Sceptre Leisure plc
139 Brookfield Place
Walton Summit
Bamber Bridge
Preston
PR5 8BF
[T] 01772 694 242
[F] 01772 694 243
[W] www.sceptreleisureplc.co.uk
[E] info@sceptreleisureplc.co.uk
Sceptre Leisure plc Annual report and accounts 2009
Sceptre Leisure plc
Annual report and accounts 2009 Introduction
Sceptre Leisure plc’s principal activities are centred on
the provision of gaming, lottery and leisure equipment.
In this report we explain how much we have achieved
since our formation, and how we intend to build on
that success.
Designed and produced by Radley Yeldar (www.ry.com) using the paperless proofing system Wizardry.
Sceptre Leisure plc are committed to caring for the environment and looking for sustainable ways to minimise our impact on it.
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system against which an organisation can be credited by a third party. Overview Business Review Governance Financial statements Other information
Sceptre Leisure plc 01
Annual report and accounts 2009
Highlights
Financial highlights Contents
Overview
01 Highlights
02 Who we are
04 Our markets
Business Review
06 Chairman’s Statement
08 Chief Executive’s Review
16 Financial Review
18 Principal risks and uncertainties
Governance
20 Directors, Secretary and Advisors
21 Directors’ Report
24 Statement of Directors’ responsibilities
25 Independent auditors’ report
Accounts
26 Consolidated income statement
27 Consolidated balance sheet
28 Consolidated cash ﬂow statement
29 Consolidated statement of changes in equity
30 Notes to the ﬁnancial statements
59 Company balance sheet
60 Company reconciliation of movements 
in shareholders’ funds
61 Notes to the Company ﬁnancial statements
Other information
66 Notice of Annual General Meeting
68 Shareholder notes
Revenue 
£39.2m
(2008: £21.4m)
+83%
Operating proﬁt before exceptional items
£3. 7 m
(2008: £1.9m)
+93%
Net cash from operating activities
£12.8m
(2008: £9.4m)
+36%
Earnings per share before exceptional items
3.6p
(2008: 2.4p)
+50%
Operational highlights
Average machine weekly rental income increased by 23%
Machine utilisation at target of 95%
Excellent opportunity to capitalise on two distinct customer
and product bases
Lotteryking and Kelly’s Eye to benefit from roll-out into 
pub market
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The Group at a glance
02 Sceptre Leisure plc
Annual report and accounts 2009
Sceptre Leisure
Group provides
gaming solutions
nationwide across
the entire leisure
industry .
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Sceptre Leisure plc 03
Annual report and accounts 2009
Since formation in 1998 Sceptre has grown to be one of only two truly national suppliers
of coin-operated leisure equipment to the licensed market. We provide excellence not
only through products supplied but also through unrivalled customer service standards.
Our service is now well recognised throughout the UK with all major regional and
national brewers, pub companies, and leisure chains. F ollowing the reverse takeover 
of Gamingking in September 2008, Sceptre Leisure plc became much more than an
operating company and now adds unique value to our customer partners through 
three trading brands:
sceptre
THE BUSINESS IN LEISURE
Sceptre Leisure Solutions
Rents coin-operated amusement
equipment to pubs, bookmakers and
other leisure venues throughout the UK,
supplying many of the major players in
the leisure industry .
Sceptre enjoys a strong position as the
only national amusement machine
operator with fully-manned depots
throughout the UK. It has an excellent
reputation for quality and has seen
consistent growth throughout the 
last 10 years.
Our trading brands
Lotteryking
F ounded in 1993, Lotteryking is the
market leader in providing vended lottery
solutions to the registered members’ club
market. It provides vending machines,
pull-tab lottery tickets and lottery
solutions to over 3,000 locations across
the UK. The company continues to
develop the product, introducing
innovative new technology such as 
LCD screens for advertising use. 
The Lotteryking brand has been
developed from a purely social club
market, and is now available in pubs 
and other public places.
Kelly’s Eye
Sceptre Leisure plc (formerly 
Gamingking) acquired Kelly’s Eye in 
May 2005. As the leading supplier of
fundraising products to the registered
members’ club market, Kelly’s Eye offers
a full range of fundraising and gameplay
products. F rom bingo to darts, poker to
skittles; Kelly’s Eye products provide 
entertainment for thousands every 
week. Kelly’s Eye is also able to produce
bespoke rafﬂe and draw tickets to order .
Although historically being a ‘club-
focused’ business, Kelly’s Eye is now
taking advantage of Sceptre Leisure’s
strong presence and relationships in 
the public house market.
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Where we operate
We have grown
successfully since
1998, providing 
excellence not 
only through the 
products we supply
but also the quality
of our service.
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Sceptre Leisure plc 05
Annual report and accounts 2009
Sceptre Leisure Solutions Limited
– Greater dependence on alternative 
income for regionals, pubcos and
landlords
– Sceptre has continued to grow in spite
of closures
Amusement machines
– Increased presence in leisure, travel and
multi-site locations
– Stakes and prizes increase in June
2009 provided a boost to the market
Betting shops
– Fixed Odds Betting T erminal (FOBT)
market at around 40,000 pieces in 
the UK
– Sceptre operates around 800 units
– Recent award of contract with 
national bookmaker will increase 
this through 2009
Machine locations:
1 Pubs 67%
2 Clubs 14% 
3 Travel 8%
4 Multi-site 7%
5 Licensed Betting Ofﬁces 4%
Locations
– Sceptre is the only operator with fully-
manned depots across the entire UK
Speed of service
– Service capability 364 days a year
– 12 Regional depots with good access to
motorway networks and major cities
and towns
– Motorcycle engineers in central London
Strength of management
– Blend of youth and experience
– Combines industry experience with
fresh operating practices
– Regional directors run depots as
individual operating centres
– Depots managed autonomously ,
responding to customer need at point 
of delivery
– KPIs are well constructed and
rigorously monitored to ensure tight
cost and operational control at all levels
Machine assets
– 95% utilisation at 30 April 2009
– Dedicated asset management
department
– Excellent relationships with suppliers
means input to new products based on
ﬁeld research and trials
Number of units
– Sceptre – 18,000+ operated at 
30 September 2009
– Lotteryking – 3,000+ operated at 
30 September 2009
Recent growth
– Growth in current ﬁnancial year has
been organic
– High-quality customer base, with
growth at the top end
Rebranding
– Lotteryking – new look for machines
draws on Lotteryking’s well-known
brand within the registered members
club market
– The name ‘Pull- T ab-Lotto’ currently
being trademarked
– Kelly’s Eye – new look for expansion
into pub market has been well received
– New full-colour catalogue produced in
line with new identity
New contracts
– Growth has been strong in licensed
retail, licensed betting and other 
leisure venues. New and additional
business has been secured with 
leading customers
Online
– Kelly’s Eye – Ecommerce website went
live in ﬁrst quarter of 2009
Our markets Our differentiators Our progress
The Group’s principal activities are centred around the provision of gaming, lottery , 
and leisure equipment to the licensed trade. Our well structured and vastly experienced
management team has allowed us to forge strong links with major machine
manufacturers, ensuring that we keep ahead of the changing needs of our market. 
This allows us to ensure that only the most proﬁtable machines are sited on our
customers’ estates.
1
3
4
5
2
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Signiﬁcant advances
06 Sceptre Leisure plc
Annual report and accounts 2009
Amusement with prizes
These machines pay out cash prizes
to a maximum of £70 and are a must
in terms of customer expectation
and licensee proﬁt. We constantly
monitor and update machines to
maximise our customers' income.
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annual report and accounts in which the
Board is pleased to report a strong set of
full year figures. Turnover , profit before
exceptional items and cash generated
from operations are all ahead of the prior
year , and continue the progress presented
in our interim statement.
Following the reverse takeover in
September 2008, the integration of 
the two businesses was successfully
completed and support functions
consolidated. In addition, certain
rebranding has taken place and a number
of new products and initiatives launched.
The Group has achieved some significant
contract wins from the competition and
this momentum has continued into the
new financial year . Despite the beginning
of a recession in the UK and continued
difficult operating conditions for the pub
and club market the Group has continued
to grow by increasing market share, and
the Board’s strategy is to continue this
through a combination of organic growth
and acquisition.
The banking crisis resulted in the
termination of some of our leasing
facilities during the year . While this placed
an absolute limit on the number of new
contracts we could accept, the raising of
£5.5m of new equity in June 2009 has
enabled the expansion to continue. 
We have also secured a number of new
asset finance lines since the year end,
which have been utilised to fund recent
capital purchases.
I am convinced that we have the best
executive senior management team in the
business and this will continue to be very
important to the future of the Group.
Finally, I would like to thank the
management and staff of our trading
divisions for their commitment and 
hard work over the past 12 months. 
Our reputation for customer service 
and operational innovation is built on 
their contributions, and I am sure that 
the Board can rely on their continued
support in the months ahead.
Douglas Y ates
Chairman
7 October 2009
Overview Business Review Governance Financial statements Other information
Sceptre Leisure plc 07
Annual report and accounts 2009
The Group has achieved
some signiﬁcant contract
wins from the competition
and this momentum has
continued into the new
ﬁnancial year .
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Maximising opportunities
The Group now operates
approximately 21,000
amusement and gaming
machines, and is well
placed to continue to
beneﬁt from industry
consolidation.
Ken T urner
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Sceptre Leisure plc 09
Annual report and accounts 2009
It gives me great pleasure to present my
first annual review for Sceptre Leisure plc.
Since our interim report earlier this year
the Group has continued to grow its
business in the licensed trade whilst
maintaining improvements in our machine
revenue and utilisation averages. 
The businesses acquired in the reverse
takeover earlier this year have now been
fully integrated, and we are beginning to
see the benefits of being able to offer our
full range to a wider customer base.
The drive for growth continues into the
new financial year; our successful placing
of £5.5m in new shares on AIM in June
2009 will provide the financial resources
needed to increase penetration in all of
our target markets.
Performance overview
The results for the 12 months to the end 
of April 2009 showed turnover up 83% 
to £39.2m, with a similar rise in both 
gross profit and operating profit before
exceptionals. Net cash from operating
activities also increased to £12.8m from
£9.4m in the prior year . 
The Group’s performance continued to
build on the strong start reported in 
our interim statement; all of the above
measures improved in the second six
months of the year .
We continue to work hard at maximising
the revenue achieved from our assets,
with our machine utilisation ratio (the
percentage of our total machine estate 
on active hire) continuing to hold at our
target rate of 95%. This, coupled to the
growth of our average weekly rental
income per machine over the period
under review, has allowed us to increase
profitability despite the challenging
environment in which we operate.
The Group won significant new business
with high-quality customers during the
year , allowing us to increase both machine
numbers and average income levels in the
face of continued pub closures. Again, this
momentum has continued into the new
financial year with further contract
awards being won by Sceptre Leisure
Solutions in the first quarter .
Our three main trading divisions are now
fully established within the Group, and
continue to work towards our strategic
objectives in a co-ordinated manner . 
I would like to take this opportunity to
summarise the main achievements in 
the year under review.
Sceptre Leisure Solutions
The Directors believe that Sceptre
remains the second-largest operator of
amusement and gaming machines in the
UK’s licensed retail sector , and the only
national operator with fully staffed depots
across the country. During the year we
opened a new depot in Cardiff, allowing us
to offer an average two-hour service
response time across the UK.
During the year , the number of machines
operated grew by 19% to 18,000, with
average weekly rental also increasing
23% during the period. Whilst pub
closures continue to affect the lower end
of the market, our experience is that at
the top end our customers will continue to
do well where their offering includes our
market-leading machine portfolio to help
them achieve their financial targets. 
We have continued to grow both the
quantity and quality of our machine estate
whilst many of our competitors have 
failed to do so.
The Group won signiﬁcant
new business with high-
quality customers during the
year , allowing us to increase
both machine numbers and
average income levels.
Machine asset utilisation
95%
(2008: 94%)
Net cash from operating activities
£12.8m
(2008: £9.4m)
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continued
Customer Service T eam
Our unrivalled commitment to
customer service has been
reinforced with the addition of a 
new state-of-the-art call centre
located at our head office. This has
led not only to enhanced service for
our customers, but also generates
technical data and operational
statistics for our internal 
KPI measurements. 
10 Sceptre Leisure plc
Annual report and accounts 2009
10 Sceptre Leisure plc
Annual report and accounts 2009
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Sceptre Leisure plc 11
Annual report and accounts 2009
Sceptre Gaming (the fixed odds betting
terminal (FOBT) sub-division of Sceptre
Leisure Solutions) signed a new
partnership with Videobet, a subsidiary
of the Playtech group, in November 2008.
The partnership gave Sceptre Gaming
exclusive supply of Videobet’s multi-
game software in the UK, including
revolutionary games and industry-first
loyalty features, and will strengthen
Sceptre Gaming’s position in the UK
FOBT market.
Sceptre Gaming experienced strong
growth with FOBT machines in licensed
betting offices over the year and will
continue to roll-out the product across
the UK. This partnership with Videobet
highlights Sceptre Gaming’s strong
position in the UK FOBT market and
commitment to supplying our customers
with the highest quality product available.
We aim to achieve a significant share of
the estimated 40,000-piece FOBT market
in the UK which has traditionally been
dominated by two machine and software
suppliers. Our FOBT s are currently
undergoing trials in a number of national
and regional licensed betting office
operators’ premises, and both players
and operators have received the product
extremely well.
The Videobet platform offers unique
player tracking and customer loyalty
functionality, which can be utilised by our
LBO customers to increase revenues and
introduce cross-platform marketing.
Videobet’s software is not confined to the
FOBT market, and can easily be adapted
for digital category C AWP (Amusement
With Prizes) machines for use in pubs and
clubs. Sceptre has traditionally operated
analogue AWPs in all of its markets, but
this partnership will allow us to supply
a digital offering for our customers
which will complement our existing
product range.
We continue to concentrate on Sceptre
Leisure’s operating ratios, and particularly
that between the numbers of machines
operated to staff employed. This ratio is
analysed monthly, and during the course
of the year we continually rebalanced
our staffing levels between the depots
according to need. This ensures that not
only are we employing the right number
of people across the business, but that
they are employed in the correct part of
the country.
Fixed odds betting terminals across UK
c.40,000
Source: The Gambling Commission
Combined B2/B3 machine categories
at 31 March 2009
Our strategy Our goals Our progress
Sceptre Leisure plc
isafocused
company supplying
amusement and
gaming machines.
We aim to be the
supplier of choice to
the UK’s licensed
retail sector .
Develop market
leadership positions
Create long-term
shareholder value
21,000+ machines currently operated
Growth in current ﬁnancial year has
been organic
High-quality customer base, with
growth at the top end
Sceptre has partnership agreement
to become the sole UK distributor of
VideoBet/Playtech standalone and
server-hosted multi-game software.
Growth has been strong in licensed
retail, licensed betting and other
leisure venues
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A well-sited video machine can
generate high levels of additional
income. Sceptre Leisure ensures
that our customers are equipped
with the latest games machines in
this quickly changing market.
Chief Executive’s Review
continued
12 Sceptre Leisure plc
Annual report and accounts 2009
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Sceptre Leisure plc 13
Annual report and accounts 2009
Lotteryking
Following the reverse takeover in
September 2008, we rebranded and
relaunched Lotteryking within the club
market in which it operates around 3,000
instant-win lottery machines. We have 
also introduced a number of new lottery
games, some offering a higher level of
payout to increase player involvement,
and others being based on well-known
club fruit machines. Initial sales figures 
of these new games are encouraging, 
and they are a valuable aid to gaining 
new lottery sites.
In addition to this traditional product base,
Lotteryking now offers the Group’s full
range of coin-operated gaming and
amusement machines to the registered
club market through a strengthened 
sales team. These efforts should result in
increased density and operational benefits
as we begin to win market share in the
new product groups.
In my interim review, I announced a 
new trial of around 100 regional brewer-
operated sites in the North-West into
which we would be installing lottery
vending terminals. The trial involved 
an estate-wide roll-out, with the lotteries
being sold supporting a single charity
nominated by the pub operator . 
The model has proved popular with
players, sites and charity alike, and we will
extend the trial to a further 200 locations
in different regions during the course of
the new financial year .
Kelly’s Eye
Following an extensive rebranding
exercise, Kelly’s Eye was launched online
in the first quarter of 2009. As well as
generating sales, the website has proven 
a valuable tool to communicate the full
range of available products to our Group
customers in other divisions, and Kelly’s
Eye products are now being distributed
through both Sceptre and Lotteryking
sales channels.
The Kelly’s Eye product line has expanded
to include newly popular indoor games
such as poker whilst retaining perennial
favourites such as bingo and darts. 
These activities offer pub operators the
opportunity to attract and retain a client
base both through themed evenings and
team-based competitions, and Sceptre is
well-placed to capitalise on the growth of
this market in pubs across the UK.
Support division
The support and technical functions 
of the Group are now fully integrated.
Machine service, installation, collection,
warehousing and distribution were all fully
consolidated two months after the reverse
takeover . Administrative, Finance and ICT
functions were also centralised at our
Preston head office within six months of
the transaction date. As I have stated
before, however , the value to be derived
from the expanded group will come 
from revenue enhancement rather than
cost reduction.
The consolidation of warehouse and
production into our Preston head office
resulted in the closure of premises
previously operated in the North-East 
and Cardiff, and we successfully sublet 
or terminated the leases on these two
locations in Spring 2009, reducing our
cost base in these areas.
The Group’s new customer service centre
opened at our head office in Spring 2009,
allowing our technical team to view and
manage service calls in real time across all
of our depots. Each service call, which is
communicated electronically to our team
of 90 field-based engineers, is tracked 
and monitored to ensure that our target
response times are met. This continued
investment underlines our commitment to
customer service, and will allow us to keep
Sceptre’s response times to a minimum,
ensuring that our assets are earning
money for our customers more of 
the time.
Machine Rental Income
£36.4m
(2008: £21.0m)
A vailable service cover days per year
364
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Popular in pubs since the 1970s,
pool tables can generate a great
deal of income through their own
take or over the bar . Over 5m
people play pool every week in 
the UK. 
62,000
pool tables operated in the UK
Source: British Association
of Pool T able Operators
Chief Executive’s Review
continued
14 Sceptre Leisure plc
Annual report and accounts 2009
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Sceptre Leisure plc grew strongly during
the year under review, increasing market
share by attracting high-quality customers
from our competitors. We aim to continue
that organic growth during 2009–10, and
have made a positive start to the year
with further contract awards from
Whitbread Leisure for approximately 
50% of their nationwide business, and
also from regional pub operator Larder
Leisure in the North-East of England.
These new machines will be installed
during the second quarter of the current
financial year .
Our FOBT operation continues to expand
with a new sole-supply agreement for
Scotbet from 1 September , to whom we
were previously contracted for 50% of
their terminals. Our continued trials with
Coral have also now moved into a more
advanced six-month extension period.
We have increased the number of pub and
club lottery terminals since April, with a
5% uplift in numbers across the country
in the last five months.
In summary, in the first few months of the
current year trading levels have continued
the established trend of year-on-year
growth, and we remain in line with our
performance expectations.
We will also look to grow through
acquisition if suitable targets can be found
that complement our existing business.
Our recent share placing for £5.5m gives
us the ability to follow this dual strategy 
of organic and acquisitive growth.
The increases in stakes and prizes in June
2009 provided a welcome boost to the
AWP market, and Sceptre has benefited
from increased rentals on the new and
converted machines. Our customers are
also now seeing benefit from the roll-out 
of machines offering increased stake and
prizes through increased machine takings.
Our partnership with Videobet and
Playtech gives us exclusive access to
market-leading technology, and we will
work with them to develop our digital
offering in the coming months.
We will also continue to increase revenue
through the cross-selling of our full
product portfolio into our Group-wide
customer base of over 10,000 locations.
As we have demonstrated over the past
year our business continues to improve
operating margins and grow despite 
the general economic conditions and
continued pub closures. We are confident
that we can not only maintain, but build
on, our strong performance last year in
the coming 12 months.
Ken Turner
Chief Executive Officer 
7 October 2009
Overview Business Review Governance Financial statements Other information
Sceptre Leisure plc 15
Annual report and accounts 2009
Sceptre Leisure Service Centres
HEAD OFFICE T: 01772 694 242
BIRMINGHAM T: 0121 559 7568
BRISTOL T: 0117 955 4044
CARDIFF T: 0292 104 0103
CREWE T: 01606 594 952
LEEDS T: 0113 242 8106
LONDON (E) T: 01708 805 794
LONDON (W) T: 020 8589 0002
NOTTINGHAM T: 0115 932 6349
PL YMOUTH T: 01752 696 105
PRESTON T: 01772 628 510
SCOTLAND T: 01698 844 087
WASHINGTON T: 0191 416 6646
Birmingham
London (W)
Bristol
Crewe
Washington
Scotland
Preston
Leeds
AWP maximum prize value
£70
(2008: £35)
Increase in average weekly
machine rental income
+23%
London (E)
Nottingham
Cardiff
Plymouth
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Creating shareholder value
16 Sceptre Leisure plc
Annual report and accounts 2009
Introduction
I would like to take the opportunity to
review some key areas of our financial
performance in the year under report.
Revenue
Group turnover increased by 83% to
£39.2m, as the benefit of acquisitions
materialised along with new major
contracts awarded within the year . 
Rental income increased by 7 4% to
£36.4m with new revenue streams
amounting to £2.5m.
Profitability
Operating profit before exceptional items
increased by 93% to £3.7m, whilst profit
before tax before exceptional items
increased by 7 4% to £1.8m. The machine
sales and rental division, representing
94% of the Group revenues increased
operating profit by 58% to £4.2m.
Corporate overheads amounted to £0.5m
and comprised the costs of the Board,
legal, professional and other fees
connected with running a public company
in the period following the reverse
takeover of Gamingking plc.
There was also an employee share-based
payment charge recognised in the year of
£0.1m (2008: £nil).
Finance costs
The net finance costs charged to income
were £1.9m (2008: £0.9m), of which £1.5m
was cash interest. The balance related to a
non-cash, interest rate swap movement of
£0.4m loss (2008: £7 ,000 gain). This
derivative contract was a condition of the
Group’s banking agreements with HBOS.
Earnings per share
Basic earnings per share before
exceptionals at 3.6p (2008: 2.4p)
increased by 50%.
Key Performance Indicators
The Board of Sceptre Leisure plc monitors
a range of financial and non-financial
performance indicators, reported on a
periodic basis, to measure performance
against expected targets. These include:
Financial 2009 2008
1 Earnings per share before 
exceptional items 3.6p 2.4p
2 EBITDA £13.0m £7 .2m
Non-financial
3 Machine numbers 20,921 15,183
4 Machine week 
average £38.92 £31.62
5 Pieces/personnel 
ratio 46 45
6 Asset utilisation 95% 94%
Definitions
1. Earnings per share is calculated in note
12 to the group accounts.
2. EBITDA is earnings before interest,
income tax expense, depreciation,
amortisation, exceptional items
(including goodwill impairment) 
and share-based payment.
3. Machine numbers is the number 
of machines operated by the Group.
4. Machine week average is the seven day
average gross rent received by the
Group per machine operated.
5. Pieces/personnel ratio is the number 
of machines operated per person
employed within Sceptre Leisure
Solutions.
6. Asset utilisation is the percentage 
of machines currently sited.
Capital expenditure
Capital expenditure was £14.8m in 2009.
The level of capital expenditure on
replacement machines amounted to
£8.3m and £5.6m spent on investment
capital for new contracts and new
products. Consolidation of warehouse,
production and head office facilities
incurred capital expenditure of £0.2m with
remaining £0.7m spent on motor vehicles.
Reverse takeover of Gamingking plc
On 29 September 2008, Gamingking plc
bought Orb Holdings Limited in a share-
for-share transaction, and subsequently
changed its name to Sceptre Leisure plc.
Due to the relative values of the two
groups, following the transaction Orb’s
shareholders became the majority
shareholders, with 85% of the enlarged
share capital, and the substance of the
combination was therefore that Orb
Holdings Limited acquired Gamingking plc
in a reverse takeover .
Note 1 to the financial statements fully
explains the transaction. In summary,
however , the figures for the year ended 
30 April 2009 represent almost five
months of Orb Holdings operations,
together with a little over seven months 
of the combined new group. The Group
figures used as comparatives represent
only Orb Holdings in the prior year .
The acquisition price of Gamingking plc 
is broken down in note 15. As part of the
transaction, the Directors reviewed the
acquired group in order to assign a value
to intangible assets purchased. The brand
names for both Lotteryking and Kelly’s
Eye, together with their customer
relationships within the registered
members club market, were valued 
using a discounted cash flow method 
as required under IFRS. These intangible
assets are being amortised over a 20-year
period. The revaluation of the assets 
also gave rise to a deferred tax liability,
which has been recognised as part of 
the transaction.
13257_R&A_09_p06-p19.qxd:13257_R&A_09_p06-p19.qxd  8/10/09  16:52  Page 16 Exceptional costs
Following the transaction, the Group
incurred certain one-off restructuring
costs. These centred on provisions for
redundancy and onerous leases for
properties which are no longer required.
All onerous lease amounts payable have
been fully provided for up to the first
available term break. These costs are 
set out in note 4 to the consolidated
financial statements.
Prior year adjustment
Following a review of accounting for
accrued income during the year , an 
under-accrual of cost associated with 
this income came to light. The Directors
considered that the error would be
material to the prior year’s Group figures
if left unadjusted. T o enable a more
accurate assessment of the relative
performances between the year 
under review and the prior period, an
adjustment was made. The impact is 
to increase cost of sales by £270,000 
in 2008. Trade and other payables 
are increased by £270,000 in 2008
(£194,000 net of deferred tax liability
reduced at 28%), and £66,000 in 2007
(£47 ,000 net of deferred tax at 28%) 
with a corresponding decrease in reserves
brought forward. This information is also
disclosed in note 5 to the accounts.
Financing
Net debt increased to £19.3m compared 
to £18.0m as at 29 April 2008. This
increase is principally as a result of
acquiring Gamingking plc and significant
capital investment for new business, new
products and reorganistion of the
combined group.
As part of the transaction above, the
Group successfully renewed its banking
facilities with HBOS. At the end of April
2009 bank debt stood at £10.7m (April
2008: £11.2m), made up of a loan of £8.3m
and overdraft of £2.4m (April 2008: loan
£10.1m, overdraft £1.1m). The loan is
repayable over a five-year term ending 
in September 2012. We are currently in
discussion with our bankers regarding
future facilities. Full details are 
set out in note 1 to the consolidated
financial statements.
During the year , the Group also settled 
an outstanding loan liability of £0.4m
relating to pre-acquisition borrowings by
Gamingking plc. T otal loan repayments
during the year were £2.2m.
In addition, a vendor loan of £2.2m
remains outstanding. This loan was
created on the acquisition of the Crown
Leisure estate, and is repayable by 2012,
with capital repayments beginning in
September 2009.
The Group uses finance leasing to 
acquire certain of its plant and equipment.
At the end of April 2009, asset finance
outstanding totalled £7 .2m (April 2008:
£5.1m). The leases are held with various
financial institutions under differing
terms, but in general machine assets 
are financed over a period of 24 months,
with commercial vehicles financed over 
a period of up to 48 months. Repayments
of finance lease facilities during the period
totalled £7 .9m.
Cash and cash equivalents decreased 
by £1m to £1.6m, primarily as a result 
of acquiring the Gamingking business. 
In June 2009 , the placing of 16,603,400
shares raising £5.5m ensures the Group
can continue with its growth strategy
without the same reliance on asset
finance providers.
All key financing covenants have been
met for the period.
Financial risk treasury management
The majority of the Group’s borrowings
are fixed through a combination of fixed
rate securitised debt and interest rate
swaps. The banking and covenants are
reviewed throughout the year as part 
of the internal reporting process with 
a focus on ensuring appropriate
headroom is available. 
Interest rate risk
The Group uses an interest rate collar 
to manage its exposure to interest rate
movements on its bank borrowings.
Contracts covering notional amounts
equivalent to the bank loan restrict
interest payments at rates between 
4.7% and 5.75% over the life of the 
loan. The fair value of the collar at the
reporting date is reflected in the Group
balance sheet under the derivative
financial instrument heading.
Currency rate risk
The Group buys currency at spot rate,
however in recent months the Group 
has increased trading with overseas
companies and recognises that its
exposure may increase in the future. The
Group will look to minimise any increased
exposure to foreign exchange through the
use of currency instruments, if appropriate.
Liquidity risk
The Group’s approach to managing
liquidity is to ensure, as far as possible,
that it has sufficient liquidity to meet 
its liabilities as they fall due with surplus
facilities to cope with any unexpected
variances in timing of cash flows. 
At 30 April 2009, the Group had undrawn
borrowing facilities of £3.1m (2008:
£5.7m), of which £1.2m (2008: £1.9m)
were uncommitted.
T axation
The effective tax rate for the year was
26.7% (2008: 10.5%).
Lesley Humphrys
Finance Director 
7 October 2009
Overview Business Review Governance Financial statements Other information
Sceptre Leisure plc 17
Annual report and accounts 2009
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Annual report and accounts 2009
Principal risks and uncertainties
Risk is a natural part of any business. The Group has identified, evaluated and has
mitigating strategies for the principal risks faced by the business.
Although it is not possible entirely to eliminate risks, all reasonable steps are taken 
to ensure that any adverse consequences associated with these risks are minimised.
The Board has identified the following factors as principal potential risks to the
successful operation of the business.
Risk description Potential impact Mitigation
Damage to customer relationships
Loss of operational knowledge
Short/medium-term disruption to
the business
Ensure that succession planning in place at 
all levels
Review and assess career development 
options for key personnel
Review and benchmark remuneration 
nd beneﬁts
Annual performance reviews to highlight
problems early
People
Loss of key personnel
Limit to the Group’s ability to fund
capital expenditure for continued
growth or machine injection
Ensure alternative sources of investment
available if required – equity investment/bank
Develop relationships with a range of asset
ﬁnance providers to spread risk
Maintain regular contact with existing
providers to build relationships
Re-assess growth forecasts and equipment
requirements
Financial
Withdrawal of asset
ﬁnance lines
Large-scale closures of pubs and
other customer locations
Reduction in future proﬁtability 
and cash ﬂow
Limit to the Group’s ability 
to achieve its strategy in 
target markets
Failure to provide shareholder value
Monthly reports by business units to identify
trading performance against forecast
Monitoring of KPIs and staff/machine ratios
Swift actions taken to reduce capacity and
overhead where necessary
Economic
Prolonged economic
recession in the UK
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Sceptre Leisure plc 19
Annual report and accounts 2009
Risk description Potential impact Mitigation
Reduction in target market
Limit to Group’s ability to 
meet targets
Reduction in future proﬁtability 
and cash ﬂow
Consider sales opportunities in different
operating sectors
Ensure professional advice sought
Supply input to government consultations
Review customer contracts to ensure 
tax-speciﬁc risk lies with them
Regulatory
Industry-speciﬁc
increases in tax and
duties
Operational disruption to rectify
security problems
Reduced machine take to affect
customer proﬁtability
Security department to investigate all 
machine frauds
Work with manufacturers to retro-ﬁt new
devices on existing machines
Ensure new machines meet highest 
available standards
Prolonged and
signiﬁcant machine
frauds
Reduction in future proﬁtability 
and cash ﬂow
Ensure increasing customer spread to reduce
reliance on single large customer
Regular review of performance against service
level agreements
Review customer solvency to ensure likelihood
of continued trading
Ensure adequate review of all tenders for new
business at appropriate level
Loss of major customer
Reduction in future proﬁtability 
and cash ﬂow
Ensure high level of pre-acquisition 
due diligence
Ensure adequate professional advice sought
and received
Review post-acquisition integration and
operational planning
Monthly ﬁnancial and operation performance
reviews of acquired business units
Operational
Poorly performing
acquisition
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Annual report and accounts 2009
Directors, Secretary and Advisors
Directors
Douglas Y ates
Chairman
Kenneth T urner
Chief Executive
Lesley Humphrys
Finance Director
Brian Nichols
Managing Director Lotteryking
Guy van Zwanenberg
Non-Executive Director
Victor Wardman
Non-Executive Director
Company Secretary
Guy van Zwanenberg
Registered Office
20 Blackfriars Lane
London
EC4V 6HD
Registered Number
31897 47
NOMAD and Broker
Seymour Pierce Limited
20 Old Bailey
London
EC4M 7EN
Auditor
KPMG Audit Plc
St James Square
Manchester
M2 6DS 
Solicitors
Napthens LLP 
St Andrews House 
Wellington Street
Blackburn
BB1 8DB
Mayer Brown Rowe & Maw LLP
11 Pilgrim Street
London
EC4V 6RW
Registrars
Capita IRG 
The Registry 
34 Beckenham Road 
Beckenham 
Kent 
BR3 4TU
Bankers
Bank of Scotland Plc 
The Mound 
Edinburgh 
EH1 1YZ
Website
www.sceptreleisureplc.co.uk
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Sceptre Leisure plc 21
Annual report and accounts 2009
Directors’ Report
The Directors present their Directors’
Report and financial statements for the
year ended 30 April 2009.
Principal activities and business review
The principal activity of the Group is the
sale and rental of gaming and amusement
machines and associated ancillary items.
A review of the year’s activities, financial
performance and future prospects are
contained in the Chief Executive’s and
Finance Director’s Reviews on pages 8 to
17 and form part of this Directors’ Report.
Key performance indicators
During the year , the Directors monitored
the progress of the overall Group and
subsidiary company strategies by
reference to certain financial and non-
financial key performance indicators.
These key performance indicators (KPIs)
are monitored on a monthly basis and are
set out in the Finance Director’s Review on
pages 16 to 17 .
Principal risks and uncertainties
A review of the principal risks and
uncertainties is on pages 18 to 19 and
forms part of this Directors’ Report.
Proposed dividend
The Directors do not recommend the
payment of a dividend (2008: nil).
Directors
From 29 September 2008, the Directors
of Sceptre Leisure plc were as follows:
Douglas Y ates
Kenneth Turner
Lesley Humphrys
Brian Nichols
Guy van Zwanenberg
Victor Wardman
Kenneth Turner , who was appointed a
Director since the last annual general
meeting, retires in accordance with the
articles of association and, being eligible,
offers himself for re-election.
Lesley Humphrys, who was appointed a
Director since the last annual general
meeting, retires in accordance with the
articles of association and, being eligible,
offers herself for re-election.
Victor Wardman, who was appointed a
Director since the last annual general
meeting, retires in accordance with the
Articles of Association and, being eligible,
offers himself for re-election.
Directors’ interests
The Directors’ beneficial interests in the
shares of the Company relate to Orb
Holding Limited as at 29 April 2008, and
to Sceptre Leisure plc as at 30 April 2009.
The Directors’ beneficial interests in the
shares of the Company are as follows:
30 April 2009 29 April 2008 
Sceptre Leisure plc Orb Holdings Limited
5p ords 1p ords
Number Percentage Number Percentage
Douglas Y ates 13,000 0.03 ——
Kenneth Turner 10,921,761 28.18 84,601 33.15
Lesley Humphrys 994,049 2.56 7, 7 00 3.02
Brian Nichols 320,853 0.83
Guy van Zwanenberg 40,200 0.10
Victor Wardman 10,921,632 28.18 84,600 33.15
Directors’ interests in share options are set out in note 25 to the financial statements.
Substantial interest in share capital
As at 1 October 2009 the Company was aware of the following holdings, in addition to those of the Directors disclosed above, of 3% 
or more of the nominal value of the Company’s shares.
Name Shareholding %
Hillroad Investments Limited 16,603,400 29.99
Anthony Y ates 5,434,997 9.82
Stuart Jackson 2,168,835 3.92
The interests and percentages shown above are calculated by reference to the Company share capital in issue following the
placement of 16,603,400 shares on 3 July 2009, which enlarged the number of shares in issue to 55,363,120. This transaction 
was approved by shareholders at a general meeting held on 2 July 2009, details of which were communicated to shareholders 
on 17 June 2009.
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Annual report and accounts 2009
Directors’ Report
continued
Financial instruments
The Group’s treatment of financial
instruments is disclosed in note 1 to the
financial statements.
Employees
Briefing and consultative procedures 
exist throughout the Group to keep
employees informed on general business
issues and other matters of concern. 
It is the Group’s policy that there should
be no discrimination on grounds of race,
religion, age or gender in considering
applications for employment. 
All employees are given equal
opportunities in terms of career
development and promotion.
Disabled employees
The Group gives full consideration 
to applications for employment from
disabled persons where the requirements
of the job can be adequately fulfilled.
Where existing employees become
disabled, it is the Group’s policy wherever
practical to provide continuing
employment under normal terms and
conditions. As stated above, all employees
are given equal opportunities in terms of
career development and promotion.
Policy and practice on payment 
of creditors
It is the Group’s policy to agree the terms
of payment with each of its suppliers at
the commencement of the trading
relationship and to abide by those 
terms. At the year end there were 
47 days (2008: 62 days) purchases 
in trade payables.
Political and charitable contributions
Charitable donations during the year
totalled £3,300 (2008: £2,900). 
No political contributions were made by
the Company or any of its subsidiaries.
Forward-looking statements
Any forward-looking statements made in
this document represent the Board’s best
judgement as to what may occur in the
future. However , the Group’s actual fiscal
results and corporate developments in the
current and future periods will depend on
a number of economic, competitive and
other factors some of which will be
outside the Group’s control. Such factors
could cause the Group’s actual results for
future periods to differ materially from
those expressed in any forward-looking
statements in this document.
Board composition
The Group is controlled through its Board
of Directors. The Board comprises the
Non-Executive Chairman and two other
Non-Executive Directors, the Chief
Executive, Finance Director and one other
Executive Director . The Board’s main roles
are to create value for the shareholders,
to approve the Group’s strategic
objectives and to ensure that the
necessary financial and other resources
are made available to enable them to
meet these objectives. Specific
responsibilities reserved to the Board
include: setting Group strategy, reviewing
operational and financial performance,
approving major acquisitions, approving
appointments to the Board and the
Company Secretary, approving policies
relating to Directors’ remuneration and
ensuring that a satisfactory dialogue takes
place with the shareholders.
The Board met 12 times during the year
under review; at each meeting the Board
receives a report from the Chief Executive,
the Finance Director and other Directors
as required.
Audit Committee
The Board has an Audit Committee, which
consists of Douglas Y ates (chairman), 
Guy van Zwanenberg, and Victor
Wardman all of whom are Non-Executive
Directors. The Audit Committee meets at
least twice yearly and is responsible for
ensuring that the financial performance 
of the Group is properly reported and
monitored and for meeting the auditors
and reviewing their reports in relation 
to the financial statements and internal
control systems. The Group’s auditor
provides some non-audit services, 
but these are not considered to threaten
their independence. The Committee
reviews the level of non-audit fees on 
an annual basis. The Audit Committee
meetings are also attended by invitation
by representatives of the Group’s auditors
and the Finance Director .
During the year the committee met 
twice to review the Group’s draft 
financial statement and interim results
statement prior to Board approval, and to
consider the external auditor’s detailed
reports thereon.
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Sceptre Leisure plc 23
Annual report and accounts 2009
Remuneration Committee
The Board has a Remuneration
Committee, the principal functions of
which are to determine the Group’s policy
on the remuneration of senior executives
and the specific remuneration package 
of each Director . The Remuneration
Committee also determines the allocation
of share options to employees. The
Remuneration Committee consists of
Victor Wardman (chairman), Douglas
Y ates and Guy van Zwanenberg, all of
whom are Non-Executive Directors. 
The Remuneration Committee meetings
are also attended by invitation by the
Chief Executive.
During the year the Committee met 
twice to review the share options schemes
and the remuneration for the fiscal 
year 2009/10.
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 Chief Executive’s Review
on pages 8 to 15. The financial position of
the Group, its cash flows, liquidity position
and borrowing facilities are described 
in the Finance Director’s Report on 
pages 16 to 17 . In addition, note 29 to the
consolidated financial statements includes
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 exposure to
credit risk and liquidity risk.
As highlighted in note 1 to the financial
statements, the Group meets its day-to-
day working capital requirements from a
bank loan and overdraft facility together
with asset finance facilities from various
providers. The overdraft facility of £3m
was renewable on 1 October 2009, and
while it has yet to be formally renewed, 
it is still being made available to the
Group. The current economic conditions
create uncertainty particularly over (a) 
the level of demand for the Group’s
products and services; and (b) the
availability of bank and asset finance 
in the forseeable future.
The Directors have prepared trading and
cash flow forecasts for a period in excess
of one year from the date of approval of
these financial statements. The forecasts
make assumptions in respect of future
trading conditions and in particular the
Directors’ estimates of growth in the
number of machines placed. The post 
year end growth and the forecast growth
in the number of machines will require
additional working capital in excess of the
facilities currently available. This is the
normal model that the Group works to
and it has the ability to reduce the level of
growth and hence capital required should
additional funds not be available.
The Group has opened renewal
negotiations with the bank, but has 
at this stage not received any written
commitment that the facility will be
renewed. During the Group’s discussions
with its bankers about its future
borrowing needs, no matters have been
drawn to its attention to suggest that
renewal may not be forthcoming on
acceptable terms.
Should sufficient funding not be agreed
with the bank, the Directors have
identified and verbally agreed alternative
sources of funding for their growth plans,
but have not yet secured a legally 
binding commitment.
Nevertheless, after making enquiries, and
considering the uncertainties described
above, the Directors have a reasonable
expectation that the Group and the
Company will have adequate resources to
continue in operational existence for the
foreseeable future. For these reasons,
they continue to adopt a going concern
basis in preparing the annual report 
and accounts.
Disclosure of information to auditors
The Directors who held office at the date
of approval of this Directors’ Report
confirm that, so far as they are each
aware, there is no relevant audit
information of which the Company’s
auditors are unaware; and each Director
has taken all the steps that he/she ought
to have taken as a Director to make
himself/herself aware of any relevant
audit information and to establish that 
the Company’s auditors are aware of 
that information.
Auditors
During the year Grant Thornton UK LLP
resigned as auditors of the Company and
KPMG Audit Plc were appointed.
In accordance with section 489 of the
Companies Act 2006, a resolution for the
reappointment of KPMG Audit Plc as
auditors of the Company is to be 
proposed at the forthcoming Annual
General Meeting.
By order of the Board
Guy van Zwanenberg 
Company Secretary
20 Blackfriars Lane 
London 
EC4V 6HD
7 October 2009
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Annual report and accounts 2009
Statement of Directors’ responsibilities in respect of the Directors’ Report 
and the financial statements
The Directors are responsible for
preparing the Directors’ Report and the
Group and parent company financial
statements in accordance with applicable
law and regulations.
Company law requires the Directors 
to prepare Group and parent company
financial statements for each financial
year . As required by the AIM Rules of the
London Stock Exchange they are required
to prepare the Group financial statements
in accordance with IFRSs as adopted by
the EU and applicable law and have
elected to prepare the parent company
financial statements in accordance 
with UK Accounting Standards and
applicable law (UK Generally Accepted
Accounting Practice).
Under company law the Directors must
not approve the financial statements
unless they are satisfied that they give 
a true and fair view of the state of affairs
of the Group and parent company and 
of their profit or loss for that period. 
In preparing each of the Group and 
parent company 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;
• for the Group financial statements, 
state whether they have been prepared
in accordance with IFRSs as adopted 
by the EU;
• for the parent company financial
statements, state whether applicable 
UK Accounting Standards 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 Group
and the parent company will continue 
in business.
The Directors are responsible for keeping
adequate accounting records that are
sufficient to show and explain the parent
company’s transactions and disclose with
reasonable accuracy at any time the
financial position of the parent company
and enable them to ensure that its
financial statements comply with the
Companies Act 2006. They have general
responsibility for taking such steps as are
reasonably open to them to safeguard the
assets of the Group and to prevent and
detect fraud and other irregularities.
The Directors are responsible for the
maintenance and integrity of the
corporate and financial information
included on the Company’s website.
Legislation in the UK governing the
preparation and dissemination of financial
statements may differ from legislation in
other jurisdictions.
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Sceptre Leisure plc 25
Annual report and accounts 2009
Independent auditors’ report to the members of Sceptre Leisure plc
We have audited the financial statements
of Sceptre Leisure plc for the year ended
30 April 2009 set out on pages 26 to 65.
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 EU.
The financial reporting framework that
has been applied in the preparation of the
parent company financial statements is
applicable law and UK Accounting
Standards (UK Generally Accepted
Accounting Practice).
This report is made solely to the
Company’s members, as a body, in
accordance with sections 495 and 496 of
the Companies Act 2006. Our audit work
has been undertaken so that we might
state to the Company’s members those
matters we are required to state to them
in an auditors’ report and for no other
purpose. T o the fullest extent permitted 
by law, we do not accept or assume
responsibility to anyone other than the
Company and the Company’s members, 
as a body, for our audit work, for this
report, or for the opinions we have formed.
Respective responsibilities of Directors
and auditors
As explained more fully in the Directors’
Responsibilities Statement set out on
page 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 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/UKNP
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 
30 April 2009 and of the Group’s profit
for the year then ended;
• the Group financial statements have
been properly prepared in accordance
with IFRSs as adopted by the EU;
• the parent company financial statements
have been properly prepared in
accordance with UK Generally Accepted
Accounting Practice;
• the financial statements have been
prepared in accordance with the
requirements of the Companies 
Act 2006.
Emphasis of matter – going concern
In forming our opinion on the financial
statements, which is not qualified, we
have considered the adequacy of the
disclosure made in note 1 to the financial
statements concerning the Group’s and
the parent company’s ability to continue
as a going concern. In particular , that the
Group has commenced discussions with
its bankers regarding renewing certain
existing facilities, obtaining additional
facilities sufficient to meet the Group’s
needs and resetting certain covenants
which the Directors forecast may be
breached in the foreseeable future. These
conditions, along with the other matters
explained in note 1 to the financial
statements, indicate the existence of 
a material uncertainty which may cast
significant doubt on the Group’s and the
parent company’s ability to continue as a
going concern. The financial statements
do not include the adjustments that would
result if the Group and the parent
company were unable to continue as a
going concern.
Opinion on other matter prescribed 
by the Companies Act 2006
In our opinion the information given in 
the Directors’ Report for the financial year
for which the financial statements are
prepared is consistent with the 
financial statements.
Matters on which we are required 
to report by exception
We have nothing to report in respect 
of the following matters where the
Companies Act 2006 requires us to report
to you if, in our opinion:
• 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.
Stuart Burdass 
(Senior Statutory Auditor) 
for and on behalf of KPMG Audit Plc,
Statutory Auditor
Chartered Accountants
St James Square
Manchester
M2 6DS
7 October 2009
13257_R&A_09_p20-p25.qxd:13257_R&A_09_p06-p19.qxd  7/10/09  18:32  Page 25 Consolidated income statement 
for the year ended 30 April 2009 
26 Sceptre Leisure plc 
 Annual report and accounts 2009 
Note 
30 April 2009
*
£000 
Restated  
29 April 2008
**
£000  
Revenue 2 39,205 21,354 
Direct costs  (28,068) (16,095) 
Gross profit  11,137 5,259 
Distribution costs  (104) (42) 
Administrative expenses – normal  (7,462) (3,295) 
Administrative expenses – exceptional 4 (236) 751 
Total administrative expenses  (7,698) (2,544) 
Profit on disposal of property, plant and equipment  154 8 
 
Operating profit 6–7 3,489 2,681 
Operating profit before exceptional items  3,725 1,930 
Exceptional items  (236) 751 
 
Operating profit  3,489 2,681 
Finance income 8 – 7 
Finance costs 9 (1,907) (891) 
Net finance expense  (1,907) (884) 
Profit before taxation  1,582 1,797 
Tax expense 10 (422) (189) 
Profit for the financial year  1,160 1,608 
Profit attributable to:   
– Equity holders of the parent  1,127 1,602 
– Minority interests  33 6 
  1,160 1,608 
Earnings per Ordinary Share   
– Basic 12 3.1p 4.9p
– Diluted  12 3.0p 4.9p
* Results for the year ended 30 April 2009 are Orb Holdings Limited for the full 12 months plus Gamingking plc from the date of acquisition, 29 September 2008. 
** Results for the year ended 29 April 2008 are of Orb Holdings Limited only adjusted from those previously published as described in note 5. 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying accounting policies and notes form an integral part of these financial statements. Consolidated balance sheet 
at 30 April 2009 
 Sceptre Leisure plc  27 
 Annual report and accounts 2009 
Overview Business Review Governance Financial statements Other information 
Note £000
30 April 2009 
£000 £000
Restated
29 April 2008
£000
Assets  
Non-current assets  
Intangible assets 13 4,924 2,166
Property, plant and equipment 14 26,854 21,732
Derivative financial instruments 23 – 7
Total non-current assets 31,778 23,905
Current assets  
Inventories 16 1,092 585
Trade and other receivables 17 4,744 2,957
Cash and cash equivalents 18 719 449
Total current assets 6,555 3,991
Total assets 38,333 27,896
Liabilities  
Current liabilities  
Trade and other payables 19 (10,365) (5,331)
Interest bearing loans and borrowings 20 (10,230) (6,074)
Total current liabilities (20,595) (11,405)
Non-current liabilities  
Trade and other payables 19 (468) (433)
Interest bearing loans and borrowings 21 (9,772) (12,411)
Deferred taxation 22 (916) (959)
Derivative financial instruments 23 (414) –
Total non-current liabilities (11,570) (13,803)
 
Total liabilities (32,165) (25,208)
 
Net assets  6,168 2,688
Equity   
Share capital 26 4,554 3
Share premium account 27 173 38
Merger reserve 27 (2,332) 104
Retained earnings 27 3,733 2,536
Equity attributable to equity holders of the parent 6,128 2,681
Minority interest 27 40 7
Total equity 6,168 2,688
These financial statements were approved by the Board of Directors on 7 October 2009 and were signed on its behalf by: 
 
 
Kenneth Turner 
Director 
 
 
 
The accompanying accounting policies and notes form an integral part of these financial statements.  Consolidated cash flow statement 
for the year ended 30 April 2009 
28 Sceptre Leisure plc 
 Annual report and accounts 2009 
Note £000
30 April 2009 
£000 £000
Restated
29 April 2008
£000
Cash flows from operating activities  
Profit before taxation 1,582 1,797
Adjustments for:  
Depreciation 9,002 5,240
Amortisation 206 60
Recognition of negative goodwill – (979)
Equity-settled share options 97 –
Profit on disposal of property, plant and equipment (154) (8)
Finance loss/(gain) on derivative financial instruments 421 (7)
Finance costs 1,486 891
Cash flows from operating activities before changes  
in working capital  12,640 6,994
Changes in working capital:  
Increase in inventories (217) (16)
Increase in trade and other receivables (1,213) (850)
Increase in trade and other payables 2,872 4,231
Cash generated from operations 14,082 10,359
Finance costs (1,323) (891)
Income tax received/(paid) 7 (112)
Net cash from operating activities 12,766 9,356
Cash flows from investing activities  
Purchase of business net of cash acquired (652) (12,903)
Purchase of property, plant and equipment (6,915) (4,453)
Sale of property, plant and equipment 1,907 602
Net cash used in investing activities (5,660) (16,754)
Cash flows from financing activities  
Movement in bank loans and loan notes (2,225) 9,392
Finance lease rental drawdowns/(payments) (5,850) (2,617)
Equity dividends paid – (160)
New shares issued – 20
Net cash (used in)/generated from financing activities (8,075) 6,635
Net decrease in cash and cash equivalents (969) (763)
Cash and cash equivalents at start of period (668) 95
Cash and cash equivalents at end of period 18 (1,637) (668)
 
 
 
 
 
 
 
 
 
 
 
The accompanying accounting policies and notes form an integral part of these financial statements.  Consolidated statement of changes in equity  
attributable to equity holders of the parent 
 
 Sceptre Leisure plc 29 
 Annual report and accounts 2009 
Overview Business Review Governance Financial statements Other information 
Restated 
29 April 2008 
Share capital 
£000 
Share premium 
account
£000
Merger reserve
£000
Retained 
earnings
£000
Equity 
attributable to 
equity holders of 
the parent 
£000 
Minority 
interest
£000
Total equity
£000
At 30 April 2007 
(restated – see note 5) 3 18 104 1,094 1,219 – 1,219
Profit for the financial year 
as previously reported – – – 1,792 1,792 11 1,803
Prior year adjustment 
(see note 5) – – – (265) (265) (5) (270)
Taxation effect of prior year 
adjustment (see note 5) – – – 75 75 1 76
Dividends – ––(160)(160) –(160)
Issue of shares in the year 
and net premium – 20 – – 20 – 20
At 29 April 2008 (restated) 3 38 104 2,536 2,681 7 2,688
 
30 April 2009 
Share capital 
£000 
Share premium 
account
£000
Merger reserve
£000
Retained 
earnings
£000
Equity 
attributable to 
equity holders of 
the parent 
£000 
Minority 
interest
£000
Total equity
£000
At 29 April 2008 (restated) 3 38 104 2,536 2,681 7 2,688
Adjustments arising from 
reverse acquisition 4,551 135 (2,436) – 2,250 – 2,250
Profit for the financial year – – – 1,127 1,127 33 1,160
Employee share-based 
payments – – – 97 97 – 97
Taxation effect of employee 
share-based payment – – – (27) (27) – (27)
At 30 April 2009 4,554 173 (2,332) 3,733 6,128 40 6,168
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying accounting policies and notes form an integral part of these financial statements.  Notes 
(forming part of the financial statements) 
30 Sceptre Leisure plc 
 Annual report and accounts 2009 
1 Accounting policies 
Basis of preparation 
Sceptre Leisure plc is a company incorporated and domiciled in the UK.  
These financial statements were authorised for issue by the Board of Directors on 7 October 2009. 
The Group financial statements consolidate those of the Company and its subsidiaries (together referred to as the ‘Group’).  
The parent company financial statements present information about the Company as a separate entity and not about its Group. 
The Group financial statements have been prepared and approved by the Directors in accordance with International Financial 
Reporting Standards as adopted by the EU (‘Adopted IFRSs’). The Company has elected to prepare its parent company financial 
statements in accordance with UK GAAP; these are presented on pages 59 to 65. 
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these 
Group financial statements.  
Judgements made by the Directors, in the application of these accounting policies that have significant effect on the financial 
statements and estimates with a significant risk of material adjustment in the next year are discussed in note 33. 
Going concern 
The Group meets its day-to-day working capital requirements from a bank loan and overdraft facility, together with an asset finance 
facility (see notes 20–21). Of the overdraft facility of £3m (which was formally renewable on 1 October 2009), the Group had utilised 
£2.4m at 30 April 2009. While the overdraft facility has yet to be formally renewed, it is still being made available to the Group.  
In discussions with Lloyds Banking Group, a representative has also verbally confirmed that they consider the Company “credit 
stable” under the Basel II framework and recognise the fact that profitability continues to increase. 
The asset finance facility is available to part-finance the purchase of machines and the Group had utilised £7.2m at 30 April 2009. 
New asset funding sources have been confirmed and added to the Group facility since the year end. 
In addition, subsequent to the year end, on 3 July 2009 the Company issued new shares for cash consideration of £5.5m (see note 
32). This money was raised from a supportive party who has verbally indicated that additional debt funding would be made available
should the Company require it. 
Subsequent to the year end trading has been positive. The Group has continued its capital expenditure programme, and together 
with the £5.5m received from the share issue, the overdraft facility is £2.7m as at 30 September 2009 with asset financing of £5.8m. 
The bank loan is made available subject to a number of covenant tests, notably in respect of interest cover, gearing and debt 
servicing cover. In accordance with the terms of the existing facility, the interest cover covenant ratio became tighter from  
1 May 2009 and is due to tighten further from 1 November 2009. At the date of authorisation of these financial statements,  
the Group was not in breach of any of these covenants and continues to make interest and capital payments in accordance with 
their terms. 
The Directors have prepared trading and cash flow forecasts for a period in excess of one year from the date of approval of  
these financial statements. The forecasts make assumptions in respect of future trading conditions and in particular the Directors’ 
estimates of growth in the number of machines placed. The post year end growth and the forecast growth in the number of 
machines will require additional working capital in excess of the facilities currently available. This is the normal model that  
the Group works to and it has the ability to reduce the level of growth and hence capital required should additional funds not  
be available. 
However, those forecasts indicate that, as a result of the tightening of the interest cover covenant ratio explained above, the Group 
is likely to breach this covenant in the foreseeable future, unless it is reset. A breach of covenants would technically result in the 
loan becoming repayable on demand. 
In light of the current economic environment, the Directors have also prepared sensitised forecasts. However, the revenue derived 
from each machine is relatively fixed and any reduction in forecast growth would potentially reduce the Directors’ forecast of the 
required facilities. 
In light of the Directors’ forecasts, and as further explained in the business review on pages 6 to 19, the Group has commenced 
discussions with its bankers with the objective of: 
• formally renewing the Group’s existing overdraft facility at the existing value of £3m. These facilities were last renewed  
on 1 October 2008; 
• obtaining additional facilities suitable for the Group’s needs in order to provide further growth capital for the business; 
• amending the interest cover covenant ratios suitable for the Group’s needs.   
 
 Sceptre Leisure plc 31 
 Annual report and accounts 2009 
Overview Business Review Governance Financial statements Other information 
1 Accounting policies (continued) 
Those discussions, which are progressing positively, have been held up by consolidation of personnel within the Lloyds Banking 
Group. It is expected that these discussions will be concluded favourably within the next few weeks.  
Should sufficient funding not be agreed with the bank, the Directors have identified and verbally agreed alternative sources of 
funding for their growth plans, but have not yet secured a legally binding commitment. 
The Directors have concluded that the above circumstances represent a material uncertainty that may cast significant doubt upon 
the Group and the Company’s ability to continue as a going concern. Nevertheless, after making enquiries, and considering the 
uncertainties described above, the Directors have a reasonable expectation that the Group and the Company will have adequate 
resources to continue in operational existence for the foreseeable future. For these reasons, they continue to adopt a going concern 
basis in preparing the annual report and accounts. 
Measurement convention 
The financial statements are prepared on the historical cost basis except that derivative financial instruments are stated at their  
fair value. 
Basis of consolidation 
Reverse acquisition accounting 
The financial statements of the Group for the year ended 30 April 2009 comprise Sceptre Leisure plc (‘Company’ – formerly 
Gamingking plc) and its subsidiaries (together referred to as the ‘Group’). 
On 29 September 2008 the Company, then named Gamingking plc, became the legal parent company of Orb Holdings Limited 
(parent company of Sceptre Leisure Solutions Limited) in a share for share transaction. Due to the relative values of the companies, 
the former Orb Holdings Limited shareholders became the majority shareholders with 85% of the enlarged share capital. Following 
the transaction the Company’s continuing operations and executive management were predominantly those of Orb Holdings 
Limited. Accordingly the substance of the combination was that Orb Holdings Limited acquired Gamingking plc in a reverse 
acquisition. As part of the business combination Gamingking plc changed its name to Sceptre Leisure plc. 
As a consequence of applying reverse acquisition accounting, the results of the Group at 30 April 2009 comprise the results of Orb 
Holdings Limited for the year ended 30 April 2009 and those of Gamingking plc from 29 September 2008. The comparative figures 
for the Group are those of Orb Holdings Limited for the year ended 29 April 2008. The fair values of Gamingking plc’s assets and 
liabilities as at 29 September 2008 have been consolidated as set out in note 15. 
The comparative figures for the financial year ended 29 April 2008 are not the Company’s consolidated statutory accounts for  
that financial year, but are derived from the accounts of Orb Holdings Limited. The 2008 consolidated results were prepared in 
accordance with EU-IFRSs and were presented in the Admission Document dated 2 September 2008. 
The accounts for the financial year ended 30 April 2008, which were prepared under UK GAAP and which, prior to the reverse 
acquisition, dealt with the basis of Gamingking plc in a full 12 months, have been reported on by the then auditor, Grant Thornton 
LLP, and delivered to the Registrar of Companies. 
Subsidiaries 
Subsidiaries are entities controlled by the Group. Control exists when the Group has the power, directly or indirectly, to govern the 
financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, potential voting rights 
that are currently exercisable or convertible are taken into account. The financial statements of subsidiaries are included in the 
consolidated financial statements from the date that control commences until the date that control ceases.  Notes 
(forming part of the financial statements) continued 
32 Sceptre Leisure plc 
 Annual report and accounts 2009 
1 Accounting policies (continued) 
Functional currency 
The presentational currency adopted by the Group is Sterling (£). The functional currency of all Group companies is Sterling (£). 
Classification of financial instruments issued by the Group 
Following the adoption of IAS 32, financial instruments issued by the Group are treated as equity only to the extent that they meet 
the following two conditions:  
(a) they include no contractual obligations upon the Group to deliver cash or other financial assets or to exchange financial assets 
or financial liabilities with another party under conditions that are potentially unfavourable to the Group; and  
(b) where the instrument will or may be settled in the Company’s own equity instruments, it is either a non-derivative that includes 
no obligation to deliver a variable number of the Company’s own equity instruments or is a derivative that will be settled by the 
Company exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments. 
To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where the instrument so 
classified takes the legal form of the Company’s own shares, the amounts presented in these financial statements for called up 
share capital and share premium account exclude amounts in relation to those shares.  
Non-derivative financial instruments 
Non-derivative financial instruments comprise investments in equity and debt securities, trade and other receivables, cash and cash 
equivalents, loans and borrowings, and trade and other payables. 
Trade and other receivables 
Trade and other receivables are recognised initially at historical cost. Subsequent to initial recognition they are measured at 
historical cost, less any impairment losses. An assessment of whether a trade or other receivable is impaired is made at each 
reporting date. For receivables, this is based on the latest credit information available, i.e. recent counterparty defaults and external 
credit information. Financial assets that are substantially past due are also considered for impairment. 
Trade and other payables 
Trade and other payables are recognised at historical cost. 
Cash and cash equivalents 
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an 
integral part of the Group’s cash management are included as a component of cash and cash equivalents for the purpose only of the 
cash flow statement. 
Interest-bearing borrowings 
Interest-bearing borrowings are recognised when the Group becomes a party to the contractual agreements of the instrument.  
All interest-related charges are included in the income statement line item ‘finance costs’.   
 
 Sceptre Leisure plc 33 
 Annual report and accounts 2009 
Overview Business Review Governance Financial statements Other information 
1 Accounting policies (continued) 
Property, plant and equipment 
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. 
Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of 
property, plant and equipment. 
Leases in which the Group assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance 
leases. Leased assets acquired by way of finance lease are stated at an amount equal to the lower of their fair value and the present 
value of the minimum lease payments at inception of the lease, less accumulated depreciation and less accumulated impairment 
losses. Lease payments are accounted for as described below. 
Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of each part of an item of 
property, plant and equipment. The estimated useful lives are as follows: 
• Short leasehold property  over the life of the lease 
• Plant and machinery   2–7 years 
• Fixtures, fittings and equipment  3 years 
•Motor vehicles    3 years 
• Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. 
Intangible assets and goodwill 
Goodwill 
All business combinations are accounted for by applying the purchase method. Goodwill represents the difference between the cost 
of the acquisition and the net fair value of the identifiable assets, liabilities and contingent liabilities acquired. Identifiable intangibles 
are those which can be sold separately or which arise from legal rights regardless of whether those rights are separable. 
Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not 
amortised but is tested annually for impairment. In respect of equity accounted investees, the carrying amount of goodwill is 
included in the carrying amount of the investment in the investee. 
Negative goodwill arising on an acquisition is recognised immediately in profit or loss. 
Customer contracts and relationships 
On business combinations where there are legally binding machine rental contracts with customers the Group initially recognises 
those contracts at fair value by reference to the incremental contribution inherent in those contracts. The incremental contribution 
is calculated by reference to incremental profits, cost savings or cash flows that accrue to the Group as compared to those profits, 
cost savings and cash flows that would accrue without the acquired customer contracts and relationships. 
The customer contracts and relationships acquired in the Crown Leisure Limited acquisition are being amortised over 18 years being 
the estimated useful economic life of the asset. The customer contracts and relationships acquired in the Gamingking plc reverse 
acquisition are being amortised over 20 years being the estimated useful economic life of the asset. 
Other intangible assets 
Expenditure on internally generated goodwill and brands is recognised in the income statement as an expense as incurred. 
Other intangible assets that are acquired by the Group are stated at cost less accumulated amortisation and accumulated 
impairment losses. 
Amortisation  
Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets unless 
such lives are indefinite. Intangible assets with an indefinite useful life and goodwill are systematically tested for impairment at each 
balance sheet date. Other intangible assets are amortised from the date they are available for use. The estimated useful lives are  
as follows: 
• Customer contracts and relationships 18–20 years 
•Brand names     25 years  Notes 
(forming part of the financial statements) continued 
34 Sceptre Leisure plc 
 Annual report and accounts 2009 
1 Accounting policies (continued) 
Inventories 
Inventories are stated at the lower of cost and net realisable value. For finished goods, cost is taken as cost incurred to date, which 
includes an appropriate proportion of directly attributable overheads. Net realisable value is determined as estimated selling price 
less all costs of completion. 
Provision is made where necessary for obsolete, slow moving inventory where it is deemed that the costs incurred may not  
be recoverable. 
Impairment excluding inventories and deferred tax assets 
The carrying amounts of the Group’s assets, are reviewed at each balance sheet date to determine whether there is any indication 
of impairment; a financial asset is considered to be impaired if objective evidence indicates that one or more events have had  
a negative effect on the estimated future cash flows of that asset. If any such indication exists, the asset’s recoverable amount  
is estimated.  
For goodwill, assets that have an indefinite useful life and intangible assets that are not yet available for use, the recoverable 
amount is estimated at each balance sheet date. 
An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable 
amount. Impairment losses are recognised in the income statement. 
Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill 
allocated to cash-generating units and then to reduce the carrying amount of the other assets in the unit on a pro rata basis.  
A cash-generating unit is the smallest identifiable group of assets that generates cash inflows that are largely independent of the 
cash inflows from other assets or groups of assets. 
Goodwill and any other intangible assets that have an indefinite useful economic life are tested annually for impairment. 
When a decline in the fair value of an available-for-sale financial asset has been recognised directly in equity and there is objective 
evidence that the asset is impaired, the cumulative loss that had been recognised directly in equity is recognised in profit or loss 
even though the financial asset has not been derecognised. The amount of the cumulative loss that is recognised in profit or loss is 
the difference between the acquisition cost and current fair value, less any impairment loss on that financial asset previously 
recognised in profit or loss. 
Calculation of recoverable amount 
The recoverable amount of the Group’s investments in held-to-maturity securities and receivables carried at amortised cost is 
calculated as the present value of estimated future cash flows, discounted at the original effective interest rate (i.e. the effective 
interest rate computed at initial recognition of these financial assets). Receivables with a short duration are not discounted. 
The recoverable amount of other assets is the greater of their fair values less costs to sell and value in use. In assessing value in 
use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market 
assessments of the time value of money and the risks specific to the asset.  
For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-
generating unit to which the asset belongs. 
Reversals of impairment 
An impairment loss in respect of a held-to-maturity security or receivable carried at amortised cost is reversed if the subsequent 
increase in recoverable amount can be related objectively to an event occurring after the impairment loss was recognised. 
An impairment loss in respect of an investment in an equity instrument classified as available-for-sale is not reversed through profit 
or loss. If the fair value of a debt instrument classified as available-for-sale increases and the increase can be objectively related to 
an event occurring after the impairment loss was recognised in profit or loss, the impairment loss is reversed through profit or loss. 
An impairment loss in respect of goodwill is not reversed.  
In respect of other assets, an impairment loss is reversed when there is an indication that the impairment loss may no longer exist 
and there has been a change in the estimates used to determine the recoverable amount. 
An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would 
have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.   
 
 Sceptre Leisure plc 35 
 Annual report and accounts 2009 
Overview Business Review Governance Financial statements Other information 
1 Accounting policies (continued) 
Employee benefits 
Defined contribution plans 
A defined contribution plan is a post-employment benefit plan under which the Company pays fixed contributions into a separate 
entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution 
pension plans are recognised as an expense in the income statement as incurred. 
Short-term benefits 
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is 
provided. A liability is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the 
Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the 
obligation can be estimated reliably. 
Share-based payment transactions 
The grant date fair value of options granted to employees is recognised as an employee expense, with a corresponding increase in 
equity, over the period in which the employees become unconditionally entitled to the options. The fair value of the options granted 
is measured using an option valuation model, taking into account the terms and conditions upon which the options were granted. 
The amount recognised as an expense is adjusted to reflect the actual number of share options that vest except where forfeiture is 
due only to share prices not achieving the threshold for vesting. 
The fair value of the amount payable to employees in respect of share appreciation rights, which are settled in cash, is recognised 
as an expense, with a corresponding increase in liabilities, over the period in which the employees become unconditionally entitled 
to payment. The liability is remeasured at each balance sheet date and at settlement date. Any changes in the fair value of the 
liability are recognised as personnel expense in profit or loss.  
Provisions 
A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past 
event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. 
Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability.  
Revenue 
Revenue is measured at the fair value of the consideration received or receivable and represents amounts for goods supplied and 
services provided by the Group excluding intra-group transactions and Value Added Tax. 
Machine sales 
Revenue is recognised when goods are delivered to customers. 
Machine rental 
Revenue is recognised on a weekly basis for machines placed at customers’ premises. 
Goods 
Revenue from the sale of goods is recognised at the point of delivery to the customer.  Notes 
(forming part of the financial statements) continued 
36 Sceptre Leisure plc 
 Annual report and accounts 2009 
1 Accounting policies (continued) 
Expenses 
Operating lease payments 
Payments made under operating leases are recognised in the income statement on a straight-line basis over the term of the lease. 
Lease incentives received are recognised in the income statement as an integral part of the total lease expense. 
Finance lease payments 
Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance 
charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining 
balance of the liability. 
Finance income and cost 
Finance expense comprises interest payable, finance charges on finance leases, and decreases in the fair value of derivative 
financial instruments. Finance income comprises interest receivable on funds invested and increases in the fair value of derivative 
financial instruments. 
Interest income and interest payable is recognised in profit or loss as it accrues, using the effective interest method. Dividend 
income is recognised in the income statement on the date the entity’s right to receive payments is established. Foreign currency 
gains and losses are reported on a net basis. 
Exceptional items 
Exceptional items are those that in management’s view need to be disclosed by virtue of their size or incidence. Such items are 
included on the income statement under a caption to which they relate, and are separately disclosed in the notes to the 
consolidated financial statements.  
Taxation 
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the 
extent that it relates to items recognised directly in equity, in which case it is recognised in equity. 
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the 
balance sheet date, and any adjustment to tax payable in respect of previous years. 
Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting 
purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial 
recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in  
a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in 
the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the 
carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. 
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the 
temporary difference can be utilised.  
Adopted IFRS not yet applied 
The following Adopted IFRSs were available for early application but have not been applied by the Group in these financial 
statements. Their adoption is not expected to have a material affect on the financial statements unless otherwise indicated: 
IAS 1 ‘Presentation of financial statements’ – Revision. This revision aims to assist users in their ability to analyse and compare the 
information given in the financial statements. Changes include changes to titles of some of the financial statements and changes to 
the components of financial statements. The revision is effective for periods commencing on or after 1 January 2009. 
IAS 23 ‘Borrowing costs’ – Revision. This revision eliminates the option to expense borrowing costs to the income statement as 
incurred and is effective for periods commencing on or after 1 January 2009. Management do not believe this revision will have a 
significant impact on the Group.   
 
 Sceptre Leisure plc 37 
 Annual report and accounts 2009 
Overview Business Review Governance Financial statements Other information 
1 Accounting policies (continued) 
Adopted IFRS not yet applied (continued) 
IAS 27 ‘Consolidated and separate financial statements’ – Revision. The revision is part of the second phase of the business 
combinations project between the International Accounting Standards Board and the US Financial Accounting Standards Board.  
The main amendments relate to the accounting for minority interests and the loss of control of a subsidiary. The revision is effective 
for periods commencing on or after 1 July 2009. The Directors do not believe the adoption of this revision will have a significant 
impact on the business.  
IAS 32 ‘Financial Instruments: Presentation’ – Revision. This revision requires certain puttable financial instruments and certain 
financial instruments that impose an obligation on the entity to deliver a pro rata share of the net assets of the entity on liquidation, 
to be classified as equity. The revision is effective for periods commencing on or after 1 January 2009. The Directors do not believe 
the adoption of this revision will have an impact on the business. 
IFRS 2 ‘Share-based payment’ – Revision. This revision relates to vesting conditions and cancellations including amendments to the 
guidance and definitions of vesting conditions and cancellations and clarification of the accounting treatment of non-vesting 
conditions. The revision is effective for periods commencing on or after 1 January 2009. The Directors do not believe the adoption 
of this revision will have an impact on the business. 
IFRS 3 ‘Business combinations’ – Revision. The revision is part of the second phase of the business combinations project between 
the International Accounting Standards Board and the US Financial Accounting Standards Board. The main changes include the 
scope, accounting for acquisition costs and post acquisition changes to contingent consideration, accounting for goodwill and 
accounting for business combinations achieved in stages. There is additional guidance on recognition and measurement of fair 
values and on determining what is part of the business combination transaction. There are also a number of changes to disclosure 
requirements. The revision is effective for periods commencing on or after 1 July 2009. The Directors will consider the requirements 
of the revision on any future business acquisitions.  
IFRS 8 ‘Operating segments’ was issued in November 2007 and is effective for periods beginning on or after 1 January 2009.  
As the changes are presentational only, the adoption will have no impact upon the results or net assets of the Group. 
IFRIC 12 ‘Service concession arrangements’, IFRIC 13 ‘Customer loyalty programmes’, IFRIC 14 ‘IAS 19 – the limit on a defined benefit 
asset, minimum funding requirements and their interaction’, IFRIC 15 ‘Agreements for the construction of real estate’ and IFRIC 16 
‘Hedges of a net investment in a foreign operation’ are predicted to have no impact on the Group. 
2 Revenue 
Revenue 
30 April 2009
£000
29 April 2008
£000
Equipment sales 307 404
Machine rental 36,361 20,950
Sale of lottery, indoor gaming, and leisure products 2,537 –
Total revenues 39,205 21,354
  Notes 
(forming part of the financial statements) continued 
38 Sceptre Leisure plc 
 Annual report and accounts 2009 
3 Segmental report 
The Board of Directors manages the Group in three business segments:  
• machine sales and rental; 
• the sale of lottery, indoor gaming and other products, and 
• the operation of lotteries on behalf of charities. 
During the period under review, over 90% of the Group’s activities related to machine sales and rental, and therefore the remaining 
segments have been consolidated due to materiality. During the prior period, all activity was attributable to one business segment, 
that of machine sales and rental, and the 2008 comparative figures are therefore not analysed by segment. 
All revenue reported in the period under review arose within the United Kingdom. 
Segment performance is monitored monthly as part of the management reporting process. The financial performance for each 
segment is analysed and consolidation adjustments to reach the Group results are shown separately. Information for the year 
ended 30 April 2009 is shown below: 
Segmental analysis 
Machine sales 
and rental
£000
Other
£000
Central 
corporate  
costs 
£000 
2009
Group
£000
2008
Group
£000
Revenue 36,668 2,537 – 39,205 21,354
Gross profit 9,746 1,391 – 11,137 5,259
Operating profit 4,225 (214) (522) 3,489 2,681
Segment assets 33,075 5,258 – 38,333 27,896
Segment liabilities (30,438) (1,727) – (32,165) (25,208)
Other segment information:  
Capital expenditure (note 14) 14,481 362 – 14,843 9,808
Intangible assets – additions (note 13)  – 2,964 – 2,964 2,165
Purchase of subsidiary – 652 – 652 12,903
Depreciation (note 14) 8,829 173 – 9,002 5,242
Amortisation (note 13) 120 86 – 206 60
Recognition of negative goodwill (note 15) – – – – (979)
Equity-settled share options (note 25) 38 20 39 97 –
Finance loss/(gain) on derivative financial instruments 
(note 9) 421 – – – (7)
4 Exceptional items 
 
30 April 2009
£000
29 April 2008
£000
Restructuring and redundancy  118 228
Provision for rentals and business rates on onerous leases 47 –
Professional and financial expenses relating to corporate restructuring 71 –
Recognition of negative goodwill on acquisition – (979)
Exceptional items cost/(credit) 236 (751)
5 Prior year adjustment 
During the year the Company identified that certain costs of sale were hitherto accounted for in the wrong period. This has been 
corrected by restatement of the 2008 comparatives included in these financial statements. The effect of this restatement is to 
increase cost of sales by £270,000, reduce profit before tax for 2008 by £270,000, reduce the tax expense for 2008 by £76,000, 
increase trade creditors by £270,000 and reduce net assets as at 29 April 2008 by £194,000. An adjustment of £47,000 has also 
been made to retained earnings as at 1 May 2007 to correct the impact on earlier periods.   
 
 Sceptre Leisure plc 39 
 Annual report and accounts 2009 
Overview Business Review Governance Financial statements Other information 
6 Expenses and auditors’ remuneration 
Included in profit/loss are the following: 
 
30 April 2009
£000
29 April 2008
£000
Depreciation and amounts written off property, plant and equipment: 
Owned assets 6,989 4,232
Leased assets 2,013 1,009
Amortisation of brand names, customer contracts and relationships 206 60
Recognition of negative goodwill on acquisition (note 15) – (979)
Operating lease charges: property rentals 359 118
Operating lease charges: other 315 54
Property lease charges above are stated net of sublet income, the amount of which was not material during 2009 (2008: £nil). 
Auditors’ remuneration: 
 
30 April 2009
£000
29 April 2008
£000
Audit services 
Audit of these financial statements 14 3
Other services 
Audit of financial statements of subsidiaries pursuant to legislation 26 19
Tax services 
Advisory services 10 6
Compliance services 10 3
Corporate finance services 
Other costs 125 70
 185 101
Amounts paid to the Company’s auditors and their associates in respect of services to the Company, other than the audit of the 
Company’s financial statements, have not been disclosed as the information is required instead to be disclosed on a consolidated basis. 
7 Staff numbers and costs 
The average number of persons employed by the Group (including Directors) during the year, analysed by category, was as follows: 
 
30 April 2009
Number
29 April 2008
Number
Administration and management 136 93
Other operatives 278 250
 414 343
The aggregate payroll costs of these persons were as follows: 
 
30 April 2009
£000
29 April 2008
£000
Wages and salaries 7,267 3,694
Social security costs 675 393
Pension costs 111 57
 8,053 4,144
Key management 
The aggregate compensation of key management (including Executive Directors) is shown below. 
 
30 April 2009
£000
29 April 2008
£000
Salaries and short-term employee benefits 624 559
Post employment benefits 56 47
Total emoluments 680 606 Notes 
(forming part of the financial statements) continued 
40 Sceptre Leisure plc 
 Annual report and accounts 2009 
7 Staff numbers and costs (continued) 
Directors’ remuneration  
30 April 2009
£000
29 April 2008
£000
Emoluments 377 430
Money purchase pension contributions 25 38
Sums paid to third parties for Directors’ services 47 –
Total emoluments 449 468
£46,681 (2008: 24,314) was paid to VZ Limited in respect of services provided to the Group by Mr G van Zwanenberg. VZ Limited is 
controlled by Mr G van Zwanenberg, a Director of Sceptre Leisure plc. 
Directors’ emoluments disclosed above include the following payments: 
Highest paid Director 
30 April 2009
£000
29 April 2008
£000
Emoluments 106 195
Money purchase pension contributions 11 19
Total emoluments 117 214
 
The number of Directors to whom retirement benefits are accruing under: 
30 April 2009
Number
29 April 2008
Number
Money purchase pension schemes 3 4
8 Finance income 
 
30 April 2009
£000
29 April 2008
£000
Increase in fair value of derivative financial instruments – 7
9 Finance costs 
 
30 April 2009
£000
29 April 2008
£000
On bank loans, loan notes and overdrafts 1,007 619
On finance leases  479 272
Decrease in fair value of derivative financial instruments 421 –
 1,907 891
10 Taxation  
Recognised in the income statement £000
30 April 2009 
£000 £000
Restated
29 April 2008
£000
Current tax expense:  
Current year 1,099 7
Adjustments for prior years – (51)
Current tax expense 1,099 (44)
Deferred tax expense:  
Origination and reversal of temporary differences (684) 235
Adjustments in respect of previous years (88) 12
Effect of prior year adjustment 95 –
Effect of tax rate change – (14)
Deferred tax expense (677) 233
Total tax expense 422 189
   
 
 Sceptre Leisure plc 41 
 Annual report and accounts 2009 
Overview Business Review Governance Financial statements Other information 
10 Taxation (continued) 
Reconciliation of effective tax rate 
30 April 2009
£000
Restated
29 April 2008
£000
Profit before tax 1,582 1,797
Profit before tax multiplied by standard rate of corporation tax in the UK of 28% (2008: 28%)  443 503
Effects of: 
Expenses not deductible for tax purposes 53 32
Income not taxable – (274)
Fixed asset differences – (16)
Adjustments in respect of previous years (116) (39)
Losses carried forward 45 –
Small company relief (3) (3)
Effect of tax rate change – (14)
Total tax expense 422 189
11 Dividends 
 
30 April 2009
£000
29 April 2008
£000
Equity: 
Ordinary Shares 
 – 2008 interim (62.7p per share) – 160
 – 2009 interim (0p per share) – –
  – 160
The Directors do not recommend the payment of a dividend in respect of the current year. 
12 Earnings per Ordinary Share 
The calculations of earnings per share are based on the following profits and number of shares: 
 
Basic
30 April 2009
£000
Diluted 
30 April 2009 
£000 
Restated
Basic
29 April 2008
£000
Restated
Diluted
29 April 2008
£000
Profit for the financial year 1,127 1,127 1,602 1,602
Additional disclosures:  
Exceptional administrative expenses 236 236 (751) (751)
Taxation effect of exceptional administrative expenses (66) (66) (68) (68)
Profit for the financial year before exceptional expenses 1,297 1,297 783 783
 
 
30 April 2009
Number of 
shares
29 April 2008
Number of 
shares
Weighted average number of shares 
For basic earnings per share 36,354,494 32,945,762
Share options 1,793,980 –
For diluted earnings per share 38,148,474 32,945,762
  Notes 
(forming part of the financial statements) continued 
42 Sceptre Leisure plc 
 Annual report and accounts 2009 
12 Earnings per Ordinary Share (continued) 
The Group’s earnings per share are as follows:  
 
30 April 2009
pence
Restated
29 April 2008
pence
– Basic 3.1 4.9
– Diluted 3.0 4.9
– Basic before exceptional expenses 3.6 2.4
As stated in note 1, the Directors have adopted reverse acquisition accounting under IFRS 3 for the period under review. To enable a 
meaningful comparison and in accordance with IFRS 3, the weighted average number of shares for the periods has been calculated 
as follows: 
For the period ended 29 April 2008, the weighted average number of shares has been based on the 32,945,762 new shares issued 
on 29 September 2008 as part of the acquisition of Orb Holdings Limited by Gamingking plc. 
For the year ended 30 April 2009, the 5,813,958 shares attributable to Gamingking plc have been included for the period beginning 
29 September 2008 in order to calculate a weighted average number of shares in issue for the year for the Group. 
The total number of shares in issue at 30 April 2009 was 38,759,720.   
 
 Sceptre Leisure plc 43 
 Annual report and accounts 2009 
Overview Business Review Governance Financial statements Other information 
13 Intangible assets 
Goodwill
£000
Customer 
contracts and 
relationships 
£000 
Brand 
names
£000
Total
£000
Cost  
Balance at 1 May 2007 61 – – 61
Additions –2,165 –2,165
Balance at 29 April 2008 61 2,165 – 2,226
Balance at 30 April 2008 61 2,165 – 2,226
Acquisitions through business combinations – 2,464 500 2,964
Balance at 30 April 2009 61 4,629 500 5,190
Amortisation and impairment  
Balance at 1 May 2007 – – – –
Charged in the year – 60 – 60
Balance at 29 April 2008 – 60 – 60
Balance at 30 April 2008 – 60 – 60
Charged in the year – 192 14 206
Balance at 30 April 2009 – 252 14 266
Net book value  
At 1 May 2007 61 – – 61
At 29 April 2008 and 30 April 2008 61 2,105 – 2,166
At 30 April 2009 61 4,377 486 4,924
Goodwill impairment 
Goodwill acquired in a business combination is allocated to the cash-generating units that are expected to benefit from that 
business combination. 
Goodwill is not amortised but is tested annually for impairment. To the extent that the carrying value of the cash-generating unit 
exceeds the value in use, determined from estimated discounted future net cash flows, goodwill is written down to the value in use 
and an impairment charge is recognised. 
During the year, goodwill was tested for impairment in accordance with IAS 36 ‘Impairment of assets’. The recoverable amount for 
the cash-generating unit exceeded the carrying amount of goodwill recorded. The recoverable amount for the cash-generating unit 
has been measured on a value in use calculation. 
The key assumptions for the value in use calculation, performed for a five-year period, are those regarding the discount rates, 
growth rates, and expected changes to selling price and direct costs during the period. A growth rate of 1% (2008: 1%) was used  
in the calculation over the five-year period. A pre-tax discount rate of 11% (2008: 9%) was used in the value in use calculation. 
Changes in selling prices and direct costs are based on management’s expectations of future changes in the market.  
The assumptions, used in these calculations, have historically proved to be materially accurate.  Notes 
(forming part of the financial statements) continued 
44 Sceptre Leisure plc 
 Annual report and accounts 2009 
14 Property, plant and equipment 
Short leasehold 
property
£000
Plant and 
machinery
£000
Fixtures, fittings 
and equipment 
£000 
Motor vehicles
£000
Total
£000
Cost  
Balance at 1 May 2007 22 6,438 208 337 7,005
Acquisitions –12,313308 –12,621
Additions 1637,821441 1,3839,808
Disposals –(2,190)– (27)(2,217)
Balance at 29 April 2008 185 24,382 957 1,693 27,217
Balance at 30 April 2008 185 24,382 957 1,693 27,217
Acquisitions –96754 131,034
Additions 6813,886208 68114,843
Disposals –(3,313)– (1,305)(4,618)
Balance at 30 April 2009 253 35,922 1,219 1,082 38,476
Depreciation  
Balance at 1 May 2007 13 1,640 144 70 1,867
Charged in the year 17 4,905 90 230 5,242
Disposals –(1,612)– (12)(1,624)
Balance at 29 April 2008 30 4,933 234 288 5,485
Balance at 30 April 2008 30 4,933 234 288 5,485
Charged in the year 42 8,351 296 313 9,002
Disposals –(2,532)– (333)(2,865)
Balance at 30 April 2009 72 10,752 530 268 11,622
Net book value  
At 1 May 2007 9 4,798 64 267 5,138
At 29 April 2008 and 30 April 2008 155 19,449 723 1,405 21,732
At 30 April 2009 181 25,170 689 814 26,854
The net book value of plant and machinery includes £8,537,000 (2008: £3,163,000) in respect of assets held under finance leases. 
Depreciation for the year on these assets was £1,742,000 (2008: £755,000). 
The net book value of fixtures, fittings and equipment includes £118,000 (2008: £228,000) in respect of assets held under finance 
leases. Depreciation for the year on these assets was £79,000 (2008: £24,000). 
The net book value of motor vehicles includes £801,000 (2008: £1,405,000) in respect of assets held under finance leases. 
Depreciation for the year on these assets was £79,000 (2008: £230,000).   
 
 Sceptre Leisure plc 45 
 Annual report and accounts 2009 
Overview Business Review Governance Financial statements Other information 
15 Acquisitions 
Reverse takeover of Gamingking plc 
On 29 September 2008, the Group acquired Gamingking plc in a share-for-share transaction that is fully explained in note 1.  
The consideration for the acquisition is set out below: 
Fair value at date 
of acquisition
£000
Shares in Sceptre Leisure plc 2,252
(5,813,958 Ordinary Shares of 5p each issued at 38.7p) 
Consideration 2,252
Acquisition expenses 712
Total consideration 2,964
 
Initial book value 
at date of 
acquisition 
£000 
Fair value 
adjustment
£000
Fair value at date 
of acquisition
£000
Intangible assets 1,281 1,683 2,964
Property, plant and equipment  1,034 – 1,034
Deferred taxation 221 – 221
Inventories 290 – 290
Trade and other receivables 573 – 573
Cash and cash equivalents 60 – 60
Total assets 3,459 1,683 5,142
Trade and other payables (1,348) – (1,348)
Deferred taxation (33) (797) (830)
Total liabilities (1,381) (797) (2,178)
Net assets 2,078 886 2,964
Fair value of consideration paid, including transaction and adviser costs of £712,000  2,964
Goodwill on acquisition  –
As disclosed in note 1, having applied reverse acquisition accounting, the fair value of Gamingking plc’s assets and liabilities on 
acquisition were consolidated into the Group’s financial statements as shown above. The consolidated cash flow statement shows 
the value of the consideration paid, including transaction and adviser costs of £712,000, net of cash acquired of £60,000. 
The acquired business contributed revenues of £2.5m and loss before tax of £0.1m to the Group for the period from the date of 
acquisition to 30 April 2009. If the acquisition had occurred on 1 May 2008, Group revenue would have been £41.0m and profit 
before tax would have been £1.2m. These amounts have been calculated using the Group’s accounting policies. 
Fair value adjustment 
Under IFRS 3 at the date of acquisition a value has been applied to identifiable intangible assets that would otherwise have been 
consumed within goodwill. The fair value adjustment to intangible assets relates to the value of acquired customer contracts and 
related relationships.  
The fair value adjustment to deferred taxation relates to the recognition of the customer contracts and related relationships asset.  Notes 
(forming part of the financial statements) continued 
46 Sceptre Leisure plc 
 Annual report and accounts 2009 
15 Acquisitions (continued) 
Crown Leisure 
On 12 October 2007, the Group acquired the trade and certain assets of the single-site division of Crown Leisure Limited.  
The consideration for the acquisition is set out below: 
Fair value at date 
of acquisition
£000
Loan notes 2,175
New shares in Sceptre Leisure Solutions Limited 1
(10,204 Ordinary Shares of 10p each issued at par) 
Cash 12,632
Consideration 14,808
Acquisition expenses 297
Total consideration 15,105
The issue of new shares in Sceptre Leisure Solutions Limited to Crown Leisure Limited gave that company a 2% minority interest in 
Sceptre Leisure Solutions Limited amounting to £11,000 at 29 April 2008. The par value of the shares was deemed to equate to fair 
value at the date of issue. 
Initial book value 
at date of 
acquisition 
£000 
Fair value 
adjustment
£000
Fair value at date 
of acquisition
£000
Intangible assets – 2,165 2,165
Property, plant and equipment  13,204 (583) 12,621
Inventories 614 (126) 488
Trade and other receivables 1,784 (334) 1,450
Cash and cash equivalents 47 (21) 26
Total assets 15,649 1,101 16,750
Trade and other payables (77) – (77)
Deferred taxation – (589) (589)
Total liabilities (77) (589) (666)
Net assets 15,572 512 16,084
Negative goodwill of £979,000, being the difference between the fair value of net assets acquired and consideration paid, arose 
from this transaction. This negative goodwill was recognised, in full, in the income statement for the period ended 29 April 2008  
as a component of administrative expenses. 
Fair value adjustment 
Under IFRS 3 at the date of acquisition a value was applied to identifiable intangible assets that would otherwise have been 
consumed within goodwill. The fair value adjustment to intangible assets relates to the value of acquired customer contracts and 
related relationships. 
The fair value adjustments to property, plant and equipment, inventories and trade and other receivables relate to net realisable 
value provisions. The fair value adjustment to cash and cash equivalents relates to differences identified in cash floats within 
acquired amusement machines.  
The fair value adjustment to deferred taxation relates to the recognition of the customer contracts and related relationships asset.   
 
 Sceptre Leisure plc 47 
 Annual report and accounts 2009 
Overview Business Review Governance Financial statements Other information 
16 Inventories 
 
30 April 2009
£000
29 April 2008
£000
Consumables 857 585
Goods for resale 235 –
 1,092 585
In 2009, inventories recognised as cost of sales amounted to £1.7m (2008: £0.5m). During the year, an inventory impairment 
provision totalling £9,000 was reversed (2008: £nil). This reversal is included in cost of sales. 
17 Trade and other receivables 
 
30 April 2009
£000
29 April 2008
£000
Current assets 
Trade receivables 2,129 1,251
Other receivables 244 301
Prepayments and accrued income 2,371 1,385
Current taxation – 20
 4,744 2,957
18 Cash and cash equivalents 
 
30 April 2009
£000
29 April 2008
£000
Current assets 
Cash at bank 719 449
Current liabilities 
Bank overdraft (2,356) (1,117)
 (1,637) (668)
19 Trade and other payables 
 
30 April 2009
£000
Restated
29 April 2008
£000
Current liabilities 
Trade payables 5,501 3,517
Other taxation and social security costs 2,559 629
Other payables 1,382 706
Accruals and deferred income 923 479
 10,365 5,331
Non-current liabilities 
Other payables 468 433
20 Current financial liabilities  
 
30 April 2009
£000
29 April 2008
£000
Bank overdraft 2,356 1,117
Bank loans 2,100 1,800
Unsecured loan notes 675 –
Finance leases 5,099 3,157
 10,230 6,074
  Notes 
(forming part of the financial statements) continued 
48 Sceptre Leisure plc 
 Annual report and accounts 2009 
21 Non-current financial liabilities  
 
30 April 2009
£000
29 April 2008
£000
Bank loans 6,200 8,300
Unsecured loan notes 1,500 2,175
Finance leases 2,072 1,936
 9,772 12,411
The fair value of current and non-current bank loans and loan notes based on a discounted cash flow analysis of future repayments 
based on currently available borrowing terms and interest rates is £10,324,000 (2008: £12,331,000). 
Bank loans are secured by fixed and floating charges over the assets of the Group. 
The fair value of current and non-current finance leases based on a discounted cash flow analysis of future repayments based on 
currently available borrowing terms and interest rates is £6,765,000 (2008: £5,025,000). 
Finance lease liabilities 
Finance lease liabilities are payable as follows: 
 
Minimum lease 
payments
30 April 2009 
£000
Interest
30 April 2009
£000
Principal
30 April 2009
£000
Minimum lease 
payments 
29 April 2008 
£000 
Interest
29 April 2008
£000
Principal
29 April 2008
£000
Less than one year 5,592 (493) 5,099 3,474 (317) 3,157
Between one and five years 2,351 (279) 2,072 2,179 (243) 1,936
More than five years – – – – – –
 7,943 (772) 7,171 5,653 (560) 5,093
Finance lease payments represent rentals payable by the Group for certain of its plant and equipment. Leases have varying terms 
and renewal rights. The above leasing arrangements do not contain any restrictive covenants, contingent rents or purchase options. 
22 Deferred tax liability  
 
30 April 2009
£000
Restated
29 April 2008
£000
At beginning of year 959 137
(Credit)/charge for the year recognised in Income Statement (677) 233
Acquisitions 661 589
On items taken to equity (27) –
At end of year 916 959
The elements of the deferred tax liability are as follows: 
Assets Liabilities Net 
 
30 April 2009
£000
Restated
29 April 2008
£000
30 April 2009
£000
Restated 
29 April 2008 
£000 
30 April 2009
£000
Restated
29 April 2008
£000
Intangible assets – – (1,290) (589) (1,290) (589)
Property, plant and equipment 65 – – (469) 65 (469)
Other short-term temporary differences 255 99 – – 255 99
Employee share-based payments 54 – – – 54 –
Net tax assets/(liabilities) 374 99 (1,290) (1,058) (916) (959)
The Group has no unprovided deferred tax balances.   
 
 Sceptre Leisure plc 49 
 Annual report and accounts 2009 
Overview Business Review Governance Financial statements Other information 
23 Derivative financial instrument 
 
30 April 2009
£000
29 April 2008
£000
Assets 
Interest rate collars  – 7
Liabilities 
Interest rate collars 414 –
Interest rate collars 
The Group uses interest rate collars to manage its exposure to interest rate movements on its bank borrowings. Contracts  
covering notional amounts of £8.3m (2008: £10.1m) restrict interest payments at rates between 4.70% and 5.75% for periods  
up to 28 September 2012. 
The fair value of collars is estimated at £10,000 (2008: £56,000) for the CAP and a liability of £424,000 (2008: £49,000) for  
the FLOOR. 
Fair value is calculated by discounting future receipts and payments to present value using current interest rates. The main 
assumption impacting on the future profile of receipts and payments under the collar is that relating to future movements in LIBOR. 
24 Retirement benefits 
The Group operates a defined contribution pension scheme whose assets are held separately from those of the Group in 
independently administered funds. The Group also makes contributions to certain employees’ personal pension plans, the assets for 
which schemes are also held separately from those of the Group in independently administered funds.  
The pension charge represents contributions payable in respect of the schemes by the Group and amounted to £111,000 (2008: 
£57,000). Contributions totalling £6,000 (2008: £31,000) were payable to the funds at the year end and are included in accruals 
within trade and other payables. 
25 Share-based payments 
On 2 November 2008, the Company granted share options to Directors and employees over a total of 3,701,658 Ordinary Shares of 
5p each as detailed and disclosed in the admission document dated 2 September 2008. The options are subject to the achievement 
of performance criteria as determined by the Remuneration Committee, and as required under the rules of the Company’s share 
option plan. The options granted under the approved scheme vest on 31 October 2012. The options granted under the unapproved 
scheme vest on 31 October 2009. 
The details of the grants are as follows: 
Directors/employees entitled 
Method of 
settlement 
accounting
Number of 
instruments Exercise period
Kenneth Turner Equity 533,333 31.10.2009 – 31.10.2018
Lesley Humphrys Equity 400,000 31.10.2009 – 31.10.2018
Brian Nichols Equity 400,000 31.10.2009 – 31.10.2018
Douglas Yates Equity 111,111 31.10.2009 – 31.10.2018
Victor Wardman Equity 66,667 31.10.2009 – 31.10.2018
Guy van Zwanenberg Equity 111,111 31.10.2009 – 31.10.2018
Antony Yates Equity 244,444 31.10.2009 – 31.10.2018
Michelle Yates Equity 200,000 31.10.2009 – 31.10.2018
Mark White  Equity 311,1 11 31.10.2009 – 31.10.2018
Others  Equity 1,323,881 31.10.2009 – 31.10.2018
Total  3,701,658 
  Notes 
(forming part of the financial statements) continued 
50 Sceptre Leisure plc 
 Annual report and accounts 2009 
25 Share-based payments (continued) 
The number and weighted average exercise prices of share options are as follows: 
Weighted 
average 
exercise price
30 April 2009
Number of 
options 
30 April 2009 
Weighted 
average 
exercise price
29 April 2008
Number of 
options
29 April 2008
Outstanding at the beginning of the year – – ––
Forfeited during the year 19.5p (83,964) ––
Exercised during the year – – ––
Granted during the year 21.4p 3,701,658 ––
Lapsed during the year – – ––
Outstanding at the end of the year 21.4p 3,617,964 ––
Exercisable at the end of the year – – ––
There were no share options exercised during the year (2008: nil). 
The options outstanding at the year end have an exercise price in the range of 19.5p to 23.4p and a weighted average contractual 
life of 9.5 years. 
The fair value of services received in return for share options granted are measured by reference to the fair value of share options 
granted. The fair value of employee share options is measured using a Black-Scholes model. Measurement inputs and assumptions 
are as follows: 
Approved Scheme Unapproved Scheme
30 April 2009 29 April 2008 30 April 2009 29 April 2008
Fair value at measurement date 10.71p – 7.26p –
Weighted average exercise price 20.23p – 22.52p –
Expected volatility (expressed as % used in the modelling under  
Black-Scholes model) 85.60% – 75.60% –
Option life (expressed as weighted average life used in the modelling 
under Black-Scholes model) 4 years – 2 years –
Expected dividends  2.00% – 0.00% –
Risk-free interest rate (based on national government bonds) 1.15% – 1.15% –
The expected volatility is wholly based on historic volatility (calculated based on the weighted average remaining life of the share 
options), adjusted for any expected changes to future volatility due to publicly available information. 
The total expenses recognised for the year and the total liabilities recognised at the end of the year arising from share-based 
payments are as follows: 
 
30 April 2009
£000
29 April 2008 
£000
Equity-settled share-based payment expense 97 –
Cash-settled share-based payment expense – –
Total carrying amount of liabilities 97 –
Total intrinsic carrying amount of liabilities in respect of vested benefits – –
   
 
 Sceptre Leisure plc 51 
 Annual report and accounts 2009 
Overview Business Review Governance Financial statements Other information 
26 Share capital 
On 29 September 2008, the Company, then named Gamingking plc, became the legal parent of Orb Holdings Limited (parent 
company of Sceptre Leisure Solutions Limited and others) in a share-for-share transaction as set out in note 15 to these accounts. 
As part of this transaction, the Company also implemented a reorganisation of its share capital, which involved a sub-division of  
the existing Ordinary Shares followed by a consolidation. This share capital reorganisation was passed by ordinary resolution at  
the Company’s general meeting held on 29 September 2009. In summary, each Ordinary Share of 1p each was divided into  
one Ordinary Share of 0.1p, and one Deferred Share of £0.9p. Each 1p Ordinary Share was then consolidated on a 50-1 basis to 
create a new 5p Ordinary Share. Full details of the reorganisation were published in the Company’s admission document  
dated 2 September 2008. 
30 April 2009
£000
Authorised 
47,674,384 Ordinary Shares of 5p each 2,384
290,697,869 Deferred Shares of 0.9p each 2,616
 5,000
Allotted, called up and fully paid 
38,759,720 Ordinary Shares of 5p each 1,938
290,697,869 Deferred Shares of 0.9p each 2,616
 4,554
The share capital reflected in the balance sheet for the comparative period is that of Orb Holdings Limited, which was made up  
as follows: 
29 April 2008
£000
Authorised 
10,000,000 Ordinary Shares of 1p each 100
Allotted, called up and fully paid 
255,201 Ordinary Shares of 1p each 3
27 Reserves 
Share capital 
The share capital account includes the par value for all shares issued and outstanding. 
Share premium account 
The share premium account comprises the premium over nominal value on issued shares. The use of this reserve is restricted by 
the Companies Act 1985. 
Merger reserve 
The merger reserve is a reserve established under IFRS 3 ‘Business Combinations’ on the deemed acquisition of Gamingking plc by 
Orb Holdings Limited. 
Minority interest 
The minority interest relates to a minority shareholding in the legal share capital of Sceptre Leisure Solutions Limited (note 15). 
Retained earnings 
The retained earnings reserve includes the accumulated profits and losses arising from the consolidated income statement and 
certain items from the statement of recognised income and expense attributable to equity shareholders net of distributions to 
shareholders. 
28 Capital commitments 
There were no capital commitments at the end of the 2009 financial year (2008: £nil).  Notes 
(forming part of the financial statements) continued 
52 Sceptre Leisure plc 
 Annual report and accounts 2009 
29 Financial risk management 
Financial instruments held by the Group, as detailed in this note, are classified as ‘Loans and Receivables’ (cash and cash 
equivalents, trade and other receivables), ‘Financial Liabilities Measured at Amortised Cost’ (trade and other payables, bank 
overdrafts, bank loans and loan notes) and ‘Financial Assets and Liabilities at Fair Value through Profit or Loss’ (derivative 
instruments) under IAS 39 ‘Financial Instruments: Recognition and Measurement’ and ‘Finance Leases’ under IAS 17 ‘Leases’. 
The Group’s operations expose it to a variety of financial risks comprising credit risk, liquidity risk and interest rate risk.  
The Group has in place risk management policies that seek to limit the adverse effects on the financial performance of the Group  
by using various instruments and techniques. Risk management policies have been set by the Board and applied by the Group.  
(a) Liquidity risk  
Financial risk management 
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s approach to 
managing liquidity is to ensure, as far as possible, that it has sufficient liquidity to meet its liabilities as they fall due with surplus 
facilities to cope with any unexpected variances in timing of cash flows. 
The Group believes it has sufficient cash and borrowing facilities to meet its operational commitments. At the year end the Group 
had the following un-drawn facilities in respect of which all conditions precedent had been met: 
 
2009
£000
2008
£000
Un-drawn borrowing facilities 
 Uncommitted 1,193 1,883
 Committed 1,944 3,808
 3,137 5,691
Maturity analysis 
The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the impact 
of netting agreements: 
30 April 2009 
Carrying  
amount 
£000 
Contractual 
cash flows
£000
6 months or less
£000
6–12 months
£000
1–2 years 
£000 
2–5 years
£000
More than 
5 years
£000
Non-derivative financial 
liabilities   
Bank loans and loan notes 10,475 11,528 1,070 1,929 3,577 4,952 –
Finance lease liabilities 7,171 7,942 3,077 2,580 1,984 301 –
Trade and other payables 10,833 10,833 10,365 – – 468 –
Bank overdrafts 2,356 2,356 2,356 
Derivative financial 
liabilities   
Interest rate swaps 414 414 – – – 414 –
Total 31,249 33,073 16,868 4,509 5,561 6,135 –
 
29 April 2008 (restated) 
Carrying  
amount 
£000 
Contractual 
cash flows
£000
6 months or less
£000
6–12 months
£000
1–2 years 
£000 
2–5 years
£000
More than 
5 years
£000
Non-derivative financial 
liabilities   
Bank loans and loan notes 12,275 15,315 1,444 1,370 3,415 9,086 –
Finance lease liabilities 5,093 5,660 1,882 1,619 1,717 442 –
Trade and other payables 5,764 5,764 5,331 – – 433 –
Bank overdrafts 1,117 1,117 1,117 
Derivative financial 
liabilities   
Interest rate swaps – –––– ––
Total 24,249 27,856 9,774 2,989 5,132 9,961 –
Included in bank loans and loan notes in 2009 are £2,175,000 ( 2008: £2,175,000) variable rate secured loan notes 2012.   
 
 Sceptre Leisure plc 53 
 Annual report and accounts 2009 
Overview Business Review Governance Financial statements Other information 
29 Financial risk management (continued) 
(b) Foreign exchange risk 
The Group does not trade in overseas countries. There are few transactions in foreign currencies and therefore the Group’s 
exposure to foreign exchange risk is considered to be low. 
(c) Interest rate risk  
The Group is subject to fluctuations in interest rates on its borrowings and cash and cash equivalents. The Group is aware of the 
financial products available to ensure against adverse movements in interest rates. Formal reviews are undertaken to determine 
whether such instruments are appropriate for the Group. At 30 April 2009, the Group held contracts covering £8.3m (2008: £10.1m) 
of interest rate collars which restrict the Company borrowing rate between 4.70% and 5.75%. (The relevant floating interest rate is 
GBR – LIBOR with three-month maturity).  
The table below shows the Group’s financial assets and liabilities split by those bearing fixed and floating rates and those that are 
non-interest bearing. 
30 April 2009 
Fixed rate
£000
Floating rate 
£000 
Non-interest 
bearing
£000
Total
£000
Cash and cash equivalents – 719 – 719
Trade and other receivables – – 4,744 4,744
Trade and other payables – – (10,833) (10,833)
Bank overdrafts – (2,356) – (2,356)
Bank loans and loan notes – (10,475) – (10,475)
Finance leases (7,171) – – (7,171)
 (7,171) (12,112) (6,089) (25,372)
 
29 April 2008 (restated) 
Fixed rate
£000
Floating rate 
£000 
Non-interest 
bearing
£000
Total
£000
Cash and cash equivalents – 449 – 449
Trade and other receivables – – 2,957 2,957
Trade and other payables – – (5,764) (5,764)
Bank overdrafts – (1,117) – (1,117)
Bank loans and loan notes – (12,275) – (12,275)
Finance leases (5,093) – – (5,093)
 (5,093) (12,943) (2,807) (20,843)
Interest is payable on the bank loans at LIBOR + 3% (2008: 2.25%). Interest on the £2,175,000 variable rate secured loan notes 
2012 is LIBOR + 2.25%. 
Sensitivity analysis 
A change of 1 basis point in interest rates at the balance sheet date would have increased/(decreased) equity and profit or loss by 
the amounts shown below. This calculation assumes that the change occurred at the balance sheet date and had been applied to 
risk exposures existing at that date.  
This analysis assumes that all other variables remain constant. The Group has calculated the following sensitivities based on 
available data from forward markets for fixed and floating interest rates. Management believe that these reflect the most probable 
rate movements. The analysis is performed on the same basis for the comparative period. 
 
30 April 2009
£000
29 April 2008
£000
Impact on equity 
1% increase in base rate of interest (202) (118)
Impact on profit or loss 
1% increase in base rate of interest (202) (118)
  Notes 
(forming part of the financial statements) continued 
54 Sceptre Leisure plc 
 Annual report and accounts 2009 
29 Financial risk management (continued) 
(d) Credit risk 
Financial risk management  
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its 
contractual obligations, and arises principally from the Group’s receivables from customers and investment securities. 
The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by international 
credit rating agencies. 
The Group’s credit risk is primarily attributable to its trade receivables. Management has a credit policy in place and exposure to 
credit risk is monitored on an ongoing basis. Management believe the Group has a wide trade receivable profile and therefore does 
not have any significant concentration of risk. The credit quality of trade receivables that are neither past due not impaired is 
considered to be good. 
Exposure to credit risk 
The carrying amount of financial assets represents the maximum credit exposure. Therefore, the maximum exposure to credit risk 
at the balance sheet date was £2,848,000 (2008: £1,707,000) being the total of the carrying amount of financial assets, excluding 
equity investments, shown in the table below: 
 
30 April 2009 
£000
29 April 2008 
£000
Trade receivables 2,129 1,251
Cash and cash equivalents 719 449
Interest rate swaps used for hedging – assets – 7
 2,848 1,707
The maximum exposure to credit risk for trade receivables at the balance sheet date by geographic region was: 
 
30 April 2009 
£000
29 April 2008 
£000
United Kingdom 2,129 1,251
Other – –
 2,129 1,251
Credit quality of financial assets and impairment losses 
The ageing of trade receivables at the balance sheet date was: 
Gross
30 April 2009 
£000
Impairment 
30 April 2009  
£000 
Gross
29 April 2008 
£000
Impairment
29 April 2008 
£000
Not past due 1,668 – 1,048 –
Past due 0–30 days 343 – 76 –
Past due 31–120 days 76 – 112 –
More than 120 days 51 (9) 15 –
 2,138 (9) 1,251 –
   
 
 Sceptre Leisure plc 55 
 Annual report and accounts 2009 
Overview Business Review Governance Financial statements Other information 
29 Financial risk management (continued) 
(e) Capital management 
The Group’s main objective when managing capital is to safeguard the Group’s ability to continue as a going concern in order  
to provide returns to shareholders. The Group aims to maintain a strong credit rating and headroom whilst optimising return to 
shareholders through an appropriate balance of debt and equity funding. The Group manages its capital structure and makes 
adjustments to it with regard to the risks inherent in the business and in light of changes to economic conditions. 
Capital is managed by maximising retained profits after dividend distributions. Working capital is managed in order to generate 
maximum conversion of these profits into cash and cash equivalents and dividends are paid from current year profits, thereby 
maintaining capital. 
The policy for managing debt is to create a smooth debt maturity profile with the objective of ensuring continuity of funding to meet 
the Group’s future liquidity requirements. 
Capital includes share capital, share premium, reverse acquisition reserve, net debt and retained earnings reserve. Net debt includes 
short- and long-term borrowings (including overdrafts and lease obligations) net of cash and cash equivalents. 
(f) Fair values of financial instruments 
The fair values of the financial instruments held by the Group have been calculated as follows: 
Trade and other receivables 
The fair value of trade and other receivables, excluding construction contract debtors, is estimated as the present value of future 
cash flows, discounted at the market rate of interest at the balance sheet date if the effect is material. 
Trade and other payables 
The fair value of trade and other payables is estimated as the present value of future cash flows, discounted at the market rate of 
interest at the balance sheet date if the effect is material. 
Cash and cash equivalents 
The fair value of cash and cash equivalents is estimated as its carrying amount where the cash is repayable on demand. Where it is 
not repayable on demand then the fair value is estimated at the present value of future cash flows, discounted at the market rate of 
interest at the balance sheet date. 
Interest-bearing borrowings 
Fair value, which after initial recognition is determined for disclosure purposes only, is calculated based on the present value of 
future principal and interest cash flows, discounted at the market rate of interest at the balance sheet date. In respect of the liability 
component of convertible notes, the market rate of interest is determined by reference to similar liabilities that do not have a 
conversion option. For finance leases the market rate of interest is determined by reference to similar lease agreements. 
Derivative financial instruments 
The fair value of interest rate swaps is based on broker quotes. Those quotes are tested for reasonableness by discounting 
estimated future cash flows based on the terms and maturity of each contract and using market interest rates for a similar 
instrument at the measurement date. 
The interest rates used to discount estimated cash flows were as follows:  
 
30 April 2009 
%
29 April 2008 
%
Derivatives 0.55% 6.01%
Loans and borrowings 4.55% 8.08%
Leases 13.00% 8.50%
  Notes 
(forming part of the financial statements) continued 
56 Sceptre Leisure plc 
 Annual report and accounts 2009 
29 Financial risk management (continued) 
Fair values 
The fair values for each class of financial assets and financial liabilities together with their carrying amounts shown in the balance 
sheet are as follows: 
Carrying amount
30 April 2009 
£000
Fair value 
30 April 2009  
£000 
Carrying amount
29 April 2008 
£000
Fair value
29 April 2008 
£000
Trade and other receivables 4,744 4,744 2,957 2,957
Cash and cash equivalents 719 719 449 449
Interest rate swaps used for hedging:  
 Assets – – 77
 Liabilities (414) (414) ––
Bank loans and loan notes (10,475) (10,324) (12,275) (12,331)
Finance lease liabilities (7,171) (6,765) (5,093) (5,025)
Trade and other payables (10,833) (10,833) (5,764) (5,764)
Bank overdrafts (2,356) (2,356) (1,117) (1,117)
 (25,786) (25,229) (20,836) (20,824)
Unrecognised gains 557 – 12 –
30 Operating leases payable 
At the balance sheet date, the Group has outstanding commitments under operating leases, which fall due as follows: 
 
30 April 2009
£000
Property
30 April 2009
£000
Other
30 April 2009
£000
Total
29 April 2008 
£000 
Property 
29 April 2008
£000
Other
29 April 2008
£000
Total
Within one year 440 477 917 178 30 208
In the second to fifth year inclusive 1,291 290 1,581 619 – 619
After five years 715 – 715 161 – 161
 2,446 767 3,213 958 30 988
Operating lease payments represent rentals payable by the Group for certain of its properties and equipment. Leases have varying 
terms and renewal rights. The above leasing arrangements do not contain any restrictive covenants, contingent rents or purchase 
options.   
 
 Sceptre Leisure plc 57 
 Annual report and accounts 2009 
Overview Business Review Governance Financial statements Other information 
31 Related party transactions  
Transactions between Group companies have not been disclosed as these have all been eliminated in the preparation of the 
consolidated financial information. 
During the financial year, the Group had the following transactions with related parties as defined by IAS 24 ‘Related Party 
Disclosures’. 
30 April 2009 29 April 2008
Related party Relationship Nature of transactions
Aggregate 
value for 
financial year
£000
Net amount 
owed to/(by)  
the Group 
£000 
Aggregate 
value for 
financial year
£000
Net amount 
owed to/(by) 
the Group
£000
Weston Castle Group Limited  
and its subsidiary entities 
Common control Rental income 
and recharges 172 (468) 184 (434)
  Sales – 218 19 253
   172 (250) 203 (181)
MBM Fabrications Limited 
Common 
directors within 
subsidiaries 
Purchase of 
machine 
components and 
spares 91 (24) ––
Single Site Software Limited 
Common 
directors 
Provision of 
computer 
software – – 175 –
All transactions with related parties were undertaken in the ordinary course of business and on an arms-length basis. 
Key management personnel 
As at 30 April 2009, the following Directors or key management personnel had loans from the Group at the year end. At 29 April 
2008, one Director had a loan outstanding as follows: 
 
30 April 2009
£000
29 April 2008
£000
K Turner 2 5
V Wardman 2 –
No interest has been charged on the balance of either loan. The maximum balance due to the Group was £5,000 (2008: £5,000). 
As at 30 April 2009 and 29 April 2008, the following Directors or key management personnel had made loans to the Group at the 
year end. 
 
30 April 2009
£000
29 April 2008
£000
V Wardman 179 179
No interest has been charged on the balance of the loan, and no repayments made. The loan is repayable on demand, and the 
maximum balance due by the Group was £179,000 (2008: £179,000). 
32 Events after the balance sheet date 
On 17 June 2009, the Company announced that it has conditionally placed with Hillroad Investments Limited 16,603,400 new 
Ordinary Shares of 5p each at a price of 33.1p per share, thereby raising gross proceeds of £5.5m. This placing was agreed with 
shareholders at the Company’s General Meeting held on 2 July 2009. Following the issue of the 16,603,400 Placing Shares the 
Company now has 55,363,120 Ordinary Shares in issue. For the avoidance of doubt, all capitalised terms have the same meaning  
as those defined in the General Meeting Circular dated 17 June 2009.  Notes 
(forming part of the financial statements) continued 
58 Sceptre Leisure plc 
 Annual report and accounts 2009 
33 Accounting estimates and judgements 
Some asset and liability amounts reported in the historical financial information are based on management estimates and 
assumptions. There is therefore a risk of significant changes to the carrying amounts for these assets and liabilities within the next 
financial year. The estimates and assumptions are made on the basis of information and conditions that exist at the time of the 
valuation. 
Classification of leases 
The Group utilises assets subject to operating and finance leases. The classification of these leases is based on a number of factors 
such as risk and reward, length of use and the fair value of minimum lease payments. Lease classification is made at the inception of 
the lease. 
Impairment provisions 
No impairment provisions have been made against goodwill as management have calculated the recoverable amount in each case 
to be in excess of the carrying values. The carrying amount of goodwill in the Group accounts is £61,000, and this amount was 
tested for impairment at the balance sheet date using a discount rate of 11% as set out in note 13. Using this discount rate, the net 
present value of the future cash flows associated with the goodwill relationships was significantly in excess of the carrying amount. 
The impairment tests require a number of assumptions and judgements to be made. An explanation of these judgements and 
estimations are detailed in the impairment test accounting policies. 
Customer contracts and relationships 
The Group recognises customer contracts and relationships as intangible assets on business combinations, with a net book value at 
the balance sheet date of £4.4m. These assets are subsequently amortised over the estimated useful economic life to the Group, 
which is estimated to be between 18–20 years. The initial valuation of these assets is based on an incremental income method 
valuation which requires the use of assumptions relating to future revenue, profitability and relationship life with each customer. 
Changes in the assumptions for useful economic life or incremental profits will have an impact on the annual amortisation charge 
recognised in the financial statements. The loss of a major customer may result in the recognition of an impairment loss.  
The Directors revisit these assumptions on a regular basis. 
Inventory impairment provisions 
The Group makes provision for inventories deemed to be obsolete. This provision is established on a specific item by item basis 
based on management’s prior experience and their assessment of the present value of estimated future cash flows. At the balance 
sheet date a provision of £5,000 (2008: £nil) has been made. During the course of the year, provisions totalling £9,000 were 
reversed, and a corresponding credit to cost of sales was recognised. Any future increase to the provision would lead to a 
corresponding reduction in reported profits and total assets. 
Receivables impairment provisions 
The amounts presented in the balance sheet are net of allowances for doubtful receivables, estimated by the Group’s management 
based on prior experience and their assessment of the present value of estimated future cash flows. At the balance sheet date a 
provision of £9,000 has been made. This amount is based on specific over due account criteria, and management’s judgement as to 
future recoverability. Any future increase to the provision would lead to a corresponding reduction in reported profits and total 
assets.  Company balance sheet 
at 30 April 2009 
 
 Sceptre Leisure plc 59 
  Annual report and accounts 2009 
Overview Business Review Governance Financial statements Other information 
Note 
30 April 2009
£000
30 April 2008
£000
Fixed assets  
Investments 6 14,828 1,300
Current assets  
Debtors  7 2,674 2,637
Cash at bank and in hand  – 104
  2,674 2,741
Creditors: amounts falling due within one year  8 (1,181) (302)
Net current assets  1,493 2,439
Total assets less current liabilities  16,321 3,739
Creditors: amounts falling due after more than one year  9 – (260)
Net assets  16,321 3,479
Capital and reserves  
Called up share capital 10 4,554 2,907
Share premium account 11 173 173
Merger reserve 11 11,419 307
Capital contribution – share-based payments 11 58 –
Profit and loss account 11 117 92
Shareholders’ funds   16,321 3,479
These financial statements were approved by the Board of Directors on 7 October 2009 and were signed on its behalf by: 
 
 
Kenneth Turner 
Director 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying accounting policies and notes form an integral part of these financial statements.  Company reconciliation of movements in shareholders’ funds 
for the year ended 30 April 2009 
 
60 Sceptre Leisure plc 
 Annual report and accounts 2009 
 
30 April 2009
£000
30 April 2008
£000
(Loss)/profit for the financial year (14) 1
Dividends on shares classified in shareholders’ funds  – –
Retained (loss)/profit (14) 1
Adjustments relating to acquisition of Orb Holdings Limited 11,112 –
New shares capital issued for acquisition of Orb Holdings Limited 1,647 –
Charge in relation to share-based payments 39 –
Capital contribution in relation to share-based payments to employees of subsidiaries 58 –
Net addition to shareholders’ funds 12,842 1
Opening shareholders’ funds  3,479 3,478
Closing shareholders’ funds 16,321 3,479
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying accounting policies and notes form an integral part of these financial statements. Notes 
(forming part of the Company financial statements) 
 Sceptre Leisure plc 61 
  Annual report and accounts 2009 
Overview Business Review Governance Financial statements Other information 
1 Accounting policies 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to 
the financial statements, except as noted below. The Directors have reviewed the principal accounting policies and consider they 
remain the most appropriate for the Company. The principal accounting policies of the Company have remained unchanged from 
previous years. 
Basis of preparation 
The financial statements have been prepared in accordance with UK GAAP accounting standards and under the historical cost 
accounting rules.  
Under section 408 of the Companies Act 2006 the Company is exempt from the requirement to present its own profit and loss 
account.  
Under Financial Reporting Standard 1 the Company is exempt from the requirement to prepare a cash flow statement on the 
grounds that a parent undertaking includes the Company in its own published consolidated financial statements. 
Investments 
Investments in subsidiary undertakings are stated at cost less amounts written off. 
Taxation 
The charge for taxation is based on the profit for the year and takes into account taxation deferred because of timing differences 
between the treatment of certain items for taxation and accounting purposes. 
Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for 
taxation and accounting purposes which have arisen but not reversed by the balance sheet date, except as otherwise required by 
FRS 19. 
Financial instruments 
Financial assets and financial liabilities are recognised on the Company’s balance sheet when the Company becomes party to the 
contractual terms of the instrument. 
Trade debtors 
Trade debtors do not carry any interest and are stated at their fair values as reduced to equal the estimated present value of the 
future cash flows. 
Trade creditors 
Trade creditors are not interest bearing and are stated at their fair value. 
Bank borrowings 
Interest bearing bank loans and overdrafts are initially recorded at fair value. Finance charges, including premiums payable on 
settlement or redemption and direct issue costs, are accounted for on an accruals basis to the profit and loss account using the 
effective interest method and are added to the carrying value of the instrument to the extent that they are not settled in the period 
in which they arise. 
Share-based payments 
For all employee share options granted after 7 November 2002 and vesting on or after 1 May 2005, an expense is recognised in the 
income statement with a corresponding credit to equity. The equity share-based payment is measured at the grant date using a 
Black-Scholes model, the details of which are set out in note 25 to the consolidated financial statements. 
Where the Company grants options over its own shares to the employees of its subsidiaries it recognises, in its individual financial 
statements, an increase in the cost of investment in its subsidiaries equivalent to the equity-settled share-based payment charge 
recognised in its consolidated financial statements with the corresponding credit being recognised directly in equity. 
Pensions 
The Company makes contributions to certain Directors’ pension plans and the pension costs charged against profits represent the 
amount of the contributions payable to the schemes in respect of the accounting period.  Notes 
(forming part of the Company financial statements) continued 
62 Sceptre Leisure plc 
 Annual report and accounts 2009 
2 Profit attributable to members of the parent company 
As permitted by section 408 of the Companies Act 2006, the parent company has not presented its own profit and loss account. 
The Company’s loss for the year of £14,000 (2008: profit of £1,000) has been transferred to reserves. 
Auditor’s remuneration 
The audit fees for the Company were £14,000 (2008: £3,000). Auditor’s remuneration for other services is disclosed in note 6 to 
the consolidated financial statements. 
Amounts paid to the Company’s auditors and their associates in respect of services to the Company, other than the audit of the 
Company’s financial statements, have not been disclosed as the information is required instead to be disclosed on a consolidated 
basis. 
3 Staff numbers and costs 
The average number of persons employed by the Company (including Directors) during the year, analysed by category, was as 
follows: 
 
30 April 2009
Number
30 April 2008
Number
Office and administrative 2 1
Sales – –
Production and service – –
 2 1
The aggregate payroll costs of these persons were as follows: 
 
30 April 2009
£000
30 April 2008
£000
Wages and salaries 222 25
Social security costs 26 3
Pension costs 16 –
 264 28
4 Remuneration of Directors 
See note 7 to the consolidated financial statements. 
5 Dividends  
The Directors do not recommend the payment of a dividend in respect of the current year (2008: nil). 
   
 
 Sceptre Leisure plc 63 
  Annual report and accounts 2009 
Overview Business Review Governance Financial statements Other information 
6 Investments in subsidiaries 
The Company has the following investments in subsidiaries: 
Ownership 
 
Country of 
incorporation
Class of shares 
held 2009 2008 Nature of business
Orb Holdings Limited England and 
Wales
Ordinary 100% 0% Holding company
Sceptre Leisure Solutions Limited England and 
Wales
Ordinary 98% 0% Retail of gaming and 
amusement machines
Regal Amusements Machine Sales Limited England and 
Wales
Ordinary 100% 0% Sale of amusement 
machines
Lotteryking Limited England and 
Wales
Ordinary 100% 100% Supply and operation of 
lottery ticket vending 
machines
Creative Lotteries Limited England and 
Wales
Ordinary 100% 100% External lottery manager
Single Site Software Limited England and 
Wales
Ordinary 50% 0% Provision of ICT services
Gemini Club Supplies Limited England and 
Wales
Ordinary 100%100% Dormant
Kelly’s Eye (No. 1) Limited England and 
Wales
Ordinary 100%100% Dormant
Gaming Centres Limited England and 
Wales
Ordinary 100% 0% Dormant
Sceptre Leisure Sales Limited England and 
Wales
Ordinary 100% 0% Dormant
Daily Lotto UK Limited England and 
Wales
Ordinary 100% 0% Dormant
The Business Information Zone Limited England and 
Wales
Ordinary 100%100% Dormant
Kelly’s Eye (North West) Limited England and 
Wales
Ordinary 100%100% Dormant
Vendingking Limited England and 
Wales
Ordinary 100%100% Dormant
Lotteryking International Limited England and 
Wales
Ordinary 100%100% Dormant
Club Lottery (UK) Limited England and 
Wales
Ordinary 100%100% Dormant
Club Biz Limited England and 
Wales
Ordinary 100%100% Dormant
On 29 September 2008, the Company, then named Gamingking plc, became the legal parent of Orb Holdings Limited (parent 
company of Sceptre Leisure Solutions Limited and others) in a share-for-share transaction. This acquisition, and its treatment in the 
Group accounts, is disclosed fully in notes 1 and 15 to the consolidated financial statements. 
The consideration for the acquisition is set out below: 
Fair value at date 
of acquisition
£000
Shares in Sceptre Leisure plc 12,758
(32,945,762 Ordinary Shares of 5p each issued at 38.7p) 
Consideration 12,758
Acquisition expenses 712
Total consideration 13,470
  Notes 
(forming part of the Company financial statements) continued 
64 Sceptre Leisure plc 
 Annual report and accounts 2009 
6 Investments in subsidiaries (continued) 
Total
£000
Cost 
Balance at 1 May 2007 2,020
Additions –
Balance at 30 April 2008 2,020
Balance at 1 May 2008 2,020
Additions 13,470
Share-based payments to employees in subsidiaries 58
Balance at 30 April 2009 15,548
Amortisation and impairment 
Balance at 1 May 2007 716
Charged in the year 4
Balance at 30 April 2008 720
Balance at 1 May 2008 720
Charged in the year –
Balance at 30 April 2009 720
Net book value 
At 1 May 2007 1,304
At 30 April 2008 1,300
At 30 April 2009 14,828
7 Debtors 
 
30 April 2009
£000
30 April 2008
£000
Amounts owed by subsidiary undertakings 2,168 2,106
Loans to subsidiary undertakings 480 480
Other taxation 10 39
Prepayments 16 12
 2,674 2,637
Debtors include £nil (2008: £nil) due after more than one year. 
8 Creditors: amounts falling due within one year 
 
30 April 2009
£000
30 April 2008
£000
Amounts due to subsidiary undertakings 991 –
Trade creditors 76 47
Bank loan – 220
Accruals 114 35
 1,181 302
9 Creditors: amounts falling due after more than one year 
 
30 April 2009
£000
30 April 2008
£000
Bank loan – 260
   
 
 Sceptre Leisure plc 65 
  Annual report and accounts 2009 
Overview Business Review Governance Financial statements Other information 
10 Called up share capital 
30 April 2008
£000
Authorised 
500,000,000 Ordinary Shares of 1p each 5,000
Allotted, called up and fully paid 
290,697,869 Ordinary Shares of 1p each 2,907
On 29 September 2008, the Company, then named Gamingking plc, became the legal parent of Orb Holdings Limited (parent 
company of Sceptre Leisure Solutions Limited and others) in a share-for-share transaction as set out in note 6 to these accounts.  
As part of this transaction, the Company also implemented a reorganisation of its share capital, which involved a sub-division of  
the existing Ordinary Shares followed by a consolidation. This share capital reorganisation was passed by ordinary resolution at  
the Company’s General Meeting held on 29 September 200 . In summary, each Ordinary Share of 1p each was divided into one 
Ordinary Share of 0.1p, and one Deferred Share of £0.9p. Each 1p Ordinary Share was then consolidated on a 50–1 basis to  
create a new 5p Ordinary Share. Full details of the reorganisation were published in the Company’s admission document dated  
2 September 2008. 
30 April 2009
£000
Authorised 
47,674,384 Ordinary Shares of 5p each 2,384
290,697,869 Deferred Shares of 0.9p each 2,616
 5,000
Allotted, called up and fully paid 
38,759,720 Ordinary Shares of 5p each 1,938
290,697,869 Deferred Shares of 0.9p each 2,616
 4,554
11 Share premium and reserves 
Share premium 
account
£000
Merger reserve 
£000 
Capital 
contribution 
share-based 
payments £000
Profit and loss 
account
£000
At beginning of year 173 307 – 92
Loss for the year – – – (14)
Employee share-based payments – – 58 39
Relating to acquisition (note 6) – 11,112 – –
At end of year 173 11,419 58 117
12 Capital commitments 
The Company has no outstanding capital commitments at 30 April 2008 or 30 April 2009. 
8 Notice of Annual General Meeting 
 
66 Sceptre Leisure plc 
 Annual report and accounts 2009 
NOTICE is hereby given that the Annual General Meeting of the Company will be held at College Hill Associates, The Registry,  
Royal Mint Court, London EC3N 4QN on Thursday 22 October 2009, at 11am for the following purposes: 
To consider and if thought fit, pass the following resolutions: 
Ordinary business 
1. To receive and, if approved, to adopt the Company’s accounts for the year ended 30 April 2009 together with the Report of the 
Directors and the auditors’ report on those accounts and to note that the Directors do not recommend the payment of a final 
dividend for that period. 
2. To reappoint KPMG Audit Plc as auditor of the Company to hold office from the conclusion of the meeting to the conclusion of 
the next meeting at which the accounts are laid before the Company at a remuneration to be determined by the Directors. 
3. To reappoint K Turner, who was appointed since the last Annual General Meeting and retires in accordance with the Company’s 
Articles of Association, as a Director of the Company. 
4. To reappoint L Humphrys, who was appointed since the last Annual General Meeting and retires in accordance with the 
Company’s Articles of Association, as a Director of the Company.  
5. To reappoint V Wardman, who was appointed since the last Annual General Meeting and retires in accordance with the 
Company’s Articles of Association, as a Director of the Company. 
Ordinary resolution 
6. To grant the authority, conferred on the Directors by Article 8.2.1 of the Company’s Articles of Association, to allot relevant 
securities for the period ending on the conclusion of the Company’s next AGM and for that period the section 551 amount shall 
be £830,477 (16,608,940 shares). This authority shall be in substitution for any prior authority granted in this regard by the 
Company at an Annual General Meeting or Extraordinary General Meeting. 
Special resolution 
7. Subject to the passing of Resolution 6 above, to grant the power, conferred on the Directors by Article 8.2.2 of the Company’s 
Articles of Association, to allot equity securities as if section 561(1) did not apply to any such allotment for the period ending on 
the conclusion of the Company’s next AGM and for that period the section 561 amount shall be £276,818 (5,536,320 shares). 
This authority and power shall be in substitution for the power granted in this regard by the Company at any prior Annual 
General Meeting or Extraordinary General Meeting. 
 To the extent the power conferred by Article 8.2.2 to allot equity securities up to an aggregate nominal amount equal to the 
section 561 amount shall apply to a sale of shares which by virtue of s560(1) of the Act is an allotment of equity securities, the 
words ‘pursuant to and within the terms of the said authority’ in Article 8.2.2 shall be deemed to be omitted. 
8. Pursuant to the authorities contained in its Articles of Association, to give general and unconditional authority to make market 
purchases (within the meaning of section 693(4) of the Companies Act 2006) of up to a maximum of 2,768,156 Ordinary Shares 
of 5p each in its capital (‘Ordinary Shares’) (representing 5% of the Company’s issued ordinary share capital) provided that: 
i) The maximum price per Ordinary Share is not more than 5% above the average market value for an Ordinary Share as 
derived from the London Stock Exchange Daily Official List for the last five business days in respect of which such Daily 
Official List is published before the purchase is made, and the minimum price per Ordinary Share is not less than 5p; and  
ii) This authority, unless previously renewed, shall expire on the conclusion of the Company’s next AGM except in relation to 
the purchase of any Ordinary Shares the contract for which was concluded before the date of expiry of the authority and 
which would or might be completed wholly or partly after such date. 
By order of the Board 
Guy van Zwanenberg 
29 September 2009 
Secretary 
20 Black Friars Lane 
London 
EC4V 6HD   
 
 
 Sceptre Leisure plc 67 
 Annual report and accounts 2009 
Overview Business Review Governance Financial statements Other information 
Notes: 
(a) Any member of the Company entitled to attend and vote at the meeting may appoint one or more proxies to attend and, on a 
poll, to vote on his/her behalf. A proxy need not be a member. Forms of proxy should be lodged with the Company’s Registrar, 
Proxy Department, Capita Registrars Limited, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU not later than 48 
hours before the time for which the meeting is convened to be effective. Completion of the appropriate form of proxy does not 
prevent a member from attending and voting in person if he/she is entitled to do so and so wishes. 
(b) Members are informed that a register of all interests of each Director and his family in each class of share capital of the 
Company and its subsidiaries and copies of all contracts of service of more than one year’s duration of any Director with the 
Company or any of its subsidiaries are available for inspection at the Registered Office of the Company during normal business 
hours on any weekday (Saturdays and public holidays excepted) from the date of this Notice until the close of the meeting and, 
on the day of the meeting, at the place of the meeting from at least 15 minutes prior to the meeting until its conclusion. 
(c) In accordance with Regulation 41 of the Uncertificated Securities Regulations 2001, the Company gives notice that only those 
shareholders entered on the relevant register of members (the ‘Register’) for certificated or uncertificated shares of the 
Company (as the case may be) at 6pm on 20 October 2009 (the ‘Specified Time’) will be entitled to attend or vote at the 
meeting in respect of the number of shares registered in their name at the time. Changes to entries on the Register after the 
Specified Time will be disregarded in determining the rights of any person to attend or vote at that meeting. Should the meeting 
be adjourned to a time not more than 48 hours after the Specified Time, that time will also apply for the purpose of determining 
the entitlement of members to attend and vote (and for the purpose of determining the number of votes they may cast) at the 
adjourned meeting. Should the meeting be adjourned for a longer period, then to be so entitled, members must be entered on 
the Register at the time which is 48 hours before the time fixed for the adjourned meeting or, if the Company gives notice of the 
adjourned meeting, at the time specified in the Notice. 
(d) To appoint a proxy or to give or amend an instruction to a previously appointed proxy via the CREST system, the CREST 
message must be received by the issuer’s agent RA10 by 11am on 20 October 2009. For This purpose, the time of receipt will be 
taken to be the time (as determined by the timestamp applied to the message by the CREST applications Host) from which the 
issuer’s agent is able to retrieve the message. After this time any change of instructions to a proxy appointed through CREST 
should be communicated to the proxy by other means. CREST personal members or other CREST sponsored members, and 
those CREST members who have appointed voting service providers(s) should contact their CREST sponsor or voting service 
provider(s) for assistance with appointing proxies via CREST. For further information on CREST procedures, limitations and 
system timings please refer to the CREST manual. We may treat as invalid a proxy appointment sent by CREST in the 
circumstances set out in regulation 35(5)(a) of the Uncertificated Securities Regulations 2001. In any case your proxy form must 
be received by the Company’s registrars no later than 11am on 20 October 2009. 
(e) Shareholders may appoint a proxy (or proxies) or vote online at www.capitashareportal.com  Shareholder notes 
 
68 Sceptre Leisure plc 
 Annual report and accounts 2009 
  Introduction
Sceptre Leisure plc’s principal activities are centred on
the provision of gaming, lottery and leisure equipment.
In this report we explain how much we have achieved
since our formation, and how we intend to build on
that success.
Designed and produced by Radley Yeldar (www.ry.com) using the paperless proofing system Wizardry.
Sceptre Leisure plc are committed to caring for the environment and looking for sustainable ways to minimise our impact on it.
This year our annual report and accounts has been printed by Beacon Press using their pureprint® environmental print technology,
a guaranteed, low carbon, low waste, independently audited process that reduces the environmental impact of the printing process.
All the electricity used in this production was generated from 100% renewable sources and vegetable oil based inks were used
throughout. Beacon Press is a CarbonNeutral® company and is certificated to Environmental Management System, ISO 14001 and
registered to EMAS, the Eco Management and Audit Scheme.
Also we take care to minimise the impact on the environment in the paper we use. The paper we have used, Lumi Silk, is sourced from
well managed forests and manufactured at a mill accredited with ISO 14001 environmental management standard. The pulp used in
this product is bleached using an Elemental Chlorine Free process.
FSC – Forest Stewardship Council. This ensures there is an audited
chain of custody from the tree in the well-managed forest through
to the finished document in the printing factory.
ISO 14001 – A pattern of control for an environmental management
system against which an organisation can be credited by a third party. Sceptre Leisure plc
139 Brookfield Place
Walton Summit
Bamber Bridge
Preston
PR5 8BF
[T] 01772 694 242
[F] 01772 694 243
[W] www.sceptreleisureplc.co.uk
[E] info@sceptreleisureplc.co.uk
Sceptre Leisure plc Annual report and accounts 2009
Sceptre Leisure plc
Annual report and accounts 2009