are classified 
according to the substance of the contractual arrangements 
entered into. An equity instrument is any contract that evidences a 
residual interest in the assets of the entity after deducting all of  
its financial liabilities. 
 
Where the contractual obligations of financial instruments 
(including share capital) are equivalent to a similar debt 
instrument, those financial instruments are classed as financial 
liabilities. Financial liabilities are presented as such in the 
balance sheet. Finance costs and gains or losses relating to 
financial liabilities are included in the income statement. Finance 
costs are calculated so as to produce a constant rate of return on 
the outstanding liability. 
 
Where the contractual terms of share capital do not have any 
terms meeting the definition of a financial liability then this is 
classed as an equity instrument. Dividends and distributions 
relating to equity instruments are debited direct to equity. 
 
3.16 Share capital and reserves 
 
Share Capital 
Ordinary shares are classified as equity. Equity instruments issued 
by the Company are recorded at the proceeds received, net of 
direct issue costs. 
 
Share premium 
Share premium represents the excess over nominal value of the 
fair value of consideration received for equity shares, net of 
expenses of the share issue. 
 
Merger reserve 
The merger reserve represents the difference between the parent 
company's cost of investment and a subsidiary’s share capital and 
share premium where a group reorganisation qualifies as a 
common control transaction. 
 
Other reserve 
The other reserve represents equity-settled share-based employee 
remuneration until such share options are exercised. 
 
3.17  Research and development  
Expenditure on research activities is recognized as an expense in 
the period in which it is incurred.  An internally-generated 
intangible asset arising from the Group's development activities is 
recognized only if all of the following conditions are met: 
 
 Completion of the intangible asset is technically feasible 
so that it will be available for use or sale. 
 The Group intends to complete the intangible asset and 
use or sell it. 
 The Group has the ability to use or sell the intangible 
asset. 
 
 The intangible asset will generate probable future 
economic benefits.  Among other things, this requires 
that there is a market for the output from the intangible 
asset or for the intangible asset itself, or, if it is to be 
used internally, the asset will be used in generating such 
benefits. 
 There are adequate technical, financial and other 
resources to complete the development and to use or sell 
the intangible asset. 
 The expenditure attributable to the intangible asset 
during its development can be measured reliably. 
 
Internally-generated intangible assets are amortized on a straight-
line basis over their useful economic lives. Where no internally-
generated intangible asset can be recognized, development 
expenditure is recognized as an expense in the period in which it 
is incurred. 
 
3.18  Significant accounting estimates and judgements 
 
Share options 
Share options are granted on a discretionary basis and vest evenly 
over a three year period.  The fair value of options granted is 
determined using the Black-Scholes valuation model, which 
requires a number of estimates and assumptions.  The significant 
inputs into the model are share price at grant date, exercise price, 
expected option life, expected volatility and the risk free rate.  
Volatility is measured as the standard deviation of expected share 
price returns based on a statistical analysis of competitors’ share 
prices. 
 
Trade receivables 
Trade debtors are stated net of a provision for bad and doubtful 
debts, based on the Group’s best estimate of the likelihood of 
recovery on a specific basis.   
 
Deferred tax 
A deferred tax asset is recognized where the Group considers it 
probable that a tax credit will be received in the future.  This 
specifically applies to tax losses and to outstanding vested share 
options at the balance sheet date. The Group estimates what 
proportion of those outstanding share options are likely to be 
exercised and a related tax credit received in the future.  The 
asset recognized is also dependent on the year end share price. 
 
3.19  Accounting developments 
IFRS 7 (‘Financial Instruments Disclosures’) was issued by the 
IASB in August 2005 for application in accounting periods 
beginning on or after 1 January 2007 and has been adopted by 
the European Commission. The new or revised disclosures have 
been adopted by the Group for reporting in 2008.  All disclosures 
relating to financial instruments including all comparative 
information have been updated to reflect the new requirements.  
The first-time adoption of IFRS 7 has not resulted in any prior 
period adjustment of cash flows, net income or balance sheet line 
items. 
 
  
  
 
   
 
24 Notes to the financial statements 
 
Notes to the financial statements 
 
3.20  Standards and interpretations not yet applied by the Group 
The following new Standards and Interpretations, which are 
yet to become mandatory, have not been applied in the 
Group's financial statements. 
 
 IAS 1 Presentation of Financial Statements (revised 
2007) - effective from 1 January 2009 
 IAS 23 Borrowing Costs (revised 2007) - effective from 
1 January 2009  
 IAS 27 Consolidated and Separate Financial Statements 
(revised 2008) - effective from 1 July 2009 
 IFRS 3 Business Combinations (revised 2008) - 
effective from 1 July 2009 
 IFRS 8 Operating Segments - effective from 1 January 
2009  
 Amendment to IAS 32 Financial Instruments: 
Presentation and IAS 1 Presentation of Financial 
Statement – Puttable Financial Instruments and 
Obligations Arising on Liquidation - effective from  
1 January 2009 
 Amendment to IFRS 2 Share-based Payment - Vesting 
Conditions and Cancellations - effective from January 
2009 
 IFRIC 12 Service Concession Arrangements - effective 
from 1 January 2008  
 IFRIC 13 Customer Loyalty Programmes - effective from 
1 July 2008 
 IFRIC 14 The limit of a Defined benefit asset 
 
Based on the Group's current operations and accounting policies, 
management does not expect material impacts on the Group's 
financial statements when the standards and interpretations 
become effective, other than for IAS 1 the Statement of Changes 
in Equity will be replaced by a Statement of Comprehensive 
Income. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
Notes to the financial statements 25 
 
Notes to the financial statements 
 
4  Segment information 
The Group operates in three main business segments.  Management reporting is based principally on the type of service provided to 
customers.  Accordingly, the Group presents its primary segment analysis on this basis:  
 
a. Primary reporting format – business segments 
 
Year ended 31 March 2008 
 
 Content Content Services to Common Total 
 access provider mobile   
 fees fees network   
   operators   
 £ £ £ £ £ 
      
Segment revenue 11,723,253 1,968,116 67,099 - 13,758,468 
    
Segment gross margin 1,016,203 1,721,382 27,830 - 2,765,415 
      
Common costs - - - (4,409,832) (4,409,832) 
Share based payments - - - (258,060) (258,060) 
  - --- --- --- --- --- --- --- --- --- --- ---- 
Operating loss - - - - (1,902,477) 
   
Investment income - - - 67,168 67,168 
  - --- --- --- --- --- --- --- --- --- --- ---- 
Loss before taxation - - - - (1,835,309) 
  - --- --- --- --- --- --- --- --- --- --- ---- 
Taxation - - - - - 
  - --- --- --- --- --- --- --- --- --- --- ---- 
Loss for the financial year - - - - (1,835,309) 
 = = = = = = = = = = = = = = = = = = = = = = = 
   
   
Segment assets 1,697,027 431,318 - 1,827,094 3,955,439 
      
Segment liabilities 2,361,962 - - 707,587 3,069,549 
- --- --- --- --- --- --- --- --- --- --- ---- - --- --- --- --- --- --- --- --- --- --- ---- - --- --- --- --- --- --- --- --- --- --- --- - --- --- --- --- --- --- --- --- --- --- --- - --- --- --- --- --- --- --- --- --- --- ---- 
Net assets (664,935) 431,318 - 1,119,507 885,890 
= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 
      
Capital expenditure - - - 21,804 21,804 
      
Depreciation & amortization - - - 220,859 220,859 
 
Content access fees are the amounts paid to Bango by end users for accessing chargeable content provided by content providers.  
Content provider fees are the amounts paid to Bango by content providers for package fees and other services.  Revenue from services to 
mobile network operators occur when Bango provides professional services to these organizations.   
 
Common costs include all costs associated with staff, property and office, marketing and depreciation. 
 
Common assets include property, plant and equipment, cash and overhead deposits and prepayments. 
 
Common liabilities include overhead creditors and tax liabilities.   
 
26 Notes to the financial statements 
 
Notes to the financial statements 
 
Year ended 31 March 2007 
 
 Content Content Services to Common Total 
 access provider mobile   
 fees fees network   
   operators  
 £ £ £ £ £ 
      
Segment revenue 8,859,633 1,536,564 32,115 - 10,428,312 
   
Segment gross margin 1,173,123 1,260,671 32,115 - 2,465,909 
     
Common costs - - - (5,528,659) (5,528,659) 
Share based payments - - - (401,640) (401,640) 
    - --- --- --- --- --- --- --- --- --- --- ---- 
Operating loss - - - - (3,464,390) 
     
Investment income - - - 147,284 147,284 
    - --- --- --- --- --- --- --- --- --- --- ---- 
Loss before taxation - - - - (3,317,106) 
    - --- --- --- --- --- --- --- --- --- --- ---- 
Taxation - - - - - 
    - --- --- --- --- --- --- --- --- --- --- ---- 
Loss for the financial year - - - - (3,317,106) 
   = = = = = = = = = = = = = = = = = = = = = = = 
     
     
Segment assets 1,634,008 451,409 20,115 2,770,589 4,876,121 
 
Segment liabilities 1,691,685 - 7,000 737,213 2,435,898 
- --- --- --- --- --- --- --- --- --- --- ---- - --- --- --- --- --- --- --- --- --- --- ---- - --- --- --- --- --- --- --- --- --- --- ---- - - -- --- --- --- --- --- --- --- --- --- ---- -- - --- --- --- --- --- --- --- --- --- --- ---- 
Net assets (57,677) 451,409 13,115 2,033,376 2,440,223 
= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 
      
Capital expenditure - - - 368,496 368,496 
 
Depreciation & amortization - - - 186,847 186,847 
      
 
Common costs include all costs associated with staff, property and office, marketing and depreciation. 
 
Common assets include property, plant and equipment, cash and overhead deposits and prepayments. 
 
Common liabilities include overhead creditors and tax liabilities.  
    
 
Notes to the financial statements 27 
 
Notes to the financial statements 
 
b. Secondary reporting format – geographical segments  
 
Year ended 31 March 2008 
 
 United 
Kingdom 
Rest of EU USA & 
Canada 
Rest of 
World 
Common Total 
       
Segment revenue 10,680,360 1,254,900 1,441,360 381,848 - 13,758,468 
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 
       
Segment assets 1,820,475 198,264 105,482 29,400 1,801,818 3,955,439 
       
Segments liabilities 2,165,605 218,451 258,578 66,561 360,354 3,069,549 
 - --- --- --- --- --- --- --- --- --- --- - - --- --- --- --- --- --- --- --- --- --- - -- --- --- --- --- --- --- --- --- --- -- - --- --- --- --- --- --- --- --- --- --- - - --- --- --- --- --- --- --- --- --- --- - - --- --- --- --- --- --- --- --- --- --- 
Net assets (345,130) (20,187) (153,096) (37,161) 1,441,464 885,890 
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 
       
Capital expenditure - - - - 21,804 21,804 
       
Depreciation & 
amortization 
- - - - 220,859 220,859 
 
 
Year ended 31 March 2007 
 
 United 
Kingdom 
Rest of EU USA & 
Canada 
Rest of 
World 
Common Total 
       
Segment revenue 8,472,721 741,241 934,623 279,727 - 10,428,312 
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 
       
Segment assets 1,650,893 186,676 199,854 68,109 2,770,589 4,876,121 
       
Segments liabilities 1,448,469 84,085 131,648 34,483 737,213 2,435,898 
 - --- --- --- --- --- --- --- --- --- --- - - --- --- --- --- --- --- --- --- --- --- - -- --- --- --- --- --- --- --- --- --- -- - --- --- --- --- --- --- --- --- --- --- - - --- --- --- --- --- --- --- --- --- --- - - --- --- --- --- --- --- --- --- --- --- 
Net assets 202,424 102,591 68,206 33,626 2,033,376 2,440,223 
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 
       
Capital expenditure - - - - 368,496 368,496 
       
Depreciation & 
amortization 
- - - - 186,847 186,847 
 
 
Segment revenue is based on the location of the customers and assets are based on the location of the assets. 
   
 
28 Notes to the financial statements 
 
Notes to the financial statements 
 
5  Non-current assets 
 
 5.1  Property, plant and equipment 
 Leasehold 
improvements 
Office equipment Computer 
equipment  
Total 
 £ £ £ £ 
 
Year ended 31 March 2007 
Opening net book amount 116,635 35,624 166,754 319,013 
Additions 51,380 7,647 307,546 366,573 
Disposals at net book value - - (2,984) (2,984) 
Depreciation charge for the year (31,355) (9,236) (135,561) (176,152) 
 - --- --- --- --- --- --- --- --- --- --- ---- - --- --- --- --- --- --- --- --- --- --- ---- - --- --- --- --- --- --- --- --- --- --- ---- - --- --- --- --- --- --- --- --- --- --- ---- 
Closing net book amount 136,660 34,035 335,755 506,450 
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 
 
Year ended 31 March 2008 
Opening net book amount 136,660 34,035 335,755 506,450 
Additions 987 - 20,817 21,804 
Depreciation charge for the year (35,335) (9,482) (165,081) (209,898) 
 - --- --- --- --- --- --- --- --- --- --- ---- - --- --- --- --- --- --- --- --- --- --- ---- - --- --- --- --- --- --- --- --- --- --- ---- - --- --- --- --- --- --- --- --- --- --- ---- 
Closing net book amount 102,312 24,553 191,491 318,356 
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 
 
At 31 March 2008 
Cost  176,679 71,859 674,682 923,220 
Accumulated depreciation (74,367) (47,306) (483,191) (604,864) 
- --- --- --- --- --- --- --- --- --- --- ---- - --- --- --- --- --- --- --- --- --- --- ---- - --- --- --- --- --- --- --- --- --- --- ---- - --- --- --- --- --- --- --- --- --- --- ---- 
Net book amount 102,312 24,553 191,491 318,356 
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 
 
At 31 March 2007 
Cost  175,692 71,859 653,865 901,416 
Accumulated depreciation (39,032) (37,824) (318,110) (394,966) 
- --- --- --- --- --- --- --- --- --- --- ---- - --- --- --- --- --- --- --- --- --- --- ---- - --- --- --- --- --- --- --- --- --- --- ---- - --- --- --- --- --- --- --- --- --- --- ---- 
Net book amount 136,660 34,035 335,755 506,450 
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 
   
 
Notes to the financial statements 29 
 
Notes to the financial statements 
 
5.2  Intangible assets 
 Domain names 
 £ 
Year ended 31 March 2007 
Opening net book amount 24,083 
Additions 1,923 
Amortization charge for the year (10,695) 
 - --- --- --- --- --- --- --- --- --- --- --- 
Closing net book amount 15,311 
 = = = = = = = = = = = = = = = = = = = = = = = 
Year ended 31 March 2008 
Opening net book amount 15,311 
Additions -  
Amortization charge for the year (10,961) 
 - --- --- --- --- --- --- --- --- --- --- --- 
Closing net book amount 4,350   
 = = = = = = = = = = = = = = = = = = = = = = = 
At 31 March 2008 
Cost  32,887 
Accumulated amortization (28,537) 
- --- --- --- --- --- --- --- --- --- --- --- 
Net book amount 4,350 
 = = = = = = = = = = = = = = = = = = = = = = = 
  
At 31 March 2007  
Cost  32,887 
Accumulated amortization (17,576) 
- --- --- --- --- --- --- --- --- --- --- --- 
Net book amount 15,311 
 = = = = = = = = = = = = = = = = = = = = = = = 
 
 6  Trade and other receivables 
 2008 2007 
 £ £ 
 
Trade receivables 1,131,535 757,081 
Other receivables 61,880 92,319 
Prepayments and accrued income 1,363,285 1,614,276 
 - --- --- --- --- --- --- --- --- --- --- ---- -- - --- --- --- --- --- --- --- --- --- --- ---- -- 
Total 2,556,700 2,463,676 
Impairment of trade and other receivables (50,000) (40,410) 
 - --- --- --- --- --- --- --- --- --- --- ---- -- - --- --- --- --- --- --- --- --- --- --- ---- -- 
 2,506,700 2,423,266 
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 
 
At the 31 March 2008, some of the unimpaired trade receivables are past their due date.  The age of financial assets past due but not 
impaired is as follows:   
 2008 2007 
 £ £ 
 
Not more than one month  71,712 76,988 
One to two months 27,287 42,232 
Three to twelve months 79,495 8,939 
More than twelve months 77,176 107,849 
 - --- --- --- --- --- --- --- --- --- --- ---- -- - --- --- --- --- --- --- --- --- --- --- ---- -- 
      255,670         236,008 
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 
 
 
 
 
   
 
30 Notes to the financial statements 
 
Notes to the financial statements 
 
Trade and other receivables are usually due within 30-60 days and do not bear any effective interest rate.  All trade receivables are 
subject to credit risk exposure.  However, the Group does not identify specific concentrations of credit risk with regards to trade and 
other receivables as the amounts recognized resemble a large number of receivables from various customers. 
The fair value of these short term financial assets is not individually determined as the carrying amount is a reasonable approximation of 
fair value.  There is no difference between fair value and book value. 
A reconciliation of bad debt provisions is provided below: 
 2008 2007 
 £ £ 
 
Brought forward provision 40,410 53,668 
Debts written off in the year (64,802) (187,060) 
Increase in provision  74,392 173,802 
 - --- --- --- --- --- --- --- --- --- --- ---- -- - --- --- --- --- --- --- --- --- --- --- ---- -- 
Carry forward provision 50,000 40,410 
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 
 
Trade debtors consist of numerous accounts with no significant individual balances.  Provision for impairment has been made where the 
debt is not considered likely to be recoverable, although successful recovery can take over twelve months where a debtor has agreed a 
payment plan with Bango.  
7  Share capital 
 
Authorised share capital: 
 
 2008 2007 
 £ £ 
37,500,000 (2007: 37,500,000) ordinary shares of 20p each in Bango PLC 7,500,000 7,500,000 
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 
 
Allotted, called up and fully paid: 
 
Ordinary shares of 20p each in Bango PLC No  £ 
 
As at 1 April 2006 26,534,315 5,306,864 
   
Exercise of share options 313,424 62,684 
   
 - --- --- --- --- --- --- --- --- --- --- --- - --- --- --- --- --- --- --- --- --- --- --- 
As at 31 March 2007 26,847,739 5,369,548 
   
Exercise of share options 68,670 13,734 
   
 - --- --- --- --- --- --- --- --- --- --- --- - --- --- --- --- --- --- --- --- --- --- --- 
As at 31 March 2008 26,916,409 5,383,282 
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
Notes to the financial statements 31 
 
Notes to the financial statements 
 
Employee share options 
The Group issues share options to Directors and to employees under either an HM Revenue and Customs approved Enterprise 
Management Incentive (EMI) scheme or an unapproved scheme. Employees resident overseas are eligible to participate in the scheme 
but their options do not qualify as HM Revenue and Customs approved.  
 
The grant price for share options is equal to the average quoted market price of the Company shares on the date of grant. Options vest 
evenly over a period of one to three years following grant date. If share options remain unexercised after a period of ten years from the 
date of grant, the options expire. Share options are forfeited if the employee leaves the Group before the options vest. 
 
Movements in the number of share options outstanding and their related weighted average exercise prices are as follows: 
 
 Year ended 31 March 2008 Year ended 31 March 2007
 Average Options Average Options 
 exercise price  exercise price  
 per share  per share  
 p No p No 
Outstanding at 1 April 2007 78 2,456,638 69 2,175,832 
Granted 31 555,540 91 691,000 
Lapsed 90 (215,882) 124 (96,770) 
Exercised 33 (68,670) 36 (313,424) 
Expired - - - - 
 - --- --- --- --- --- --- --- --- --- --- ---- - --- --- --- --- --- --- --- --- --- --- ---- - --- --- --- --- --- --- --- --- --- --- ---- - --- --- --- --- --- --- --- --- --- --- ---- 
Outstanding at 31 March 2008 68 2,727,626 78 2,456,638 
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 
Exercisable at 31 March 2008 70 1,800,057 59 1,452,627 
 
 The weighted average share price at date of exercise of options exercised during the year was 33 pence (2007: 36 pence). 
 
 The fair value of options granted outstanding was determined using the Black-Scholes valuation model. Significant inputs into the model 
include a weighted average share price of 84 pence (2007: 84 pence) at the grant date, the exercise prices shown above, weighted 
average volatility of 71% (2007: 81%), dividend yield of nil, an expected option life of five years and an annual risk-free interest rate of 
4.69% (2007: 4.74%). 
  
 The volatility of the Group's share price on each date of grant was calculated as the average of volatilities of share prices of companies in 
the Peer Group on the corresponding dates. The volatility of share price of each company in the Peer Group was calculated as the 
average of standard deviations of daily continuously compounded returns on the Company's stock, calculated over 1, 2, 3, 4 and 5 years 
back from the date of grant. This method estimates volatility of the companies' share prices over a period commensurate with the 
option's expected life. Furthermore, this method is designed such that it gives proportionately more weight to recent historical returns, 
which are likely to reflect current volatility better due to the argument of volatility persistence.  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
32 Notes to the financial statements 
 
Notes to the financial statements 
 
At 31 March 2008, the Group had the following outstanding options and exercise prices: 
 
  2008 2007 
 Average Options Remaining Average Options Remaining 
 exercise  contractual exercise  contractual 
 price per share  life price per share life 
       
Expiry date Pence Number Months Pence Number  Months 
       
2 May 2010 50.00 60,000 25 50.00 60,000 37 
19 May 2010 50.00 40,000 26 50.00 40,000 38 
25 August 2010 - - - 88.00 6,000 41 
2 April 2012 31.00 66,000 48 31.00 66,000 60 
2 May 2012 31.00 25,000 49 31.00 25,000 61 
25 August 2012 31.00 52,000 53 31.00 72,000 65 
24 February 2013 31.00 66,000 59 31.00 73,666 71 
27 August 2013 29.00 52,000 65 29.00 63,000 77 
27 February 2014 29.00 361,500 71 29.00 405,834 83 
27 May 2014 31.00 40,000 74 31.00 40,000 86 
27 July 2014 29.00 40,000 76 29.00 50,000 88 
28 August 2014 50.00 58,668 77 50.00 74,670 89 
18 February 2015 50.00 114,000 83 50.00 141,340 95 
1 March 2015 50.00 230,000 83 50.00 230,000 95 
22 June 2015 50.00 24,500 87 50.00 21,750 99 
21 September 2015 202.00 194,250 90 202.00 221,669 102 
1 March 2016 177.50 159,335 95 177.50 194,253 107 
25 May 2016 140.00 210,000 98 140.00 210,000 110 
9 October 2016 106.50 119,466 102 106.50 146,831 114 
22 March 2017 50.00 76,250 108 50.00 76,250 120 
23 March 2017 50.50 205,715 108 50.50 238,375 120 
9 July 2017 47.00 12,000 111   
19 September  2017 41.00 216,400 114   
31 January 2017 23.00 304,542 118   
  - --- --- --- --- --- --- --- --- --- -- - --- --- --- --- --- --- --- --- --- ---  
At 31 March  2,727,626 2,456,638  
  
 
= = = = = = = = = = = = = = = = = = = =  = = = = = = = = = = = = = = = = = = = = =  
 
 8  Trade and other payables 
 2008 2007 
 £ £ 
 
Trade payables 2,577,273 1,894,113 
Social security and other taxes 194,600 180,858 
Accruals and deferred income 297,676 360,927 
 ------------------------------ - --- --- --- --- --- --- --- --- --- --- --- 
 3,069,549 2,435,898 
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 
 
Trade and other payables are due within one year and are non-interest bearing. There is no difference between book value and fair value. 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
Notes to the financial statements 33 
 
Notes to the financial statements 
 
 9  Commitments 
  
The Group leases an office under a non-cancellable operating lease for which the future aggregate minimum lease payments are as 
follows: 
 
 2008 2007 
 £ £ 
 
No later than 1 year 141,246 141,246 
Later than 1 but no later than 5 years 564,984 564,984 
More than 5 years 88,279 229,525 
 ------------------------------- - --- --- --- --- --- --- --- --- --- --- ---- 
 794,509 935,755 
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 
 
The lease expires on 14 November 2013.  The next rent review is due on 18 November 2008.  
 
10  Expenses by nature 
 2008 2007 
 £ £ 
Employee benefit expense 2,940,194 3,742,421 
Depreciation 220,859 186,847 
Other expenses 12,499,892 9,963,434 
 - --- --- --- --- --- --- --- --- --- --- ---- - --- --- --- --- --- --- --- --- --- --- ---- 
 15,660,945 13,892,702 
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 
Analysed as:   
Cost of sales 10,993,053 7,962,403 
Administrative expenses 4,409,832 5,528,659 
Share based payments 258,060 401,640 
 - --- --- --- --- --- --- --- --- --- --- ---- - --- --- --- --- --- --- --- --- --- --- ---- 
 15,660,945 13,892,702 
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 
 
 11  Loss before taxation 
 
Loss before taxation is stated after charging: 
 
 2008 2007 
 £ £ 
Auditor's remuneration: 
Fees payable to the Company’s auditor for the audit of the financial statements  5,000 5,000 
Audit of the financial statements of the Company’s subsidiaries 27,750 26,650 
Other services relating to tax 3,500 3,400 
Other services - 8,000 
 
Operating lease expenses: 
Land and buildings 141,246 140,583 
Plant and equipment 3,639 1,427 
 
Depreciation on property, plant and equipment 209,898 176,152 
Amortization of intangible assets (included in administrative expenses) 10,961 10,695 
Research and development costs 830,799 880,233 
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 
 
  
 
 
 
 
 
 
 
   
 
34 Notes to the financial statements 
 
Notes to the financial statements 
 
12  Employee benefit expense 
 
The average number of staff employed by the Group during the financial year amounted to: 
 2008 2007 
 No No 
 
Administrative staff 4 5 
Marketing staff 8 10 
Sales staff 11 16 
Technical staff 13 15 
Executive Directors 3 3 
Support staff 10 10 
   
 49 59 
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 
 
The aggregate payroll costs of the above were: 
 2008 2007 
 £ £ 
 
Wages and salaries 2,403,089 3,031,583 
Social security costs 237,042 274,908 
Other pension costs 42,003 34,290 
Share based remuneration 258,060 401,640 
 - --- --- --- --- --- --- --- --- --- --- ---- - --- --- --- --- --- --- --- --- --- --- ---- 
 2,940,194 3,742,421 
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 
 
The Directors have identified seven (2007: seven) key management personnel, including Directors. Compensation to key management is 
set out below: 
 2008 2007 
 £ £ 
Wages and salaries 435,126 548,875 
Social security costs 47,529 58,609 
Pension 28,160 - 
Share based compensation 91,446 140,421 
 - --- --- --- --- --- --- --- --- --- --- ---- - --- --- --- --- --- --- --- --- --- --- ---- 
 602,261 747,905 
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 
 
13 Directors 
 
Remuneration in respect of Directors was as follows: 
 2008 2007 
 £ £ 
 
Emoluments 314,258 405,858 
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 
 
The highest paid director received total emoluments of £100,500 (2007: 144,300), pension contributions of £nil (2007 : £nil). 
 
During the year no share options were exercised by the Directors, and pension contributions of £3,430 (2007: £nil) were made on their 
behalf. 
 
 14  Investment income 
 2008 2007 
 £ £ 
Bank interest receivable 67,168 147,284 
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 
 
  
 
 
   
 
Notes to the financial statements 35 
 
Notes to the financial statements 
 
15  Income tax expense 
 2008 2007 
 £ £ 
Current tax - - 
Deferred tax - - 
------------------------------- - --- --- --- --- --- --- --- --- --- --- ---- 
 - - 
============== === == == == == == == 
 
Income tax expense for the year differs from the standard rate of taxation as follows: 
  
Loss on ordinary activities before taxation (1,835,308) (3,317,106) 
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 
Loss on ordinary activities multiplied by standard rate of tax of 30% (2007: 30%) (550,592) (995,132) 
Effect of :   
Expenses not deductible for tax purposes 83,569 134,016 
Differences between capital allowances and depreciation 29,111 (8,291) 
Unutilised tax losses 420,743 870,774 
Other temporary differences 17,169 (1,367) 
------------------------------- - --- --- --- --- --- --- --- --- --- --- ---- 
Total tax  - - 
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 
 
At 31 March 2008 the unutilised tax losses carried forward amounted to £11.2 million (2007: £9.4 million). 
 
Unrecognized deferred tax assets: 
 2008 2007 
 £ £ 
 
Share option scheme - 50,484 
Tax losses 3,165,095 2,820,000 
Other temporary differences  21,904 (2,897) 
Accelerated capital allowances 9,991 - 
------------------------------- - --- --- --- --- --- --- --- --- --- --- ---- 
 3,196,990 2,867,587 
============== === == == == == == == 
 
No deferred tax asset has been recognized in respect of the above temporary differences due to the unpredictability of future taxable 
trading profits from which these differences may be deducted.  
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
36 Notes to the financial statements 
 
Notes to the financial statements 
 
16  Loss per share 
  
(a) Basic 
Basic loss per share are calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of 
ordinary shares in issue during the year. 
 
 2008 2007 
 £ £ 
  
Loss attributable to equity holders of the Company (1,835,308) (3,317,106) 
------------------------------- ------------------------------- 
  
Weighted average number of ordinary shares in issue 26,906,358 26,746,721 
------------------------------- ------------------------------- 
Basic and diluted loss per share (6.82) (12.40) 
============== ============== 
 
 (b) Diluted 
Diluted loss per share is calculated by adjusting the weighted average number of shares outstanding to assume conversion of all dilutive 
potential ordinary shares.  
 
At 31 March 2008 options over 2,727,626 (2007: 2,456,638) ordinary shares were outstanding.  Given the loss for the year these 
options are considered to be anti-dilutive. Such options could potentially dilute basic loss per share in the future. 
 
There were no actual or potential share transactions occurring after the balance sheet date that would have significantly changed the 
number of ordinary shares or potential ordinary shares outstanding at the end of the year if those transactions had occurred before the 
end of the reporting period.  
 
17  Cash generated/used by operations 
 2008 2007 
 £ £ 
 
Loss before taxation (1,835,309) (3,317,106) 
Depreciation and amortization 220,859 186,847 
Investment income (67,168) (147,284) 
Share-based payment expense 258,060 401,640 
Increase in receivables (83,434) (155,808) 
Increase in payables  633,651 210,368 
 - --- --- --- --- --- --- --- --- --- --- ---- - --- --- --- --- --- --- --- --- --- --- ---- 
Net cash used by operations (873,341) (2,821,343) 
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
Notes to the financial statements 37 
 
Notes to the financial statements 
 
18  Financial assets and liabilities 
 
Financial assets included in the balance sheet relate to the following IAS 39 categories:   
 
 2008 2007 
 £ £ 
 
Loans and receivables 3,328,440 4,078,745 
------------------------------- - --- --- --- --- --- --- --- --- --- --- --- 
Total financial assets 3,328,440 4,078,745 
============== === == == == == == == 
 
These financial assets are included in the balance sheet within the following headings: 
 
 2008 2007 
 £ £ 
Current assets 
Trade and other receivables 2,202,407 2,147,651 
Cash and cash equivalents 1,126,033 1,931,094 
Other financial assets - - 
------------------------------- - --- --- --- --- --- --- --- --- --- --- ---- 
Total financial assets 3,328,440 4,078,745 
============== === == == == == == == 
 
Financial liabilities included in the balance sheet relate to the following IAS 39 categories: 
 
 2008 2007 
 £ £ 
 
Financial liabilities measured at amortized cost  2,577,273 1,894,113 
------------------------------- - --- --- --- --- --- --- --- --- --- --- ---- 
Total financial assets 2,577,273 1,894,113 
============== === == == == == == == 
 
These financial liabilities are included in the balance sheet within the following headings: 
  
 2008 2007 
 £ £ 
Current liabilities 
Trade payables 2,577,273 1,894,113 
------------------------------- - --- --- --- --- --- --- --- --- --- --- ---- 
Total financial liabilities 2,577,273 1,894,113 
============== === == == == == == == 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
38 Notes to the financial statements 
 
Notes to the financial statements 
 
19  Credit risk analysis 
The Group’s exposure to credit risk is limited to the carrying 
amount of financial assets recognized at the balance sheet 
date, as summarized in note 18. 
 
The Group continuously monitors defaults of customers and 
other counterparties, identified individually or by group, and 
incorporates this information into its credit risk controls.  
Where available at reasonable cost, external credit ratings 
and/or reports on customers and other counterparties are 
obtained and used.  The Group’s policy is to deal only with 
creditworthy counterparties. 
 
The Group’s management considers that all the financial assets 
that are not impaired for each of the reporting dates under 
review are of good credit quality including those that are past 
due.  See note 6 for further information on financial assets that 
are past due. 
 
None of the Group’s financial assets are secured by collateral or 
other credit enhancements. 
 
In respect of trade and other receivables, the Group is not 
exposed to any significant credit risk exposure to any single 
counterparty or any group of counterparties having similar 
characteristics. 
 
The credit risk for liquid funds and other short-term financial 
assets is considered negligible, since the counterparties are 
reputable banks with high quality external credit ratings.     
 
20  Liquidity risk analysis 
The Group manages its liquidity needs by carefully monitoring 
cash outflows due in day-to-day business.  Liquidity needs are 
monitored in various time bands, on a day-to-day and week-to-
week basis, as well as on a monthly basis.  Long-term liquidity 
needs are identified on a quarterly basis. 
 
At 31 March 2008 the Group has contractual maturities which 
are summarized in Note 8 Commitments. 
 
21  Market risk analysis 
 
21.1 Interest risk sensitivity  
The Group has no borrowings on which it is subject to interest 
rate risk. 
 
21.2 Foreign currency sensitivity 
Foreign exchange risk is not considered material.  
 
22  Post balance sheet event 
On 31 July 2008 the Company issued an additional 1,345,000 
ordinary shares of 20 pence each.  The gross proceeds of the 
issue were £450,575 and £440,575 after expenses.    
 
Report of the independent auditor to the members of Bango PLC 39 
 
Report of the independent auditor to 
the members of Bango PLC 
 
We have audited the financial statements of Bango PLC for the 
year ended 31 March 2008 which comprise the principal 
accounting policies, the balance sheet and notes 1 to 8.  These 
parent company financial statements have been prepared under 
the accounting policies set out therein.  
 
We have reported separately on the Group financial statements 
of Bango PLC for the year ended 31 March 2008. 
 
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 auditor's 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 financial statements in accordance with United Kingdom 
law and 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 parent company 
financial statements.  The information given in the Directors’ 
report includes that specific information presented in the CEO’s 
statement that is cross-referred from the business review 
section of the Directors’ report. 
 
In addition we 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 parent 
company financial statements.  This other information 
comprises only the Chairman's statement, the CEO's statement, 
the Directors' report, the Corporate governance statement and 
the Remuneration Committee report.  We consider the 
implications for our report if we become aware of any apparent 
misstatements or material inconsistencies with the parent 
company financial statements.  Our responsibilities do not 
extend to any other information. 
 
 
 
 
Basis of audit 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 parent company financial statements, 
and of whether the accounting policies are appropriate to the 
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 parent company 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 parent company financial statements. 
 
Opinion 
In our opinion: 
 
 The parent company financial statements give a true and 
fair view, in accordance with United Kingdom Generally 
Accepted Accounting Practice, of the state of the 
company's affairs as at 31 March 2008. 
 
 The financial statements have been properly prepared in 
accordance with the Companies Act 1985. 
 
 The information given in the Directors' report is consistent 
with the parent company financial statements. 
 
 
 
 
 
 
Grant Thornton UK LLP 
Registered Auditor 
Chartered Accountants 
 
Cambridge 
1 August 2008   
 
40 Company balance sheet 
 
Company balance sheet 
 
 2008 2007 
Note £  £ 
 
Fixed assets 
Investment in subsidiary 4 5,058,181 4,800,121 
  - --- --- --- --- --- --- --- --- --- --- ---- - --- --- --- --- --- --- --- --- --- --- ---- 
    
 
Current assets 
Debtors due within one year 5 2,158 6,293 
Debtors due after one year 5 6,490,578 5,469,695 
Cash at bank  - 1,060,315 
 - --- --- --- --- --- --- --- --- --- --- ---- - --- --- --- --- --- --- --- --- --- --- ---- 
 6,492,736 6,536,303 
Creditors falling due within one year 51,699 55,887 
- --- --- --- --- --- --- --- --- --- --- ---- - --- --- --- --- --- --- --- --- --- --- ---- 
Net current assets                                                                               6 6,441,037 6,480,416 
  = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 
 
Total assets less current liabilities 11,499,218 11,280,537 
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 
 
Capital and reserves 
Share capital  7 5,383,282 5,369,548 
Share premium account 8 5,320,067 5,310,885 
Other reserve 8 853,895 595,835 
Retained earnings 8 (58,026) 4,269 
 
  - --- --- --- --- --- --- --- --- --- --- ---- - --- --- --- --- --- --- --- --- --- --- ---- 
Equity shareholders’ funds  11,499,218 11,280,537 
  = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 
 
 
 
These financial statements were approved by the Directors on 31 July 2008 and are signed on their behalf by: 
 
 
Mr R Anderson Mr P Saxton 
Director Director  
 
Notes to the financial statements 41 
 
Notes to the financial statements 
 
1  Accounting policies 
 
Basis of accounting 
The separate financial statements of the Company are 
presented as required by the Companies Act 1985. They have 
been prepared under the historical cost convention and in 
accordance with applicable United Kingdom accounting 
standards and law. 
 
The principal accounting policies are summarized below. They 
have all been applied consistently throughout the year. 
 
Investments 
Fixed asset investments are shown at cost less provision for 
impairment. 
 
Share based payments 
The Company issues equity settled share-based compensation 
to certain employees (including Directors). Equity settled share-
based payments are measured at fair value at the date of grant. 
The fair value determined at the grant date of the equity-settled 
share-based payment is expensed on a straight-line basis over 
the vesting period, together with a corresponding increase in 
the book value of the Company’s investment in subsidiaries, 
based upon the Company’s estimate of the shares that will 
eventually vest. These estimates are subsequently revised if 
there is any indication that the number of options expected to 
vest differs from previous estimates. Any cumulative 
adjustment prior to vesting is recognized in the current period. 
No adjustment is made to any expense recognized in prior 
periods. 
 
Fair value is measured by an external valuer using the Black-
Scholes option pricing model. The expected life used in the 
model has been adjusted, based on management’s best 
estimate, for the effects of non-transferability, exercise 
restrictions and behavioural considerations. 
 
Where the terms of an equity-settled transaction are modified, 
as a minimum an expense is recognized as if the terms had not 
been modified. In addition, an expense is recognized for any 
increase in the value of the transaction as a result of the 
modification, as measured by the date of modification. 
 
Where an equity-settled transaction is cancelled, it is treated as 
if it had vested on the due date of the cancellation, and any 
expense not yet recognized for the transaction is recognized 
immediately. However, if a new transaction is substituted for 
the cancelled transaction, and designated as a replacement 
transaction on the date that it is granted, the cancelled and 
new transactions are treated as if they were a modification of 
the original transaction, as described in the previous paragraph. 
 
Cash flow statement 
The Company has made use of the exemption as permitted by 
FRS1 (Revised) and has not presented a cash flow statement. 
The cash flow statement has been prepared in the Group 
financial statements. 
 
 
 
 
 
 
Related party transactions 
In accordance with Financial Reporting Standard Number 8: 
Related Party Disclosures, the company is exempt from 
disclosing transactions with entities that are part of the Group 
headed by Bango PLC as it is a parent company publishing 
consolidated financial statements. 
 
2  Profit for the year 
The Company has made full use of the exemptions as permitted 
by Section 230(1) of the Companies Act 1985 and accordingly 
the profit and loss account of the Company is not presented as 
part of the accounts. The parent company loss for the year 
ended 31 March 2008 of £62,295 (2007: profit of £37,098) 
is included in the Group loss for the financial year. 
 
The auditor’s remuneration for audit and non-audit services to 
the Company was borne entirely by Bango.net Limited, a wholly 
owned subsidiary. 
 
3  Directors and employees 
Details of Directors’ interests in the shares and options of the 
Company are provided in the Directors’ report on page 12. 
 
There are no employees employed by the Company. 
 
Details of Directors’ remuneration are disclosed on page 34 of 
the Group accounts. 
 
The average number of staff employed by the Company, 
including Directors, was five.  
 
42 Notes to the financial statements 
 
Notes to the financial statements 
 
4  Investments 
 £ 
Cost 
Shares in subsidiary undertakings at 1 April 2007  4,800,121 
Share based payments 258,060 
 - --- --- --- --- --- --- --- --- --- --- ---- 
Shares in subsidiary undertakings at 31 March 2008 5,058,181 
 = = = = = = = = = = = = = = = = = = = = = = = 
 
Net book amount 
At 31 March 2008 5,058,181 
  
 
= = = = = = = = = = = = = = = = = = = = = = = 
At 31 March 2007 4,800,121 
 = = = = = = = = = = = = = = = = = = = = = = = 
 
Details of subsidiary undertakings at 31 March 2008 are as follows: 
 
 Country of 
incorporation 
Class of share 
capital held 
Held by the 
company 
Nature of business 
    
Bango.net Limited England & Wales Ordinary 100% Development, marketing and sale 
of technology for mobile phone 
users to purchase services for 
their mobile phones 
     
Bango GmbH Germany Ordinary 100% Sales office for Bango.net 
Limited services in Germany, 
Austria and Switzerland 
     
Bango Inc Delaware, USA Common 100% Sales office for Bango.net 
Limited services in USA 
     
 
5  Debtors 
 2008 2007 
 £ £
 
Amounts due from Group undertakings 6,490,578 5,469,695
Other debtors 2,158 6,293
 ------------------------------ - --- --- --- --- --- --- --- --- --- --- ---- -
 6,492,736 5,475,988
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
 
6  Creditors 
 2008 2007
 £ £
 
Trade creditors 18,892 23,080 
Accruals and deferred income 15,421 15,421 
Amounts owed to group undertakings 17,386 17,386 
 ------------------------------- - --- --- --- --- --- --- --- --- --- --- ---- -
 51,699 55,887
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
 
 
 
 
 
 
 
 
 
 
   
 
Notes to the financial statements 43 
 
Notes to the financial statements 
 
7  Share capital 
 
Authorised share capital: 
 
 2008 2007 
 No £ No £ 
     
Ordinary shares of 20 pence each  37,500,000 7,500,000 37,500,000 7,500,000 
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 
 
Allotted, called up and fully paid: 
 
Ordinary shares of 20p each in Bango PLC No  £ 
 
As at 1 April 2006 26,534,315 5,306,864 
   
Exercise of share options 313,424 62,684 
   
 - --- --- --- --- --- --- --- --- --- --- ---- - --- --- --- --- --- --- --- --- --- --- ---- 
As at 31 March 2007 26,847,749 5,369,548 
   
Exercise of share options 68,670  13,734 
   
 - --- --- --- --- --- --- --- --- --- --- ---- - --- --- --- --- --- --- --- --- --- --- ---- 
As at 31 March 2008 26,916,409 5,383,282 
 = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = 
 
8  Reserves 
  Share Other Retained 
  premium reserve reserves 
  account £ £ 
  £ 
 
At 1 April 2007  5,310,885 595,835 4,269 
   
Exercise of share options  9,182 - - 
Share based payments  - 258,060 - 
Loss for the year  - - (62,295) 
  - --- --- --- --- --- --- --- --- --- --- ---- --- - - --- --- --- --- --- --- --- --- --- --- -- - --- --- --- --- --- --- --- --- --- --- - 
At 31 March 2008  5,320,067 853,895 (58,026) 
  = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =