Plant Impact plc 
12 South Preston Office Village  
Cuerden Way 
Bamber Bridge  
Preston  
PR5 6BL
Tel: +44(0) 1772 628328
Fax: +44(0) 1772 645169
Email: info@plantimpact.com
Website: www.plantimpact.com
Plant Impact plc  Annual Report and Group Financial Statements for the year to 31 March 2011
Plant Impact plc 
Annual Report and Group  
Financial Statements for the year  
to 31 March 2011
New technology  
for sustainable  
agriculture 	 Plant 	 Impact	 plc	 	
	 Annual 	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011
The	 sustainable	 future	 of	 crop	 production
Plant	 Impact	 is	 helping	 to	 transform	
agriculture	 by	 daring	 to	 be	 different	 through	
creative	 science.	 This	 approach	 is	 providing	 	
a	 viable	 and	 sustainable	 solution	 to	 the	
problems	 of	 how	 we	 feed	 a	 growing	 global	
population	 whilst	 improving	 the	 quality	 	
of	 food.
Where	 we	 are
Our	 global	 presence
25		 countries	 46	 countries
Current	 market	 distribution	 Evaluation
Who	 we	 are 	 Plant	 Impact	 plc	 01 	
	 Annual Report and Group Financial Statements for the year to 31 March 2011 
01
01 How we have performed
02 Plant Impact at a glance
04 Chairman’s Statement
08 Chief Executive’s Review
16 Financial Review
 17
17 Board of Directors
18 Advisors
19 Group Directors’ Report
22  Corporate Governance 
Statement
25  Directors’ Remuneration 
Report
27  Report of the Independent 
Auditors to the Members 
of Plant Impact plc
28
28  Group Income Statement
29  Group Statement of  
Changes in Equity
30  Group Statement of  
Financial Position
31 Group Cash Flow Statement
32  Notes to the Group  
Financial Statements
51 Company Balance Sheet
52  Notes to the Company 
Financial Statements
Corporate Statement
Plant Impact’s innovative approach to anti-stress technology is 
delivering benefits along the entire value chain and taking the 
uncertainty out of farming.
Corporate highlights
Agrimatco evaluation and distribution agreement 
– September 2010
Cebeco distribution agreement – November 2010
Arysta Mexico distribution agreement – June 2010
First sales to Arysta (Poland, Czech Republic and Romania)
New chairman – February 2011
Research and Development 
Syngenta Brazil soy trials – September 2010
Brazil crop nutrient registrations – November 2010
USDA field trial results
Potato field trials
Financial highlights
Increase in turnover to £1,784,000 (2010: £1,411,000)
Crop nutrient turnover £1,784,000 (2010: £911,000)
BugOil
®
 turnover £nil (2010: £500,000)
Improved Crop Nutrient gross profit margins 70% (2010: 63%)
Research and development and sales and marketing spend 
of £2,146,000 (2010: £1,954,000)
Loss before tax of £1,886,000 (2010: £1,685,000)
Cash at 31 March 2011 of £1,173,000 (31 March 2010: £2,895,000) 
Post Balance Sheet Events
Arysta Lifescience subscription – May 2011
Arysta Lifescience agreements, US T&O and Brazil – May 2011
Engage Agro Canadian distribution agreement – June 2011
How we have performed CaT	 technology	 is	 a	 calcium	 	
absorption	 aid.	
In trials it has been found to deliver 
calcium to the plant up to 50 times  
more effectively than traditional  
calcium products and with fewer  
applications and less input.
InCa
InCa	 –	 5	 per	 cent	 calcium,	 1	 per	 cent	
zinc	 (w/w)	 incorporates	 Plant	 Impact’s	
CaT	 chemistry.
InCa is the new global calcium delivery 
system. It can be applied as a foliar 
spray or through drip irrigation or 
fertigation systems.
PiNT	 technology	 is	 a	 yield	 	
maximiser.	
It is a unique controlled Nitrogen 
release technology that promotes 
improved growth habit and vigour.  
It slows the natural breakdown of 
desirable amine and ammonium 
nitrogen to undesirable nitrate and 
minimises leaching.
PiNT	 calcium
PiNT	 calcium	 is	 a	 unique	 controlled	
uptake	 nitrogen/calcium	 fertiliser	 for	
quality,	 yield,	 root	 promotion	 and	
stress	 tolerance.	
It is especially valuable in arid/
semi-arid regions, high pH soils, saline 
soils, high sodium soils or where 
irrigation water is of low quality.  
PiNT calcium improves yield, quality, 
homogeneity extends the productive  
life of the crop.
PiNT	 potassium
PiNT	 potassium	 is	 a	 unique	 controlled	
uptake	 nitrogen/potassium	 fertiliser	
for	 quality,	 yield,	 root	 promotion	 and	
stress	 tolerance.	
It is especially valuable in crops with a 
high K requirement such as tomatoes, 
fruit, vegetable and palm crops.
02	 Plant 	 Impact	 plc	
 Annual Report and Group Financial Statements for the year to 31 March 2011
What we do
Plant Impact specialise in 
plant stress relief and a 
dynamic and uncompromising 
new approach to crop nutrition 
and crop health. This gives 
growers significantly 
increased marketable yields, 
more consistent quality with 
reduced environmental 
impact, leading to the ethically 
grown food demanded by 
consumers and the food chain.
Our technologies and products
Plant Impact at a glance
CaT technology PiNT™ technology Speedo	 technology	 accelerates	 	
plant	 maturation.	
Speedo technology has the ability to 
increase the efficacy of nutrient 
products. It accelerates reproductive 
growth leading to faster and better 
colour, flowering, sugar production and 
maturity. Earlier yielding crops give the 
option for additional harvest and or 
prolonged harvests of extra crops.
Balance
Balance	 delivers	 larger	 and	 more	
uniform	 produce	 with	 improved	
colouring.	 It	 also	 reduces	 fruit	 drop.
Balance now also utilises Pi’s Speedo 
chemistry, which gives much quicker 
activity than conventional fertilisers. 
Speedo chemistry improves colour, 
flowering, and sugar content of fruit  
and vegetable crops.
Saxon
Even	 in	 ideal	 conditions	 soil	 nutrients	
can	 become	 ‘locked	 up’	 and	 unavailable	
to	 the	 plants	 roots.	
In adverse conditions growth, yield  
and quality is reduced by poor soil 
conditions, drought, salinity, and pest 
and disease damage. Speedo Saxon 
contains high levels of all nutrients  
in highly available forms to feed the 
plant when the roots cannot.
Alethea	 technology	 is	 a	 powerful	 plant	
stress	 reliever.	
Alethea is a unique abiotic stress 
tolerance chemistry that together with 
plant nutrients improves growth during 
stressful climatic conditions. Disease 
resistance has also been observed in 
crops grown with this technology 
Alethea has been used in combination 
with our PiNT technology for a three 
year trial on the cocoa crop in  
Costa Rica.
CST	 –	 Cocoa	 Stress	 Tolerance
A	 new	 class	 of	 product	 that	 allows	
cocoa	 plants	 to	 increase	 yield	 in	 the	
presence	 of	 disease.
CST is a product based principally on 
Plant Impact’s Alethea stress relief 
technology in combination with PiNT 
technology. It enables cocoa plants to 
withstand disease attack by increasing 
nutrient levels and plant health.
Scope
Scope	 is	 a	 powerful	 anti-stress	 product	
that	 works	 exceptionally	 well	 across	 a	
wide	 variety	 of	 crops.
It is a high analysis glycine amino acid 
chelate combining secondary and trace 
elements with Plant Impact’s Alethea 
technology.
BugOil
®
	 is	 a	 benign	 insect	 and	 mite	
control	 agent.	
BugOil
®
 is plant essential oil technology 
that offers highly effective control  
in a non-toxic environmentally friendly 
method. This technology has been 
trialled extensively across a broad 
spectrum of crops on a wide variety  
of target pests against the current 
leading synthetic standards with 
exceptional results.
BugOil
®
BugOil
®
	 is	 based	 totally	 on	 food	 grade	
materials	 already	 in	 the	 human	
food-chain.
BugOil
®
 is a natural insecticide which 
combats sap sucking insects in an 
environmentally friendly manner. 
Fewer applications combined with 
greater efficiency make BugOil
®
 a 
world beating product.  
	 Plant	 Impact	 plc	 03 	
	 Annual Report and Group Financial Statements for the year to 31 March 2011 
Speedo™ technology Alethea technology BugOil
®
 technology 04	 Plant 	 Impact	 plc	
 Annual Report and Group Financial Statements for the year to 31 March 2011
Chairman’s Statement
I was delighted to accept the role of Chairman of the Board of Plant Impact in 
February. I join with the rest of the Board in thanking Martin Robinson for his 
direction of the Company since 2005, and look forward to his future contribution 
as a Non-Executive Director.
The last year was again an exceptional year for farmers around the world. All crop 
commodities were highly priced and many commodities such as sugar, cotton and 
cocoa reached highs not seen in decades. Following on from the price highs of 2008, 
which were largely attributed to the actions of speculators, this second round of 
record prices have focused minds on the underlying global food commodity supply/
demand balances. In the past, yield increases underpinned by a steady improvement 
in seed technology and chemical inputs have kept pace with increasing global food 
demand. The world’s farmers have fed the world’s population from essentially the 
same acreage. However now, to use a phrase applied in this context by John Beddington 
(Government’s Chief Scientific Advisor), the world faces a ‘perfect storm’ of 
accelerating food demand and declining flexibility of supply. In the eye of this perfect 
storm is the rapid enrichment of populous Asia stimulating demand and a declining 
rate of yield increases for key world crops. This deceleration in yield increase is further 
compromised by a rise in farmer risk as a consequence of volatile weather patterns, 
deteriorating irrigation water availability and quality. Finally, an appreciable new market 
for agricultural produce; the production of corn, sugar and oil crops as feedstock for 
biofuels is diverting prime agriculture land away from food production. Only some of 
these factors can be ameliorated by policy changes, the most fundamental can only be 
addressed by more and better crop yield enhancing technologies.
A small number of large research and development based majors with global reach 
and understanding of world agriculture are able to successfully innovate in these 
areas. They are variously responsible for improving seeds, new chemistry for the 
control of pests and diseases, and the effective delivery of essential crop nutrients but 
what has so far been neglected is the notion of supporting crops against environmental 
stress: heat; drought; poor quality water. Solutions to these problems open new and 
exciting possibilities to make a further step change to secure the world’s food supply.
This is a nascent field with mainly boutique sized technology providers. We believe that 
Pi is one such company with a unique pipeline of crop yield enhancing products that 
work by tackling crop stress factors. Pi’s products were conceived through a deep 
understanding of the workings of plant systems, especially nutritional balances and 
immune responses, that led in turn to rationally constructed chemistry that assists 
crop plants in resisting a wide range of stresses. The trial results with Pi products 
from many crops in many countries grown in many different circumstances, show a 
remarkably consistent pattern of beneficial results measured by higher yield and 
better post-harvest quality. In a nutshell, this is the promise and excitement that 
attracted me to Pi and motivates the entire team.
The Company’s strategy is first to achieve financial break-even through organic 
growth with direct sales of proven products, then, with evident proof of commercial 
acceptance, to partner with an R&D major to exploit Pi’s technologies globally in major 
world crops. We believe such partnerships will be achieved because the incumbent 
input majors are all seeking ways to enhance their grower offer in ways that help 
crops to reach towards their genetic potential of maximum yield. With growing 
financial strength, the Company intends progressively to increase its own R&D 
funding sufficient to convert its pipeline into a flow of commercial products fit for 
precise purpose, and developing further its intellectual property and specialist 
knowledge. In time, the board of Pi (the ‘Board’) anticipates that Pi will build upon 
growing strength in this nascent sector, to establish a productive set of platform 
technologies to ensure a steady flow of innovation of these types of products.
 
Arysta Mexico distribution 
agreement 
Key event – June 2010 	 Plant	 Impact	 plc	 05 	
	 Annual Report and Group Financial Statements for the year to 31 March 2011 
Agrimatco evaluation and 
distribution agreement 
Key event – September 2010
With the aim of progressing towards financial self-sufficiency, Pi focused on its proven 
InCa product in the past year. InCa has shown performance in many crop situations 
especially in horticulture. Potatoes are often considered as an arable crop, but with 
many of the characteristics of horticulture. Potatoes respond particularly strongly to 
InCa and with an appreciable area under cultivation in Western Europe it represents a 
clear early target market for Pi. Growers in Holland have seen double digit percentage 
yield increases and marketable quality benefits with InCa treatments. The treatment 
cost/return equation is also compelling; growers can expect high returns from their 
investments in InCa treatments. In the past year Pi has assembled a dossier of potato 
trial results covering the main commercial varieties in Northern Europe. Pi has 
attracted the interest and support of the Dutch Co-operative Cebeco with whom the 
Company signed a distribution agreement in November last year. We expect progress 
in the current year with Cebeco driving InCa in the European potato crop market.
The Company also signed an exclusive distribution agreement for Mexico and Central 
America with Arysta LifeSciences (‘ALS’), the largest privately owned crop protection 
company in the industry. ALS has special skills in crop nutrition in this geography 
following their purchase of Grupo Bioquimico Mexico a crop nutrition company 
founded in Mexico. The Board considers that the ALS crop solutions approach is 
particularly suited for presenting InCa in local agriculture and expects sales in 
Central America to benefit from this new relationship in the current year.
Pi began its crop enhancement work in horticulture in the Middle East, principally in 
Jordan, a fertile country with a wide range of fruit and vegetable crops. In September 
last year, the Company signed an evaluation and distribution agreement for a number 
of markets in the Middle East with Agrimatco, a well financed and powerful distributor 
of Agchem, seeds and fertilisers in the region. Again, the Board expects to see the 
benefit of their commitment translated into sales in the current year.
The Company is at the beginning of the process of partnering with large agricultural 
R&D companies and has achieved freedom to operate in Brazil last year by securing 
registrations of its products in Pi’s name. Along with InCa, the modified Nitrogen 
product PiNT is included in large scale soya trials with Syngenta, the market leader 
in crop protection in Brazil. Brazil is second only to the USA in area of soya, but is 
catching up fast since they enjoy agronomic advantages in soya cultivation and areas 
are expanding. Soya in Brazil is an important place to be for a crop technology 
company. This collaboration is illustrative of the enthusiasm and openness with 
which R&D majors greet novel technology from third parties.
In the USA, trials with PiNT in the turf amenity market conducted at Penn State 
University on behalf of the Government agency USDA, proved successful in providing 
for better turf and lower nitrogen run-off and hence reduced pollution. USDA has 
given a public and positive endorsement of PiNT and accordingly, the Board expects 
to make first sales into the large golf green maintenance market this season with a 
company specialist in this sector, ALS.
An event which occurred post year-end, but which was substantially negotiated and 
concluded in the review year, has been the investment by ALS in Pi at a substantial 
premium to the prevailing share price. In exchange, ALS has secured an extension 
of their development and distribution rights to include Brazilian Horticulture and USA 
Turf and Ornamentals (including golf course maintenance). The Board considers 
that this transaction confirms the quality of Pi’s technology and progress with its 
partnering strategy. 06	 Plant 	 Impact	 plc	
 Annual Report and Group Financial Statements for the year to 31 March 2011
Chairman’s Statement continued
On the R&D front, work continues with the Environmental Centre of Lancaster 
University on the characterisation of Alethea, a sophisticated pipeline technology 
conferring stress tolerance on a range of plants including salt challenged maize 
(corn), a world crop of the first rank. R&D collaborations in the field now extend over 
40 countries and as many crops. Last year was a period when dossiers were built 
and performance confirmed in a number of important outlets. That process will 
continue in this current year.
Long-term watchers of Pi will no doubt be interested in developments with BugOil
®
, 
the Company’s natural product based resistance breaking insecticide. The field 
performance of BugOil
®
 continues to impress and the dossier of successful trials for 
the product in sole use and in combination with standard insecticides continues to 
grow. However, regulatory delays in the USA (work load at the EPA) and Europe have 
meant that the Company are revising back their anticipated launch date in these 
principal markets. Also, since country of origin registration is required for overseas 
registrations, the set back in the UK has wider implications, including delays in several 
overseas markets. Pi continues in close dialogue with the regulatory authorities and 
is providing the additional data demanded on BugOil
®
 in the UK. The Board will take 
proper and continuous account of overall commercial prospects when deciding on 
the amount of resource to dedicate to this product given the demands and short-term 
rewards promised from the ‘ready now’ crop enhancement range.
Looking back it is clear that 2010/11 was important for the focused manner in which Pi 
implemented its growth strategy. In my view, that strategy is both thoroughly realistic 
with respect to the Company’s current capabilities and yet is aspirational of the growth 
opportunities that the technologies can seize. The Board believes that Pi will be built 
on incremental achievements that are mutually reinforcing of the aims of self 
sufficiency and then global growth. I look forward to reporting on these steps as 
management build position and gain strength for the Company.
Financial review
In the year ended 31 March 2011, revenue was £1,783,525 (2010: £1,410,711). Although 
the overall increase at 26 per cent is below expectations, the underlying crop nutrient 
sales met expectations with an increase of 96 per cent from £910,711 in 2010 to 
£1,783,525 for this year. Crop nutrient revenues have improved for the third year in 
succession. The 2010 revenues benefited from the ALS BugOil
®
 licence agreement 
milestone payments, there were no such payments for this year.
Total expenses for the year were £3,114,320 (2010: £2,736,218), an increase of 13.8 per 
cent. Sales and marketing costs increased by £69,111, as a result of the increased 
geographical spread of sales activity and the first full year of direct activity in the 
Americas. Research and development expenditure increased by £122,833 due to the 
increased activity in crop nutrient development. General and administrative expenses 
increased by £186,158 mainly due to an increase in payroll, share-based payments, 
insurance, recruitment fees and plc costs.
The loss for the year attributable to equity shareholders increased to £1,628,838 (2010: 
£1,417,075). This increase is due to the delays in BugOil
®
 regulatory approvals and 
resultant milestone payments offset by improvements in crop nutrient revenues.
Going	 concern
After making enquiries, the Directors have a reasonable expectation that the Company 
and the Group have adequate resources to continue in operational existence for the 
foreseeable future. Accordingly, they continue to adopt the going concern basis in 
preparing the Group Financial Statements. Further details are included in the Notes 
to the Group Financial Statements.
Syngenta Brazil trials 
Key event – September 2010 	 Plant	 Impact	 plc	 07 	
	 Annual Report and Group Financial Statements for the year to 31 March 2011 
Dividends
The Directors currently intend to devote the Group’s cash resources to its operations 
and therefore do not anticipate paying dividends in the near future. They will 
reconsider the Company’s dividend policy as and when the Company is in a position 
to pay dividends. The declaration and payment by the Company of any dividends will 
depend on the results of the Company’s operations, its financial condition, cash 
requirements, future prospects, profits available for distribution and other factors 
deemed to be relevant at the time.
Outlook
In the current year, BugOil
®
 milestones will be pursued with determination through 
continued data sourcing and dialogue with the authorities, but the Company’s future 
lies squarely in the promise of the nutrient range. It is here that the majority of the 
Company’s resources will be directed this coming year. The Pi sales team is focused 
on direct sales of InCa and PiNT and the technical team is positioning the Company’s 
products in sectors which are complimentary to the business aspirations of partners 
who have global reach and traction with growers. Already in the current year, we 
are seeing progress with both elements as direct sales and the announcement of a 
new subscription agreement for 10 per cent of the Company with ALS, (the world’s 
largest privately held Ag-Chem company) who purchased the shares at a premium to 
market of 76 per cent.
I am confident that this is the correct strategy for Pi and that we will be able to report 
steady progress this year in these twin directions.
I should like to take this opportunity to thank our shareholders who have supported 
Pi and have shared my belief in the promise of the technologies and management’s 
strategy for commercial development.
David Jones
Chairman
1 July 2011 
Cebeco distribution 
agreement
Key event – November 2010 08	 Plant 	 Impact	 plc	
 Annual Report and Group Financial Statements for the year to 31 March 2011
Chief Executive’s Review
Overview
Pi’s drive towards financial self-sufficiency is evidenced by commercial progress with 
key distributors and the improving crop nutrient sales and margins. Crop nutrient 
revenues and margins have improved for the third year in succession. During the year 
ended 31 March 2011, Pi recorded its first annual crop nutrients revenue above £1m. 
To achieve financial self-sufficiency, the Company continues to secure distribution 
agreements for crop nutrient products and increases the breadth of field trial 
development, both in crops and countries. Pi has increased the extent of its 
distribution agreements with new contracts; ALS in Mexico and Central America, 
Cebeco in Benelux and Engage Agro in Canada. Evaluation agreements have been 
signed with ALS and Agrimatco.
Pi has focused its limited resource on key crops in key countries and the benefit of this 
is becoming apparent. In collaboration with our distributor in the Benelux, Cebeco, the 
Company has undertaken a significant field trial development programme for InCa 
on potatoes. This has provided both partners with excellent and consistent field trial 
results and an improvement in InCa sales. Building on the Brazil visit in 2009, Pi and 
Syngenta have started a field trial programme on soya. This is a long-term project 
which the Board believes has potential for the Company’s products. Both potatoes 
and soya are first examples of Pi broadening crop exposure from high value 
horticulture to extensive area arable.
In May 2011, the Company completed a subscription agreement with ALS raising 
£2.05m and issuing 4,560,530 shares at 45 pence. In addition, Pi has entered into two 
commercial agreements with ALS. The first agreement covers the commercial 
development of the Company’s PiNT technology in the turf and ornamental markets 
in the USA, including the large US professional golf market. The second agreement 
covers the commercial development of the Company’s InCa and PiNT technologies for 
use in horticulture in Brazil. Horticulture is a key export market for Brazil and ALS has 
a significant position in the sector. ALS and the Company will also continue to work 
together to evaluate a number of other emerging markets. The existing evaluation 
agreement between ALS and Pi, which originally expired in March 2011, has been 
extended until June 2012. In addition to the time extension, the agreement has been 
expanded to cover a portfolio of Pi’s products in addition to InCa and a further four 
territories have been added bringing the total to 28.
In June 2011, Plant Impact signed a distribution agreement with Engage Agro for 
Canada. The agreement is for exclusive distribution of InCa. Canada shows promise 
for Pi products in several crops including potatoes and apples.
Commercial development
Arysta	 Lifescience	 agreements
Pi has signed four commercial agreements with ALS, these are; Mexico and Central 
America for InCa, US Turf & Ornamental for PiNT, Brazil horticulture for InCa, 
PiNT and CST and an evaluation agreement covering 28 countries for InCa, PiNT, 
CST and Speedo.
Central	 America
As part of the ten-year agreement, ALS will have exclusive distribution rights for sales 
and marketing of InCa in Mexico, Guatemala, Costa Rica, El Salvador, Honduras, 
Dominican Republic, Panama, Belize and parts of the Caribbean.
ALS Mexico has conducted field trials on high value horticultural crops during the 
previous 18 months mainly in Mexico. During the 2011 and 2012 seasons field trials 
will be extended to the other Central American countries.
InCa was launched in Mexico during May 2011, with a full marketing and grower 
demonstration programme scheduled for the remainder of 2011. First sales are 
scheduled for H2 2011.
Brazil crop nutrient 
registrations
Key event – November 2010 	 Plant	 Impact	 plc	 09 	
	 Annual Report and Group Financial Statements for the year to 31 March 2011 
US	 Turf	 &	 Ornamental
This agreement is exclusive for PiNT and includes the large US golf course market, 
athletic fields, professional lawncare and ornamentals.
The US has 18,000 golf courses, with a large number of these close to water. PiNT 
has proven environmental benefits in reduced nitrogen applications and decreased 
nitrogen leaching into the water courses. ALS’s interest in PiNT was a direct result 
of the USDA field trial programme instigated by Pi two years ago. Golf course turf 
managers utilise liquid fertilisers on tees and greens. The performance of PiNT offers 
several benefits for such management including avoidance of unsightly salt ‘burn’, 
avoidance of polluting run-off and an improved cosmetic appearance. These add up 
to premium pricing opportunities for PiNT.
ALS are undertaking a significant field trial programme to replicate and enhance the 
trials conducted by the USDA. ALS has a dedicated turf and ornamental team which 
includes product development, sales and marketing capabilities.
Brazil	 horticulture
The Brazil horticulture agreement is exclusive for InCa, PiNT and CST.
The ALS Brazil team is instigating field trials on tomatoes, potatoes, melons, grapes 
and coffee. There are 62,000 hectares of tomatoes, 145,000 hectares of potatoes, 
115,000 hectares of melons, 79,000 hectares of grapes and 2.2 million hectares of 
coffee in Brazil. Pi trials results on these crops from other countries give the Board 
confidence that economic benefit can be demonstrated in Brazil.
Evaluation	 agreement
The original evaluation agreement signed between Pi and ALS expired on the 
31 March 2011. In June 2011, the two companies signed an extension to the evaluation 
agreement which in turn expires on the 30 June 2012.
The extended agreement has increased the number of Pi products from InCa only 
to InCa, PiNT, CST and Speedo. It has also increased the number of countries under 
evaluation from 24 to 28.
Field trials are scheduled in ALS countries, mainly on horticultural crops. These trials 
will provide critical information for both companies on their technical and commercial 
efficacy of Pi products. It is intended that these data sets will lead to business cases 
for market entry and further distribution agreements with ALS in these 28 countries.
Arysta	 First	 Crop	 Nutrient	 sales
ALS continues to make initial sales in new territories for Pi products. During the year 
the Company sold InCa via ALS in Poland, the Czech Republic and Romania.
Crop	 Nutrients	 agreement	 with	 Agrimatco
In September 2010, Pi and Agrimatco signed an evaluation, development and 
distribution agreement covering the Company’s InCa, PiNT K, PiNT Ca, Balance, 
Saxon, Scope, CaB and Speedo additive products.
This agreement covers countries in the Middle East, North Africa, Eastern Europe 
and Central Asia. Initial crop targets are in high value horticulture with potential 
extension into some arable crops.
Agrimatco have exclusivity to evaluate the products until 31 December 2011. 
The evaluation of these products represents a number of field trial development 
programmes. Following the successful completion of these field trials, Agrimatco 
will ensure that products are registered locally and will market and distribute them 
on an exclusive basis. Detailed development and distribution agreements will be 
signed country by country as they come on stream.
Agrimatco sells Pi products in Egypt and Saudi Arabia. For both Egypt and 
Saudi Arabia turnover has increased for the third year running.
New chairman 
Key event – February 2011 10	 Plant 	 Impact	 plc	
 Annual Report and Group Financial Statements for the year to 31 March 2011
Agrimatco is an established company in the Middle East, North Africa, Eastern Europe, 
Russia, Central Asia, China and Vietnam. The company was founded by Khalil Miqdadi 
in 1936 and is currently operating in 50 countries and has a team of over 1,300 
employees. Agrimatco supplies all of the agricultural requirements of farmers, 
including; seeds, crop protection products, fertilisers, sprayers, farming tools and 
equipments, machinery and veterinary products, together with a specialised team 
of over 500 agronomists that consult daily with farmers and give advice on product 
application, use and after sales service.
Crop	 Nutrients	 agreement	 with	 Cebeco
Pi signed a distribution and evaluation agreement with Cebeco Meststoffen BV 
(Cebeco) covering the Company’s InCa, PiNT Ca, PiNT K and Alethea K products.
The agreement grants Cebeco exclusive distribution rights for certain market 
segments (excluding golf courses and home and garden) in Holland, Belgium 
and Luxemburg. The agreement also gives Cebeco non-exclusive evaluation rights 
for Germany.
This agreement is a result of a significant field trial development programme 
undertaken by Cebeco over a 24-month period. Cebeco have conducted more than 
40 research standard field trials at independent centres in the Netherlands and 
Germany on various crops including potatoes, sugar beet, onions, carrots, apples 
and cherries. In addition to these official independent trials, Cebeco has conducted 
numerous demonstration trials with growers.
During the early part of the field trial programme, Cebeco focused on the fruit and 
vegetable market but more recently they have placed increased importance on field 
trials of potatoes. With more than 470,000 hectares of potato crops in the Benelux 
countries and Germany, the Board believes that the potential for Pi’s products is 
promising. The first batch of potato field trials conducted in 2010 have demonstrated 
encouraging efficacy results and the trial programme for 2011 will cover high value 
crops, including potatoes, sugar beet and grapes. There are currently over 50 research 
standard trials planned by Pi and Cebeco as part of their joint development programme.
Dutch agriculture and horticulture is one of the most technically advanced in the 
world. Farmers are highly skilled, the cultivation methods are cutting edge and 
average yields are amongst the highest in the world. These factors combined with 
open international trade structures make Dutch agriculture a portal to the rest of 
the world. Proven innovations in Holland are often adopted by farmers worldwide.
Improving	 revenues
Total revenue for the year at £1,783,525 is a 26 per cent increase on the £1,410,711 from 
2010. This year’s revenue was entirely based on crop nutrient products, a like for like 
comparison, sees crop nutrient revenues increase by 96 per cent from £910,711 to 
£1,783,525.
In Northern Europe the Company has experienced revenue growth for three 
consecutive years from Holland and the UK. These revenues are predominantly 
based on InCa and are a result of a significant number of field trials. Dutch sales 
have demonstrated an increase of 13 times those achieved in the previous financial 
years. Validation through repeat sales in this important market will carry weight with 
growers and distributors around the world. Last year the Company reported poor 
performance in France, as a result of which Pi has taken positive steps to remedy the 
situation. We are currently engaged in discussions with a major distributor, and field 
trial and the Board anticipates that commercial progress will be made during the 
current year is anticipated.
Chief Executive’s Review continued
Arysta Lifescience 
agreements, US T&O and 
Brazil 
Key event – May 2011 	 Plant	 Impact	 plc	 11 	
	 Annual Report and Group Financial Statements for the year to 31 March 2011 
Southern Europe, particularly Spain, demonstrated improvement on the 2010 
revenues, however these revenues were significantly below expectations and coupled 
with the ongoing financial situation in Spain has created a continuing commercial 
challenge for Pi. The Company took the decision in April 2011 that it could no longer 
support its Spanish operations with dedicated sales staff. Sales continue through 
local distribution.
The USA revenue was disappointing, the levels achieved during the year were equal 
to 2009 levels and half those experienced during 2010. Three reasons contributed 
to this; the lack of support from Pi’s distributor, the weather conditions in Florida at 
the start of the season and the lack of crop and geographical spread being the other. 
During 2011/12 season Pi is undertaking a significant field trial programme extending 
the number of crops and the number of States. This programme includes potatoes 
where there are 423,000 hectares in the USA and 151,000 in Canada. The Company 
anticipates commercial progress this current financial year. Pi has negotiated a 
distribution agreement for Canada with the distributor Engage and has already 
received first orders.
In the Middle East, like Holland and the UK, Egypt and Saudi Arabia have 
demonstrated revenue growth for three consecutive years. This growth is attributed 
to the close working relationship between Agrimatco and the Pi office in Jordan.
In Africa the Company’s distributor in Kenya has demonstrated excellent 
commercial progress.
Research and development
BugOil
®
BugOil
®
 remains in the regulatory process in the two major jurisdictions of the USA 
and Europe (UK lead country). Both the UK and USA dossiers have been submitted by 
the Company (the UK dossier in 2008 and the USA dossier in 2009).
In December 2010 we reported that the UK and US regulatory authorities had 
requested additional studies. These were duly completed during December 2010. 
During November 2010, the UK authorities conducted their first official review 
of the dossier and concluded with a demand for further studies. These are focused 
on the chemistry of the natural products in the product and can be completed 
relatively quickly. We anticipate a further round of discussions with the authorities 
in the third quarter of the current year.
The additional studies requested by the US authorities were completed in December 
2010. Having initially informed Plant Impact that due to unprecedented workloads their 
review of the dossiers will be delayed until the first half of 2012, this has now been 
agreed for October 2011.
Crop	 Nutrient	 field	 trials
The Board considers that field trial development and progression is a fundamental 
prerequisite to commercial development and as such, Pi continues to invest significant 
time and resource to field trials on key crops. Increasingly the Company is investing in 
research standard trials which can produce robust quantitative and qualitative data 
sets. The data sets will be of research standard to demonstrate to significant partners 
the technical and commercial efficacy of Pi products.
The Company and its partners have now undertaken field trials in over 40 countries 
and 80 crops/species with the focus on InCa and PiNT. Pi’s horticulture field trials 
continue, however over the previous 12 months the Company has seen a breakthrough 
in arable crop field trial development. Initially this has focused on InCa for potatoes 
and increasingly we are testing on more arable crops.
Arysta Lifescience 
subscription 
Key event – May 2011 12	 Plant 	 Impact	 plc	
	 Annual 	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011
Potatoes
Potato	 field	 trials	 have	 been,	 or	 are	 being,	 conducted	 in	 20	 countries.	 These	 include	
important	 regions	 such	 as	 Holland,	 Germany,	 France,	 UK,	 USA	 and	 China.	 These	
20 counties	 have	 in	 total	 9.3	 million	 hectares	 of	 potatoes	 and	 represent	 55	 per	 cent	
of the	 world	 production.	 To	 date	 the	 average	 yield	 increase	 with	 InCa	 is	 12	 per	 cent	
and we	 are	 also	 seeing improvements	 in	 terms	 of	 the	 tuber	 quality.	 Commercially	
the Company	 has	 experienced	 improvement	 in	 Northern	 Europe	 and	 will	 use	 this	
success	 to	 pursue	 potato	 crop	 development	 in	 further	 countries.
Soybean
In	 August	 2010,	 the	 Company	 announced	 a	 field	 trial	 development	 programme	 with	
Syngenta	 in	 Brazil	 for	 certain	 arable	 crops;	 soybean,	 maize,	 cotton	 and	 coffee.	
Brazilian	 farmers	 grow	 approximately	 21	 million	 hectares	 of	 soybean,	 14	 million	
hectares	 of	 maize,	 2	 million	 hectares	 of	 coffee	 bean	 and	 1	 million	 hectares	 of	 cotton	
in 2008.	 Therefore,	 the	 Company	 considers	 the	 Brazilian	 agricultural	 market	 to	 be	
a major	 opportunity	 for	 it.
The	 Company	 has	 also	 commissioned	 independent	 soybean	 trials	 in	 Brazil	 including	
with	 EMBRAPA.	 Further	 trials	 have	 been	 commissioned	 in	 2011	 with	 Universities	 and	
consultants	 in	 various	 US	 states.	 The	 Company	 considers	 that	 this	 significantly	
expands	 its	 market	 potential.
US	 Department	 of	 Agriculture	 Agreement
Independent	 research	 carried	 out	 by	 the	 US	 Department	 of	 Agriculture	 (‘USDA’)	
and Penn	 State	 University	 was	 reported	 at	 the	 World	 Soil	 Science	 Congress	 in	
Australia	 on 4	 August	 2010.	 These	 results	 have	 since	 been	 validated	 in	 two	 further	
trials.	 The	 results	 confirm	 the	 results	 from	 the	 first	 experiment	 and	 support	 the	 use	
of Pi’s	 unique	 nitrogen	 fertiliser	 technology	 (PiNT)	 on	 turf	 grass.
The	 trials	 show	 that	 PiNT	 technology:
	 – uses	 25	 per	 cent	 less	 nitrogen	 than	 competing	 technologies;
	 – allows	 crops	 to	 retain	 nitrogen	 for	 longer;
	 – improves	 turf	 quality	 and	 colour;	 and
	 – reduces	 nitrogen	 leaching	 into	 watercourses.
The	 Board	 believes	 that	 home	 and	 gardens,	 golf	 courses	 and	 outfield	 turf	
management	 represent	 major	 potential	 markets	 for	 PiNT,	 which	 helps	 turf	 grass	
retain	 nitrogen	 for	 longer.	 In	 addition	 improved	 nitrogen	 retention	 leads	 to	 reduced	
nitrate	 run-off	 and	 pollution	 of	 waterways	 and	 coastal	 regions	 which	 in	 turn	 has	
environmental	 benefits.
Lancaster	 University	 –	 Alethea
®
Alethea	 is	 seen	 as	 an	 important	 pipeline	 technology	 and	 consequently	 is	 a	 focus	 in	
terms	 of	 the	 R&D	 pipeline.	 The	 initial	 work	 has	 been	 on	 salinity	 where	 Alethea	 has	
been	 shown	 to	 offer	 significant	 protection.	 This	 is	 a	 major	 problem	 for	 agriculture	
and globally	 around	 10	 million	 hectares	 are	 affected	 annually.	 The	 growth	 and	 yield	 of	
crops is	 reduced	 under	 saline	 solutions,	 however,	 when	 pre-treated	 with	 Alethea	 the	
reductions	 in	 photosynthesis	 and	 growth	 have	 been	 greatly	 reduced.	 Experiments	 are	
also	 looking	 at	 UV	 stress	 in	 association	 with	 the	 Universities	 of	 Massey	 and	 Lincoln	
in New	 Zealand.
Chief	 Executive’s	 Review	 continued 	 Plant	 Impact	 plc	 13 	
	 Annual Report and Group Financial Statements for the year to 31 March 2011 
Pi is also involved in a Biotechnology and Biological Sciences Research Council Case 
studentship with Lancaster University. This is again looking at Alethea, but the focus 
of this work is the control of reactive oxygen species (‘ROS’). ROS are an unavoidable 
by-product of basic metabolic processes which are normally kept in balance by 
antioxidants. However, under stress the ROS can build up and have a detrimental 
effect on crops. In these experiments the active ingredient within paraquat weed killer 
is being used as a model system for inducing ROS. The effect of Alethea has been 
remarkable in greatly reducing the damage as a result of ROS in a number of crop 
species. Where plants are pretreated with Alethea there is often little or no damage 
at a paraquat concentration that is sufficient to cause substantial damage in plants 
pre-sprayed only with water.
Following the progress made this year, the recent ALS subscription agreement and 
the growing distribution network, Pi is well positioned to continue to improve crop 
nutrient sales and attract partners.
Technologies and products
Plant Impact has developed six key technologies designed to increase marketable 
yield, improve shelf life, lower inputs and be more environmentally friendly than 
current standard practice. These technologies can be divided into two distinct groups:
a) Crop Nutrients – CaT, PINT™, Alethea
®
, and Speedo™;
b) Pest control – BugOil
®
 and nematicide.
Of these technologies, Plant Impact has developed nine products which are:
 – InCa, Cold Grow and Hot Grow from CaT technology;
 – PiNT Calcium, PiNT Potassium and PiNT Magnesium from PiNT technology;
 – Balance and Saxon from Speedo technology;
 – Cocoa Stress Tolerance (CST) and Scope from Alethea technology; and
 – Bionic from BugOil
®
 technology.
Alethea (with the exception of CST and Scope) and nematicide are at the research 
and development stage.
Crop	 Nutrients
Calcium Technology – CaT
A Calcium transport and delivery technology designed to work at a cellular level.
CaT uses patent applied chemistry to improve calcium absorption by plant tissues 
with a low ability to take up and retain calcium. Calcium is used by plants for cell 
integrity, cell wall strength and cell division. However, calcium uptake and movement 
within plants is erratic and therefore some parts of plants struggle to absorb and 
retain calcium. This leaves them weak and prone to infection and quality problems. 
Often these areas are the part of the plant that growers wish to harvest. Many fruit 
and vegetable crops suffer from ‘physiological disorders’ associated with low 
calcium levels.
This technology has a patent application, and has yielded several commercial 
products, the main benefits of which are:
 – prevents physiological disorders;
 – increased shelf-life and quality;
 – improved growth during high and low temperatures and frosts;
 – holding and setting more flowers and fruit; and
 – lower input levels compared to standard calcium applications. 14	 Plant 	 Impact	 plc	
 Annual Report and Group Financial Statements for the year to 31 March 2011
PiNT™
Plant Impact Nitrogen Technology (PiNT™) controls the uptake of nitrogen by a plant.
PiNT™ Calcium gives the plant a better root system, improving reproductive growth 
(which is harvested) and reduced vegetative growth (which is discarded). This is also 
valuable in ornamentals and turf crops, where growers do not want ‘leggy’ growth for 
cosmetic reasons.
PiNT™ Potassium and Magnesium improve quality and colour of product and shorten 
the time to harvest. With some crops having shorter maturation periods there is also 
the possibility for additional harvests.
Speedo™
Speedo™ is a natural plant maturity promoter. Field trials have indicated an increase in 
sugar content, colour, and reproductive maturity in a range of fruit and vegetable crops.
Alethea
®
This technology uses a new molecule that has been designed to combat the effects 
of abiotic stress. Abiotic stress is caused by extremes of temperature, water, drought, 
salinity, heavy metals, herbicide and light intensity. Abiotic stress is a major problem 
in agriculture, limiting the ability of crops to achieve optimum yield and quality. 
Abiotic stress contributes to disease, since stressed crops suffer from higher levels 
of many diseases.
The Alethea
®
 chemistry promotes the maintenance of strong, healthy cell walls in 
conditions of stress and reduced water availability, whilst this allows the cells to 
neutralise harmful ammonia and oxidative toxins that accumulate in plants at times 
of stress.
Pest	 Control
BugOil
®
BugOil
®
 is a benign insect and mite control agent derived from essential plant oil 
technology that offers highly effective control in a non-toxic, environmentally friendly 
method. The pests targeted by BugOil
®
 are mites, whitefly, thrips and aphids; these 
pests are some of the most damaging and most difficult to control as they reproduce 
quickly in mass numbers and can build resistance to conventional pest control agents.
Independent field trials conducted on BugOil
®
 have demonstrated that the product 
has pest control abilities at least equal to, if not better, than those of current 
industry-standard insecticides. BugOil
®
 also provides broad-spectrum pest 
coverage, particularly for ornamentals such as cut flowers. All field trials were 
conducted to regulatory standard by independent third parties on high-value crops 
such as ornamentals, fruit and vegetables. To date, successful field trials have been 
conducted on BugOil
®
 in the USA, UK, Europe and Africa.
BugOil
®
 technology:
 – high level of efficacy equivalent to most current synthetic standards;
 – based totally on natural plant extracts;
 – safe for many non-target organisms including mammals, fish, birds, 
and most beneficial insects (bees, earthworms, lacewings, ladybirds); and
 – non-toxic and environmentally friendly.
Chief Executive’s Review continued
Engage Agro Canadian 
distribution agreement
Key event – June 2011 	 Plant	 Impact	 plc	 15 	
	 Annual Report and Group Financial Statements for the year to 31 March 2011 
Nematicide
Plant Impact’s nematode control technology is based on natural essential oils, similar 
in concept to BugOil
®
. Nematodes are one of the world’s greatest pest problems.
Plant Impact’s nematicide technology aims to:
 – create an effective product that maintains biodiversity in the soil flora and fauna;
 – be environmentally safe compared to current farming practices;
 – leave no harmful residues in food crops; and
 – be safe to the farmer when handling the product.
This product concept is now under active development and evaluation supported by a 
range of partner companies and EU funding.
Intellectual property
Plant Impact continues to invest in its patent portfolio. The following table illustrates 
the current patent status:
Technology
Granted by
 country
Pending by
 country
BugOil
®
35 3
Alethea 8 18
Nematicide 2 7
CaT 5 6
Speedo 2 11
52 45
Peter Blezard
Chief Executive Officer
1 July 2011 16	 Plant 	 Impact	 plc	
	 Annual 	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011
Financial	 review
The	 Group’s	 financial	 performance	 in	 the	 year	 and	 the	 associated	 loss	 was	 below	 management	 projections	 due	 to	 BugOil
®
	
regulatory	 approval	 being	 delayed.	 Our	 key	 focus	 is	 on	 strong	 cash	 management,	 the	 year-end	 balance	 at	 £1,172,763	
(2010: £2,895,025)	 is	 in	 line	 with	 expectations.
Cash	 flow
The	 net	 cash	 outflow	 from	 operating	 activities	 was	 £1,388,340	 (2010:	 £1,567,175).	 Capital	 expenditure	 was	 £41,461	 (2010:	 £23,681).	
Purchase	 of	 intangible	 assets	 was	 £289,464	 (2010:	 £235,687).	 Interest	 received	 was	 £5,222	 (2010:	 £3,430).	 Cash	 and	 cash	
equivalents	 totalled	 £1,172,763	 (2010:	 £2,895,025),	 a	 decrease	 of	 £1,722,262.	 Cash	 flow	 at	 year-end	 benefited	 from	 a	 strong	 final	
quarter	 sales	 performance	 in	 Northern	 Europe.
Revenue
In	 the	 year	 ended	 31	 March	 2011,	 revenue	 was	 £1,783,525	 (2010:	 £1,410,711).	 Although	 the	 overall	 increase	 at	 26	 per	 cent	 is	
below expectations,	 the	 underlying	 crop	 nutrient	 sales	 met	 expectations	 with	 an	 increase	 of	 96	 per	 cent	 from	 £910,711	 in	 2010	
to £1,783,525	 for	 this	 year.	 Crop	 nutrient	 revenues	 have	 improved	 for	 the	 third	 year	 in	 succession.	 The	 2010	 revenues	 benefitted	
from	 the	 Arysta	 LifeScience	 BugOil
®
	 licence	 agreement	 milestone	 payments,	 there	 were	 no	 such	 payments	 for	 this	 year.
Gross	 profit
In	 the	 year	 ended	 31	 March	 2011,	 gross	 profit	 was	 £1,254,097	 (2010:	 £1,073,374).	 The	 gross	 profit	 margin	 for	 crop	 nutrient	 products	
has	 improved	 from	 63.0	 per	 cent	 in	 2010	 to	 70.3	 per	 cent	 in	 2011.	 Margins	 have	 improved	 for	 the	 fourth	 year	 in	 succession.	 Gross	
profit	 is	 calculated	 after	 deducting	 all	 production	 and	 distribution	 costs.
Expenses
Total	 expenses	 for	 the	 year	 were	 £3,114,320	 (2010:	 £2,736,218),	 an	 increase	 of	 13.8	 per	 cent.	 Sales	 and	 marketing	 costs	 increased	
by £69,111,	 as	 a	 result	 of	 the	 increased	 geographical	 spread	 of	 sales	 activity	 and	 the	 first	 full	 year	 of	 direct	 activity	 in	 the	 Americas.	
Research	 and development	 expenditure	 increase	 by	 £122,833	 due	 to	 the	 increased	 activity	 in	 crop	 nutrient	 development.	 General	
and	 administrative	 expenses	 increased	 by	 £186,158	 mainly	 due	 to	 an	 increase	 in	 payroll,	 share-based	 payments,	 insurance,	
recruitment	 fees	 and	 plc	 costs.
Finance	 income	 and	 cost
Finance	 income	 represents	 interest	 received	 from	 cash	 and	 cash	 equivalents	 amounting	 to	 £5,222	 (2010:	 £3,430).	 Finance	 cost	
represents	 the	 interest	 payable	 on	 the	 loan	 agreement	 with	 Arysta	 LifeScience	 £31,141	 (2010:	 £25,723).
Income	 tax
Income	 tax	 comprises	 tax	 credits	 booked	 against	 research	 and	 development	 eligible	 expenditure	 of	 £257,304	 (2010:	 £268,062).	
The tax	 credit	 claims	 for	 previous	 years	 have	 all	 been	 received.
Loss	 for	 the	 year
The	 loss	 for	 the	 year	 attributable	 to	 equity	 shareholders	 increased	 to	 £1,628,838	 (2010:	 £1,417,075).	 This	 increase	 is	 due	 to	 the	
delays	 in	 BugOil
®
	 regulatory	 approvals	 and	 resultant	 milestone	 payments.
Michael Panteli 
Chief	 Financial	 Officer
1	 July	 2011
Financial	 Review 	 Plant	 Impact	 plc	 17 	
	 Annual	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011	
Board	 of	 Directors
David	 Jones	 –	 Non-Executive	 Chairman
David	 Jones	 joined	 Plant	 Impact	 in	 February	 2011	 when	 he	 was	 appointed	 Non-executive	 Chairman.	 He	 has	 extensive	 and	 senior	
experience	 in	 the	 agribusiness	 sector.	 David	 Jones	 was	 the	 Chairman	 of	 Arysta	 Lifescience	 Corporation	 between	 2008	 and	 2010.	
From	 2000	 to	 2007,	 David	 Jones	 was	 Head	 of	 Business	 Development	 for	 Syngenta	 International	 having	 previously	 been	 Strategy	
and	 Product	 Director	 of	 Zeneca’s	 Agrochemicals	 Division.	 From	 2000	 to	 2003,	 he	 was	 the	 principal	 manager	 for	 the	 Syngenta	
merger.	 This	 involved	 the	 simultaneous	 demerging	 of	 the	 agricultural	 businesses	 of	 Novartis	 and	 Zeneca,	 the	 unification	 in	 a	 new	
entity	 – Syngenta	 –	 and	 the	 immediate	 flotation	 on	 three	 exchanges.
Prior	 to	 this	 David	 Jones	 had	 marketing/operational	 roles	 in	 Asia,	 Europe	 and	 emerging	 markets.
Martin	 Robinson	 –	 Non-Executive	 Chairman
Martin	 Robinson	 joined	 Plant	 Impact	 plc	 in	 June	 2005	 when	 he	 was	 appointed	 Non-Executive	 Chairman,	 as	 of	 February	 2011	
Martin is	 a	 Non-Executive	 Director.	 He	 is	 the	 Executive	 Chairman	 of	 Braemar	 Group	 Ltd,	 a	 property	 fund	 manager	 and	 a	 non-
executive	 director	 of	 a	 number	 of	 other	 public	 and	 private	 companies.	 He	 was	 formerly	 Chief	 Executive	 of	 both	 Lloyd	 Street	 Private	
Equity,	 an	 FSA	 regulated	 company	 that	 specialises	 in	 raising	 finance	 for	 growing	 companies	 and	 stockbroker	 and	 fund	 manager	
Henry	 Cooke	 Group	 plc	 and	 a	 director	 of	 private	 bank	 Brown,	 Shipley	 &	 Co.	 Ltd.	 In	 addition,	 he	 is	 a	 Chartered	 Accountant.
David	 McNeilly	 –	 Non-Executive	 Director
David	 McNeilly	 has	 over	 42	 years’	 experience	 in	 life	 science	 related	 businesses,	 including	 32	 years	 with	 the	 DuPont	 Co.	 He	 works	
at the	 interface	 of	 technology	 and	 business	 development,	 especially	 in	 assessing	 how	 to	 add	 and	 capture	 value	 and	 in	 developing	
growth	 strategies.	 He	 has	 proven	 skills	 in	 leadership,	 strategic	 planning,	 marketing,	 sales	 and	 small	 business	 development.	
Although	 originally	 a	 botany	 graduate,	 the	 focus	 of	 David’s	 work	 at	 DuPont	 was	 mainly	 in	 the	 fields	 of	 agribusiness	 marketing,	
licensing	 and	 especially	 biotechnology,	 which	 he	 has	 concentrated	 on	 for	 the	 last	 20	 years.	 He	 recently	 held	 non-executive	 board	
positions	 in	 Alaska	 Diagnostics	 Ltd	 (food	 diagnostics),	 Avidis	 S.A.	 (therapeutics)	 and	 Prokyma	 Ltd	 (particle	 separation	 diagnostics).
Edward	 Sharkey	 –	 Non-Executive	 Director
Having	 gained	 his	 PhD	 in	 Chemistry	 from	 the	 University	 of	 Edinburgh,	 Edward	 Sharkey,	 joined	 AH	 Marks,	 where	 he	 spent	 the	
majority	 of	 his	 career	 in	 the	 agro-chemical	 industry.	 He	 progressed	 to	 the	 main	 board	 where	 as	 an	 executive	 director	 he	 was	
instrumental	 in	 the	 building	 of	 a	 performance	 chemicals	 business	 with	 a	 team	 of	 12	 scientists.	 Most	 recently	 he	 founded	
Ambechem	 Ltd,	 a	 business	 operating	 in	 the	 agro-chemical	 sector.	 Presently	 Edward	 chairs	 a	 number	 of	 global	 task	 forces	 as	
well as	 several	 international	 businesses,	 and	 has	 a	 wealth	 of	 experience	 in	 the	 regulatory	 and	 registration	 process.	 He	 is	 also	
a director	 of	 Ambechem	 Ltd.
Peter	 Blezard	 –	 Chief	 Executive	 Officer
Peter	 is	 a	 founder	 shareholder	 of	 the	 Company.	 He	 is	 a	 Fellow	 of	 the	 Royal	 Society	 of	 Arts,	 Manufacturers	 &	 Commerce.	 Peter	 has	
extensive	 experience	 in	 pioneering	 new	 products	 into	 new	 markets	 and	 in	 working	 with	 major	 companies	 on	 a	 global	 basis	 at	 board	
level.	 Previous	 roles	 include	 General	 Manager	 of	 Pak	 2000,	 a	 division	 of	 Asia	 Pulp	 and	 Paper,	 between	 1988	 and	 2000,	 where	 his	
core	 duties	 were	 European	 sales	 and	 marketing.	 His	 responsibilities	 also	 include	 working	 with	 national	 security	 agencies	 and	
meeting	 governments	 in	 Europe,	 Asia	 and	 the	 Far	 East.	 He	 also	 has	 experience	 in	 the	 strategic	 planning	 of	 new	 factories	 in	
Indonesia	 and	 China,	 with	 projects	 to	 ISO	 9000	 standards.	 Peter	 co-founded	 Plant	 Impact	 in	 2003,	 and	 has	 previously	 accepted	 the	
Bio	 entrepreneur	 award	 as	 sponsored	 by	 UK	 Trade	 &	 Investment	 and	 London	 First	 in	 recognition	 of	 Plant	 Impact’s	 work	 to	 date.
Michael	 Panteli	 –	 Chief	 Financial	 Officer
Mike	 was	 appointed	 Chief	 Financial	 Officer	 on	 8	 May	 2007.	 He	 is	 a	 Chartered	 Management	 Accountant,	 has	 an	 economics	 and	
finance	 degree	 and	 has	 previously	 been	 awarded	 the	 ACCA	 diploma	 in	 International	 Financial	 Reporting.	 Mike	 moved	 from	
Intercytex	 Group	 plc	 (‘Intercytex’),	 where	 he	 served	 as	 Financial	 Controller.	 During	 his	 six	 years	 at	 Intercytex,	 he	 was	 a	 key	 member	
of	 the	 finance	 and	 management	 teams	 overseeing	 the	 development	 of	 Intercytex	 from	 a	 venture	 capital	 backed	 biotechnology	
company	 through	 to	 admission	 to	 trading	 on	 AIM.	 Prior	 to	 Intercytex,	 he	 served	 as	 financial	 director	 of	 Telescope	 Technologies	
Limited,	 a	 manufacturer	 of	 large	 telescopes. 18	 Plant 	 Impact	 plc	
	 Annual 	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011
Nominated Advisor
Allenby	 Capital
32	 Davies	 Street	
Mayfair	
London	
W1K	 4ND
Brokers
Allenby	 Capital
32	 Davies	 Street	
Mayfair	
London	
W1K	 4ND
Financial PR
Threadneedle	 Communications
Aldermary	 House	
3rd	 Floor	
10–15	 Queen	 Street	
London	 	
EC4N	 1TX
Independent Auditors
Grant	 Thornton	 UK	 LLP
4	 Hardman	 Square	
Spinningfields	
Manchester	
M3	 3EB
Registrars
Capita	 Registrars
The	 Registry	
34	 Beckenham	 Road	
Beckenham	
Kent	 	
BR3	 4TU
Bankers
National	 Westminster	 Bank	 plc
PO	 Box	 76	
1st	 Floor,	 1–3	 New	 Market	 Street	
Blackburn	 	
BB1	 7EN
Registered Office
Plant	 Impact	 plc
12	 South	 Preston	 Office	 Village	
Cuerden	 Way	
Bamber	 Bridge	
Preston	 	
PR5	 6BL	
Solicitors
turnerparkinson	 LLP
Hollins	 Chambers	
64a	 Bridge	 Street	
Manchester	
M3	 3BA
Advisors 	 Plant	 Impact	 plc	 19 	
	 Annual	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011	
The	 Directors	 present	 their	 report	 and	 audited	 financial	 statements	 for	 the	 year	 ended	 31	 March	 2011.
Principal	 activity
The	 principal	 activity	 of	 the	 Group	 is	 focused	 on	 plant	 stress	 management.	 The	 Group	 continues	 to	 research,	 develop	 and	
commercialise	 crop	 nutrient	 and	 natural	 pest	 control	 products	 that	 improve	 the	 health	 and	 productivity	 of	 crops,	 whilst	 being	
inherently	 non-toxic	 and	 ecologically	 sound.
Results	 and	 dividends
The	 loss	 for	 the	 year	 after	 taxation	 amounted	 to	 £1,628,838	 (2010:	 loss	 £1,417,075).	 The	 Directors	 do	 not	 recommend	 the	 payment	
of any	 dividends.
Review	 of	 business	 and	 future	 developments
A	 review	 of	 the	 business	 during	 the	 financial	 year	 and	 at	 the	 balance	 sheet	 date	 together	 with	 details	 of	 future	 developments	 are	
disclosed	 within	 the	 Chairman’s	 Statement,	 Chief	 Executive’s	 Review	 and	 Financial	 Review	 on	 pages	 4,	 8	 and	 16	 respectively.
Directors	 and	 their	 interests
The	 Directors	 who	 held	 office	 during	 the	 year	 were:
D	 Jones	
P	 Blezard	 	 	
M	 Panteli	 	 	 	
M	 Robinson	 	
D	 McNeilly	 	 	
E	 Sharkey	 	
Substantial	 shareholdings
The	 Directors	 are	 aware	 of	 the	 following	 shareholdings	 exceeding	 3	 per	 cent	 of	 the	 Company’s	 share	 capital	 as	 of	 13	 June	 2011:
Ordinary Shares
Number per cent
RisingStars	 Growth	 Fund 5,473,131 10.9	 per	 cent
Gartmore	 Investment	 Management	 plc 5,030,884 10.0	 per	 cent
Arysta	 LifeScience	 Corporation 4,560,530 9.1	 per	 cent
Alliance	 Cornhill	 Insurance 1,700,000 3.4	 per	 cent
Financial	 risk	 management	 objectives	 and	 policies
The	 Group’s	 treasury	 policy	 is	 one	 of	 conservatism	 approved	 by	 the	 Board.
As	 a	 matter	 of	 policy,	 the	 Group	 does	 not	 undertake	 speculative	 transactions	 which	 would	 increase	 its	 currency	 or	 interest	 rate	
exposure.	 Further	 detail	 of	 the	 Group’s	 financial	 risk	 management	 objectives	 and	 policies	 are	 disclosed	 in	 Note	 23.
Principal	 risks	 and	 uncertainties
Early	 stage	 development	 risk
The	 Group	 is	 in	 the	 early	 stage	 of	 development	 and	 has	 not	 yet	 generated	 significant	 revenues.	 Its	 operations	 are	 subject	 to	 all	 the	
risks	 inherent	 in	 a	 start-up	 or	 developing	 business	 enterprise,	 including	 the	 likelihood	 of	 continued	 operating	 losses.	 The	 likelihood	
of	 the	 Group’s	 success	 must	 be	 considered	 in	 the	 light	 of	 the	 problems,	 expenses,	 difficulties,	 complications	 and	 delays	 frequently	
encountered	 in	 connection	 with	 the	 growth	 of	 an	 existing	 business,	 the	 development	 of	 products	 and	 channels	 of	 distribution	 and	
current	 and	 future	 development	 in	 several	 key	 technical	 fields,	 as	 well	 as	 the	 competitive	 and	 regulatory	 environment	 in	 which	 the	
Group	 operates.
Group	 Directors’	 Report 20	 Plant 	 Impact	 plc	
	 Annual 	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011
Commercial	 risk
The	 Group	 has	 relationships	 with	 a	 number	 of	 companies	 and	 other	 organisations,	 including	 third	 party	 laboratories,	 which	 it	 uses	
to	 conduct	 more	 extensive	 trials	 after	 initial	 trials	 have	 been	 performed	 by	 the	 Group,	 multinational	 agrochemical	 companies	 which	
are	 conducting	 field	 trials	 with	 a	 view	 to	 entering	 into	 distribution	 and/or	 licensing	 agreements	 and	 also	 marketing	 partnerships.
The	 success	 of	 the	 Group	 will	 depend	 on	 its	 ability	 to	 maintain	 these	 relationships	 and	 also	 initiate,	 develop	 and	 maintain	 beneficial	
commercial	 relationships	 with	 other	 parties.	 The	 successful	 realisation	 of	 the	 Group’s	 business	 model	 requires	 the	 establishment	
and	 maintenance	 of	 beneficial	 commercial	 and	 strategic	 relationships	 with	 other	 parties	 in	 the	 industry.
Competition	 and	 intellectual	 property	 risk
Competitors	 may	 develop	 technologies	 which	 are	 more	 effective	 or	 economical	 than	 those	 of	 the	 Group.	 In	 addition,	 current	 and	
potential	 competitors	 may	 have	 substantially	 greater	 financial,	 technical	 and	 marketing	 resources,	 longer	 operating	 histories,	
larger	 customer	 bases,	 greater	 name	 recognition	 and	 more	 established	 relationships	 than	 the	 Group	 and	 so	 may	 be	 better	 able	
to compete	 in	 the	 Group’s	 target	 markets.
Manufacturing
The	 Group	 uses	 contract	 manufacturers	 for	 all	 medium	 and	 high	 volume	 production	 of	 its	 products.	 The	 Group’s	 products	 need	
to be	 manufactured	 in	 commercial	 quantities,	 in	 compliance	 with	 regulatory	 requirements	 and	 at	 acceptable	 costs.	 The	 Group	 may	
not	 be	 able	 to	 secure	 or	 maintain	 competent	 contract	 manufacturers	 to	 deliver	 products	 on	 time,	 with	 the	 required	 quality	 levels	
or at	 a	 cost	 that	 is	 competitive	 with	 the	 products	 of	 its	 rivals	 or	 competitive	 with	 the	 incumbent	 technologies	 it	 intends	 to	 displace.
Funding	 risk
Sustainability	 is	 dependent	 upon	 generating	 cash	 flows	 from	 successful	 development	 and	 commercialisation	 of	 the	 Group’s	
products.	 Until	 then,	 the	 Group	 will	 be	 dependent	 upon	 additional	 funding	 through	 completion	 of	 distribution	 and	 licensing	 deals	
or through	 injection	 of	 capital.	 There	 can	 be	 no	 assurances	 that	 such	 funding	 will	 be	 achieved	 on	 favourable	 terms,	 if	 at	 all.	
Failure to	 generate	 additional	 funding	 may	 lead	 to	 the	 postponement	 or	 cancellation	 of	 programmes	 and/or	 the	 scale	 back	 of	
operations.	 Further	 details	 are	 disclosed	 within	 Note	 2	 to	 the	 Group	 Financial	 Statements.
Strength	 of	 the	 Group’s	 bankers
The	 Group	 has	 reviewed	 and	 updated	 its	 treasury	 policy,	 and,	 in	 accordance	 with	 this,	 funds	 are	 only	 lodged	 with	 UK	 and	 Irish	 based	
financial	 institutions	 with	 an	 ‘A’	 rating	 or	 better.
Attraction	 and	 retention	 of	 key	 employees
The	 Group	 depends	 on	 its	 Directors	 and	 other	 key	 employees	 and	 whilst	 it	 has	 entered	 into	 contractual	 arrangements	 with	 these	
individuals	 with	 the	 aim	 of	 securing	 the	 services	 of	 each	 of	 them,	 retention	 of	 these	 services	 cannot	 be	 guaranteed.	 The	 Group	 has	
attempted	 to	 reduce	 this	 risk	 by	 offering	 competitive	 remuneration	 packages	 including	 the	 opportunity	 to	 participate	 in	 a	 share	
option	 scheme	 and	 investment	 in	 training,	 development	 and	 succession	 planning.
Research	 and	 development
Research	 and	 development	 costs	 that	 have	 been	 charged	 directly	 to	 the	 Group	 Income	 Statement	 for	 the	 year	 ended	 31	 March	 2011	
amounted	 to	 £1,254,164	 (2010:	 £1,131,331).	 Further	 details	 of	 research	 and	 development	 progress	 are	 outlined	 within	 the	
Chairman’s	 Statement	 and	 Chief	 Executive’s	 Review	 on	 pages	 4	 and	 8	 respectively.
Key	 performance	 indicators	 (KPIs)
The	 KPIs	 of	 the	 business	 are	 the	 progress	 towards	 commercialisation	 of	 products,	 research	 and	 development	 progress	 and	 the	
management	 of	 cash	 resources	 (both	 funding	 and	 cash	 outflows),	 as	 reviewed	 in	 the	 Chairman’s	 Statement	 on	 page	 [3].	 Other	
financial	 KPIs	 reviewed	 by	 the	 Directors	 are	 gross	 margin,	 research	 and	 development	 expenditure	 and	 capital	 expenditure	 as	
reviewed	 within	 the	 Chairman’s	 Statement,	 Chief	 Executive’s	 Review	 and	 Financial	 Review	 on	 pages	 4,	 8	 and	 16	 respectively.
The	 Board	 also	 monitor	 non-financial	 KPIs	 against	 internal	 targets	 in	 relation	 to	 the	 number	 of	 specific	 field	 trials	 conducted	
and the	 outcome	 from	 a	 commercial	 and	 environmental	 perspective.
Group	 Directors’	 Report	 continued 	 Plant	 Impact	 plc	 21 	
	 Annual	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011	
Creditors
The	 Group	 agrees	 terms	 and	 conditions	 for	 business	 transactions	 with	 its	 suppliers.	 Payment	 is	 then	 made	 on	 these	 terms,	
subject to	 the	 terms	 and	 conditions	 being	 met	 by	 the	 supplier.
The	 number	 of	 trade	 creditor	 days	 at	 31	 March	 2011	 was	 74	 days	 (2010:	 69	 days).
Employees
The	 Group	 involves	 all	 its	 employees	 in	 its	 corporate	 objectives,	 plans	 and	 performance	 and	 on	 other	 relevant	 matters	 of	 interest	
to employees	 through	 various	 communication	 methods	 and	 regular	 meetings.	 The	 Group	 is	 an	 equal	 opportunity	 employer	 and	
does	 not	 discriminate	 in	 the	 recruitment	 and	 promotion	 of	 staff.	 All	 eligible	 employees	 are	 included	 in	 the	 Group’s	 bonus	 incentive	
plan	 and	 have	 historically	 been	 awarded	 share	 options.
As	 at	 31	 March	 2011,	 the	 Group	 employed	 17	 staff	 (2010:	 16).
Safety,	 Health	 and	 Environment
Plant	 Impact	 plc	 is	 committed	 to	 maintaining	 high	 standards	 of	 safety,	 health	 and	 environmental	 protection	 by	 conducting	 itself	
in a responsible	 manner	 to	 protect	 people	 and	 the	 environment.
Directors	 third	 party	 indemnity	 provisions
During	 the	 financial	 year,	 a	 qualifying	 third	 party	 indemnity	 provision	 for	 the	 benefit	 of	 certain	 Directors	 was	 in	 place.
Post	 balance	 sheet	 events
During	 May	 2011,	 Plant	 Impact	 signed	 a	 subscription	 agreement	 with	 Arysta	 Lifescience.	 The	 Company	 also	 signed	 two	 commercial	
agreements	 with	 Arysta	 Lifescience,	 those	 for	 US	 Turf	 &	 Ornamental	 and	 Brazil	 horticulture.
In	 June	 2011,	 the	 Company	 signed	 a	 distribution	 agreement	 with	 Engage	 Agro	 for	 Canada.
Going	 concern
Having	 made	 reasonable	 enquiries,	 the	 Directors	 are	 of	 the	 opinion	 that	 the	 Group	 has	 adequate	 resources	 to	 continue	 in	
operational	 existence	 for	 the	 foreseeable	 future	 and	 hence	 these	 Financial	 Statements	 have	 been	 prepared	 on	 a	 going	 concern	
basis.	 Further	 details	 are	 disclosed	 within	 Note	 2	 to	 the	 Group	 Financial	 Statements.
By	 order	 of	 the	 Board
Michael Panteli
Secretary
1	 July	 2011 22	 Plant 	 Impact	 plc	
	 Annual 	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011
Corporate	 Governance	 Statement
The	 Company’s	 shares	 are	 quoted	 on	 AIM,	 a	 market	 operated	 by	 the	 London	 Stock	 Exchange	 plc	 and	 as	 such	 there	 is	 no	
requirement	 to	 publish	 a	 detailed	 Corporate	 Governance	 Statement	 nor	 comply	 with	 all	 of	 the	 requirements	 of	 the	 Combined	 Code.	
However,	 the	 Directors	 are	 committed	 to	 maintaining	 high	 standards	 of	 Corporate	 Governance	 and	 this	 statement	 sets	 out	 how	 the	
Board	 has	 applied	 the	 principles	 of	 good	 Corporate	 Governance	 in	 its	 management	 of	 the	 business	 in	 the	 period	 ended	 31	 March	
2011,	 relevant	 to	 the	 Group’s	 size	 and	 complexity.
The	 Board
The	 Board	 is	 responsible	 for	 overall	 strategy,	 major	 finance	 matters	 and	 internal	 financial	 control.	 It	 also	 monitors	 executive	
management	 in	 the	 business	 through	 its	 review	 of	 financial,	 strategic	 and	 operational	 matters.
The	 Board	 currently	 comprises	 two	 Executive	 and	 four	 Non-Executive	 Directors.	 The	 Non-Executive	 Directors,	 namely	 David	
Jones,	 Martin	 Robinson,	 David	 McNeilly	 and	 Edward	 Sharkey,	 all	 have	 relevant	 and	 complementary	 expertise	 gained	 from	 differing	
business	 backgrounds,	 materially	 enhancing	 the	 judgement	 and	 overall	 performance	 of	 the	 Board.	 The	 Board	 believes	 that	 the	
Non-Executive	 Directors	 are	 all	 independent,	 notwithstanding	 that	 one	 of	 the	 three	 Non-Executive	 Directors	 was	 granted	 options	
one	 year	 prior	 to	 AIM	 admission,	 when	 the	 Company	 was	 a	 private	 company.	 It	 is	 common	 practice	 amongst	 venture	 capital	 owned	
companies	 to	 offer	 share	 options	 in	 order	 to	 attract	 the	 services	 of	 high	 calibre	 Non-Executives.	 Martin	 Robinson	 is	 also	 a	
shareholder.
As	 part	 of	 its	 leadership	 and	 control	 of	 the	 Company,	 the	 Board	 has	 an	 agreed	 list	 of	 items	 that	 are	 specifically	 reserved	 for	 its	
consideration.	 These	 include	 strategy	 and	 management,	 approval	 and	 monitoring	 of	 budgets,	 financial	 reporting,	 internal	 controls,	
major	 contracts,	 external	 communications	 with	 investors,	 Executive	 Committee	 appointments	 and	 remuneration,	 appropriate	
delegation	 of	 authority	 and	 corporate	 governance	 matters.
The	 Board	 which	 meets	 regularly,	 at	 least	 ten	 times	 per	 year,	 receives	 timely	 documentation	 ahead	 of	 meetings	 which	 includes	
reports	 from	 all	 members	 of	 the	 Executive	 Committee	 on	 their	 areas	 of	 responsibility.
Board	 Committees
The	 Board	 has	 established	 Audit	 and	 Remuneration	 Committees,	 each	 with	 defined	 terms	 of	 reference.
Audit Committee
This	 comprises	 the	 Non-Executive	 Directors	 with	 Martin	 Robinson	 as	 Chairman.	 The	 Committee	 meets	 at	 least	 twice	 each	 year	
and	 the	 meetings	 are	 arranged	 to	 tie	 in	 with	 the	 Company’s	 financial	 calendar.	 The	 external	 auditors	 attend	 the	 meetings	 at	 which	
half	 year	 or	 full	 year	 results	 are	 reviewed	 and	 reported	 on	 as	 appropriate,	 both	 in	 the	 presence	 and	 absence	 of	 management.
The	 Committee’s	 terms	 of	 reference	 include	 reviewing	 the	 Group’s	 accounting	 policies,	 financial	 reporting,	 internal	 control	 and	 risk	
management	 processes.	 It	 also	 reviews	 the	 need	 to	 appoint	 an	 internal	 audit	 function,	 and	 considers	 the	 appointment	 and	 fees	 of	
the	 external	 auditors	 together	 with	 their	 independence	 and	 objectivity.	 The	 outcomes	 of	 the	 meetings	 are	 reported	 to	 the	 Board.
Remuneration Committee
This	 comprises	 the	 Non-Executive	 Directors	 with	 Martin	 Robinson	 as	 Chairman.	 It	 meets	 at	 least	 twice	 each	 year	 and	 makes	
recommendations	 to	 the	 Board	 on	 the	 policy,	 structure	 and	 amount	 of	 the	 remuneration	 of	 all	 Executive	 Committee	 members.	
The Committee	 also	 reviews	 and	 approves	 share-based	 compensation	 schemes	 and	 awards	 for	 all	 levels	 of	 the	 employees	 in	 the	
Company.
The	 Directors’	 Remuneration	 Report	 is	 set	 out	 on	 pages	 25	 to	 26.
Risk	 assessment	 and	 internal	 controls
The	 Directors	 are	 responsible	 for	 ensuring	 that	 the	 Group	 maintains	 a	 system	 of	 internal	 control	 and	 for	 reviewing	 its	
effectiveness.	 There	 are	 practical	 limits	 to	 what	 can	 be	 achieved	 in	 a	 company	 of	 Plant	 Impact’s	 size.	 Accordingly,	 the	 system	 is	
designed	 to	 manage	 rather	 than	 eliminate	 the	 risk	 of	 failure	 to	 achieve	 business	 objectives	 and	 can	 only	 provide	 reasonable	 and	
not absolute	 assurance	 against	 material	 misstatement	 or	 loss. 	 Plant	 Impact	 plc	 23 	
	 Annual	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011	
The Group,	 in	 administering	 its	 business,	 has	 put	 in	 place	 strict	 authorisation,	 approval	 and	 control	 levels	 within	 which	 senior	
management	 operates.	 These	 controls	 reflect	 the	 Group’s	 organisational	 structure	 and	 business	 objectives.	 This	 control	
system includes	 clear	 lines	 of	 accountability	 to	 cover	 all	 areas	 of	 the	 organisation.	 The	 Group	 has	 a	 comprehensive	 budgeting	
and reporting	 system	 in	 place	 such	 that	 financial	 performance	 is	 monitored	 both	 by	 the	 Executive	 Committee	 and	 the	 Board.	
This includes	 a	 comparison	 of	 actual	 results	 to	 budget,	 variance	 analysis	 and	 re-forecasting	 of	 projected	 results.
The	 Group	 has	 established	 an	 Executive	 Committee	 comprising	 Executive	 Directors	 and	 all	 other	 functional	 heads.	 The	 Executive	
Committee	 meets	 at	 least	 once	 a	 month	 to	 monitor	 and	 review	 progress	 on	 each	 of	 the	 Company’s	 projects	 as	 well	 as	 general	 HR	
and	 management	 matters.	 Each	 member	 of	 the	 Committee	 operates	 within	 a	 clearly	 defined	 Group	 structure	 and	 has	 appropriate	
operational	 authority.
Shareholder	 relations
The	 Board	 recognises	 the	 importance	 of	 continual	 communication	 with	 shareholders	 and	 maintains	 a	 programme	 of	 regular	
dialogue	 with	 its	 investors,	 including	 presentations	 following	 the	 Company’s	 announcements	 of	 its	 preliminary	 full	 year	 figures	
and of	 the	 half	 year	 results.	 Separate	 announcements	 of	 all	 material	 events	 are	 made	 as	 necessary	 by	 press	 releases	 that	 are	
posted	 on	 the	 Company’s	 website.	 This	 provides	 additional	 information	 about	 the	 Company	 and	 allows	 access	 to	 reports	 and	
accounts,	 press	 releases	 and	 other	 materials	 issued	 by	 the	 Company.	 There	 is	 also	 an	 opportunity	 at	 the	 Company’s	 Annual	
General	 Meeting	 for	 individual	 shareholders	 to	 raise	 general	 business	 matters	 with	 the	 full	 Board.	 The	 Chairman	 of	 the	 Audit	
and Remuneration	 Committees	 will	 be	 available	 at	 the	 Annual	 General	 Meeting	 to	 answer	 questions.
Plant	 Impact’s	 share	 price	 is	 available	 via	 a	 link	 on	 its	 website	 (www.plantimpact.com)	 to	 the	 London	 Stock	 Exchange	 website	 and	
via	 the	 Stock	 Exchange	 website	 (www.londonstockexchange.com)	 using	 the	 symbol	 PIM.	 Plant	 Impact’s	 shares	 are	 also	 traded	 on	
the	 PLUS	 Market	 (www.plusmarketsgroup.com)	 using	 the	 symbol	 PIM.
Statement	 of	 Directors’	 responsibilities
The	 Directors	 are	 responsible	 for	 preparing	 the	 Directors’	 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	
elected	 to	 prepare	 financial	 statements	 for	 the	 Group	 in	 accordance	 with	 International	 Financial	 Reporting	 Standards	 as	 adopted	
by the	 European	 Union	 (IFRSs)	 and	 for	 the	 Parent	 Company	 in	 accordance	 with	 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	 Group	 and	 Parent	 Company	 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	 judgements	 and	 estimates	 that	 are	 reasonable	 and	 prudent;
	 – state	 whether	 applicable	 IFRSs	 have	 been	 followed,	 subject	 to	 any	 material	 departures	 disclosed	 and	 explained	 in	 the	 financial	
statements;	 and
	 – prepare	 the	 financial	 statements	 on	 the	 going	 concern	 basis	 unless	 it	 is	 inappropriate	 to	 presume	 that	 the	 Company	 will	 continue	
in	 business. 24	 Plant 	 Impact	 plc	
	 Annual 	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011
Corporate	 Governance	 Statement	 continued
The	 Directors	 are	 responsible	 for	 keeping	 adequate	 accounting	 records	 that	 are	 sufficient	 to	 show	 and	 explain	 the	 Company’s	
transactions	 and	 disclose	 with	 reasonable	 accuracy	 at	 any	 time	 the	 financial	 position	 of	 the	 Company	 and	 enable	 them	 to	 ensure	
that	 the	 financial	 statements	 comply	 with	 the	 Companies	 Act	 2006.
They	 are	 also	 responsible	 for	 safeguarding	 the	 assets	 of	 the	 Company	 and	 hence	 for	 taking	 reasonable	 steps	 for	 the	 prevention	
and detection	 of	 fraud	 and	 other	 irregularities.
In	 so	 far	 as	 each	 of	 the	 Directors	 is	 aware:
	 – there	 is	 no	 relevant	 audit	 information	 of	 which	 the	 Company’s	 auditors	 are	 unaware;	 and
	 – 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	
Company’s	 website.	 Legislation	 in	 the	 United	 Kingdom	 governing	 the	 preparation	 and	 dissemination	 of	 financial	 statements	 may	
differ	 from	 legislation	 in	 other	 jurisdictions.
Auditors
Grant	 Thornton	 UK	 LLP	 offer	 themselves	 for	 re-appointment	 as	 auditors	 in	 accordance	 with	 Section	 489	 of	 the	 Companies	 Act	 2006	
and	 a	 resolution	 for	 their	 re-appointment	 will	 be	 proposed	 at	 the	 forthcoming	 Annual	 General	 Meeting.
On	 behalf	 of	 the	 Board
Michael Panteli   
Chief	 Financial	 Officer
1	 July	 2011 	 Plant	 Impact	 plc	 25 	
	 Annual	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011	
Remuneration	 policy	 (unaudited)
The	 Committee’s	 policy	 is	 to	 set	 remuneration	 packages	 for	 Executive	 Directors	 that	 are	 competitive	 with	 the	 market,	 allowing	
the Company	 to	 attract,	 motivate	 and	 retain	 executives	 of	 the	 highest	 calibre.	 Remuneration	 packages	 are	 designed	 to	 reward	
executives	 for	 performance	 via	 annual	 bonus	 payments	 and	 awards	 of	 share-based	 payments,	 which	 together	 constitute	 a	
potentially	 significant	 proportion	 of	 the	 total	 remuneration	 opportunity.
The	 remuneration	 of	 Executive	 Directors	 comprises	 the	 following	 elements:
	 – Emoluments
This	 reflects	 the	 market	 rate	 for	 each	 position	 and	 the	 individual	 Director’s	 experience	 and	 value	 to	 the	 business.	 Salaries	 are	
reviewed	 annually	 by	 reference	 to	 comparative	 information.	 In	 addition,	 the	 Company	 operates	 a	 discretionary	 bonus	 scheme.
	 – Benefits
These	 comprise	 life	 insurance	 cover	 only.
	 – Share-based	 payments
Executive	 share	 options	 have	 historically	 been	 granted	 to	 Directors	 under	 share	 option	 schemes	 operated	 by	 the	 Company.	
The share	 options	 granted	 to	 individual	 Directors	 to	 date	 are	 disclosed	 later	 in	 this	 report	 and	 include	 grants	 made	 in	 prior	 years.	
All	 share	 options	 granted	 are	 exercisable	 two	 years	 from	 date	 of	 grant	 and	 subject	 to	 continued	 employment.
Directors’	 contracts	 (unaudited)
Each	 Executive	 Director	 has	 a	 service	 contract	 of	 indefinite	 term	 with	 a	 notice	 period	 of	 no	 more	 than	 one	 year.	 Non-Executive	
Directors	 have	 Letters	 of	 Appointment	 which	 are	 terminable	 by	 the	 Director	 or	 the	 Company	 with	 three	 months’	 notice.	 Martin	
Robinson’s	 appointment	 was	 effective	 from	 24	 June	 2005,	 David	 McNeilly	 and	 Edward	 Sharkey	 were	 appointed	 on	 the	 1	 October	
2008	 and	 David	 Jones	 was	 appointed	 on	 the	 10	 February	 2011.
Directors’	 remuneration	 (audited)
Details	 of	 the	 remuneration	 (excluding	 share-based	 payments)	 of	 those	 who	 served	 as	 Directors	 are	 set	 out	 below:
Emoluments 
£
Pension 
£
Year ended 
31 March  
2011 
£
Year ended 
31 March  
2010 
£
Executive Directors
P	 Blezard 185,939 11,500 197,439 168,732
D	 Marks* – – – 29,917
M	 Panteli 164,088 10,500 174,588 127,553
W	 Thompson** 36,120 – 36,120 135,000
Non-Executive Directors
D	 Jones** 6,666 – 6,666 –
M	 Robinson 35,000 – 35,000 27,500
D	 McNeilly**** 27,500 – 27,500 22,000
E	 Sharkey**** 27,500 – 27,500 22,000
Total 482,813 22,000 504,813 532,702
*	 On	 25	 June	 2009,	 D	 Marks	 resigned	 from	 the	 Board	 as	 Chief	 Technical	 Officer.
**	 On	 31	 August	 2008,	 W	 Thompson	 became	 an	 Executive	 Director,	 and	 on	 4	 January	 2010	 W	 Thompson	 resigned	 from	 the	 Board.
***	 On	 10	 February	 2011,	 D	 Jones	 became	 a	 Non-Executive	 Chairman.
****	 On	 1	 October	 2008,	 D	 McNeilly	 and	 E	 Sharkey	 were	 appointed	 to	 the	 Board	 as	 Non-Executive	 Directors.
Directors’	 Remuneration	 Report 26	 Plant 	 Impact	 plc	
	 Annual 	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011
Directors’	 Remuneration	 Report	 continued
Directors’	 share	 options
At	 31	 March	 2011,	 the	 Directors	 had	 options	 to	 subscribe	 for	 Ordinary	 Shares	 under	 the	 Company’s	 share	 option	 scheme	 as	 follows:
Options held at  
1 April  
2010 
Movement  
in the year
Options held at  
31 March  
2011 Exercise price Date of grant Expiry date
Executive Directors
P	 Blezard 271,290 – 271,290 29.49p 10	 Nov	 2005 10	 Nov	 2015
924,773 – 924,773 38p 16	 Oct	 2006 16	 Oct	 2016
350,000 – 350,000 30p 7	 Aug	 2009 7	 Aug	 2019
– 600,000 600,000 1p 4	 Aug	 2010 4	 Aug	 2020
M	 Panteli 75,000 – 75,000 50p 20	 May	 2007 20	 May	 2017
160,000 – 160,000 32.5p 28	 July	 2008 28	 July	 2018
500,000 – 500,000 30p 7	 Aug	 2009 7	 Aug	 2019
– 600,000 600,000 1p 4	 Aug	 2010 4	 Aug	 2020
W	 Thompson 151,020 (151,020)** – 1p 10	 Nov	 2005 10	 Nov	 2015
500,000 (500,000)* – 30p 7	 Aug	 2009 7	 Aug	 2019
Non-Executive Directors
M	 Robinson 90,440 – 90,440 29.49p 10	 Nov	 2005 10	 Nov	 2015
– 150,000 150,000 18.3p 4	 Aug	 2010 4	 Aug	 2020
D	 McNeilly – 100,000 100,000 18.3p 4	 Aug	 2010 4	 Aug	 2020
E	 Sharkey – 100,000 100,000 18.3p 4	 Aug	 2010 4	 Aug	 2020
3,022,523 898,980 3,921,503
None	 of	 the	 terms	 and	 conditions	 of	 the	 share	 options	 scheme	 were	 varied	 during	 the	 year,	 however	 a	 new	 LTIPs	 scheme	 was	
introduced	 in	 August	 2010.
The	 market	 price	 of	 the	 Company’s	 shares	 at	 the	 end	 of	 the	 financial	 year	 was	 27.5	 pence	 and	 the	 range	 of	 market	 prices	 during	 the	
year	 was	 between	 17.5	 pence	 and	 32	 pence.
*	 Share	 options	 forfeited	 on	 resignation.
**		 Share	 options	 exercised.	 On	 the	 16	 August	 2010,	 W	 Thompson	 exercised	 150,000	 share	 options	 at	 an	 exercise	 price	 of	 1	 pence.	
The share	 price	 at	 the	 exercise	 date	 was	 16	 pence.	 1,020	 share	 options	 were	 forfeited	 on	 resignation.
Martin Robinson
Chairman	 of	 the	 Remuneration	 Committee
1	 July	 2011 	 Plant	 Impact	 plc	 27	
	 Annual Report and Group Financial Statements for the year to 31 March 2011 
We have audited the financial statements of Plant Impact plc for the year ended 31 March 2011 which comprise the Group Income 
Statement, the Group Statement of Changes in Equity, the Group Statement of Financial Position, the Group Cash Flow Statement, 
the Notes to the Group Financial Statements, the Company Balance Sheet and Notes to the Company Balance Sheet. The financial 
reporting framework that has been applied in the preparation of the Group financial statements is applicable law and International 
Financial Reporting Standards (IFRSs) as adopted by the European Union. The financial reporting framework that has been applied 
in the preparation of the Parent Company financial statements is applicable law and United Kingdom Accounting Standards 
(United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 
2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to 
state to them in an 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
As explained more fully in the Statement of Directors’ responsibilities set out on pages 23 and 24, the Directors are responsible for 
the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit 
and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing 
(UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors.
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements is provided on the APB’s website at  
www.frc.org.uk/apb/scope/private.cfm.
Opinion on financial statements
In our opinion:
 – the financial statements give a true and fair view of the state of the Group’s and of the Parent Company’s affairs as at 31 March 
2011 and of the Group’s loss for the year then ended;
 – the Group financial statements have been properly prepared in accordance with IFRS as adopted by the European Union;
 – the Parent Company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted 
Accounting Practice; and
 – the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Group Directors’ Report for the financial year for which the financial statements are 
prepared is consistent with the financial statements.
Matters	 on	 which	 we	 are	 required	 to	 report	 by	 exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our 
opinion:
 – adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been 
received from branches not visited by us; or
 – the Parent Company financial statements are not in agreement with the accounting records and returns; or
 – certain disclosures of Directors’ remuneration specified by law are not made; or
 – we have not received all the information and explanations we require for our audit.
Kevin Engel
Senior Statutory Auditor 
for and on behalf of Grant Thornton UK LLP 
Statutory Auditor, Chartered Accountants 
Manchester
1 July 2011
Report of the Independent Auditors  
to the Members of Plant Impact plc 28	 Plant 	 Impact	 plc	
	 Annual 	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011
Group	 Income	 Statement
For the year ended 31 March 2011
Note 
 Year ended  
31 March  
2011 
£
Year ended  
31 March  
2010 
£
Revenue 1,783,525 1,410,711
Cost	 of	 sales (529,428) (337,337)
Gross profit 1,254,097 1,073,374
Sales	 and	 marketing	 costs (892,051) (822,940)
Research	 and	 development	 costs 10 (1,254,164) (1,131,331)
General	 and	 administrative	 expenses (968,105) (781,947)
Total expenses (3,114,320) (2,736,218)
Operating loss 6 (1,860,223) (1,662,844)
	
Finance	 income 8 5,222 3,430
Finance	 cost 9 (31,141) (25,723)
Net	 finance	 costs (25,919) (22,293)
 
Loss before tax (1,886,142) (1,685,137)
Income	 tax	 credit 12 257,304 268,062
Loss for the year attributable to equity shareholders of the Company (1,628,838) (1,417,075)
 
Loss per Ordinary Share attributable to equity shareholders of the 
Company during the year
Total	 and	 continuing:
Basic	 and	 diluted 14 (0.04) (0.05)
The	 Group	 has	 no	 other	 comprehensive	 income	 or	 expenses.	 Accordingly	 the	 total	 comprehensive	 loss	 for	 the	 period	 is	 equal	 to	 the	
loss	 for	 the	 period,	 and	 no	 separate	 ‘Group	 Statement	 of	 Comprehensive	 Income’	 has	 been	 shown.
All	 revenue	 and	 costs	 originate	 from	 continuing	 activities.
The	 notes	 on	 pages	 32	 to	 50	 are	 an	 integral	 part	 of	 these	 Group	 financial	 statements. 	 Plant	 Impact	 plc	 29 	
	 Annual	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011	
Group	 Statement	 of	 Changes	 in	 Equity
For the year ended 31 March 2011
Share  
capital 
£
Share  
premium  
£
Other  
reserve 
£
Merger  
reserve 
£
Retained  
earnings 
£
Total  
equity 
£
Balance	 at	 1	 April	 2009 263,108 7,412,348 487,678 182,892 (7,054,482) 1,291,544
Proceeds	 from	 placing
–	 7	 July	 2009 48,500 1,406,500 – – – 1,455,000
–	 12	 March	 2010 142,220 1,991,080 – – – 2,133,300
Placing	 costs
–	 7	 July	 2009 – (122,365) – – – (122,365)
–	 12	 March	 2010 – (147,457) – – – (147,457)
Share-based	 payments – – 46,477 – – 46,477
Lapsed	 share-based	 payments – – (136,929) – 136,929 –
Exercise	 of	 share-based	 payments 2,713 94,951 (28,268) – 10,605 80,001
Transactions	 with	 owners 456,541 10,635,057 368,958 182,892 (6,906,948) 4,736,500
Loss	 for	 the	 year	 and	 total	
comprehensive	 income – – – – (1,417,075) (1,417,075)
Balance	 at	 1	 April	 2010 456,541 10,635,057 368,958 182,892 (8,324,023) 3,319,425
Placing	 costs
–	 12	 March	 2010 – (9,719) – – – (9,719)
Share-based	 payments – – 114,739 – – 114,739
Lapsed	 share-based	 payments – – (15,917) – 15,917 –
Exercise	 of	 share-based	 payments 1,500 – (43,958) – 43,958 1,500
Transactions	 with	 owners 458,041 10,625,338 423,822 182,892 (8,264,148) 3,425,945
Loss	 for	 the	 year	 and	 total	
comprehensive	 income – – – – (1,628,838) (1,628,838)
Balance at 31 March 2011 458,041 10,625,338 423,822 182,892 (9,892,986) 1,797,107
Other	 comprehensive	 income	 recognised	 directly	 to	 equity	 amounts	 to	 £nil	 (2010:	 £nil).
Other reserve
The	 other	 reserve	 comprises	 of	 the	 fair	 value	 of	 share-based	 payments	 granted	 in	 accordance	 with	 IFRS	 2.
Merger reserve
The	 merger	 reserve	 arose	 on	 the	 acquisition	 of	 PI	 Bioscience	 Limited	 which	 was	 accounted	 for	 under	 UK	 GAAP.	 This	 business	
combination	 took	 place	 prior	 to	 1	 April	 2006,	 the	 Group’s	 date	 of	 transition	 to	 IFRS	 and	 as	 such	 the	 Group	 has	 elected	 not	 to	 apply	
IFRS	 3	 ‘Business	 Combinations’.
The	 notes	 on	 pages	 32	 to	 50	 are	 an	 integral	 part	 of	 these	 Group	 financial	 statements. 30	 Plant 	 Impact	 plc	
	 Annual 	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011
Group	 Statement	 of	 Financial	 Position
As at 31 March 2011
Note 
2011  
£
2010  
£
Assets
Non-current assets
Intangible	 assets 15 1,158,741 888,276
Property,	 plant	 and	 equipment 16 51,143 33,613
1,209,884 921,889
Current assets
Inventories 17 60,811 66,383
Trade	 and	 other	 receivables 18 702,660 642,037
Corporation	 tax	 receivable 18 261,401 240,814
Cash	 and	 cash	 equivalents 19 1,172,763 2,895,025
2,197,635 3,844,259
 
Total assets 3,407,519 4,766,148
 
Liabilities
Non-current liabilities
Borrowings 20 – (777,016)
– (777,016)
Current liabilities
Trade	 and	 other	 payables 20 (1,610,412) (669,707)
(1,610,412) (669,707)
 
Total liabilities (1,610,412) (1,446,723)
 
Net assets 1,797,107 3,319,425
 
Equity
Equity attributable to equity shareholders of the Company
Share	 capital 21 458,041 456,541
Share	 premium	 10,625,338 10,635,057
Other	 reserve 423,822 368,958
Merger	 reserve 182,892 182,892
Retained	 earnings (9,892,986) (8,324,023)
Total equity 1,797,107 3,319,425
The	 Group	 financial	 statements	 were	 approved	 by	 the	 Board	 of	 Directors	 on	 the	 1	 July	 2011	 and	 were	 signed	 on	 its	 behalf	 by:
D Jones 
Chairman	
Plant	 Impact	 plc	
Company	 number:	 5442961
The	 notes	 on	 pages	 32	 to	 50	 are	 an	 integral	 part	 of	 these	 Group	 financial	 statements. 	 Plant	 Impact	 plc	 31 	
	 Annual	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011	
Group	 Cash	 Flow	 Statement
For the year ended 31 March 2011
Note 
Year ended  
31 March  
2011  
£
Year ended  
31 March  
2010  
£
Cash flows from operating activities
Loss	 before	 tax (1,886,142) (1,685,137)
Adjusted	 for:
Depreciation	 and	 amortisation	 15/16 42,930 21,839
Share-based	 payments 22 114,739 46,477
Finance	 income (5,222) (3,430)
Finance	 cost 31,141 25,723
Operating	 loss	 before	 working	 capital	 changes (1,702,554) (1,594,528)
(Increase)	 /decrease	 in	 trade	 and	 other	 receivables (60,623) 121,626
Decrease	 in	 inventories 5,572 33,439
Increase	 /(decrease)	 in	 trade	 and	 other	 payables 132,547 (372,695)
Cash	 absorbed	 by	 operations (1,625,058) (1,812,158)
Research	 and	 development	 tax	 credit	 received 236,718 244,983
 
Net cash outflow from operating activities (1,388,340) (1,567,175)
 
Cash flows from investing activities
Purchase	 of	 property,	 plant	 and	 equipment 16 (41,461) (23,681)
Purchase	 of	 intangible	 assets 15 (289,464) (235,687)
Interest	 received 5,222 3,430
Increase	 in	 trade	 and	 other	 payables – 63,647
Net	 cash	 absorbed	 by	 investing	 activities (325,703) (192,291)
 
Cash flows from financing activities
Proceeds	 from	 issue	 of	 share	 capital	 (net	 of	 expenses) (9,719) 3,318,478
Proceeds	 from	 borrowings	 20 – 500,000
Share-based	 payments	 exercised 1,500 80,001
Net	 cash	 generated	 from	 financing	 activities (8,219) 3,898,479
 
(Decrease)/increase in cash and cash equivalents (1,722,262) 2,139,013
Cash	 and	 cash	 equivalents	 at	 the	 beginning	 of	 the	 year 2,895,025 756,012
Cash and cash equivalents at the end of the year 19 1,172,763 2,895,025
The	 notes	 on	 pages	 32	 to	 50	 are	 an	 integral	 part	 of	 these	 Group	 financial	 statements. 32	 Plant 	 Impact	 plc	
	 Annual 	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011
Notes	 to	 the	 Group	 Financial	 Statements
1. Nature of operations and general information
Plant	 Impact	 plc	 is	 the	 Group’s	 ultimate	 Parent	 Company.	 It	 is	 incorporated	 and	 domiciled	 in	 England	 and	 Wales.	 The	 address	 of	
Plant	 Impact	 plc’s	 registered	 office,	 which	 is	 also	 its	 principal	 place	 of	 business,	 is	 12	 South	 Preston	 Office	 Village,	 Cuerden	 Way,	
Bamber	 Bridge,	 Preston	 PR5	 6BL,	 United	 Kingdom.	 Plant	 Impact	 plc’s	 shares	 are	 quoted	 on	 AIM,	 a	 market	 operated	 by	 the	 London	
Stock	 Exhange	 plc,	 and	 are	 traded	 on	 the	 PLUS	 Market.
The	 principal	 activities	 of	 the	 Group	 are	 described	 in	 the	 Group	 Directors’	 Report.
The	 registered	 number	 of	 the	 Company	 is	 05442961.
The	 Group	 financial	 statements	 of	 Plant	 Impact	 plc	 (‘the	 Company’)	 for	 the	 year	 ended	 31	 March	 2011	 were	 authorised	 for	 issue	
by the	 Board	 of	 Directors	 on	 1	 July	 2011.
2. Significant Accounting Policies
Statement	 of	 compliance
The	 consolidated	 financial	 statements	 of	 Plant	 Impact	 plc	 have	 been	 prepared	 in	 accordance	 with	 International	 Financial	 Reporting	
Standards	 (IFRS)	 as	 adopted	 by	 the	 European	 Union.
Adoption	 of	 new	 accounting	 standards
The	 Group	 has	 adopted	 the	 following	 new	 interpretations,	 revisions	 and	 amendments	 to	 IFRS	 issued	 by	 the	 International	
Accounting	 Standards	 Board,	 which	 are	 relevant	 to	 and	 effective	 for	 the	 Group’s	 financial	 statements	 for	 the	 annual	 period	
beginning	 1	 May	 2010:
	 – IFRS	 3	 Business	 Combinations	 (Revised	 2008)
	 – Revised	 IAS	 27	 Consolidated	 and	 Separate	 Financial	 Statements
	 – Annual	 Improvements	 2009
All	 of	 the	 above	 standards	 did	 not	 have	 an	 impact	 on	 the	 Group	 financial	 statements.
Basis	 of	 preparation
The	 consolidated	 financial	 statements	 have	 been	 prepared	 under	 the	 historical	 cost	 convention.
The	 accounting	 policies	 have	 been	 applied	 consistently	 throughout	 the	 Group	 for	 the	 purposes	 of	 preparation	 of	 these	 Group	
financial	 statements.
Going	 concern
The	 Group’s	 business	 activities,	 together	 with	 the	 factors	 likely	 to	 affect	 its	 future	 development,	 performance	 and	 position	 are	 set	
out	 in	 the	 Group	 Directors’	 Report	 on	 pages	 19	 to	 21.	 The	 financial	 position	 of	 the	 Group,	 its	 cash	 flows	 and	 liquidity	 position	
including	 the	 Group’s	 objectives,	 policies	 and	 processes	 for	 managing	 its	 capital;	 its	 financial	 risk	 management	 objectives;	 details	
of	 its	 financial	 instruments	 and	 hedging	 activities;	 and	 its	 exposures	 to	 credit	 risk	 and	 liquidity	 risk	 are	 described	 in	 Note	 23	 to	 the	
Financial	 Statements.
The	 Group	 has	 demonstrated	 its	 capability	 to	 increase	 revenues	 and	 associated	 margins	 over	 a	 three	 year	 period.	 It	 has	 also	
demonstrated	 its	 capability	 in	 securing	 contractual	 arrangements	 with	 certain	 economic	 partners,	 which	 increase	 the	 probability	
of	 improving	 revenues.	 The	 Group	 also	 has	 the	 operational	 cost	 and	 working	 capital	 flexibility	 to	 manage	 its	 financial	 resources	 in	
line	 with	 the	 operating	 environment.
The	 Group’s	 existing	 financial	 resources	 together	 with	 current	 contractual	 arrangements	 in	 different	 geographical	 areas	 provide	 a	
sound	 platform	 for	 launching	 the	 Group’s	 products	 and	 generating	 future	 revenues.	 As	 a	 consequence,	 the	 Directors	 believe	 that	
the	 Group	 is	 well	 placed	 to	 manage	 its	 business	 risks	 successfully	 despite	 the	 current	 uncertain	 economic	 outlook.
The	 Group	 has	 undertaken	 a	 review	 of	 forecasts	 and	 projections,	 which	 have	 been	 prepared	 for	 the	 period	 to	 30	 June	 2012,	
including	 sensitivity	 analysis	 and	 taking	 account	 of	 reasonably	 possible	 changes	 in	 sales	 performance.	 The	 sensitivity	 analysis	
undertaken	 included	 a	 number	 of	 scenarios	 incorporating	 uncertainties	 surrounding	 achieving	 forecast	 product	 revenues,	
discounting	 of	 BugOil
®
	 agreement	 milestone	 payments	 and	 a	 review	 of	 the	 ability	 of	 the	 Group	 to	 manage	 expenditure	 to	 meet	
working	 capital	 and	 funding	 requirements.	 This	 review	 supports	 the	 Directors	 conclusion	 that	 the	 Group	 should	 be	 able	 to	 operate	
within	 the	 level	 of	 its	 current	 cash	 resources.
The	 Group’s	 financial	 resource	 procedures	 are	 managed	 in	 a	 way	 which	 identify	 potential	 risks,	 are	 forward	 looking	 and	 provide	
sufficient	 time	 to	 respond	 to	 these	 risks	 whilst	 maintaining	 a	 going	 concern	 status.	 The	 Group’s	 financial	 resource	 management	
includes	 monthly	 reporting	 to	 the	 Board.	 This	 reporting	 includes	 up	 to	 date	 cash	 resource	 visibility	 and	 forward	 looking	 projections	
of	 the	 Group’s	 financial	 position.
After	 making	 enquiries,	 the	 Directors	 have	 a	 reasonable	 expectation	 that	 the	 Company	 and	 the	 Group	 have	 adequate	 resources	
to continue	 in	 operational	 existence	 for	 the	 foreseeable	 future.	 Accordingly,	 they	 continue	 to	 adopt	 the	 going	 concern	 basis	 in	
preparing	 the	 Group	 Financial	 Statements. 	 Plant	 Impact	 plc	 33 	
	 Annual	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011	
Basis	 of	 consolidation
The	 Group	 annual	 financial	 statements	 comprise	 the	 financial	 statements	 of	 Plant	 Impact	 plc	 and	 its	 subsidiaries	 as	 at	 31	 March	
each	 year.	 Subsidiaries	 are	 entities	 over	 which	 the	 Group	 has	 the	 power	 to	 control	 the	 financial	 and	 operating	 policies	 so	 as	 to	
obtain	 benefits	 from	 its	 activities.	 The	 Group	 obtains	 and	 exercises	 control	 through	 voting	 rights	 (‘Parent	 Company	 concept’).
The	 financial	 statements	 of	 subsidiaries	 are	 prepared	 for	 the	 same	 reporting	 year	 as	 the	 Parent	 Company,	 using	 consistent	
accounting	 policies.	 Inter-company	 transactions,	 balances	 and	 unrealised	 gains	 on	 transactions	 between	 the	 Group	 and	 its	
subsidiaries	 are	 eliminated.	 Unrealised	 losses	 are	 also	 eliminated	 unless	 the	 transaction	 provides	 evidence	 of	 an	 impairment	 of	
the	 asset	 transferred.
Acquisitions	 of	 subsidiaries	 are	 dealt	 with	 by	 the	 purchase	 method.	 The	 purchase	 method	 involves	 the	 recognition	 at	 fair	 value	 of	 all	
identifiable	 assets	 and	 liabilities,	 including	 contingent	 liabilities	 of	 the	 subsidiary,	 at	 the	 acquisition	 date,	 regardless	 of	 whether	 or	
not	 they	 were	 recorded	 in	 the	 financial	 statements	 of	 the	 subsidiary	 prior	 to	 acquisition.	 On	 initial	 recognition,	 the	 assets	 and	
liabilities	 of	 the	 subsidiary	 are	 included	 in	 the	 consolidated	 balance	 sheet	 at	 their	 fair	 values,	 which	 are	 also	 used	 as	 the	 basis	 for	
subsequent	 measurement	 in	 accordance	 with	 the	 Group	 accounting	 policies.	 Goodwill	 is	 stated	 after	 separating	 out	 identifiable	
intangible	 assets.	 Goodwill	 represents	 the	 excess	 of	 acquisition	 cost	 over	 the	 fair	 value	 of	 the	 Group’s	 share	 of	 the	 identifiable	 net	
assets	 of	 the	 acquired	 subsidiary	 at	 the	 date	 of	 acquisition.
Revenue	 recognition
The	 Group	 currently	 sells	 crop	 nutrient	 products	 to	 national	 and	 global	 distributors.	 Revenue	 is	 recognised	 to	 the	 extent	 that	 the	
Group	 obtains	 the	 right	 to	 consideration	 in	 exchange	 for	 its	 performance.	 Revenue	 is	 measured	 at	 the	 fair	 value	 of	 the	 consideration	
received,	 excluding	 discounts	 and	 VAT.
Revenue	 from	 the	 sale	 of	 crop	 nutrient	 products	 is	 recognised	 when:
	 – the	 significant	 risks	 and	 rewards	 of	 ownership	 of	 the	 goods	 have	 passed	 to	 the	 buyer,	 usually	 on	 dispatch	 of	 the	 goods	 or	 on	 proof	
of	 acceptance	 by	 the	 customer;
	 – the	 amount	 of	 revenue	 can	 be	 measured	 reliably;
	 – it	 is	 probable	 that	 the	 economic	 benefits	 associated	 with	 the	 transaction	 will	 flow	 to	 the	 Group;	 and
	 – the	 costs	 incurred	 or	 to	 be	 incurred	 in	 respect	 of	 the	 transaction	 can	 be	 measured	 reliably.
Revenue	 recognition	 is	 dependent	 on	 contractual	 terms	 and	 geographical	 location.
Revenue	 arising	 from	 product	 licence	 agreements	 typically	 have	 an	 initial	 up	 front	 non-refundable	 payment	 on	 execution	 of	 the	
licence,	 and	 the	 potential	 for	 further	 payments	 conditional	 on	 achieving	 specific	 milestones,	 plus	 royalties	 on	 product	 sales.	
Where the	 initial	 fee	 is	 non-refundable	 and	 there	 are	 no	 ongoing	 commitments	 from	 the	 Group,	 the	 Group	 recognises	 the	 element	
received	 up	 front	 as	 a	 payment	 in	 consideration	 of	 the	 granting	 of	 the	 licence	 on	 execution	 of	 the	 contract.	 Amounts	 receivable	 in	
respect	 of	 milestone	 payments	 are	 recognised	 as	 revenue	 when	 the	 specific	 conditions	 stipulated	 in	 the	 licence	 agreement	 have	
been	 met.	 Payments	 linked	 to	 ‘success’	 such	 as	 regulatory	 filing	 or	 approval,	 achievement	 of	 specified	 sales	 volumes,	 are	
recognised	 in	 full	 when	 the	 relevant	 event	 has	 occurred.
Interest	 income
Interest	 income	 represents	 bank	 interest	 received	 and	 is	 recognised	 on	 an	 effective	 interest	 basis.
Research	 and	 development	 expenditure
Research	 expenditure	 is	 charged	 to	 the	 income	 statement	 in	 the	 period	 in	 which	 it	 is	 incurred.	 Development	 costs	 incurred	 are	
capitalised	 when	 all	 the	 following	 conditions	 are	 satisfied:
	 – completion	 of	 the	 intangible	 asset	 is	 technically	 feasible	 so	 that	 it	 will	 be	 available	 for	 use	 or	 sale,	 considering	 its	 commercial	 and	
technological	 feasibility;
	 – 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;
	 – there	 are	 adequate	 technical,	 financial	 and	 other	 resources	 to	 complete	 the	 development	 and	 to	 use	 or	 sell	 the	 intangible	 asset;	
and
	 – the	 expenditure	 attributable	 to	 the	 intangible	 asset	 during	 its	 development	 can	 be	 measured	 reliably.
Regulatory	 and	 other	 uncertainties	 generally	 mean	 that	 such	 criteria	 are	 not	 met;	 in	 particular,	 the	 Group	 will	 not	 capitalise	 the	
research	 and	 development	 costs	 attributable	 to	 a	 product	 development	 programme	 prior	 to	 grant	 of	 a	 marketing	 licence	 for	 the	
product	 or	 until	 there	 is	 evidence	 of	 probable	 future	 economic	 benefits	 after	 consultation	 with	 third	 party	 consultants.	
Development	 costs	 not	 meeting	 the	 criteria	 for	 capitalisation	 are	 expensed	 as	 incurred. 34	 Plant 	 Impact	 plc	
	 Annual 	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011
Notes	 to	 the	 Group	 Financial	 Statements	 continued
2. Significant Accounting Policies continued
Goodwill
Goodwill	 representing	 the	 excess	 of	 the	 cost	 of	 acquisition	 over	 the	 fair	 value	 of	 the	 Group’s	 share	 of	 the	 identifiable	 assets	
acquired,	 is	 capitalised	 and	 reviewed	 annually	 for	 impairment.	 Goodwill	 is	 carried	 at	 cost	 less	 accumulated	 impairment	 losses.	
A gain	 from	 bargain	 purchase	 is	 recognised	 immediately	 after	 acquisition	 in	 the	 income	 statement.
Intangible	 assets
Development	 costs	 capitalised,	 which	 form	 part	 of	 the	 Group’s	 intangible	 assets,	 are	 amortised	 on	 a	 straight-line	 basis	 over	
a period	 not	 exceeding	 20	 years	 starting	 from	 the	 point	 that	 those	 products	 resulting	 from	 the	 development	 activity	 commence	
mainstream	 sales.	 Amortisation	 is	 charged	 to	 administrative	 expenses.
Property,	 plant	 and	 equipment
Property,	 plant	 and	 equipment	 are	 stated	 at	 cost,	 net	 of	 depreciation	 and	 provision	 for	 impairment.	 Depreciation	 is	 provided	
on all property,	 plant	 and	 equipment	 at	 rates	 calculated	 to	 write-off	 the	 cost	 of	 each	 asset,	 less	 its	 estimated	 residual	 value,	
on a straight-line	 basis	 over	 its	 expected	 useful	 life,	 as	 follows:
Laboratory	 and	 office	 equipment	 33.3 	 per	 cent	 per	 annum
The	 assets’	 residual	 values,	 useful	 lives	 and	 methods	 of	 depreciation	 are	 reviewed,	 and	 adjusted	 if	 appropriate,	 at	 each	 financial	
year	 end.
Impairment	 of	 assets
The	 carrying	 value	 of	 intangible	 assets	 are	 tested	 for	 impairment	 when	 events	 or	 changes	 in	 circumstances	 indicate	 that	 the	
carrying	 amount	 may	 not	 be	 recoverable.
If	 any	 such	 indication	 exists,	 or	 when	 annual	 impairment	 testing	 for	 an	 asset	 is	 required	 (e.g.	 cash-generating	 units	 that	 include	
goodwill),	 the	 Group	 makes	 an	 estimate	 of	 the	 asset’s	 recoverable	 amount.	 An	 asset’s	 recoverable	 amount	 is	 the	 higher	 of	 an	
asset’s	 or	 cash-generating	 unit’s	 fair	 value	 less	 costs	 to	 sell	 (separable	 identifiable	 cash	 flows)	 and	 its	 value-in-use.	 Where	 the	
carrying	 amount	 of	 an	 asset	 exceeds	 its	 recoverable	 amount,	 the	 asset	 is	 considered	 impaired	 and	 is	 written	 down	 to	 its	
recoverable	 amount.	 In	 assessing	 value-in-use,	 the	 estimated	 future	 cash	 flows	 are	 discounted	 to	 their	 present	 value	 using	 a	
pre-tax	 discount	 rate	 that	 reflects	 current	 market	 assessments	 of	 the	 time	 value	 of	 money	 and	 the	 risks	 specific	 to	 the	 asset.	
Impairment	 losses	 on	 continuing	 operations	 are	 recognised	 in	 the	 Group	 income	 statement	 in	 those	 categories	 consistent	 with	
the function	 of	 the	 impaired	 asset.
An	 impairment	 loss	 is	 recognised	 in	 the	 Group	 Income	 Statement	 within	 administrative	 expenses	 for	 the	 amount	 by	 which	 the	
asset’s	 carrying	 amount	 exceeds	 its	 recoverable	 amount.	 The	 recoverable	 amount	 is	 the	 higher	 of	 fair	 value,	 reflecting	 market	
conditions	 less	 costs	 to	 sell,	 and	 value	 in	 use	 based	 on	 an	 internal	 discounted	 cash	 flow	 evaluation.
Impairment	 losses	 recognised	 for	 goodwill	 are	 not	 subsequently	 reversed.
Other	 Intangible	 assets	 are	 reassessed	 for	 indications	 that	 an	 impairment	 loss	 previously	 recognised	 may	 no	 longer	 exist.	
The impairment	 review	 of	 intangible	 assets	 is	 analysed	 in	 Note	 15.	 An	 impairment	 charge	 is	 reversed	 if	 the	 cash-generating	 units	
recoverable	 amount	 exceeds	 its	 carrying	 amount.
Foreign	 currencies
Transactions	 in	 foreign	 currencies	 are	 translated	 at	 the	 exchange	 rate	 ruling	 at	 the	 date	 of	 the	 transaction.	 Monetary	 assets	
and liabilities	 in	 foreign	 currencies	 are	 translated	 at	 the	 rates	 of	 exchange	 ruling	 at	 the	 balance	 sheet	 date.	 Non-monetary	 items	
that	 are	 measured	 at	 historical	 cost	 in	 a	 foreign	 currency	 are	 translated	 at	 the	 exchange	 rate	 at	 the	 date	 of	 the	 transaction.	
Non-monetary	 items	 that	 are	 measured	 at	 fair	 value	 in	 a	 foreign	 currency	 are	 translated	 using	 the	 exchange	 rates	 at	 the	 date	
when the	 fair	 value	 was	 determined.
Any	 exchange	 differences	 arising	 on	 the	 settlement	 of	 monetary	 items	 or	 on	 translating	 monetary	 items	 at	 rates	 different	 from	
those	 at	 which	 they	 were	 initially	 recorded	 are	 recognised	 in	 the	 profit	 or	 loss	 in	 the	 period	 in	 which	 they	 arise.	 Exchange	
differences	 on	 non-monetary	 items	 are	 recognised	 in	 the	 statement	 of	 other	 comprehensive	 income	 to	 the	 extent	 that	 they	 relate	
to a	 gain	 or	 loss	 on	 that	 non-monetary	 item	 taken	 to	 Group	 Other	 Comprehensive	 Income,	 otherwise	 such	 gains	 and	 losses	 are	
recognised	 in	 the	 Group	 Income	 Statement.
Operating	 segments
In	 identifying	 its	 operating	 segments,	 management	 follows	 the	 Group’s	 two	 reporting	 segments,	 crop	 nutrients	 and	 pest	 control	
representing	 internal	 management	 information	 that	 is	 regularly	 reviewed	 by	 the	 chief	 operating	 decision	 maker.
Taxation
Credit	 is	 taken	 in	 the	 accounting	 period	 for	 research	 and	 development	 tax	 credits,	 which	 will	 be	 claimed	 from	 Her	 Majesty’s	
Revenue	 &	 Customs	 (HMRC),	 in	 respect	 of	 qualifying	 research	 and	 development	 costs	 incurred	 in	 the	 same	 accounting	 period.	
The resultant	 amount	 is	 measured	 at	 the	 amount	 expected	 to	 be	 recovered	 from	 HMRC.
UK	 corporation	 tax	 is	 provided	 on	 taxable	 profits	 or	 losses	 at	 amounts	 expected	 to	 be	 paid,	 or	 recovered,	 applying	 the	 tax	 rates	 and	
laws	 that	 have	 been	 enacted,	 or	 substantively	 enacted,	 by	 the	 balance	 sheet	 date. 	 Plant	 Impact	 plc	 35 	
	 Annual	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011	
Deferred	 tax	 is	 accounted	 for	 using	 the	 balance	 sheet	 liability	 method	 in	 respect	 of	 temporary	 differences	 arising	 from	 differences	
between	 the	 carrying	 amount	 of	 assets	 and	 liabilities	 in	 the	 financial	 statements	 and	 the	 corresponding	 tax	 bases	 used	 in	 the	
computation	 of	 taxable	 profit	 or	 loss.	 Deferred	 tax	 assets	 are	 recognised	 to	 the	 extent	 that	 it	 is	 probable	 that	 future	 taxable	 profits	
will	 be	 available	 against	 which	 the	 temporary	 differences	 can	 be	 utilised.	 Their	 carrying	 amount	 is	 reviewed	 at	 each	 balance	 sheet	
date	 on	 the	 same	 basis.	 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	 is	
measured	 on	 an	 undiscounted	 basis,	 and	 at	 the	 tax	 rates	 that	 are	 expected	 to	 apply	 in	 the	 period	 in	 which	 the	 asset	 or	 liability	 is	
settled,	 provided	 they	 are	 enacted	 or	 substantively	 enacted	 at	 the	 Balance	 Sheet	 date.	 It	 is	 recognised	 in	 the	 income	 statement	
except	 when	 it	 relates	 to	 items	 credited	 or	 charged	 directly	 to	 equity,	 in	 which	 case	 the	 deferred	 tax	 is	 also	 dealt	 with	 in	 equity.
Financial	 assets
Financial	 assets	 are	 classified	 into	 the	 following	 specified	 categories:	 financial	 assets	 ‘at	 fair	 value’	 through	 profit	 or	 loss	 (FVTPL),	
‘held	 to	 maturity’	 investments,	 ‘available-for-sale’	 (AFS)	 financial	 assets	 and	 ‘loans	 and	 receivables’.	 The	 classification	 depends	 on	
the	 nature	 and	 purpose	 of	 the	 financial	 asset	 and	 is	 determined	 at	 the	 time	 of	 initial	 recognition.	 The	 Group	 currently	 has	 only	 loans	
and	 receivables	 in	 these	 financial	 statements.	 Financial	 assets,	 other	 than	 those	 categorised	 as	 at	 fair	 value	 through	 profit	 or	 loss,	
are	 initially	 recognised	 at	 fair	 value	 plus	 transaction	 costs.
Effective	 investment	 method
The	 effective	 investment	 method	 is	 a	 method	 of	 calculating	 the	 amortised	 cost	 of	 a	 financial	 asset/liability	 and	 of	 allocating	 interest	
income/expense	 over	 the	 relevant	 period.	 The	 effective	 interest	 rate	 is	 the	 rate	 that	 exactly	 discounts	 estimated	 future	 cash	
receipts/payments	 through	 the	 expected	 life	 of	 the	 financial	 asset/liability,	 or,	 where	 appropriate,	 a	 shorter	 period.
Loans	 and	 receivables
Loans	 and	 receivables	 are	 non-derivative	 financial	 assets	 with	 fixed	 or	 determinable	 payments	 that	 are	 not	 quoted	 in	 an	 active	
market.	 Cash	 and	 cash	 equivalents,	 trade	 receivables	 and	 other	 debtors	 are	 classified	 as	 loans	 and	 receivables.	 Loans	 and	
receivables	 are	 measured	 subsequent	 to	 initial	 recognition	 at	 amortised	 cost	 using	 the	 effective	 interest	 method,	 less	 provision	
for impairment.	 Any	 change	 in	 their	 value	 through	 impairment	 or	 reversal	 of	 impairment	 is	 recognised	 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.
A	 financial	 asset	 is	 derecognised	 only	 where	 the	 contractual	 rights	 to	 the	 cash	 flows	 from	 the	 asset	 expire	 or	 the	 financial	 asset	
is transferred	 and	 that	 transfer	 qualifies	 for	 derecognition.
Cash	 and	 cash	 equivalents
Cash	 and	 cash	 equivalents	 comprise	 cash	 in	 hand	 and	 on	 demand	 deposits	 together	 with	 other	 short-term	 highly	 liquid	
investments	 that	 are	 readily	 convertible	 into	 known	 amounts	 of	 cash	 and	 which	 are	 subject	 to	 an	 insignificant	 risk	 of	 changes	
in value.
For	 the	 purpose	 of	 the	 consolidated	 cash	 flow	 statement,	 cash	 and	 cash	 equivalents	 consist	 of	 cash	 and	 cash	 equivalents	 as	
defined	 above.
Financial	 liabilities
Financial	 liabilities	 are	 obligations	 to	 pay	 cash	 or	 other	 financial	 assets	 and	 are	 recognised	 when	 the	 Group	 becomes	 a	 party	
to the contractual	 provisions	 of	 the	 instrument.	 Financial	 liabilities	 categorised	 as	 at	 fair	 value	 through	 profit	 or	 loss	 (FVTPL)	
are recorded	 initially	 at	 fair	 value,	 all	 transaction	 costs	 are	 recognised	 immediately	 in	 the	 income	 statement.	 The	 Group	 currently	
has	 no	 liabilities	 categorised	 as	 FVTPL.	 All	 other	 financial	 liabilities	 (for	 example;	 trade	 payables)	 are	 recorded	 initially	 at	 fair	 value,	
net	 of	 direct	 issue	 costs	 and	 are	 recorded	 at	 amortised	 cost	 using	 the	 effective	 interest	 method,	 with	 interest-related	 charges	
recognised	 as	 an	 expense	 in	 finance	 cost	 in	 the	 income	 statement.
Finance	 charges,	 including	 premiums	 payable	 on	 settlement	 or	 redemption	 and	 direct	 issue	 costs,	 are	 charged	 to	 the	 income	
statement	 on	 an	 accruals	 basis	 using	 the	 effective	 interest	 method	 and	 are	 added	 to	 the	 carrying	 amount	 of	 the	 instrument	 to	 the	
extent	 that	 they	 are	 not	 settled	 in	 the	 period	 in	 which	 they	 arise.	 A	 financial	 liability	 is	 derecognised	 only	 when	 the	 obligation	 is	
extinguished,	 that	 is,	 when	 the	 obligation	 is	 discharged,	 cancelled	 or	 expires.
Financial instruments
Classification	 as	 equity	 or	 financial	 liability
Financial	 liabilities	 and	 equity	 instruments	 are	 classified	 according	 to	 the	 substance	 of	 the	 contractual	 arrangements	 entered	 into.
A	 financial	 liability	 exists	 where	 there	 is	 a	 contractual	 obligation	 to	 deliver	 cash	 or	 another	 financial	 asset	 to	 another	 entity,	 or	 to	
exchange	 financial	 assets	 or	 financial	 liabilities	 under	 potentially	 unfavourable	 conditions.	 In	 addition	 contracts	 which	 result	 in	 the	
entity	 delivering	 a	 variable	 number	 of	 its	 own	 equity	 instruments	 are	 financial	 liabilities.	 Shares	 containing	 such	 obligations	 are	
classified	 as	 financial	 liabilities.
An	 equity	 instrument	 is	 any	 contract	 that	 evidences	 a	 residual	 interest	 in	 the	 assets	 of	 the	 Group	 after	 deducting	 all	 of	 its	 liabilities.	
Dividends	 and	 distributions	 relating	 to	 equity	 instruments	 are	 debited	 direct	 to	 equity. 36	 Plant 	 Impact	 plc	
	 Annual 	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011
Notes	 to	 the	 Group	 Financial	 Statements	 continued
2. Significant Accounting Policies continued
Inventories
Inventories	 are	 stated	 at	 the	 lower	 of	 cost	 and	 net	 realisable	 value,	 after	 making	 due	 allowance	 for	 obsolete	 and	 slow	 moving	 items.	
Costs	 include	 all	 purchased	 costs	 incurred	 in	 bringing	 each	 product	 to	 its	 present	 locations	 and	 condition	 on	 a	 first-in,	 first-out	
(FIFO)	 basis.
Share-based	 payments
The	 cost	 of	 equity-settled	 transactions	 with	 employees	 is	 measured	 by	 reference	 to	 the	 fair	 value	 at	 the	 date	 at	 which	 they	 are	
granted	 and	 is	 recognised	 as	 an	 expense	 over	 the	 vesting	 period,	 which	 ends	 on	 the	 date	 on	 which	 the	 relevant	 employees	
become fully	 entitled	 to	 the	 award.	 Fair	 value	 is	 determined	 using	 the	 Black-Scholes	 pricing	 model.	 In	 valuing	 equity-settled	
transactions,	 no	 account	 is	 taken	 of	 any	 vesting	 conditions,	 other	 than	 conditions	 linked	 to	 the	 price	 of	 the	 shares	 of	 the	 Company	
(market	 conditions).
If	 vesting	 periods	 or	 other	 non-market	 vesting	 conditions	 apply,	 the	 expense	 is	 allocated	 over	 the	 vesting	 period,	 based	 on	 the	 best	
available	 estimate	 of	 the	 number	 of	 share	 options	 expected	 to	 vest.	 Estimates	 are	 subsequently	 revised	 if	 there	 is	 any	 indication	
that	 the	 number	 of	 share	 options	 expected	 to	 vest	 differs	 from	 previous	 estimates.	 Any	 cumulative	 adjustment	 prior	 to	 vesting	 is	
recognised	 in	 the	 current	 period.	 No	 adjustment	 is	 made	 to	 any	 expense	 recognised	 in	 prior	 periods	 if	 share	 options	 ultimately	
exercised	 are	 different	 to	 that	 estimated	 on	 vesting.
All	 equity-settled	 share-based	 payments	 are	 ultimately	 recognised	 as	 an	 expense	 in	 the	 Group	 Income	 Statement	 with	 a	
corresponding	 credit	 to	 ‘other	 reserve’.
Upon	 exercise	 of	 share	 options	 the	 proceeds	 received	 net	 of	 attributable	 transaction	 costs	 are	 credited	 to	 share	 capital,	 and	 where	
appropriate	 share	 premium.
Leased	 assets
In	 accordance	 with	 IAS	 17,	 the	 economic	 ownership	 of	 a	 leased	 asset	 is	 transferred	 to	 the	 lessee	 if	 the	 lessee	 bears	 substantially	 all	
the	 risks	 and	 rewards	 related	 to	 the	 ownership	 of	 the	 leased	 asset.	 The	 related	 asset	 is	 recognised	 at	 the	 time	 of	 inception	 of	 the	
lease	 at	 the	 fair	 value	 of	 the	 leased	 asset	 or,	 if	 lower,	 the	 present	 value	 of	 the	 minimum	 lease	 payments	 plus	 incidental	 payments,	
if any,	 to	 be	 borne	 by	 the	 lessee.	 A	 corresponding	 amount	 is	 recognised	 as	 a	 finance	 leasing	 liability.
The	 interest	 element	 of	 leasing	 payments	 represents	 a	 constant	 proportion	 of	 the	 capital	 balance	 outstanding	 and	 is	 charged	 to	 the	
income	 statement	 over	 the	 period	 of	 the	 lease.
All	 other	 leases	 are	 regarded	 as	 operating	 leases	 and	 the	 payments	 made	 under	 them	 are	 charged	 to	 the	 income	 statement	 on	
a straight-line	 basis	 over	 the	 lease	 term.	 Lease	 incentives	 are	 spread	 over	 the	 term	 of	 the	 lease.
Equity
Equity	 comprises	 the	 following:
	 – ‘Share	 capital’	 represents	 the	 nominal	 value	 of	 equity	 shares;
	 – ‘Share	 premium’	 represents	 the	 excess	 over	 nominal	 value	 of	 the	 fair	 value	 of	 consideration	 received	 for	 equity	 shares,	 net	 of	
expenses	 of	 share	 issues;
	 – ‘Other	 reserve’	 represents	 equity-settled	 share-based	 employee	 remuneration	 until	 such	 share	 options	 are	 exercised;
	 – ‘Merger	 reserve’	 arose	 on	 the	 acquisition	 of	 PI	 Bioscience	 Limited	 under	 previous	 GAAP;
	 – ‘Retained	 earnings’	 represent	 cumulative	 retained	 profits/(losses).
3. Critical accounting judgements and key sources of estimation uncertainty
In	 the	 application	 of	 the	 Group’s	 accounting	 policies,	 which	 are	 described	 in	 Note	 2,	 the	 Directors	 are	 required	 to	 make	 judgements,	
estimates	 and	 assumptions	 about	 the	 carrying	 amounts	 of	 assets	 and	 liabilities	 that	 are	 not	 readily	 apparent	 from	 other	 sources.	
The	 estimates	 and	 associated	 assumptions	 are	 based	 on	 historical	 experience	 and	 other	 factors	 that	 are	 considered	 to	 be	 relevant.	
Actual	 results	 may	 differ	 from	 these	 estimates.
The	 estimates	 and	 underlying	 assumptions	 are	 reviewed	 on	 an	 ongoing	 basis.	 Revisions	 to	 accounting	 estimates	 are	 recognised	 in	
the	 period	 in	 which	 the	 estimate	 is	 revised	 if	 the	 revision	 affects	 only	 that	 period,	 or	 in	 the	 period	 of	 the	 revision	 and	 future	 periods	 if	
the	 revision	 affects	 both	 current	 and	 future	 periods.
Critical	 accounting	 judgements	 in	 applying	 accounting	 policies
The	 following	 are	 the	 critical	 judgements,	 apart	 from	 those	 involving	 estimations,	 that	 the	 Directors	 have	 made	 in	 the	 process	 of	
applying	 the	 entity’s	 accounting	 policies	 and	 that	 have	 the	 most	 significant	 effect	 on	 the	 amounts	 recognised	 in	 the	 financial	
statements.
Research	 and	 development	 activities
Management	 have	 reviewed	 the	 Group’s	 research	 and	 development	 activities	 and	 have	 made	 judgements	 on	 the	 amount	 of	
development	 expenditure	 it	 is	 appropriate	 to	 capitalise.	 The	 criteria	 which	 management	 have	 to	 make	 judgements	 about	 are	 set	
out in	 Note	 2,	 in	 particular	 that	 certain	 products	 are	 technically	 and	 commercially	 viable. 	 Plant	 Impact	 plc	 37 	
	 Annual	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011	
Key	 sources	 of	 estimation	 uncertainty
Impairment	 of	 goodwill
Determining	 whether	 goodwill	 is	 impaired	 requires	 an	 estimation	 of	 the	 value	 in	 use	 attributable	 to	 goodwill.	 The	 value	 in	 use	
calculation	 requires	 the	 Directors’	 to	 estimate	 the	 future	 cash	 flows	 expected	 to	 arise	 and	 a	 suitable	 discount	 rate	 in	 order	 to	 the	
calculate	 present	 value.
Details	 of	 the	 impairment	 estimation	 are	 provided	 in	 Note	 15.
4. Standards and interpretations in issue not yet adopted
At	 the	 date	 of	 authorisation	 of	 these	 consolidated	 financial	 statements,	 certain	 new	 standards,	 amendments	 and	 interpretations	 to	
existing	 standards	 have	 been	 published	 but	 are	 not	 yet	 effective,	 and	 have	 not	 been	 adopted	 early	 by	 the	 Group.
The	 Directors	 anticipate	 that	 all	 of	 the	 relevant	 pronouncements	 will	 be	 adopted	 in	 the	 Group’s	 accounting	 policies	 for	 the	 first	
period	 beginning	 after	 the	 effective	 date	 of	 the	 pronouncement.	 Information	 on	 new	 standards,	 amendments	 and	 interpretations	
that	 are	 expected	 to	 be	 relevant	 to	 the	 Group’s	 financial	 statements	 is	 provided	 below.	 Certain	 other	 new	 standards	 and	
interpretations	 have	 been	 issued	 but	 are	 not	 expected	 to	 have	 a	 material	 impact	 on	 the	 Group’s	 financial	 statements.
Revised	 IAS	 24	 Related	 Party	 Transactions	 (effective	 from	 1	 January	 2011)
The	 revised	 standard	 introduces	 exemptions	 from	 IAS	 24’s	 disclosure	 requirements	 for	 transactions	 with	 a	 government	 that	 has	
control,	 joint	 control	 or	 significant	 influence	 over	 the	 reporting	 entity	 and	 government-related	 entities.	 The	 revised	 standard	 also	
broadens	 the	 definition	 of	 related	 parties.	 Based	 on	 transactions	 currently	 undertaken	 by	 the	 Group,	 the	 revised	 standard	 is	 not	
expected	 to	 have	 a	 significant	 effect	 on	 the	 consolidated	 financial	 statements.
IFRS	 9	 Financial	 Instruments	 (effective	 from	 1	 January	 2013)
The	 IASB	 aims	 to	 replace	 IAS	 39	 Financial	 Instruments:	 Recognition	 and	 Measurement	 in	 its	 entirety	 by	 the	 end	 of	 2010,	 with	 the	
replacement	 standard	 to	 be	 effective	 for	 annual	 periods	 beginning	 1	 January	 2013.	 IFRS	 9	 is	 the	 first	 part	 of	 Phase	 1	 of	 this	 project.	
The	 main	 phases	 are:
Phase	 1:	 Classification	 and	 Measurement
Phase	 2:	 Impairment	 Methodology
Phase	 3:	 Hedge	 Accounting
Management	 have	 yet	 to	 assess	 the	 impact	 that	 this	 new	 standard	 is	 likely	 to	 have	 on	 the	 financial	 statements	 of	 the	 Group.	
However,	 they	 do	 not	 expect	 to	 implement	 the	 standard	 until	 all	 chapters	 of	 the	 IAS	 39	 replacement	 have	 been	 published	 and	 they	
can	 comprehensively	 assess	 the	 impact	 of	 all	 changes.
5. Segment information
The	 Group’s	 operating	 segments	 have	 been	 identified	 based	 on	 internal	 management	 reporting	 information	 that	 is	 regularly	
reviewed	 by	 the	 chief	 operating	 decision	 maker	 as	 set	 out	 in	 Note	 2.	 These	 operating	 segments	 are	 monitored	 and	 strategic	
decisions	 are	 made	 on	 the	 basis	 of	 adjusted	 segment	 operating	 results.
The	 segment	 results	 for	 the	 year	 ended	 31	 March	 2011	 are	 as	 follows:
Crop  
nutrients  
£
Pest  
control  
£ 
 Total  
£
Segment	 revenue	 from	 external	 customers 1,783,525 – 1,783,525
Operating	 loss (330,914) (219,498) (550,412)
Finance	 cost	 –	 net – – –
Loss	 before	 tax (330,914) (219,498) (550,412)
Income	 tax	 credit – – –
Loss	 for	 the	 year (330,914) (219,498) (550,412)
Depreciation	 – – (42,930)
Other	 non-cash	 movements* – – (114,739)
*	 Other	 non-cash	 movements	 represent	 share-based	 payments. 38	 Plant 	 Impact	 plc	
	 Annual 	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011
Notes	 to	 the	 Group	 Financial	 Statements	 continued
5. Segment information continued
The	 segment	 results	 for	 the	 year	 ended	 31	 March	 2010	 are	 as	 follows:
Crop  
nutrients  
£
Pest  
control  
£ 
 Total  
£
Segment	 revenue	 from	 external	 customers 910,711 500,000 1,410,711
Operating	 (loss)/profit (283,897) 381,066 97,169
Finance	 cost	 –	 net – – –
(Loss)/profit	 before	 income	 tax (283,897) 381,066 97,169
Income	 tax	 credit – – –
Loss	 for	 the	 year (283,897) 381,066 97,169
Depreciation	 – – (21,839)
Other	 non-cash	 movements* – – (46,477)
*	 Other	 non-cash	 movements	 represent	 share-based	 payments.
The	 segment	 assets	 and	 liabilities	 at	 31	 March	 2011	 and	 capital	 expenditure	 for	 the	 year	 then	 ended	 are	 as	 follows:
Crop  
nutrients  
£
Pest  
control  
£ 
 Total  
£
Assets 879,018 950,850 1,829,868
Liabilities (399,206) (111,230) (510,436)
Capital	 expenditure	 –	 tangible – – 41,461
The	 segment	 assets	 and	 liabilities	 at	 31	 March	 2010	 and	 capital	 expenditure	 for	 the	 year	 then	 ended	 are	 as	 follows:
Crop  
nutrients  
£
Pest  
control  
£ 
 Total  
£
Assets 682,736 669,656 1,352,392
Liabilities (215,146) (8,685) (223,831)
Capital	 expenditure	 –	 tangible – – 23,681
The	 totals	 presented	 for	 the	 Group’s	 operating	 segments	 reconcile	 to	 the	 entity’s	 key	 financial	 figures	 as	 presented	 in	 its	 financial	
statements	 as	 follows:
Year ended  
31 March  
2011  
£
Year ended  
31 March  
2010  
£
Revenue
Total	 segment	 revenues 1,783,525 1,410,711
Group	 revenues 1,783,525 1,410,711
Profit or loss
Segment	 operating	 (loss)/profit (550,412) 97,169
Other	 expenses	 not	 allocated (1,309,810) (1,760,013)
Group operating loss (1,860,222) (1,662,844)
Net	 finance	 costs (25,920) (22,293)
Group	 loss	 before	 tax (1,886,142) (1,685,137)
Assets
Total	 segment	 assets 1,829,868 1,352,392
Consolidation (9,065,856) (7,543,344)
Group	 head	 office 10,643,507 10,957,100
Group assets 3,407,519 4,766,148 	 Plant	 Impact	 plc	 39 	
	 Annual	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011	
The	 analysis	 of	 revenue	 by	 destination	 is	 as	 follows:
Revenue
 Year ended  
31 March  
2011  
£
Year ended  
31 March  
2010  
£
Americas 170,192 554,773
Europe 1,126,202 628,420
Middle	 East 319,615 144,634
Africa 167,516 82,884
1,783,525 1,410,711
All	 assets	 and	 capital	 expenditure	 are	 located	 within	 the	 United	 Kingdom.
Customers	 that	 constituted	 in	 excess	 of	 10	 per	 cent	 of	 Group	 revenues	 are:
Customer	 A	 and	 Customer	 B,	 from	 the	 Crop	 Nutrients	 segment,	 being	 £651,000	 and	 £184,000	 respectively	 (2010:	 £48,000	 and	
£61,000	 respectively).
With	 regard	 to	 the	 Crop	 Nutrients	 segment,	 management	 note	 that	 as	 the	 commercial	 operations	 develop	 this	 concentration	 will	
diminish.
6. Operating loss
The	 operating	 loss	 for	 the	 year	 is	 stated	 after	 charging/(crediting):
Year ended  
31 March  
2011  
£
Year ended  
31 March  
2010  
£
Auditors’	 remuneration	 (Note	 11) 46,572 45,968
Depreciation	 and	 amortisation	 (Notes	 15	 and	 16) 42,930 21,839
Operating	 lease	 rentals:
–	 Land	 and	 buildings 45,000 45,000
Foreign	 exchange	 differences (16,285) 46,054
Movement	 on	 allowance	 for	 doubtful	 debts	 (Note	 18) (36,421) 30,689
Share-based	 payments	 (Note	 22) 114,739 46,477
7. Staff costs
The	 total	 amounts	 for	 Directors’	 remuneration	 and	 other	 benefits	 are	 as	 follows:
Year ended  
31 March  
2011  
£
Year ended  
31 March  
2010  
£
Directors’ remuneration
Aggregate	 emoluments 504,813 532,702
Share-based	 payments 87,992 27,567
592,805 560,269
Highest	 paid	 Director
The	 above	 includes	 remuneration	 of	 the	 highest	 paid	 Director	 as	 follows:
Year ended  
31 March  
2011  
£
Year ended  
31 March  
2010  
£
Aggregate	 emoluments 197,439 168,732
Share-based	 payments 30,609 21,707
228,048 190,439 40	 Plant 	 Impact	 plc	
	 Annual 	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011
Notes	 to	 the	 Group	 Financial	 Statements	 continued
7. Staff costs continued
The	 total	 employment	 cost	 during	 the	 period	 was	 as	 follows:
Year ended  
31 March  
2011  
£
Year ended  
31 March  
2010  
£
Wages	 and	 salaries 1,285,135 1,120,188
Social	 security	 costs 140,062 125,763
Share-based	 payments	 to	 Directors 87,992 27,567
Share-based	 payments	 to	 employees 26,747 18,910
1,539,936 1,292,428
The	 average	 number	 of	 employees	 during	 the	 period	 was:
Year ended  
31 March  
2011  
No.
Year ended  
31 March  
2010  
No.
Administration 3 3
Management 2 3
Research	 and	 development 1 1
Production 2 2
Sales	 and	 technical 9 7
17 16
8. Finance income
Year ended  
31 March  
2011  
£
Year ended  
31 March  
2010  
£
Bank	 interest	 receivable 5,222 3,430
9. Finance cost
Year ended  
31 March  
2011  
£
Year ended  
31 March  
2010  
£
Loan	 interest	 payable 31,141 25,723
10. Research and development costs
Research	 and	 development	 costs	 that	 have	 been	 charged	 directly	 to	 the	 Group	 income	 statement	 for	 the	 year	 ended	 31	 March	 2011	
amounted	 to	 £1,254,164	 (2010:	 £1,131,331).
11. Auditors’ remuneration
Services	 provided	 by	 the	 Company’s	 auditors	 and	 its	 associates:
Year ended  
31 March  
2011  
£
Year ended  
31 March  
2010  
£
Fees	 payable	 to	 Company	 auditor	 for	 the	 audit	 of	 Parent	 and	 Group	 financial	 statements 19,000 18,500
Other	 fees	 to	 auditors:
–	 the	 audit	 of	 Company’s	 subsidiaries	 pursuant	 to	 legislation 4,000 3,500
–	 tax	 compliance 9,000 7,700
–	 other	 audit	 and	 tax	 services 14,572 16,268
46,572 45,968 	 Plant	 Impact	 plc	 41 	
	 Annual	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011	
12. Income tax credit
Recognised	 in	 the	 Group	 Income	 Statement
Year ended  
31 March  
2011  
£
Year ended  
31 March  
2010  
£
Current tax credit
Current	 tax (261,401) (240,814)
Adjustments	 for	 prior	 years 4,097 (27,248)
(257,304) (268,062)
Deferred tax
Net	 reversal	 of	 timing	 differences (116,822) –
Adjustment	 for	 tax	 rate	 differences 116,822 –
– –
Total	 tax	 in	 Group	 Income	 Statement (257,304) (268,062)
Reconciliation	 of	 effective	 tax	 rate
Year ended  
31 March  
2011  
£
Year ended  
31 March  
2010  
£
Loss	 before	 tax (1,886,142) (1,685,137)
Loss	 before	 tax	 multiplied	 by	 rate	 of	 corporation	 tax	 in	 the
UK	 of	 28	 per	 cent	 (2009:	 28	 per	 cent) (528,120) (471,838)
Non-deductible	 expenses 32,127 13,015
Research	 and	 development	 tax	 credit 37,343 34,402
Movement	 of	 deferred	 tax 80,426 183,607
Adjustments	 for	 prior	 years 4,097 (27,248)
Adjustment	 for	 tax	 rate	 differences	 116,823 –
Total	 tax	 in	 Group	 Income	 Statement (257,304) (268,062)
Unrelieved	 tax	 losses	 of	 £6,354,000	 (2010:	 £4,890,000)	 remain	 available	 to	 offset	 against	 future	 taxable	 trading	 profits.
13. Deferred income tax
No	 provision	 has	 been	 made	 for	 deferred	 income	 tax	 on	 losses	 carried	 forward	 as	 they	 will	 only	 be	 available	 for	 offset	 when	 the	
Group	 makes	 taxable	 profits	 arising	 from	 the	 same	 trade.	 As	 the	 availability	 of	 future	 of	 profits	 is	 uncertain,	 it	 has	 been	 assumed	
that	 the	 losses	 will	 not	 be	 recoverable	 in	 the	 foreseeable	 future.
Deferred	 income	 tax	 assets	 which	 have	 not	 been	 recognised	 comprise	 of	 the	 following	 amounts:
Year ended  
31 March  
2011  
£
Year ended  
31 March 
 2010  
£
Accelerated	 capital	 allowances (141,299) (128,649)
Temporary	 difference	 relating	 to	 share-based	 payments 8,074 16,093
Tax	 losses	 1,651,913 1,369,115
1,518,688 1,256,559
All	 amounts	 are	 calculated	 at	 26	 per	 cent	 (2010:	 28%)	 using	 the	 balance	 sheet	 liability	 method.
14. Loss per Ordinary Share
The	 loss	 per	 Ordinary	 Share	 is	 based	 on	 the	 loss	 after	 taxation	 of	 £1,628,838	 (2010:	 £1,417,075)	 and	 45,758,109	 (2010:	 31,405,104)	
Ordinary	 Shares	 of	 1	 pence	 each,	 being	 the	 weighted	 average	 number	 of	 shares	 in	 issue	 during	 the	 period.
Year ended  
31 March  
2011  
£
Year ended  
31 March  
2010  
£
Loss	 attributable	 to	 equity	 holders	 of	 the	 Group	 (£) (1,628,838) (1,417,075)
Weighted	 average	 number	 of	 Ordinary	 Shares	 in	 issue 45,758,109 31,405,104
Basic	 and	 diluted	 loss	 per	 share	 (0.04) (0.05)
The	 share	 options	 in	 issue	 are	 anti-dilutive	 in	 respect	 of	 the	 basic	 loss	 per	 share	 calculation	 and	 have	 therefore	 not	 been	 included. 42	 Plant 	 Impact	 plc	
	 Annual 	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011
Notes	 to	 the	 Group	 Financial	 Statements	 continued
15. Intangible assets
Goodwill  
£
Patents  
£
Development 
costs  
£
Total 
 £
Year ended 31 March 2010
Opening	 net	 book	 value 585,383 – 71,374 656,757
Additions – – 235,687 235,687
Amortisation – – (4,168) (4,168)
Closing	 net	 book	 value 585,383 – 302,893 888,276
Year ended 31 March 2011
Opening	 net	 book	 value 585,383 – 302,893 888,276
Additions – – 289,464 289,464
Amortisation – – (18,999) (18,999)
Closing net book value 585,383 – 573,358 1,158,741
As at 31 March 2011
Cost	 or	 valuation 585,383 – 596,525 1,181,908
Accumulated	 amortisation – – (23,167) (23,167)
Net book value 585,383 – 573,358 1,158,741
As at 31 March 2010
Cost	 or	 valuation 585,383 – 307,061 892,444
Accumulated	 amortisation – – (4,168) (4,168)
Net	 book	 value 585,383 – 302,893 888,276
All	 additions	 during	 the	 year	 arise	 from	 internal	 development.
Goodwill
Goodwill	 is	 allocated	 to	 the	 Pest	 Control	 segment	 and	 is	 not	 amortised	 but	 tested	 annually	 for	 impairment.	 To	 the	 extent	 that	 the	
carrying	 value	 exceeds	 the	 value	 in	 use,	 determined	 from	 estimated	 discounted	 future	 cash	 flows,	 goodwill	 is	 written	 down	 to	 the	
value	 in	 use	 and	 an	 impairment	 charge	 is	 recognised.
Capitalised	 development	 costs
The	 Group	 currently	 has	 internally	 generated	 intangible	 assets	 from	 the	 development	 of	 its	 Crop	 Nutrient	 and	 Pest	 Control	
products.	 All	 other	 development	 work	 has	 been	 written	 off	 as	 incurred	 where	 the	 criteria	 for	 recognition	 as	 an	 asset	 are	 not	 met.
Capitalised	 development	 costs	 are	 being	 amortised	 over	 a	 period	 of	 20	 years.	 The	 balance	 at	 31	 March	 2011	 is	 being	 amortised	 in	
full	 over	 20	 years	 which	 is	 considered	 by	 management	 to	 be	 representative	 of	 the	 useful	 economic	 life	 of	 Crop	 Nutrient	 and	 Pest	
Control	 products.
Impairment	 review
During	 the	 year,	 goodwill	 and	 development	 costs	 for	 crop	 nutrient	 and	 pest	 control	 segments	 were	 tested	 for	 impairment	 in	
accordance	 with	 IAS	 36	 ‘Impairment	 of	 Assets’.	 The	 recoverable	 amount	 exceeded	 the	 carrying	 amount	 of	 goodwill	 recorded.	
The recoverable	 amount	 has	 been	 measured	 on	 a	 value	 in	 use	 calculation. 	 Plant	 Impact	 plc	 43 	
	 Annual	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011	
Key	 assumptions
Crop	 Nutrients
The	 Group	 has	 a	 number	 of	 commercially	 available	 products	 and	 continues	 to	 generate	 new	 products	 and	 new	 product	 use	 from	
the	 current	 technologies,	 particularly	 from	 CaT,	 PiNT,	 Speedo	 and	 Alethea.	 These	 products	 are	 currently	 generating	 commercial	
revenues	 in	 Europe,	 North	 &	 Central	 America,	 Asia,	 Middle	 East	 and	 Africa.
Plant	 Impact	 continues	 to	 expand	 Crop	 Nutrient	 development	 in	 new	 countries	 and	 on	 new	 crops.	 During	 the	 year	 the	 Group	 has	
seen	 increased	 commercial	 activity	 in	 Europe,	 Middle	 East	 and	 Africa.
The	 impairment	 review	 for	 Crop	 Nutrient	 products	 includes	 the	 following:
	 – A	 country-by-country	 crop	 review	 which	 details:
	 – Key	 crops
	 – Number	 of	 hectares
	 – The	 Plant	 Impact	 products	 that	 can	 be	 used	 on	 key	 crops
	 – The	 potential	 market	 size
	 – The	 potential	 route	 to	 market
	 – The	 unique	 selling	 points	 of	 the	 Group’s	 products
Pest	 Control
The	 Group	 signed	 a	 licensing	 agreement	 with	 Arysta	 LifeScience	 for	 BugOil
®
	 on	 the	 29	 May	 2009.
During	 the	 year	 Plant	 Impact	 has	 been	 in	 discussions	 with	 both	 the	 regulatory	 authorities	 in	 the	 UK	 and	 the	 USA.	 These	 discussions	
have	 identified	 delays	 in	 the	 regulatory	 progress	 in	 both	 countries.	 Although	 there	 are	 delays	 in	 regulatory	 approval,	 the	 Board	
anticipate	 registration	 during	 the	 next	 two	 years.
The	 key	 assumptions	 used	 in	 the	 impairment	 review	 are:
	 – Revenues	 and	 margins	 were	 estimated	 based	 on	 market	 size,	 market	 penetration	 and	 the	 resultant	 royalties	 and	 milestone	
payments	 taking	 into	 account	 of	 regulatory	 delays.
	 – Discount	 rate	 –	 a	 pre-tax	 rate	 of	 16	 per	 cent	 was	 used	 in	 the	 value	 in	 use	 calculation.	 This	 discount	 rate	 is	 based	 on	 industry	
experience	 obtained	 by	 Arysta	 LifeScience.
	 – A	 period	 of	 10	 years	 has	 been	 selected	 for	 cash	 flow	 estimates.	 This	 is	 greater	 than	 the	 IAS	 36	 requirement	 of	 five	 years,	 however	
this	 is	 due	 to	 the	 contractual	 arrangements	 of	 the	 Arysta	 LifeScience	 agreement.	 Management	 believe	 it	 is	 a	 conservative	 model.
Sensitivity	 analysis,	 as	 at	 31	 March	 2011,	 has	 indicated	 that	 no	 reasonable	 foreseeable	 change	 in	 the	 key	 assumptions	 used	 in	 the	
impairment	 model	 would	 result	 in	 any	 changes	 to	 the	 financial	 statements. 44	 Plant 	 Impact	 plc	
	 Annual 	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011
Notes	 to	 the	 Group	 Financial	 Statements	 continued
16. Property, plant and equipment
Laboratory and 
office equipment  
£
Year ended 31 March 2010
Opening	 net	 book	 value 27,603
Additions 23,681
Depreciation (17,671)
Closing	 net	 book	 value 33,613
Year ended 31 March 2011
Opening	 net	 book	 value 33,613
Additions 41,461
Depreciation (23,931)
Closing net book value 51,143
As at 31 March 2011
Cost	 or	 valuation 128,378
Accumulated	 depreciation (77,235)
Net book value 51,143
As at 31 March 2010
Cost	 or	 valuation 80,454
Accumulated	 depreciation (46,841)
Net	 book	 value 33,613
17. Inventories
2011  
£
2010  
£
Samples 3,663 3,948
Raw	 Materials 10,262 6,648
Finished	 Goods 46,886 55,787
60,811 66,383
The	 cost	 of	 inventories	 recognised	 as	 an	 expense	 and	 included	 in	 cost	 of	 sales	 amounted	 to	 £68,015	 (2010:	 £75,602).
All	 inventories	 held	 at	 the	 year-end	 are	 expected	 to	 be	 realised	 within	 one	 year.
18. Trade and other receivables
2011  
£
2010  
£
Trade	 receivables 640,287 532,414
Allowance	 for	 doubtful	 debts (31,055) (67,476)
Trade	 receivables	 –	 net 609,232 464,938
Other	 receivables 9,949 21,932
Prepayments	 and	 accrued	 income 83,479 155,167
702,660 642,037
The	 average	 credit	 period	 on	 the	 sale	 of	 goods	 is	 49	 days	 (2010:	 196	 days).	 No	 interest	 is	 charged	 on	 trade	 receivables.	 The	 Group	
has	 provided	 for	 all	 specific	 doubtful	 debts.
All	 trade	 and	 other	 receivables	 fall	 due	 within	 one	 year.
Before	 accepting	 a	 new	 customer,	 the	 Group	 uses	 an	 external	 credit	 agency	 to	 assess	 the	 potential	 customer’s	 credit	 quality	 and	
seeks	 trade	 references.	 Once	 accepted	 as	 an	 approved	 customer	 any	 outstanding	 debt	 is	 reviewed	 before	 approval	 of	 new	 sales	
orders. 	 Plant	 Impact	 plc	 45 	
	 Annual	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011	
The	 ageing	 of	 trade	 receivables	 was:
2011  
£
2010  
£
Neither past due nor impaired: 570,559 395,304
Past due but not impaired:
0–30	 days	 past	 due	 6,016 2,047
31–60	 days	 past	 due	 1,080 9,653
61–90	 days	 past	 due	 – 4,731
91–120	 days	 past	 due	 9,330 2,443
Over	 120	 days	 past	 due	 22,247 50,760
Past due and impaired:
0–30	 days	 past	 due	 – –
31–60	 days	 past	 due	 – –
61–90	 days	 past	 due	 – –
91–120	 days	 past	 due	 – –
Over	 120	 days	 past	 due	 31,055 67,476
640,287 532,414
Of	 the	 trade	 receivables	 90	 per	 cent	 (2010:	 74	 per	 cent)	 are	 neither	 past	 due	 nor	 impaired.	 Of	 the	 above	 balance	 £31,055	 (2010:	
£67,476)	 is	 included	 in	 the	 allowance	 for	 doubtful	 debts.
An	 analysis	 of	 trade	 and	 other	 receivables	 by	 currency	 is	 as	 follows:
2011  
£
2010  
£
US	 Dollar 209,232 293,503
Euro 313,277 85,430
Sterling 180,151 263,104
702,660 642,037
Movement	 in	 the	 allowance	 for	 doubtful	 debts:
2011  
£
2010  
£
Balance	 brought	 forward 67,476 36,787
Decrease	 in	 allowance (36,421) 30,689
Balance	 carried	 forward 31,055 67,476
In	 determining	 the	 recoverability	 of	 trade	 receivables,	 the	 Group	 considers	 any	 change	 in	 the	 credit	 quality	 of	 the	 trade	 receivables	
from	 the	 date	 credit	 was	 approved	 to	 the	 reporting	 date.	 The	 Group	 has	 no	 significant	 concentration	 of	 credit	 risk,	 with	 exposure	
spread	 amongst	 several	 customers.
There	 has	 been	 a	 reduction	 in	 the	 concentrations	 of	 credit	 risk	 on	 the	 last	 financial	 year	 due	 to	 the	 greater	 geographical	 spread	
of sales.	 Accordingly,	 the	 Directors	 believe	 that	 there	 is	 no	 further	 credit	 provision	 required	 in	 excess	 of	 the	 allowance	 for	
doubtful debts.
Included	 in	 the	 allowance	 for	 doubtful	 debts	 are	 individually	 impaired	 trade	 receivables	 with	 a	 balance	 of	 £31,055	 (2010:	 £67,476)	
which	 are	 being	 legally	 pursued.	 The	 impairment	 recognised	 represents	 the	 difference	 between	 the	 carrying	 amount	 of	 these	
trade	 receivables	 and	 the	 present	 value	 of	 the	 expected	 proceeds.	 The	 Group	 does	 not	 hold	 any	 collateral	 over	 these	 balances.
Other	 receivables	 relate	 to	 recoverable	 VAT	 which	 is	 due	 within	 30	 days	 of	 the	 balance	 sheet	 date.
Corporation	 tax	 receivable
Corporation	 tax	 receivable	 of	 £261,401	 (2010:	 £240,814)	 relates	 to	 the	 research	 and	 development	 tax	 credits	 for	 the	 financial	
year 2011. 46	 Plant 	 Impact	 plc	
	 Annual 	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011
Notes	 to	 the	 Group	 Financial	 Statements	 continued
19. Cash and cash equivalents
2011  
£
2010  
£
Cash	 at	 bank	 and	 in	 hand 710,952 2,187,552
Short-term	 deposits 461,811 707,473
1,172,763 2,895,025
Cash	 at	 bank	 earns	 interest	 at	 floating	 rates	 on	 daily	 bank	 deposits.
Short-term	 deposits	 earn	 interest	 at	 fixed	 rate	 and	 have	 an	 original	 maturity	 of	 three	 months	 or	 less.	 The	 Group’s	 interest	 rate	
sensitivity	 analysis	 is	 disclosed	 within	 Note	 24.
20. Liabilities
2011  
£
2010  
£
Non-current
Other	 loan – 777,016
Current
Trade	 payables 479,391 480,480
Other	 loan 808,158 –
Other	 taxation	 and	 social	 security 80,487 32,750
Accruals	 and	 deferred	 income 242,376 156,477
1,610,412 669,707
Total liabilities 1,610,412 1,446,723
The	 maturity	 of	 non-current	 borrowings	 is	 as	 follows:
2011  
£
2010  
£
Between	 two	 and	 five	 years – 777,016
– 777,016
Other	 loan
In	 2010,	 the	 Group	 drew	 down	 £500,000	 from	 ALS	 under	 a	 loan	 agreement	 signed	 in	 February	 2009.	 Interest	 accrues	 on	 the	 loan	
at a	 variable	 rate	 of	 LIBOR	 plus	 3	 per	 cent	 per	 annum.	 The	 outstanding	 principal	 balance,	 plus	 all	 accrued	 interest,	 is	 repayable	 in	
full	 over	 three	 years	 following	 the	 date	 of	 the	 loan	 agreement.	 ALS	 may	 elect	 to	 offset	 up	 to	 50	 per	 cent	 of	 any	 royalty	 payments	 due	
under	 the	 licensing	 agreement	 proposed	 against	 interest	 and	 principal	 outstanding	 under	 the	 loan.	 The	 loan	 is	 secured	 against	
the intellectual	 property	 of	 the	 Group.
Trade	 payables	 are	 non-interest	 bearing	 and	 are	 normally	 settled	 between	 30	 and	 90	 days.
The	 Directors	 believe	 that	 the	 carrying	 amount	 of	 trade	 and	 other	 payables	 approximates	 to	 their	 fair	 value.
21. Share capital
Authorised
2011 2010
Number £ Number £
Ordinary	 Shares	 of	 1p	 each 60,000,000 600,000 60,000,000 600,000
Issued	 share	 capital
2011 2010
Number £ Number £
As	 at	 1	 April	 45,654,109 456,541 26,310,813 263,108
Shares	 issued	 –	 18	 May	 2009	 – – 271,290 2,713
Shares	 issued	 –	 2	 July	 2009	 – – 4,850,000 48,500
Shares	 issued	 –	 12	 March	 2010	 – – 14,222,006 142,220
Shares	 issued	 –	 16	 August	 2010	 150,000 1,500 – –
As at 31 March 2010 45,804,109 458,041 45,654,109 456,541 	 Plant	 Impact	 plc	 47 	
	 Annual	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011	
Issue	 of	 shares:
On	 18	 May	 2009,	 271,290	 new	 Ordinary	 Shares	 of	 1	 pence	 each	 were	 issued	 to	 satisfy	 exercised	 share	 options.
On	 2	 July	 2009,	 4,850,000	 new	 Ordinary	 Shares	 of	 1	 pence	 each	 were	 issued	 via	 a	 placing	 at	 a	 price	 of	 30	 pence	 per	 share.
On	 12	 March	 2010,	 the	 Company	 issued	 14,222,006	 Ordinary	 Shares	 by	 way	 of	 a	 placing	 at	 15	 pence	 per	 share.
On	 16	 August	 2010,	 150,000	 new	 Ordinary	 Shares	 of	 1	 pence	 each	 were	 issued	 to	 satisfy	 exercised	 share	 options.
22. Share-based payments
The	 Company	 has	 a	 share	 option	 scheme	 for	 all	 employees	 of	 the	 Group.	 Options	 are	 exercisable	 at	 a	 price	 equal	 to	 the	 average	
quoted	 market	 price	 of	 the	 Company’s	 shares	 on	 the	 date	 of	 grant.	 The	 vesting	 period	 is	 two	 years.	 If	 the	 options	 remain	
unexercised	 after	 a	 period	 of	 ten	 years	 from	 the	 date	 of	 grant	 the	 options	 expire.	 Options	 are	 forfeited	 if	 the	 employee	 leaves	 the	
Group	 before	 the	 options	 vest.
In	 addition,	 during	 the	 year	 the	 Group	 set	 up	 a	 new	 LTIP	 scheme	 for	 certain	 employees	 of	 the	 Group	 with	 specific	 performance	
conditions	 attached	 to	 the	 options.
Details	 of	 the	 share	 options	 outstanding	 during	 the	 year	 are	 as	 follows:
2011 2010
Number of  
share options
Weighted average 
exercise price  
£
Number of  
share options
Weighted average 
exercise price  
£
Outstanding	 at	 1	 April 3,785,662 0.35 3,913,688 0.37
Granted	 during	 the	 year 2,320,000 0.04 1,859,789 0.30
Exercised	 during	 the	 year (150,000) 0.01 (271,290) 0.29
Forfeited	 during	 the	 year (1,020) 0.01 (1,716,525) 0.34
Outstanding	 at	 31	 March 5,954,642 0.23 3,785,662 0.35
The	 weighted	 average	 remaining	 contractual	 life	 for	 the	 share	 options	 outstanding	 as	 at	 31	 March	 2011	 is	 eight	 years	
(2010: seven years).
As	 at	 31	 March	 2011,	 2,279,853	 share	 options	 were	 capable	 of	 being	 exercised	 (2010:	 2,081,909)	 with	 a	 weighted	 average	 exercise	
price	 of	 40	 pence	 (2010:	 38	 pence).
The	 Group	 uses	 the	 Black-Scholes	 model	 to	 fair	 value	 the	 Group’s	 share	 options	 which	 resulted	 in	 a	 fair	 value	 charge	 of	 £114,739	
(2010:	 £46,477)	 and	 a	 corresponding	 credit	 to	 other	 reserves.
During	 the	 year	 to	 31	 March	 2011,	 1,025	 share	 options	 were	 forfeited	 and	 150,000	 share	 options	 were	 exercised,	 as	 a	 results	 there	
has	 been	 a	 reserves	 transfer	 of	 £59,875.
Assumptions
The	 following	 assumptions	 are	 used	 to	 determine	 the	 fair	 value	 of	 share	 options	 at	 the	 respective	 date	 of	 grant:
Date	 of	 grant
Exercise price 
(pence)
Ordinary Shares 
under option
Share price at 
date of grant 
(pence)
Expected  
volatility 
%
Interest  
rate 
%
Life of option 
(years)
Expected  
dividend
10	 November	 2005 29.5 361,730 30.0 50 4.35 10 Nil
16	 October	 2006 38.0 956,773 38.0 50 4.58 10 Nil
7	 May	 2007	 50.0 150,000 56.5 50 5.61 10 Nil
22	 August	 2007 53.0 462,386 50.0 50 5.36 10 Nil
28	 July	 2008 32.5 348,964 32.5 50 4.98 10 Nil
7	 August	 2009 30.0 1,346,789 26.0 50 1.80 10 Nil
21	 September	 2009 26.8 8,000 26.8 50 1.38 10 Nil
4	 August	 2010 1.0 1,200,000 16.0 50 3.45 10 Nil
4	 August	 2010 18.3 350,000 16.0 50 3.45 10 Nil
31	 January	 2011 1.0 770,000 26.0 50 3.75 10 Nil
The	 expected	 volatility	 for	 share	 options	 granted	 between	 10	 November	 2005	 and	 28	 July	 2008	 has	 been	 estimated	 by	 reference	 to	
historic	 volatility	 of	 a	 sample	 of	 comparable	 companies,	 give	 the	 lack	 of	 share	 price	 trading	 history	 for	 the	 Company.	 Consequently,	
the	 expected	 volatility	 for	 share	 options	 granted	 since	 7	 August	 2009,	 has	 been	 estimated	 with	 reference	 to	 Plant	 Impact	 plc	 share	
price	 trading	 history.	 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.
National	 insurance	 is	 payable	 on	 gains	 made	 by	 employees	 on	 exercise	 of	 share	 options	 granted	 to	 them. 48	 Plant 	 Impact	 plc	
	 Annual 	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011
Notes	 to	 the	 Group	 Financial	 Statements	 continued
23. Financial risk management objectives and policies
The	 Group’s	 principal	 financial	 instruments	 comprise	 cash	 and	 cash	 equivalents,	 receivables	 and	 payables	 arising	 in	 the	 normal	
course	 of	 business.	 These	 are	 used	 to	 finance	 the	 Group’s	 operations	 and	 hence	 safeguarding	 them	 is	 regarded	 as	 a	 top	 priority.	
The	 Group’s	 objective	 in	 using	 financial	 instruments	 is	 to	 maximise	 the	 returns	 on	 funds	 held	 consistent	 with	 this	 priority.	
Balance sheets	 at	 31	 March	 2011	 and	 31	 March	 2010	 are	 not	 representative	 of	 the	 positions	 throughout	 the	 year	 as	 cash	 and	 cash	
equivalents	 fluctuate	 considerably	 depending	 on	 when	 share	 issues	 have	 occurred.
It	 is,	 and	 has	 been	 throughout	 the	 year,	 the	 Group’s	 policy	 that	 no	 speculative	 trading	 in	 financial	 instruments	 or	 derivatives	 is	
undertaken.
The	 main	 risks	 arising	 from	 the	 Group’s	 financial	 instruments	 are	 interest	 rate	 risk,	 liquidity	 risk,	 foreign	 currency	 exchange	 risk,	
credit	 risk	 and	 market	 risk.	 The	 Board	 of	 Directors	 reviews	 and	 agrees	 policies	 for	 managing	 each	 of	 these	 risks	 which	 are	
summarised	 below:
Interest	 rate	 risk
The	 Group	 is	 principally	 funded	 with	 equity	 and	 variable	 rate	 borrowings.	 The	 Group	 invests	 its	 funds	 in	 instant	 access	 higher	 rate	
deposit	 accounts	 and	 short-term	 bank	 treasury	 deposits.	 Therefore	 exposure	 to	 interest	 rate	 movements	 is	 minimal	 although	
movements	 in	 interest	 rates	 over	 time	 will	 affect	 the	 Group’s	 interest	 income.
No	 interest	 rate	 hedging	 agreement	 is	 currently	 in	 place	 because	 given	 the	 level	 of	 borrowings	 and	 the	 current	 interest	 rate	
environment	 the	 Board	 does	 not	 consider	 fluctuations	 in	 interest	 rates	 to	 pose	 a	 significant	 risk	 to	 the	 Group.
The	 Group’s	 interest	 rate	 sensitivity	 analysis	 is	 disclosed	 within	 Note	 24.
Liquidity	 risk
The	 Group	 has	 managed	 its	 cash	 in	 a	 manner	 designed	 to	 ensure	 maximum	 benefit	 is	 gained,	 whilst	 ensuring	 security	 of	
investment	 sources.	 The	 Group’s	 policy	 on	 investment	 of	 surplus	 funds	 limits	 the	 placing	 of	 deposits	 to	 institutions	 with	 strong	
credit	 ratings.
The	 Group	 manages	 liquidity	 risk	 by	 maintaining	 adequate	 banking	 facilities	 and	 by	 continuously	 monitoring	 forecast	 and	 actual	
cash	 flows.	 Included	 in	 Note	 19	 is	 a	 description	 of	 the	 facilities	 that	 the	 Group	 has	 at	 its	 disposal.
Management	 monitor	 forecasts	 of	 the	 Group’s	 liquidity	 on	 a	 monthly	 basis	 and	 has	 access	 to	 funds	 at	 short	 notice	 so	 that	 it	 is	
always	 able	 to	 meet	 its	 financial	 liabilities	 as	 and	 when	 they	 fall	 due.
Contractual	 undiscounted	 cash	 flows	 in	 respect	 of	 financial	 liabilities	 are	 as	 follows:
2011  
Within 6 months 
£
2011  
6 to 12 months 
£
2011  
1 to 5 years 
£
2010  
Within 6 months 
£
2010  
6 to 12 months 
£
2010  
1 to 5 years 
£
Trade	 payables 721,767 – – 636,957 – –
Other	 loans – 844,897 – – – 844,897
721,767 844,897 – 636,957 – 844,897
The	 Group	 has	 no	 derivative	 financial	 liabilities.
Foreign	 currency	 exchange	 risk
The	 Group	 undertakes	 certain	 transactions	 denominated	 in	 foreign	 currencies.	 Hence,	 exposure	 to	 exchange	 rate	 fluctuations	
arise.	 The	 Group’s	 foreign	 currency	 exchange	 exposure	 is	 mainly	 with	 regards	 to	 trade	 receivables.	 The	 carrying	 amounts	 of	 the	
Group’s	 foreign	 currency	 denominated	 trade	 receivables	 is	 detailed	 in	 Note	 18.	 As	 at	 31	 March	 2011,	 management	 believe	 that	
foreign	 currency	 exchange	 risk	 is	 immaterial	 and	 as	 such	 no	 sensitivity	 analysis	 is	 provided. 	 Plant	 Impact	 plc	 49 	
	 Annual	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011	
Credit	 risk
The	 Group’s	 financial	 assets	 are	 cash	 and	 cash	 equivalents,	 trade	 and	 other	 receivables.	 The	 credit	 risk	 on	 cash	 and	 cash	
equivalents	 is	 limited	 because	 the	 counterparties	 are	 banks	 with	 high	 credit	 ratings.	 The	 majority	 of	 cash	 and	 cash	 equivalents	
are held	 with	 a	 bank	 that	 is	 partly	 backed	 by	 the	 UK	 Government.
The	 Group’s	 credit	 risk	 is	 primarily	 attributable	 to	 its	 trade	 receivables.	 The	 amounts	 presented	 in	 the	 balance	 sheet	 are	 net	 of	
allowances	 for	 doubtful	 debts,	 estimated	 by	 the	 Group’s	 management	 based	 on	 prior	 experience.	 An	 allowance	 for	 impairment	 is	
made	 where	 there	 is	 an	 identified	 loss	 event	 which,	 based	 on	 previous	 experience,	 is	 evidence	 of	 a	 reduction	 in	 the	 recoverability	
of the	 cash	 flows.
Note	 18	 sets	 out	 the	 impairment	 provision	 for	 credit	 losses	 on	 trade	 receivables	 and	 the	 ageing	 analysis	 of	 overdue	 trade	
receivables.	 There	 are	 no	 impairment	 losses	 recognised	 on	 other	 financial	 assets.
24. Financial Instruments
Capital	 risk	 management
The	 Group	 manages	 its	 capital	 to	 ensure	 that	 entities	 in	 the	 Group	 will	 be	 able	 to	 continue	 as	 a	 going	 concern	 while	 maximising	 the	
return	 to	 stakeholders.	 The	 Group’s	 overall	 strategy	 remains	 unchanged	 from	 2009	 to	 minimise	 costs	 and	 liquidity	 risk.
The	 capital	 structure	 of	 the	 Group	 consists	 of	 cash	 and	 cash	 equivalents	 (Note	 19)	 and	 equity	 attributable	 to	 equity	 holders	 of	 the	
parent	 (Group	 Statement	 of	 Changes	 in	 Equity),	 comprising	 issued	 capital	 and	 reserves.
There	 are	 no	 externally	 imposed	 capital	 requirements.
The	 Group	 manages	 the	 capital	 structure	 and	 makes	 adjustments	 to	 it	 in	 light	 of	 changes	 in	 economic	 conditions	 and	 the	 risk	
characteristics	 of	 the	 underlying	 assets.	 In	 order	 to	 maintain	 or	 adjust	 the	 capital	 structure	 the	 Group	 may	 in	 future	 adjust	 the	
amount	 of	 dividends	 paid	 to	 shareholders,	 return	 capital	 to	 shareholders,	 issue	 new	 shares	 or	 sell	 assets	 and	 reduce	 debt.
Categories	 of	 financial	 instruments
2011 
£
2010 
£
Financial assets
Loans	 and	 receivables	 (including	 cash	 and	 cash	 equivalents) 1,719,944 3,381,895
Financial liabilities
Amortised	 cost 1,529,925 1,413,973
The	 carrying	 amount	 reflected	 above	 represents	 the	 Group’s	 maximum	 exposure	 to	 credit	 risk.
Interest	 rate	 sensitivity
The	 following	 table	 illustrates	 sensitivity	 of	 the	 loss	 for	 the	 year	 and	 equity	 to	 a	 reasonably	 possible	 change	 in	 interest	 rates	 of	 1	 per	
cent	 (2010:	 2	 per	 cent)	 with	 effect	 from	 the	 beginning	 of	 the	 year.	 These	 changes	 are	 considered	 to	 be	 reasonably	 possible	 based	 on	
observation	 of	 current	 market	 conditions.	 The	 calculations	 are	 based	 on	 the	 Group’s	 cash	 and	 cash	 equivalents	 and	 borrowing	
facility	 held	 at	 each	 balance	 sheet	 date.	 All	 other	 variables	 are	 held	 constant.
2011 2010
+1% –1% +2% –2%
Decrease/(increase)	 in	 loss	 for	 the	 year 3,646 (3,646) 21,872 (21,872)
Increase/(decrease)	 in	 equity 3,646 (3,646) 21,872 (21,872) 50	 Plant 	 Impact	 plc	
	 Annual 	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011
Notes	 to	 the	 Group	 Financial	 Statements	 continued
25. Commitments and contingencies
The	 Group	 has	 entered	 into	 commercial	 leases	 on	 its	 premises.	 The	 future	 aggregate	 minimum	 lease	 payments	 are:
2011  
£
2010  
£
Within	 one	 year 45,000 45,000
Between	 two	 to	 five	 years 45,000 45,000
In	 more	 than	 five	 years 67,500 112,500
157,500 202,500
Operating	 lease	 expenditure	 is	 charged	 to	 the	 Group	 Income	 Statement.
26. Key management compensation
Key	 management	 compensation	 (including	 Directors)	 is	 as	 follows	 :
Year ended  
31 March  
2011  
£
Year ended  
31 March  
2010  
£
Short-term	 employee	 benefits 504,813 532,702
Share-based	 payments 87,992 27,567
592,805 560,269
27. Related party transactions
Transactions	 between	 the	 Company	 and	 its	 subsidiaries,	 which	 are	 related	 parties	 of	 the	 Company,	 have	 been	 eliminated	 on	
consolidation	 and	 are	 not	 disclosed	 in	 this	 note.
28. Post balance sheet events
During	 May	 2011,	 Plant	 Impact	 signed	 a	 subscription	 agreement	 with	 Arysta	 Lifescience.	 The	 Company	 also	 signed	 two	 commercial	
agreements	 with	 Arysta	 Lifescience,	 those	 for	 US	 Turf	 &	 Ornamental	 and	 Brazil	 horticulture.
In	 June	 2011,	 the	 Company	 signed	 a	 distribution	 agreement	 with	 Engage	 Agro	 for	 Canada. 	 Plant	 Impact	 plc	 51 	
	 Annual	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011	
Company	 Balance	 Sheet
As at 31 March 2011
 Notes
2011  
£
2010  
£
Fixed assets 	
Investments 5 1,159,783 1,045,044
	
Current assets
Debtors 6 8,864,039 7,233,932
Cash	 at	 bank	 and	 in	 hand 619,686 2,678,124
9,483,725 9,912,056
	
 
Creditors: amounts falling due within one year 7 (906,319) (45,858)
 
Net current assets 8,577,406 9,866,198
 
Total assets less current liabilities 9,737,189 10,911,242
 
Creditors: amounts falling due after more than one year 8 – (777,017)
 
Net assets 9,737,189 10,134,225
 
Capital and reserves
Called	 up	 share	 capital 9 458,041 456,541
Share	 premium	 account 10 10,337,881 10,347,600
Other	 reserve 11 423,822 368,958
Merger	 relief	 reserve 12 287,457 287,457
Profit	 and	 loss	 account 13 (1,770,012) (1,326,331)
Shareholders’ funds 14 9,737,189 10,134,225
The	 financial	 statements	 were	 approved	 by	 the	 Board	 of	 Directors	 on	 the	 1	 July	 2011	 and	 were	 signed	 on	 its	 behalf	 by:
David Jones 
Chairman	
Plant	 Impact	 plc	
Company	 number:	 5442961
The	 notes	 on	 pages	 52	 to	 58	 are	 an	 integral	 part	 of	 the	 Company’s	 financial	 statements. 52	 Plant 	 Impact	 plc	
	 Annual 	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011
Notes	 to	 the	 Company	 Balance	 Sheet
1. Principal accounting policies – UK GAAP
Basis	 of	 preparation
The	 financial	 statements	 have	 been	 prepared	 under	 the	 historical	 cost	 convention	 and	 in	 accordance	 with	 the	 Companies	 Act	 2006	
and	 applicable	 UK	 accounting	 standards	 (United	 Kingdom	 Generally	 Accepted	 Accounting	 Practice).
The	 Company’s	 accounting	 policies	 are	 unchanged	 compared	 with	 the	 prior	 year	 and	 are	 set	 out	 below:
Tangible	 fixed	 assets	 and	 depreciation
Tangible	 fixed	 assets	 are	 stated	 at	 cost	 net	 of	 depreciation	 and	 any	 provision	 for	 impairment.
Depreciation	 is	 calculated	 to	 write	 down	 the	 cost	 less	 estimated	 residual	 value	 of	 all	 tangible	 fixed	 assets	 by	 equal	 annual	
instalments	 over	 their	 estimated	 useful	 economic	 lives	 as	 follows:
Laboratory	 and	 office	 equipment	 33.3 	 per	 cent	 per	 annum
Cash
Cash	 comprises	 of	 cash	 on	 hand	 and	 demand	 deposits	 together	 with	 short-term	 highly	 liquid	 investments	 that	 are	 readily	
convertible	 into	 known	 amounts	 of	 cash.
Investments
Investments	 are	 stated	 at	 cost,	 less	 amounts	 provided	 for	 permanent	 diminution	 in	 value.
Taxation
The	 current	 tax	 charge	 is	 based	 on	 the	 result	 for	 the	 year	 and	 is	 measured	 at	 the	 amounts	 to	 be	 paid	 based	 on	 the	 tax	 rates	 and	
laws	 substantively	 enacted	 by	 the	 balance	 sheet	 date.	 Current	 and	 deferred	 tax	 is	 recognised	 in	 the	 profit	 and	 loss	 account.
Deferred	 taxation
Deferred	 tax	 is	 recognised	 on	 all	 timing	 differences	 where	 the	 transactions	 or	 events	 that	 give	 the	 Company	 an	 obligation	 to	 pay	
more	 tax	 in	 the	 future,	 or	 a	 right	 to	 pay	 less	 tax	 in	 the	 future,	 have	 occurred	 by	 the	 balance	 sheet	 date.	 Deferred	 tax	 assets	 are	
recognised	 when	 it	 is	 more	 likely	 than	 not	 that	 they	 will	 be	 recovered.	 Deferred	 tax	 is	 measured	 using	 rates	 of	 tax	 that	 have	 been	
enacted	 or	 substantively	 enacted	 by	 the	 balance	 sheet	 date.
Share-based	 payments
The	 cost	 of	 equity-settled	 transactions	 with	 employees	 is	 measured	 by	 reference	 to	 the	 fair	 value	 at	 the	 date	 at	 which	 they	 are	
granted	 and	 is	 recognised	 as	 an	 expense	 over	 the	 vesting	 period,	 which	 ends	 on	 the	 date	 on	 which	 the	 relevant	 employees	 become	
fully	 entitled	 to	 the	 award.	 Fair	 value	 is	 determined	 using	 the	 Black-Scholes	 pricing	 model.	 In	 valuing	 equity-settled	 transactions,	
no	 account	 is	 taken	 of	 any	 vesting	 conditions,	 other	 than	 conditions	 linked	 to	 the	 price	 of	 the	 shares	 of	 the	 Company	 (market	
conditions).
If	 vesting	 periods	 or	 other	 non-market	 vesting	 conditions	 apply,	 the	 expense	 is	 allocated	 over	 the	 vesting	 period,	 based	 on	 the	 best	
available	 estimate	 of	 the	 number	 of	 share	 options	 expected	 to	 vest.	 Estimates	 are	 subsequently	 revised	 if	 there	 is	 any	 indication	
that	 the	 number	 of	 share	 options	 expected	 to	 vest	 differs	 from	 previous	 estimates.	 Any	 cumulative	 adjustment	 prior	 to	 vesting	 is	
recognised	 in	 the	 current	 period.	 No	 adjustment	 is	 made	 to	 any	 expense	 recognised	 in	 prior	 periods	 if	 share	 options	 ultimately	
exercised	 are	 different	 to	 that	 estimated	 on	 vesting.
All	 equity-settled	 share-based	 payments	 are	 ultimately	 recognised	 as	 an	 expense	 in	 the	 Company	 profit	 and	 loss	 account	 with	 a	
corresponding	 credit	 to	 ‘other	 reserve’.
Upon	 exercise	 of	 share	 options	 the	 proceeds	 received	 net	 of	 attributable	 transaction	 costs	 are	 credited	 to	 share	 capital,	 and	 where	
appropriate	 share	 premium.
The	 share-based	 charges	 are	 recognised	 within	 the	 financial	 statements	 of	 the	 subsidiary	 company,	 P.I.	 Bioscience	 Limited,	 with	
corresponding	 increases	 in	 equity,	 as	 the	 services	 provided	 by	 the	 employees	 and	 directors	 were	 in	 respect	 of	 this	 subsidiary.	
The Company	 is	 deemed	 to	 receive	 additional	 benefit	 from	 its	 investment	 in	 the	 subsidiary	 that	 is	 receiving	 the	 employees’	
services.	 On	 this	 basis,	 the	 Company	 has	 capitalised	 the	 share-based	 payment	 cost	 as	 an	 increase	 to	 its	 fixed	 asset	 investment	
in P.I.	 Bioscience	 Limited,	 see	 Note	 5. 	 Plant	 Impact	 plc	 53 	
	 Annual	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011	
2. Directors’ remuneration
The	 total	 amounts	 for	 Directors’	 remuneration	 and	 other	 benefits	 are	 as	 follows:
31 March  
2011  
£
31 March  
2010  
£
Directors’ remuneration
Aggregate	 emoluments 504,813 532,702
Highest	 paid	 Director
The	 above	 includes	 remuneration	 of	 the	 highest	 paid	 Director	 as	 follows:
31 March  
2011  
£
31 March  
2010  
£
Aggregate	 emoluments 197,439 168,732
3. Staff numbers and costs
The	 average	 number	 of	 persons	 employed	 by	 the	 Company	 (including	 Directors)	 during	 the	 period	 was	 as	 follows:
31 March  
2011  
No.
31 March  
2010  
No.
Management 2 3
2 3
The	 aggregate	 payroll	 costs	 of	 these	 persons	 (excluding	 Non-Executive	 Directors)	 were	 as	 follows:
31 March  
2011  
£
31 March  
2010  
£
Wages	 and	 salaries 383,620 457,122
Social	 security	 costs 47,336 56,135
430,956 513,257
4. Share-based payments
The	 Company	 has	 a	 share	 option	 scheme	 for	 all	 employees	 of	 the	 Group.	 Options	 are	 exercisable	 at	 a	 price	 equal	 to	 the	 average	
quoted	 market	 price	 of	 the	 Company’s	 shares	 on	 the	 date	 of	 grant.	 The	 vesting	 period	 is	 two	 years.	 If	 the	 options	 remain	
unexercised	 after	 a	 period	 of	 ten	 years	 from	 the	 date	 of	 grant	 the	 options	 expire.	 Options	 are	 forfeited	 if	 the	 employee	 leaves	 the	
Group	 before	 the	 options	 vest.
In	 addition,	 during	 the	 year	 the	 Group	 set	 up	 a	 new	 LTIP	 scheme	 for	 certain	 employees	 of	 the	 Group	 with	 specific	 performance	
conditions	 attached	 to	 the	 options.
Details	 of	 the	 share	 options	 outstanding	 during	 the	 year	 are	 as	 follows:
2011 2010
Number of  
share options
Weighted average 
exercise price  
£
Number of  
share options
Weighted average 
exercise price  
£
Outstanding	 at	 1	 April 3,785,662 0.35 3,913,688 0.37
Granted	 during	 the	 year 2,320,000 0.04 1,859,789 0.30
Exercised	 during	 the	 year (150,000) 0.01 (271,290) 0.29
Forfeited	 during	 the	 year (1,020) 0.01 (1,716,525) 0.34
Outstanding at 31 March 5,954,642 0.23 3,785,662 0.35
The	 weighted	 average	 remaining	 contractual	 life	 for	 the	 share	 options	 outstanding	 as	 at	 31	 March	 2011	 is	 eight	 years	
(2010: seven years). 54	 Plant 	 Impact	 plc	
	 Annual 	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011
Notes	 to	 the	 Company	 Financial	 Statements	 continued
4. Share-based payments continued
As	 at	 31	 March	 2011,	 2,279,853	 share	 options	 were	 capable	 of	 being	 exercised	 (2010:	 2,081,909)	 with	 a	 weighted	 average	 exercise	
price	 of	 40	 pence	 (2010:	 38	 pence).
The	 Group	 uses	 the	 Black-Scholes	 model	 to	 fair	 value	 the	 Group’s	 share	 options	 which	 resulted	 in	 a	 fair	 value	 charge	 of	 £114,739	
(2010:	 £46,477)	 and	 a	 corresponding	 credit	 to	 other	 reserves.
During	 the	 year	 to	 31	 March	 2011,	 1,025	 share	 options	 were	 forfeited	 and	 150,000	 share	 options	 were	 exercised,	 as	 a	 results	 there	
has	 been	 a	 reserves	 transfer	 of	 £59,875.
Assumptions
The	 following	 assumptions	 are	 used	 to	 determine	 the	 fair	 value	 of	 share	 options	 at	 the	 respective	 date	 of	 grant:
Date	 of	 grant
Exercise price 
(pence)
Ordinary Shares 
under option
Share price at 
date of grant 
(pence)
Expected  
volatility 
%
Interest  
rate 
%
Life of option 
(years)
Expected  
dividend
10	 November	 2005 29.5 361,730 30.0 50 4.35 10 Nil
16	 October	 2006 38.0 956,773 38.0 50 4.58 10 Nil
7	 May	 2007	 50.0 150,000 56.5 50 5.61 10 Nil
22	 August	 2007 53.0 462,386 50.0 50 5.36 10 Nil
28	 July	 2008 32.5 348,964 32.5 50 4.98 10 Nil
7	 August	 2009 30.0 1,346,789 26.0 50 1.80 10 Nil
21	 September	 2009 26.8 8,000 26.8 50 1.38 10 Nil
4	 August	 2010 1.0 1,200,000 16.0 50 3.45 10 Nil
4	 August	 2010 18.3 350,000 16.0 50 3.45 10 Nil
31	 January	 2011 1.0 770,000 26.0 50 3.75 10 Nil
The	 expected	 volatility	 for	 share	 options	 granted	 between	 10	 November	 2005	 and	 28	 July	 2008	 has	 been	 estimated	 by	 reference	 to	
historic	 volatility	 of	 a	 sample	 of	 comparable	 companies,	 give	 the	 lack	 of	 share	 price	 trading	 history	 for	 the	 Company.	 Consequently,	
the	 expected	 volatility	 for	 share	 options	 granted	 since	 7	 August	 2009,	 has	 been	 estimated	 with	 reference	 to	 Plant	 Impact	 plc	 share	
price	 trading	 history.	 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.
National	 insurance	 is	 payable	 on	 gains	 made	 by	 employees	 on	 exercise	 of	 share	 options	 granted	 to	 them. 	 Plant	 Impact	 plc	 55 	
	 Annual	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011	
5. Investments
The	 Company	 has	 the	 following	 investments	 in	 subsidiary	 undertakings:
Bio Futures  
PI Limited  
£
P .I. Bioscience 
Limited  
£
Total  
£
Cost or valuation:
At	 1	 April	 2010 300,168 744,876 1,045,044
Share-based	 payment	 (Note	 4) – 114,739 114,739
At 31 March 2011 300,168 859,615 1,159,783
Net book value:
At 31 March 2011 300,168 859,615 1,159,783
At	 1	 April	 2010 300,168 744,876 1,045,044
Subsidiary undertaking
Trading  
activity Class of share capital Registered and operated in
Held by  
Company  
%
Bio	 Futures	 PI	 Limited Dormant Ordinary	 and	 Preference England	 &	 Wales 100
P.I.	 Bioscience	 Limited	 Chemical	 manufacturers Ordinary England	 &	 Wales 100
As	 at	 31	 March	 2011	 and	 2010,	 the	 companies	 had	 the	 following	 capital	 and	 reserves:
2011 2010
Capital and 
reserves  
£
 Loss  
£
Capital and 
reserves  
£
 Loss  
£
Bio	 Futures	 PI	 Limited 10,883 – 10,883 –
P.I.	 Bioscience	 Limited (7,550,575) (1,142,724) (6,293,043) (876,490)
6. Debtors
2011  
£
2010  
£
Amounts	 owed	 by	 Group	 undertakings 8,855,592 7,216,838
Prepayments	 and	 accrued	 income	 8,447 17,094
8,864,039 7,233,932
7. Creditors: amounts falling due within one year
2011  
£
2010  
£
Trade	 creditors 32,859 –
Loan 808,158 –
Accruals 65,302 45,858
906,319 45,858 56	 Plant 	 Impact	 plc	
	 Annual 	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011
Notes	 to	 the	 Company	 Financial	 Statements	 continued
8. Creditors: amounts falling due after more than one year
2011  
£
2010  
£
Loan – 777,017
In	 2010,	 the	 Group	 drew	 down	 £500,000	 from	 ALS	 under	 a	 loan	 agreement	 signed	 in	 February	 2009.	 Interest	 accrues	 on	 the	 loan	 at	
a	 variable	 rate	 of	 LIBOR	 plus	 3	 per	 cent	 per	 annum.	 The	 outstanding	 principal	 balance,	 plus	 all	 accrued	 interest,	 is	 repayable	 in	 full	
over	 three	 years	 following	 the	 date	 of	 the	 loan	 agreement.	 ALS	 may	 elect	 to	 offset	 up	 to	 50	 per	 cent	 of	 any	 royalty	 payments	 due	
under	 the	 licensing	 agreement	 proposed	 against	 interest	 and	 principal	 outstanding	 under	 the	 loan.	 The	 loan	 is	 secured	 against	 the	
intellectual	 property	 of	 the	 Group.
9. Called up share capital
Authorised
2011 2010
Number £ Number £
Ordinary	 Shares	 of	 1	 pence	 each 60,000,000 600,000 60,000,000 600,000
Issued	 share	 capital
2011 2010
Number £ Number £
As	 at	 1	 April 45,654,109 456,541 26,310,813 263,108
Shares	 issued	 –	 18	 May	 2009	 – – 271,290 2,713
Shares	 issued	 –	 2	 July	 2009	 – – 4,850,000 48,500
Shares	 issued	 –	 12	 March	 2010	 – – 14,222,006 142,220
Shares	 issued	 –	 16	 August	 2010	 150,000 1,500 – –
As at 31 March 2010 45,804,109 458,041 45,654,109 456,541
Issue	 of	 shares:
On	 18	 May	 2009,	 271,290	 new	 Ordinary	 Shares	 of	 1	 pence	 each	 were	 issued	 to	 satisfy	 exercised	 share	 options.
On	 2	 July	 2009,	 4,850,000	 new	 Ordinary	 Shares	 of	 1	 pence	 each	 were	 issued	 via	 a	 placing	 at	 a	 price	 of	 30	 pence	 per	 share.
On	 12	 March	 2010,	 the	 Company	 issued	 14,222,006	 Ordinary	 Shares	 by	 way	 of	 a	 placing	 at	 15	 pence	 per	 share.
On	 16	 August	 2010,	 150,000	 new	 Ordinary	 Shares	 of	 1	 pence	 each	 were	 issued	 to	 satisfy	 exercised	 share	 options.
10. Share premium account
2011  
£
2010  
£
As	 at	 1	 April 10,347,600 7,124,891
Shares	 issued	 during	 the	 year – 3,397,580
Exercised	 share-based	 payments – 94,951
Share	 issue	 expenses (9,719) (269,822)
As	 at	 31	 March 10,337,881 10,347,600 	 Plant	 Impact	 plc	 57 	
	 Annual	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011	
11. Other reserve
2011  
£
2010  
£
As	 at	 1	 April 368,958 487,678
Lapsed	 share-based	 payments	 (15,917) (136,929)
Exercised	 share-based	 payments (43,958) (28,268)
Share-based	 payments	 to	 directors 87,992 27,567
Share-based	 payments	 to	 employees 26,747 18,910
As	 at	 31	 March 423,822 368,958
12. Merger relief reserve
2011  
£
2010  
£
As	 at	 1	 April	 and	 31	 March 287,457 287,457
The	 merger	 relief	 reserve	 represents	 the	 premium	 on	 shares	 issued	 arising	 from	 the	 acquisition	 of	 P.I.	 BioScience	 Limited.
13. Profit and loss account
The	 Company	 has	 taken	 advantage	 of	 section	 408	 of	 the	 Companies	 Act	 2006	 and	 has	 not	 included	 its	 own	 profit	 and	 loss	 account	 in	
these	 financial	 statements.	 The	 Parent	 Company’s	 loss	 for	 the	 year	 was	 £503,556	 (2010:	 £316,347).
2011  
£
2010  
£
As	 at	 1	 April (1,326,331) (1,157,518)
Loss	 for	 the	 financial	 year (503,556) (316,347)
Lapsed	 share-based	 payments 15,917 136,929
Exercised	 share-based	 payments 43,958 10,605
As	 at	 31	 March (1,770,012) (1,326,331)
14. Shareholders’ funds
2011  
£
2010  
£
Loss	 for	 the	 financial	 year (503,556) (316,347)
Share-based	 payments 114,739 46,477
Shares	 issued	 in	 the	 year – 3,588,300
Exercised	 share-based	 payments 1,500 80,001
Share	 issue	 expenses (9,719) (269,822)
(Decrease)/increase	 in	 shareholders’	 funds (397,036) 3,128,609
Shareholders’	 funds	 at	 1	 April	 10,134,225 7,005,616
Shareholders’	 funds	 at	 31	 March	 9,737,189 10,134,225 58	 Plant 	 Impact	 plc	
	 Annual 	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011
Notes	 to	 the	 Company	 Balance	 Sheet	 continued
15. Related party transactions
There	 are	 no	 related	 party	 transactions	 with	 Group	 undertakings	 to	 disclose	 in	 accordance	 with	 the	 requirements	 of	 Financial	
Reporting	 Standard	 No.	 8	 ‘Related	 party	 disclosures’.	 All	 inter	 group	 balances	 outstanding	 have	 been	 disclosed	 within	 Note	 6	 to	 the	
financial	 statements.
16. Post balance sheet events
During	 May	 2011,	 Plant	 Impact	 signed	 a	 subscription	 agreement	 with	 Arysta	 Lifescience.	 The	 Company	 also	 signed	 two	 commercial	
agreements	 with	 Arysta	 Lifescience,	 those	 for	 US	 Turf	 &	 Ornamental	 and	 Brazil	 horticulture.
In	 June	 2011,	 the	 Company	 signed	 a	 distribution	 agreement	 with	 Engage	 Agro	 for	 Canada. 	 Plant	 Impact	 plc	 59 	
	 Annual	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011	 60	 Plant 	 Impact	 plc	
	 Annual 	 Report	 and	 Group	 Financial	 Statements	 for	 the	 year	 to	 31	 March	 2011 	 Plant 	 Impact	 plc	 	
 Annual Report and Group Financial Statements for the year to 31 March 2011
The sustainable future of crop production
Plant Impact is helping to transform 
agriculture by daring to be different through 
creative science. This approach is providing  
a viable and sustainable solution to the 
problems of how we feed a growing global 
population whilst improving the quality  
of food.
Where we are
Our global presence
21 countries 5 countries 26 countries
Current market  Expanded Partners (crop 
distribution  distribution distribution)
Who we are  
Plant Impact plc 
12 South Preston Office Village  
Cuerden Way 
Bamber Bridge  
Preston  
PR5 6BL
Tel: +44(0) 1772 628328
Fax: +44(0) 1772 645169
Email: info@plantimpact.com
Website: www.plantimpact.com
Plant Impact plc  Annual Report and Group Financial Statements for the year to 31 March 2011
Plant Impact plc 
Annual Report and Group  
Financial Statements for the year  
to 31 March 2011
New technology  
for sustainable  
agriculture