20 15
www.swallowfield.com
ANNUAL REPORT & ACCOUNTS | 20 15
ANNUAL REPORT
& ACCOUNTS
———  ANNUAL REPORT  
AND ACCOUNTS 2015
Swallowfield plc is a market leader in the development,  
formulation, and supply of personal care and beauty products.  
Our customers include many of the world’s leading brands. 
s
In this report Page
Highlights 02
Chairman’s Foreword 04
Strategic Report 
Chief Executive’s Report 09
Principal Risks and Uncertainties 18
Financial Review 20
People and Sustainability 24
Governance 
Corporate Governance 28
Board of Directors 30
Directors’ Report 32
Independent Auditor’s report 34
Financial Statements 
Group Statement of Comprehensive Income 36
Group and Company Statements of Financial Position 37
Group and Company Statements of Changes in Equity 39
Group and Company Cash Flow Statements 41
Notes to the Accounts 42
Five Year Summary 69
Corporate Directory 70
Forward-looking statements
Certain statements in this Swallowfield plc Annual Report and Accounts 2015 constitute “forward-looking statements”. 
Forward-looking statements may sometimes, but not always, be identified by words such as “will”, “may”, “should”, 
“continue”, “believes”, “expects”, “intends” or similar expressions. These forward-looking statements are subject to 
risks, uncertainties and other factors which, as a result, could cause Swallowfield plc’s actual future financial condition, 
performance and results to differ materially from the plans, goals and expectations set out in the forward-looking 
statements. Such statements are made only as at the date of this Report and, except to the extent legally required, 
Swallowfield plc undertakes no obligation to revise or update such forward-looking statements.
01
ANNUAL REPORT & ACCOUNTS | 2015 Financial
Highlights
s
Revenue growth of 0.6% at £49.4m (2014: adjusted £49.1m). 
Revenues were 2.6% higher than prior year on a constant 
currency basis.
—
Operating profit increased by 30% in the period to £1.00m 
(2014: adjusted £0.77m).
—
Profit before tax and exceptional items increased by 62%  
to £0.81m (2014: adjusted £0.50m).
— 
Earnings per share increased by 69% to 6.6p 
(2014: adjusted 3.9p).
—
Net debt position of £5.4m (2014: £5.1m), after the  
outflow of £1.2m on the acquisition of ‘The Real Shaving 
Company’ brand.
—
Re-instatement of dividend with a proposed final dividend  
of 2.0p per share (2014: Nil).
02
ANNUAL REPORT & ACCOUNTS | 2015 Operational
Highlights
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Continued growth of ‘drive’ product lines improving both 
margin and competitive advantage.
—
Acquisition and successful integration of ‘The Real Shaving 
Company’ brand, which has also developed new sales  
channels for other Swallowfield owned brand lines.
—
First production of innovative new plastic aerosol  
technology. This innovation represents a world first in  
its product category and format.
—
Cost optimisation project completed as planned at our 
Bideford site.
—
First shipments of premium beauty brand ‘Bagsy’.
—
Premium male haircare brand ‘MR.’ to be launched with a 
national retailer in October.
—
Secured new contracts with major global brand owners that will 
contribute to further growth in fiscal 2016 and beyond.
03
ANNUAL REPORT & ACCOUNTS | 2015 Results
£m unless otherwise stated 2015 2014
Reported Results
1
Revenue
2
 £49.4m £49.1m 
Revenue (constant currency)
3
 £50.4m £49.1m
Operating profit
1
 £1.00m £0.77m
Adjusted earnings per share
1
 6.6p 3.9p
Statutory Results
Revenue
2
 £49.4m £50.0m
Operating profit £1.00m £0.40m
Basic earnings per share 6.6p 1.4p
Total Dividend per share 2.0p –
Net debt  £5.4m £5.1m
1
 Adjusted operating profit and adjusted earnings per share are calculated before exceptional items.
2
 2014 statutory revenue represents 53 weeks trading, adjusting for the 53 week would reduce reported revenue by £0.94m. Except for 
revenue, where the relevant adjustment has been shown above, no material changes would be required to the income statement to adjust 
the 2014 financial year numbers to a 52 week basis.
3
 Revenue translated at 2014 exchange rates.
CHAIRMAN’S 
FOREWORD
———
04
ANNUAL REPORT & ACCOUNTS | 2015 I am pleased to report that full year profitability is in line with our expectations and we continue to make good underlying 
progress with our ‘Building a Better Swallowfield’ strategy. We are investing for the future, repositioning the business, and 
delivering industry leading innovative new products and packaging formats. This strategy will continue to strengthen our 
market position, improve our competitive advantage and help to build shareholder value in both the medium and long term.
Business Review
Following a full review of the business which was completed in 2014, a new, focused strategy has been implemented which is 
already beginning to deliver demonstrable results. We expect this strategy to continue to improve profitability, increase cash 
generation and add shareholder value over future years. Further details are outlined in the Strategic Report that follows.
The Group has made good progress on a number of its strategic pillars (Product Category Focus, New Product 
Development, Cost Base Optimisation, and Emerging New Category). The main focus of our business remains the 
development, formulation, and supply of personal care and beauty products for customers which include many of the 
world’s leading brands. Through continued investment and execution of our Product Category Focus our offering has 
become increasingly differentiated, which has the dual benefit of a positive impact on margin contribution and also 
improving our competitive advantage, thereby making the Group more resilient. 
Alongside this core business, we continue to increase the sales of brands that are owned by the Group and which we control 
from formulation through to distribution. The acquisition of ‘The Real Shaving Company’ in May of this year for a total cash 
consideration of £1.15 million represents the most significant investment to date. I am pleased to report that the brand has 
been integrated successfully and that the business is performing well. In addition to its financial contribution, ‘The Real Shaving 
Company’ has also added further sales channels which the Group will leverage for other Swallowfield owned brand products. 
Overall, the improved margin has offset a slight softness in sales revenues versus expectations. This was due to the delayed 
availability of some materials and the continuing headwind of the weak euro.
Dividends
The Board is pleased to announce that it will be proposing a final dividend of 2.0 pence for approval at this year’s Annual 
General Meeting (2014: Nil). 
This reinstatement of the dividend reflects the Board’s confidence and progress on our strategy which is designed to build 
shareholder value in the medium and long term. 
However, as previously advised, it is the Directors’ intention to have a growth dividend policy and align future dividend 
payments to the underlying earnings and cash flow of the business, taking in to account the gearing and the operational 
requirements of the business.
Outlook
Despite the ongoing challenging market conditions, and the impact of the weaker euro, 
we have delivered a significant increase in profitability for the full year.
We are pleased with progress made to date on a number of significant milestones for  
the business, including new product launches, new ‘owned’ brands and the acquisition of 
‘The Real Shaving Company’, all of which will positively contribute in the new financial year. 
We remain confident that our strategy will deliver further profitability growth and 
shareholder value in the current year and beyond.
Brendan Hynes 
Chairman 
21 September 2015
05
ANNUAL REPORT & ACCOUNTS | 2015 “It has been a year of measurable 
progress. Sales, gross margins and 
operating profit have all improved 
whilst we have also secured 
important new contracts in our 
drive and build categories that will 
support future growth.”
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CHRIS HOW  
CHIEF EXECUTIVE OFFICER
STRATEGIC 
REPORT
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06
ANNUAL REPORT & ACCOUNTS | 2015
Strategic Report 07
ANNUAL REPORT & ACCOUNTS | 2015
Strategic Report The Group has continued to make measurable progress over the past year. Whilst overall revenue growth is modest (0.6% 
reported; 2.6% on constant currency), it is underpinned by a strengthening of our direct contribution margin as we focus 
on product categories where we have a more resilient competitive position. This increased margin and further operational 
improvements have mitigated the continuing euro headwind and driven an improvement in the adjusted operating profit 
before tax, which is 30% higher than last year at £1.0 million. 
During the course of the year we have continued to develop a better balanced business. The broadening of our overall 
customer and geographic mix, plus the product category focus, has further improved our risk profile. For example in 2012 
we had three customers accounting for 52% of revenue, with the largest customer representing 25%. Three years on we 
now have seven customers representing the same proportion of revenue, with the largest customer now representing 14% 
of revenue.
OUR BUSINESS AND STRATEGY
Swallowfield plc is a market leader in the development, formulation, and supply of personal care and beauty products. Our 
customers include many of the world’s leading brands. 
In early 2014 we embarked on our strategy to ‘Build a Better Swallowfield’. This strategy is now firmly in place and 
beginning to deliver tangible results both in terms of long term business health and financial performance.
What We Do
Our core business is to formulate and produce quality products for many of the world’s leading personal care and beauty 
brands. We leverage our skilled resources to develop and market a growing portfolio of Swallowfield owned and managed 
brands.
Our Locations
Wellington, Somerset: our head office, a manufacturing and development location, predominately focused an aerosol and 
hot pour deodorant sticks.
Bideford, North Devon: manufacturing and development location focused on cosmetic wood pencils, small hot pour lip 
balms and plastic pencils.
Tabor, Czech Republic: a filling location focused on cosmetics, fragrances, tubes and roll-ons.
Shanghai: a local representative office and location of our 19% investment in Shanghai Colour Cosmetic Technology 
Company (SCCTC). SCCTC are focused on gift packs and cosmetics.
Paris and New York: sales support offices, located close to our customers. 
CHIEF EXECUTIVE’S 
REPORT
———
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ANNUAL REPORT & ACCOUNTS | 2015
Strategic Report Our Customers and Markets
Figure 1 outlines the range of customer types we supply. We are proud to work with some of the world’s leading brands 
and retailers.
We invoiced 61% of sales to customers in the United Kingdom, 34% to those in Europe and 5% in Rest of World, with a 
number of customers onward exporting globally. There is a strong probability Swallowfield produced products will be found 
in many markets around the world. 
Our Products
Figure 2 outlines the current sales value mix of product types.
 
 
 
Our Locations
 
s
18%
13%
35%
34%
35% Mass Brands
34% Beauty and  
Fashion Retail
18% Prestige  
Brands
13% Grocery  
Retailers
51% Aerosols
15% Colour  
Cosmetics
14% Gift &  
Fragrance
11% Liquids/ 
Other
9% Hot Pour
FIGURE 2   Sales by Product Type
 
s FIGURE 1   Our Core Customers
 
s
51%
15%
14%
11%
9%
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ANNUAL REPORT & ACCOUNTS | 2015
Strategic Report Executing our strategy
‘Creating for Tomorrow, Delivering for Today’
Our business strategy is developed on two complimentary platforms:
• the first, ‘Creating for Tomorrow’ identifies the strategic pillars that we believe will help us create a stronger business in 
the mid and long term. 
• the second, ‘Delivering for Today’ identifies some key operational focus areas that we need to drive in order to deliver 
our more immediate (i.e. current fiscal) performance.
The 4 strategic pillars of ‘Creating for Tomorrow’ are: 
1. Product Category Focus
2. New Product Development
3. Cost Base Optimisation
4. Emerging New Category 
Innovation, our talented chemists have an industry-wide 
reputation for developing great new product formulations, 
especially in our drive and build product categories.                
Packaging Solutions, our team works across our customer 
base to design innovative and effective packaging solutions.
Regulatory Expertise, our team are able to advise 
customers as to regulatory requirements across a broad 
range of product types and across a variety of geographies 
thereby enhancing the potential of these products in export 
markets.
Quality Customer Base, the vast majority of our products 
are developed and produced for strong brands or more 
premium beauty and fashion retailers. Grocery private label 
products account for less than 10% of our contribution 
margin.
Expertise in our “drive” Categories, we have an industry 
reputation for quality, expertise and cost competitiveness 
in our drive categories (e.g. Aerosols, Hot Pour Products). 
These product categories also have significant barriers to 
entry in terms of skill and assets required.
Geographic Flexibility, our ability to fill and pack products 
in the UK, Central Europe and Asia enable us to tailor our 
offer to meet a variety of customer needs around, cost, 
quality, complexity and lead-times.
Formulatory Expertise, the majority of our sales are from 
formulations that we have either developed ourselves or 
jointly with our customers. This enables our relationships 
and specific contracts to be on a more secure, long term 
partnership basis.
Our Competitive Strength
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ANNUAL REPORT & ACCOUNTS | 2015
Strategic Report Our ‘drive’ products are categories where Swallowfield has an existing and sustainable competitive advantage. 
Future investment of both human and financial resources will be prioritised to drive higher growth and 
profitability in each of these categories.
PRODUCT CATEGORY FOCUS
The business has segmented our product categories  
in to ‘drive’, ‘build’, and ‘service’ groups. 
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Specifically in our drive  
categories we aim to:
— Prioritise development resource
—  Achieve ‘best in class’ reputation  
for consumer, technical and 
production expertise
—  Invest in production assets to 
drive cost and capacity
— Grow sales and margin ahead of  
 group average
Our drive categories include:
1. Personal care aerosols
2.  Hot pour products (for lips,  
face, hair, and underarm)
3. Roll-ons
We are pleased to report that we achieved in the year a direct 
contribution margin growth in our drive categories of 9%. Further  
we have secured new contracts with major global brand owners  
that will contribute to further growth in fiscal 2016 and beyond.
9
%
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ANNUAL REPORT & ACCOUNTS | 2015
Strategic Report “Our core customers are brand 
owners who require a constant  
stream of product innovation to 
remain competitive and we have  
built a reputation as a valuable 
partner to them in this process.”
s
JANE FLETCHER  
GROUP SALES AND MARKETING DIRECTOR
NEW PRODUCT 
DEVELOPMENT
s
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ANNUAL REPORT & ACCOUNTS | 2015
Strategic Report NEW PRODUCT 
DEVELOPMENT
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ANNUAL REPORT & ACCOUNTS | 2015
Strategic Report Core Business Innovation 
In the year we introduced our innovative new plastic aerosol product in a post-foaming shower gel format. 
This technology offers the consumer and brand owners’ significant benefits. This project, which has created 
a world-first product, has taken three years to develop and included many technical innovations to overcome 
challenges around elements such as: pressurisation precision, crimping technology, gassing techniques, 
formulation compatibility, shrink-sleeving onto heat sensitive PET and many more. It has enabled us to secure 
a long term contract with one of our largest customers, and provides us with the opportunity to extend this 
technology to other ‘drive’ product categories and customers.
Swallowfield Owned Brands
As well as our core work we are also utilising our product development, manufacturing, and distribution 
expertise to create innovative ranges of products which are being taken to market under our own brand names. 
These are positioned to avoid any direct conflict with our existing valued customer base. Through highly 
targeted campaigns and the use of low cost customer engagement channels such as social media, we believe 
we can build strong brand awareness to support product sales with moderate and sustainable investment levels.
The recently acquired brand The Real Shaving Company has now been successfully integrated into the 
business. Customer response to our innovation plans for the brand have been very positive and first listings 
for our new aerosol products have been agreed. 
Development of our organically developed Swallowfield brands continues to progress well: 
Our premium beauty brand, ‘Bagsy’ was introduced in June, exclusively on-line, and will be launched with a 
major national department store chain in October. 
Distribution of our value brand ‘Tru’ has been extended, and it is now present in three UK retailers and one in 
Europe.
Our premium and innovative new male haircare brand ‘MR.’ will be launched in October into three hundred 
and fifty stores of a leading high street health and beauty retailer.
NEW PRODUCT DEVELOPMENT
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Bagsy
® 
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14
ANNUAL REPORT & ACCOUNTS | 2015
Strategic Report The Real Shaving Company
® 
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MR.
® 
i TRU
® 
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ANNUAL REPORT & ACCOUNTS | 2015
Strategic Report We aim to improve our space and asset utilisation across our locations, which will reduce the cost base and 
improve productivity. In fiscal 2015 we completed the consolidation of our Bideford site into two buildings 
from three, relocating selected manufacturing lines to Tabor in the Czech Republic. This project delivers 
full year savings of £0.23m. We are continuing to evaluate options to optimise the use and location of our 
production assets across all Group sites.
We have identified a project to implement a coordinated upgrade of our energy and waste infrastructure at 
our main Wellington site, which aims to generate savings of approx. £0.15m per annum. This is expected to be 
completed during fiscal 2016.
COST BASE OPTIMISATION 
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This project delivers full year savings of £0.23m. 
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£0.23m
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ANNUAL REPORT & ACCOUNTS | 2015
Strategic Report We continue to work on a number of innovative projects which may lead to the establishment of new 
capabilities (e.g. food, scented candles, and medical devices). However, the success to date of our owned 
brand projects lead us to conclude that strategic resource is better deployed to further accelerate in that area. 
Consequently we will roll our work on Emerging New Category into a broader Innovation stream and allocate 
resources in that context.
EMERGING NEW CATEGORY
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1.  Product Category Prioritisation
2.  NPD (incl. Swallowfield Own Brands)
3.  Cost Base Optimisation
4. Emerging New Category
PREVIOUS FUTURE
1.  Product Category Prioritisation
2.  Core Business Innovation
3.  Swallowfield Owned Brands
4. Cost Base Optimisation
Evolution of our strategic pillars
 
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ANNUAL REPORT & ACCOUNTS | 2015
Strategic Report RISKS AND 
UNCERTAINTIES
———
The Group is subject to a variety of risks whilst undertaking its business. This section describes the principal risks and 
uncertainties which may affect the Group’s business, financial results and prospects. 
It is worth noting that uncertainties also bring opportunities. The Group’s objective here is not to eliminate risks but rather 
to manage them in a way which allows the business to minimise the downside impact whilst also allowing it to exploit the 
opportunities that arise to the full.
Risk Description Potential Impact Mitigation
Market competiveness, for example Significant loss of contracts and/or The Group seeks to adapt its operations 
- weaker consumer demand in difficult  potential slow-down in demand for to match changing demand but 
 economic climates  products, leading to potential adverse recognises that elements of the cost 
- aggressive and/or extended  impact on profitability and subsequent base are fixed. The Board remains 
 promotional activity from large-scale  inability to deliver long-term shareholder confident that the new strategy outlined 
 brand competitors to our clients value. in early 2014 will gain further  
- the competitive retail environment   momentum, improve profitability and  
   continue to build shareholder value. 
The Group has historically relied for a  Adverse effect upon the Group’s The Group tracks business development 
proportion of its turnover on a small  operating results by customer and maintains with them a 
number of key customers   regular dialogue. In 2012 we had three 
customers accounting for 52% of 
revenue, with the largest customer 
representing 25%. This year we now have 
seven customers representing the same 
proportion of revenue, with the largest 
customer now 14%. We have driven good 
levels of net growth across new and 
existing customers with this reduced 
dependency on certain clients and the 
continuing broadening of the overall 
customer, geographic and product mix  
will continuing to improve our risk profile. 
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ANNUAL REPORT & ACCOUNTS | 2015
Strategic Report Risk Description Potential Impact Mitigation
A significant proportion of the Group’s An increase or volatility in the prices of Purchasing policies seek to reduce 
raw material costs are affected by the  these commodities could adversely exposure to commodity prices and a 
prices of commodities such as oil, gas,  affect the Group’s results as input cost number of customer relationships allow 
steel and aluminium  increases could be difficult to prevent  the pass through of cost changes.  
 as well as difficult to pass through in  
selling prices due to competitive  
pressures in most end markets 
The Group is exposed to the failure or Adversely impact on Group’s reputation,  We continue to work to improve our 
non-performance of suppliers financial results or operational visibility of potential supply issues 
performance  through weekly New Product  
Introduction reviews, and ongoing 
monitoring of supplier performance.
Environment and Health & Safety risk Adversely impact on the Group’s The Group provides systems, equipment, 
reputation, financial results or  training and management supervision to 
operational performance  mitigate these risks and comply with 
relevant standards and regulation.
People risks related to the loss of key Adversely impact on the Group’s Well established procedures are in place 
staff, insufficient planning for  reputation, financial results or covering consultation, employee 
management succession. operational performance   involvement, works councils, documented 
grievance and dispute resolution 
procedures and focus on engendering  
a culture of consultation. The ‘Building  
a Better Swallowfield’ agenda outlines  
the key elements of how we want to  
build a Swallowfield that is an interesting 
and rewarding place to work, that 
consistently exceeds the expectations 
and needs of our customers and 
delivers sustained profitable growth for 
our shareholders. This has provided a 
framework that clarifies our values, our 
short, mid and long term priorities and  
the key measures in place to measure  
our progress.
Product Recall – products which  There are clear financial, reputational We have formalised development 
are discovered to be a risk to  and regulatory risks associated with protocols to ensure the products we 
consumer safety or in breach of  a public product recall. A public product design are fit for purpose and comply 
legal or regulatory requirements  recall could lead to undermining of with all legal requirements. We continue  
could potentially lead to a public  customer and consumer confidence to drive and improve our product quality 
product recall (i.e. recovery of a  resulting in potential loss of volume and safety processes throughout our 
product from the ultimate  and brand value in the product supply chain to minimise the risk of a 
consumer as well as our customers).  affected, as well as those of a similar public product recall.  We work with 
A range of different factors can lead to nature. The Group may also face our suppliers to prepare detailed product, 
a public product recall, including poor  potential financial liabilities to component and material specifications 
design, material quality failures,  customers and/or consumers. and ensure correct materials are chosen 
incorrect production processes and  and specified. We provide our customers 
deliberate/accidental contamination/ with detailed labelling requirements for 
damage at a point in the supply chain.  their packaging to ensure that consumers 
have clearly labelled, legally compliant 
packaging with all relevant warnings and 
precautions to be taken.
In the normal course of its business the This exposure to foreign currencies The directors review and agree a policy 
Group transacts in and holds various  means that the Group may suffer a for managing this risk and it is 
currencies. loss (or gain) as their values change.  summarised in Note 21 to the financial 
statements.
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ANNUAL REPORT & ACCOUNTS | 2015
Strategic Report Key Performance Indicators
We concluded our business review of the group and the 
results outlined in 2014 will map out the future strategy, 
direction, shape, and financial goals of the business over 
the next three to five years. 
To implement our growth strategy effectively, we have set 
ambitious targets and milestones. We monitor these goals 
closely to focus our effort and ensure we deliver both in 
the short term and long term.
To maintain focus on the “Creating for Tomorrow, 
Delivering for Today” agenda a range of non-financial key 
performance indicators are monitored at an operational 
level covering, amongst others, new product development, 
customer service, quality and health and safety. The Board 
receives an overview of these on a regular basis. 
FINANCIAL 
REVIEW
———
Financial Key Performance Indicators 2015 2014
Revenue
2
 £49.4m £49.1m
Revenue (constant currency)
3
 £50.4m £49.1m 
Contribution Margin %
4
 28.8% 28.1%
Adjusted Operating profit
1
 £1.00m £0.77m
Net debt £5.4m £5.1m
1
 Adjusted operating profit and adjusted earnings per share are 
calculated before exceptional items.
2
 2014 statutory revenue represents 53 weeks trading, adjusting for 
the 53 week would reduce reported revenue by £0.94m. Except for 
revenue, where the relevant adjustment has been shown above, no 
material changes would be required to the income statement to 
adjust the 2014 financial year numbers to a 52 week basis.
3
 Revenue translated at 2014 exchange rates.
4
 Direct contribution margins are defined as net sales less materials, 
direct labour, and other direct costs.
FY 2013
–0.6
–0.4
–0.2
0
0.2
0.4
0.6
0.8
1.0
1.2
FY 2013 FY 2014 FY 2014 FY 2015 FY 2015
Acquisition
0
1
2
3
4
5
6
Adjusted Operating Profit £’m Net Debt £’m
Revenue showed growth of 0.6% at £49.4m (2014: 52 weeks £49.1m). The weakness of the euro has reduced sales  
revenue by £1.1m, offset by a £0.2m gain on the US dollar, so net revenue growth on a constant currency basis would 
have been 2.6%. 
20
ANNUAL REPORT & ACCOUNTS | 2015
Strategic Report Direct contribution margins – defined as net sales less materials, direct labour, and other direct costs – increased by  
0.7 percentage points compared with last year. This reflects cost reduction efforts, the broadening of the customer base, 
and continued focus on new product development, all mitigating the negative impact of the weakened euro.
The weakened euro has been a considerable headwind in the year, impacting revenue by £1.1m. The net margin impact has 
been partially mitigated by savings on euro denominated purchases and costs, but the overall adverse profit impact is 
estimated at £0.4m versus the prior year. 
The new product development initiatives outlined above have resulted in a modest level of overhead investment in key 
personnel and skills to extend our capabilities, as can be seen on the commercial and administration costs. 
The previously identified cost savings related to the re-organisation of our Bideford site have been delivered and we 
continue to focus on further opportunities with several active projects underway. 
The Real Shaving Company brand was acquired on 28
th
 May 2015, the purchase price paid comprised cash consideration of 
£1.0m plus stock on valuation of £0.15m for a total cash consideration of £1.15m. The Acquisition was financed with a new 
five year term loan of £0.72m with the balance from existing bank facilities, all with HSBC Bank plc. 
The net effect is that the Group made an operating profit of £1.00m (2014: £0.77m). Profit before tax increased to  
£0.81m (2014: £0.14m). The net tax charge reflects the tax charge in the Czech Republic and a tax credit in the UK, 
resulting in an adjusted earnings per share of 6.6p (2014: 3.9p).
The Group’s Chinese strategic investment of a 19% shareholding in Shanghai Colour Cosmetics Technology Company 
Limited (SCCTC) was re-valued during the year to fair value based on SCCTC’s 30 June 2015 net assets (increase of  
£0.07m to £0.39m). A dividend of £0.02m was received in the year (2014: £0.02m). 
The overall effective rate of Group taxation for the year was 8% of pre-tax profits. This represents the current tax payable 
in the Czech Republic and that in the UK, the taxable profit in the current year utilised the brought forward tax losses. 
Net Debt and Cash Flow
Tight control of inventories and cash led to a net debt position of £5.4m, after the outflow of £1.2m on the acquisition of 
‘The Real Shaving Company’ brand. Adjusted for this, net debt of £4.2m compares favourably to the prior year at £5.1m.
Financing costs of £0.20m (2014: £0.28m) comprised interest expense of £0.11m (2014: £0.14m) plus a pension scheme 
finance charge of £0.09m (2014: charge £0.14m). 
Capital expenditure was £1.5m which was £0.4m above depreciation. We anticipated capital expenditure to be higher than 
depreciation in the financial year ending 30 June 2015 due to the timing of a major aerosol capital project straddling the 
June 2014 year-end, plus the investment in our cost base optimisation project at Bideford, and the investment in our product 
development projects. Over a rolling three year cycle we expect capital expenditure to be broadly in line with depreciation 
and amortisation, although fast payback projects to support incremental new contracts will also be considered. 
Dividend
The Board is recommending a final dividend of 2.0 pence for approval at this year’s Annual General Meeting being held 
on 12
th
 November 2015 (2014: Nil). If approved, the final dividend will be paid on 4
th
 December 2015 to shareholders on the 
register on 13
th
 November 2015. The shares will go ex-dividend on 12
th
 November 2015.
Defined Benefit Pension Scheme
The Group operates a defined benefit scheme. For accounting purposes at 30 June 2015, the Group recognised under IAS19 
‘employee benefits’, a deficit of £2.7m (30 June 2014: £2.2m); The Accounting Standards require the discount rate to be 
based on yields on high quality (usually AA-rated) corporate bonds of appropriate currency, taking into account the term 
of the relevant pension scheme’s liabilities. Corporate bond indices are used as a proxy to determine the discount rate. 
The defined benefit pension scheme underwent its latest triennial valuation as of 5 April 2014. The deficit on a statutory 
funding basis was £1.3m and Group entered into a revised deficit recovery plan and schedule of contributions in July 2015. 
The deficit reduction payment will be £108k per annum (previously £111.5k per annum) for ten years, with an increased 
contribution rate. 
Subsequent to finalising the valuation the Group entered in to a formal consultation with the members to close the 
scheme to future accrual with effect from 31 December 2015. 
Accounting Standards 
New accounting standards and interpretations adopted are described in the accounting policies.
Going Concern
As part of its normal business practice, the Group prepares annual and longer term plans and, in reviewing this information 
the Directors have a reasonable expectation that the Company and Group have adequate resources to continue in 
operational existence for the foreseeable future. Accordingly, we continue to adopt the going concern basis in preparing 
the annual report and accounts. 
21
ANNUAL REPORT & ACCOUNTS | 2015
Strategic Report “Despite the ongoing challenging 
market conditions, and the impact 
of the weaker euro, we have 
delivered a significant increase in 
profitability for the full year.”
s
MARK WARREN  
GROUP FINANCE DIRECTOR
22
ANNUAL REPORT & ACCOUNTS | 2015
Strategic Report 23
ANNUAL REPORT & ACCOUNTS | 2015
Strategic Report Employment practices
The success of our business is dependent upon the quality, commitment and behaviour of our employees. Therefore the 
Group provides clear policies and direction to our employees and strives for the highest standards of behaviour.
The ‘Building a Better Swallowfield’ agenda outlines the key elements of how we want to build a Swallowfield that is an 
interesting and rewarding place to work, that consistently exceeds the expectations and needs of our customers, and 
delivers sustained profitable growth for our shareholders. This has provided a framework that clarifies our values, our  
short, mid and long term priorities and the key measures in place to measure our progress.
The foundation of this agenda is our values. These are the 
behaviours that we believe are critical to be successful in  
everything we do, and are as follows: 
‘Making it happen’ – means being action oriented
and being accountable for what we have agreed and  
committed to do with colleagues, customers and suppliers. 
If something needs doing, let’s get it done. 
‘Making it better’ – means a mindset of continuous
improvement in everything we do and a challenge to  
not only identify things that are not working so well,  
but also to do something about it. 
‘Making it together’ – reminds us that
whatever we are trying to make happen or  
to make better, we are highly unlikely to  
be able to do it on our own. We will  
always need the involvement and  
support of colleagues, customers  
and suppliers to ensure solutions  
work best for all concerned. 
PEOPLE AND 
SUSTAINABILITY
———
Building a Better Swallowfield
Making It
Better.
Making It
Together.
Making It
Happen.
KPI’s
Creating
For Tomorrow
Delivering
For Today
24
ANNUAL REPORT & ACCOUNTS | 2015
Strategic Report Also, within the ‘Building a Better Swallowfield’ agenda we have set out both a clear set of near term and longer term 
business priorities and focus areas. The more near term initiatives are set out under the heading of ‘Delivering for Today’ 
and the longer term initiatives are set out under the heading of ‘Creating for Tomorrow’. The ‘Delivering for Today’ 
initiatives have been varied on an annual basis.
All of these elements come together under our ‘Building a Better Swallowfield’ pyramid, which is used across the business 
as a visual mnemonic to capture how we want to develop the business. 
It is also important that we continue to invest in our people and during the year a number of employees have commenced 
a further wave of Management and Team Leader training, including Level 3 Advanced Diploma in Management, which is 
broken down into a Level 3 QCF Certificate in Management and the BTEC Level 3 in Management. 
The Group has also continued with production apprentices, alongside our engineering and finance apprenticeship 
programmes, and operates a sales graduate recruitment programme; we hope to develop these individuals to become our 
Supervisors and Managers of the future. 
Employee communication
The policy of informing and consulting with employees is given prominence and has continued by means of regular briefing 
groups and consultative committees. Employees are encouraged to present their views and suggestions in respect of 
the Group’s performance. During the year a number of employee workshops and briefings have taken place to engage 
employees in the delivery of ‘Building a Better Swallowfield’. This has been supported through the all employee reward and 
recognition scheme and an on-line facility to capture employee suggestions and questions.
i
BUILDING  
A BETTER  
Swallowfield
25
ANNUAL REPORT & ACCOUNTS | 2015
Strategic Report Equality and diversity
The Group continues to carefully consider applications for employment by an individual from any background, including 
disabled persons. The Group’s training, development and promotion policies aim to ensure all employment decisions are 
based on fairness and merit. 
Corporate Social Responsibility
The Group recognises the importance of social responsibility in its business and remains strongly committed to reducing 
the environmental impact of its production and design processes, and advancing its systems and policies to comply with 
and, wherever possible, anticipate changing legislative and customer demands. This important area is covered as part of 
regular team briefs to all members of staff, and the Group uses a variety of key performance indicators as part of its regular 
reporting cycle.
The Group is subject to regular external audits associated with both accreditations held and customer requirements, and 
during the year hosted over fifty separate audits. These include ISO 9001; ISO 14001; ISO 22716 Cosmetics GMP; ISO 13485 
Medical Devices; FDA; CLAS; BRC; IFS, Soil Association; FSC; plus a number of Ethical, Environmental and Health & Safety 
Executive (COMAH) audits. 
Copies of our Health and Safety, Environmental, and Ethical policies plus current certifications and accreditations are 
available on the Swallowfield website (www.swallowfield.com).
Ethical trading 
In 2006, third party accreditation was received to show compliance with the requirements of the Ethical Trading Initiative. 
The Group continues to be members of Sedex – the Suppliers Ethical Data Exchange – which uses the latest technology to 
enable companies to maintain and share data on labour practices in the supply chain. 
Health and Safety
The philosophy of Continuous Improvement remains core to the Group’s approach to Health and Safety Management. 
There are regular Health and Safety reviews led by senior management involving the Health and Safety Manager and 
workforce representatives. All areas of the business are audited twice each year to assess any Health and Safety strengths 
and remedy any identified weaknesses. Action plans for all issues are developed and monitored by the Health and Safety 
Manager and local management, and are reviewed by senior management. Risk Assessments are prepared for all foreseen 
issues and are regularly reviewed. The Group’s Health and Safety System is designed to run parallel to BS 18001.
All Accidents, Incidents and Near Misses are fully investigated to identify root cause and preventive actions are developed 
and put in place and we continue to increase our focus on near-miss reporting. All the above are afforded a score rating 
which is assessed each year and monitored through the Group’s ‘Building a Better Swallowfield’ Score Card.
The Group Health and Safety Manager is a chartered member of the Institution of Occupational Safety and Health (IOSH) 
and attends relevant training courses. A member of staff is also qualified as a Dangerous Goods Safety Advisor.
Environment
The Group remains strongly committed to continuously reduce the environmental impact of its operations and products.
The Group’s Environmental Management System was certified by BSI to ISO14001 in December 2005. Since that date, all 
six-monthly surveillance audits have been passed with no major non-conformances. No major non-conformances were 
reported in the last financial year.
The Group has made significant steps forward in reducing its consumption of energy and its impact on the environment 
since 2005/6 and uses site based metrics to monitor energy consumption, water usage and CO
2
 emissions.
s 
In 2015 the Group received a gold award rating under the  
independent Ecovardis Sustainable Supply Management  
CSR programme covering environment, labour practices,  
fair business practices and sustainable procurement criteria.
i 
26
ANNUAL REPORT & ACCOUNTS | 2015
Strategic Report The Energy Savings Opportunity Scheme (ESOS) is a mandatory energy assessment and energy saving identification 
scheme for large undertakings (and their corporate groups). The Group has a mandatory requirement under the ESOS 
scheme to comply by December 2015 and full site audits were completed during February 2015. The report will further 
assist the Group in identifying any further savings opportunities remaining.
Levels of dry waste recycling or reuse for aluminium, metal, cardboard, wood, paper, plastic etc. have again increased in the 
year. We continue to focus on improving the percentage of waste recycled. 
Challenging objectives have been established for the forthcoming year with the aim of continuing to reduce the overall 
environmental impact of our business, including that of our operations and products.
In 2006, the Group was awarded the Forestry Stewardship 
Certification (FSC) chain of custody certification for the  
Incense Cedar wood, sourced from sustainably managed  
forests, and used in the manufacture of cosmetic pencils, 
which continue to use the distinctive FSC ‘tick-tree’ logo.
In 2010 our Bideford and Tabor facilities were Soil Association 
certified for the manufacture of cosmetic products under  
Soil Association organic standards.
In 2014 our Wellington site received a certificate of compliance 
from ECO-cert.
The Group continues to seek to be ‘environmentally responsible’ in all its activities 
and to minimise the impact of our activities on the environment.
By order of the Board
Chris How Mark Warren 
Chief Executive Officer Group Finance Director 
21 September 2015
i 
The Group has registered under the UK CRC Energy Efficiency 
Scheme, and a result of energy saving initiatives has seen 
consumption reduce by 15% from 5,300 MWh in 2012 to  
4,500 MWh in 2015, and currently falls well below the full  
compliance thresholds outlined under CRC of 6,000 MWh.
15
%
p
p
p
27
ANNUAL REPORT & ACCOUNTS | 2015
Strategic Report The Group is committed to business integrity, high ethical values and professionalism in all its activities. As an essential 
part of this commitment the Group supports the highest standards in corporate governance. The Board is accountable to 
the Company’s shareholders for good governance and this statement describes how the principles of good governance set 
out in the UK Corporate Governance Code, published by the Financial Reporting Council are applied within the company. 
We do not comply with the UK Corporate Governance Code. However, we have reported on our Corporate Governance 
arrangements by drawing upon best practice available, including those aspects of the UK Corporate Governance Code we 
consider to be relevant to the Company.
Relations with Shareholders
Communications with shareholders are given high priority. The Chairman’s Foreword and Strategic Report on pages 4 to 
27 include a detailed review of the business and future developments. There is regular dialogue with institutional and other 
major shareholders including presentations after the Company’s announcement of final and interim results. The Board also 
uses the Annual General Meeting to communicate with private and institutional investors and welcomes their participation. 
All Directors will be available to answer questions at the Annual General Meeting on 12 November 2015 and the resolutions 
to be proposed can be found on the separate circular sent to shareholders with a copy of this Report and Accounts. 
The Chairman and Non-Executive Directors meet and communicate with shareholders as requested. They also use the 
Company’s broker and informal discussions after the Annual General Meeting, to maintain open routes of communication 
with shareholders. All presentations to shareholders are shown in the investors section of the Group’s website.
The Workings of the Board and its Committees
The Board
The Board currently comprises an Independent Non-Executive Chairman, the Chief Executive Officer, two other Executive 
Directors and three other Non-Executive Directors. The biographies appearing on page 30 demonstrate a range of 
experience and sufficient calibre to bring independent judgement on issues of strategy, performance, resources and 
standards of conduct that are vital to the success of the Group. The Board is responsible to shareholders for the proper 
management of the Group. A statement of the Directors’ responsibilities in respect of the accounts is set out on page 33 
and a statement of going concern on page 21.
The Board has overall responsibility for the Group and there is a formal schedule of matters specifically reserved for 
decision by the Board. Each Executive Director has been given responsibility for specific aspects of the Group’s affairs and 
independent advice is available to all Directors. Appropriate training is given when Directors are appointed to the Board. 
The following represents a summary of matters reserved for decision by the Board:
• The approval of financial statements and significant accounting policies;
• The approval of interim and the recommendation of final dividends;
• The appointment, removal and remuneration of auditors, based on recommendations from the Audit Committee;
• Approval of circulars, listing particulars and other Stock Exchange documentation;
CORPORATE 
GOVERNANCE
———
28
ANNUAL REPORT & ACCOUNTS | 2015
Governance • Approval of the Group’s strategy and annual operating budgets;
• Changes relating to the Group’s capital structure and financing arrangements;
• Board appointments and removals, including the Company Secretary;
• Remuneration of Directors and other senior executives;
• Terms of reference and membership of board committees;
• Major investments and divestments; and
• All other matters that have a material impact on the Group in accordance with the Group’s approval process.
The Board meets a minimum of six times per year to review trading performance, set and monitor strategy, approve 
matters reserved for decision by the Board and to ensure that adequate funding exists. All Directors are supplied with 
information in a manner to enable the Board to discharge its duties. 
Indemnity Insurance
The Group carries liability and indemnity insurance for Directors, Officers and Senior Managers.
Nomination Committee
The current members of the Nomination Committee are Brendan Hynes (Committee Chairman), Roger McDowell and 
Franklin Berrebi. The Committee is responsible for proposing candidates for appointment to the Board, having regard  
to the balance and structure of the Board. In appropriate cases recruitment consultants are used to assist the process.  
The terms of reference of the Nomination Committee are published on the Group’s website. All Directors are subject to 
re–election at least every three years. 
Audit Committee
The current members of the Audit Committee are Edward Beale (Committee Chairman), Brendan Hynes, Roger McDowell 
and Franklin Berrebi. It meets at least twice a year to review the Group’s accounting policies and reporting procedures, 
external audit reports and other relevant matters. The external auditors, Group Finance Director and Chief Executive Officer 
are also invited to attend but are not entitled to vote. The terms of reference of the Audit Committee are published on the 
Group’s website. The Group receives non-audit services such as taxation and other consultancy advice from the Group’s 
auditors. The Audit Committee assesses the independence of the external auditors by means of an internal review of 
relationships with the auditors together with a review of an annual independence report issued by the auditors. The Group 
does not have an internal audit function. 
Remuneration Committee
The current members of the Remuneration Committee are Roger McDowell (Committee Chairman), Brendan Hynes, Franklin 
Berrebi and Edward Beale. The Chief Executive Officer and Group Finance Director attend the Remuneration Committee 
meetings by invitation but are not entitled to vote. The Committee reviews the terms and conditions of service of Executive 
Directors, and ensures that salaries, bonuses and share option awards satisfy any relevant performance criteria. Terms of 
reference of the Remuneration Committee are published on the Group’s website. 
Internal Control
The Board is responsible for the Group’s system of internal control and for reviewing its effectiveness. Such a system can 
only provide reasonable and not absolute assurance against material misstatement or loss. The key procedures established 
are as follows:
• Responsibility levels, the ethos of the Group, the delegation of authority and other control procedures, together with
appropriate accounting policies, are communicated throughout the Group;
• The Group appoints experienced and professional staff of the necessary calibre, both through promotion and
recruitment, to fulfil their responsibilities;
• The Group maintains an annual budget process. The Board sets budgets once per year and monitors actual
performance against those budgets at every Board meeting. The Board also reviews forecasts and expectations in
the light of up-to-date circumstances and takes action as appropriate;
• The Audit Committee considers significant control matters. Management letter points raised by the external auditors
are discussed by the Audit Committee and are dealt with as appropriate;
• The Group maintains an expenditure approval process that ensures that the Board approves major expenditure and
investments; and
• The Board undertakes a review of internal controls annually.
The Group has established a new Group Risk Management Register and the Board has procedures in place for regular reviews.
29
ANNUAL REPORT & ACCOUNTS | 2015
Governance s
BRENDAN  
M HYNES (55) 
MBA, FCMA  
Non-Executive Chairman
Brendan joined the Company 
as Non-Executive Chairman 
on 1st July 2013. He was CEO 
of Nichols plc from 2007 to 
2013 having previously been 
Group Finance Director. He 
has plc main board experience 
across a range of other 
sectors including TMT, retail, 
consumer goods, buildings 
and automotive. Previous 
roles have included Executive 
Director at Knowledge 
Management Software plc 
and Group Finance Director 
at William Baird plc a branded 
clothing business. He is also 
currently a non-executive 
director of Churchill China plc; 
of a private, online education 
business “Webexaminer”; 
and a member of the 
Criticaleye Advisory Board. 
Previously he was a Director 
of the Consumer, Retail and 
Distribution (CRD) practice 
of PricewaterhouseCoopers 
advising Times 100 
companies. Brendan chairs 
the Nomination Committee 
and is a member of the 
Audit and Remuneration 
Committees.
s
CHRIS  
HOW (55) 
Chief Executive Officer
Chris joined the Company  
as Chief Executive on  
15th July 2013. He has 
extensive international 
experience across the 
personal care and household 
sector, having held senior 
General Management and 
Sales & Marketing positions 
with PZ Cussons and  
Colgate Palmolive. Chris  
has previously been 
Managing Director PZ 
Cussons Australia; Regional 
Director PZ Cussons Europe, 
Asia, South Pacific; Managing 
Director PZ Cussons UK; 
General Manager, Colgate 
Palmolive Benelux; as well 
as holding European and 
UK Sales Director positions 
within Colgate Palmolive. 
Chris is a member of the 
Cosmetics, Toiletries and 
Perfumery Association 
(CTPA) executive.
s
JANE  
FLETCHER (48) 
BSc (Hons) 
Group Sales and  
Marketing Director
Jane joined the Company 
in 1996 and was promoted 
to the position of Group 
Sales and Marketing Director 
in October 2004. Prior to 
this she gained valuable 
experience in product buying 
at Marks and Spencer. Jane 
has over 20 years experience 
within the industry, working 
and developing products 
with both brands and 
retailers.  
BOARD OF DIRECTORS
30
ANNUAL REPORT & ACCOUNTS | 2015
Governance s
MARK  
WARREN (53)  
BSc (Hons) FCCA 
Group Finance Director
Mark joined the Company 
in January 2010 as Group 
Finance Director. Mark 
has extensive financial, 
commercial and operational 
management experience 
from across a range of 
customer oriented businesses 
operating in global markets. 
Mark previously held senior 
roles in GEC plc, Whitbread 
plc, Interbrew SA, Alpharma 
Inc. and Actavis. Mark is a 
member of the South West 
Regional Council of the CBI.
s
FRANKLIN  
BERREBI (72)  
Independent  
Non-Executive Director
Franklin joined the Company 
in July 2010 and brings 
a wealth of international 
experience in the consumer 
goods market having spent 
33 years with L’Oreal, latterly 
as the Managing Director 
of L’Oreal Consumer Goods 
Europe. Since retiring from 
L’Oreal in 2004 Franklin has 
worked with AXA Private 
Equity and Activa Capital, 
and sits on the Board of 
a number of companies. 
Franklin is a member of the 
Audit, Remuneration and 
Nomination Committees.
s
ROGER  
MCDOWELL (60)  
Independent  
Non-Executive Director
Roger was reappointed 
to the Board in March 
2012 having previously 
served as a Non-Executive 
Director from July 2011 to 
January 2012. Roger is an 
experienced director of 
33 years’ standing: he led 
the Oliver Ashworth Group 
through dramatic growth, 
main market listing and 
sale to St. Gobain, following 
which he was appointed 
to a number of non-
executive roles, including 
chairmanships in both public 
and private equity backed 
businesses. He is currently 
Chairman of Alkane plc and 
Avingtrans plc, and is Senior 
Non-Executive Director of 
Servelec Group plc. He is 
also Non-Executive Director 
of IS Solutions plc, PTSG 
Group plc, and Proteome 
Sciences plc. Roger chairs 
the Remuneration Committee 
and is a member of the Audit 
and Nomination Committees.
s
EDWARD  
BEALE (54)  
Non-Executive Director
Edward joined the Company 
as a Non-Executive Director 
on 1 July 2014. Edward is a 
Chartered Accountant and is 
the Chief Executive of City 
Group P.L.C. He is a member, 
previously chairman, of 
the Corporate Governance 
Committee of the Quoted 
Companies Alliance. He was 
a member of the Accounting 
Standards Board of the 
Financial Reporting Council 
for six years to 31st August 
2013. He is the non-executive 
chairman of Marshall  
Monteagle PLC and is a  
non-executive director of 
Western Selection P.L.C., 
Finsbury Food Group Plc, 
Halogen Holdings P.L.C. 
and Hartim Limited and 
some of their subsidiary 
and associated companies. 
Edward chairs the Audit 
Committee and is a member 
of the Remuneration 
Committee.
BOARD OF DIRECTORS
31
ANNUAL REPORT & ACCOUNTS | 2015
Governance Directors
The Company’s current Directors are listed on page 30, together with their biographical details.
The Directors who served at any time during the year and since the year end were as follows:
B M Hynes M W Warren R S McDowell 
C G How F P Berrebi E J Beale (appointed 1 July 2014) 
J M Fletcher
Strategic Report
The Strategic Report set out on pages 6 to 27 provides a fair review of the Group’s business for the year ended 30 June 
2015. It also explains the objectives and strategy of the Group, its competition and the markets in which it operates, the 
principal risks and uncertainties it faces, employee information, the Group’s financial position, key performance indicators 
and likely future developments of the business.
Substantial Shareholdings
As at 21 September 2015, the following shareholders had notified the Company that they held an interest in 3% or more of 
its issued ordinary share capital:
Shareholder Number of shares % of issued share capital
Peter Gyllenhammar 3,054,200 27.0
Western Selection PLC 1,869,149 16.5
R & A Persey 1,208,786 10.7
Ruffer LLP 640,000 5.7
J & L Wardell 439,011 3.9
A P & T M Dowsett 399,096 3.5
Save for these interests, the Directors have not been notified that any person is directly or indirectly interested in 3% or 
more of the issued ordinary share capital of the Company.
General Meeting
This year’s Annual General Meeting will be held at the Registered Office, on Thursday 12 November 2015, at 12 noon.  
A separate circular has been sent to shareholders and includes the following:
• Notice of meeting;
• Form of proxy;
• Details and information on the resolutions to be proposed.
Grant Thornton UK LLP (‘Grant Thornton’) have expressed their willingness to continue in office as auditors and a 
resolution proposing their reappointment will be presented at the forthcoming Annual General Meeting. 
DIRECTORS’  
REPORT
———
32
ANNUAL REPORT & ACCOUNTS | 2015
Governance Statement of Directors’ Responsibilities 
The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable 
law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors 
have elected to prepare financial statements in accordance with International Financial Reporting Standards (IFRS) as 
adopted by the European Union. The financial statements are required by law to give a true and fair view of the state of 
affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial 
statements, the Directors are required to:
• select suitable accounting policies and then apply them consistently; 
• make judgements and estimates that are reasonable and prudent;
• state whether applicable IFRS’s have been followed, subject to any material departures disclosed and explained in the 
financial statements; and
• prepare financial statements on the going concern basis unless it is inappropriate to presume that the Company will 
continue in business.
The Directors are responsible for keeping adequate accounting records which disclose with reasonable accuracy, at 
any time, the financial position of the Group and enable them to ensure that the financial statements comply with the 
Companies Act 2006. They are also responsible for safeguarding the assets of the Group and hence for taking reasonable 
steps for the prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial information on the Group’s 
website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements and 
other information included in annual reports may differ from legislation in other jurisdictions. 
Disclosure of Information to Auditors
At the date of making this report each of the Company’s Directors, as set out on page 32, confirm the following:
• so far as each Director is aware, there is no relevant information needed by the Company’s auditors in connection with 
preparing their report of which the Company’s auditor is unaware; and
• each Director has taken all the steps that they ought to have taken as a director in order to make themselves aware of 
any relevant information needed by the Company’s auditors in connection with preparing their report and to establish 
that the Company’s auditor is aware of that information. 
By Order of the Board
Mark Warren 
Group Finance Director and Company Secretary 
21 September 2015
Company Number: 01975376
33
ANNUAL REPORT & ACCOUNTS | 2015
Governance Independent auditor’s report to the members of Swallowfield plc
We have audited the financial statements of Swallowfield plc for the year ended 30 June 2015 which comprise the group 
statement of comprehensive income, the group and company statements of changes in equity, the group and company 
statements of financial position, the group and company cash flow statement and the related notes. The financial reporting 
framework that has been applied in their preparation is applicable law and International Financial Reporting Standards 
(IFRSs) as adopted by the European Union and, as regards the parent company financial statements, as applied in 
accordance with the provisions of the Companies Act 2006.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies 
Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are 
required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not 
accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit 
work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditor
As explained more fully in the Directors’ Responsibilities Statement as set out on page 33. The directors are responsible for 
the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is 
to audit and express an opinion on the financial statements in accordance with applicable law and International Standards 
on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical 
Standards for Auditors.
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements is provided on the APB’s website at www.frc.org.uk/
auditscopeukprivate
INDEPENDENT 
AUDITOR’S REPORT
———
34
ANNUAL REPORT & ACCOUNTS | 2015
Governance 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 June 2015 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 European 
Union;
• the parent company financial statements have been properly prepared in accordance with IFRSs as adopted by the 
European Union and as applied in accordance with the provisions of the Companies Act 2006; and
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
Separate opinion in relation to IFRSs as issued by the IASB
As explained in Note 1 to the group financial statements, the group in addition to complying with its legal obligation to 
apply IFRSs as adopted by the European Union, has also applied IFRSs as issued by the International Accounting Standards 
Board (IASB).
In our opinion the group financial statements comply with IFRSs as issued by the IASB.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Strategic Report and 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.
Norman Armstrong 
Senior Statutory Auditor 
for and on behalf of Grant Thornton UK LLP 
Statutory Auditor, Chartered Accountants 
Southampton
21 September 2015
35
ANNUAL REPORT & ACCOUNTS | 2015
Governance Group Statement of
Comprehensive Income 
———
FOR THE YEAR ENDED 30 JUNE 2015
  2015 2014 
 Notes £’000 £’000
Revenue 2 49,447 50,033 
Cost of sales  (43,609) (44,859)
Gross profit  5,838 5,174 
Commercial and administrative costs  (4,842) (4,406)
Operating profit before exceptional items  996 768 
Exceptional items  – (366)
Operating profit  996 402 
Finance income 6 18 16 
Finance costs 7 (200) (278)
Profit before taxation 3 814 140 
Taxation 8 (68) 17
Profit for the year  746 157
Other comprehensive income/(loss): 
Items that will not be reclassified subsequently to profit or loss: 
Re-measurement of defined benefit liability  (316) 608 
Items that will be reclassified subsequently to profit or loss: 
Exchange differences on translating foreign operations  (137) (167) 
Gain/(Loss) on available for sale financial assets  68 (47)
Other comprehensive (loss)/income for the year  (385) 394
Total comprehensive income for the year  361 551
Profit attributable to:
Equity shareholders  746 157
Total comprehensive income attributable to:
Equity shareholders  361 551
Earnings per share    
– basic 10 6.6p 1.4p 
– diluted 10 6.5p 1.4p
Dividends    
Paid in year (£’000)  – – 
Paid in year (pence per share)  – – 
Proposed (£’000)  226 – 
Proposed (pence per share)  2.0p –
The accompanying accounting policies and notes form part of the financial statements.
36
ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements Group Statement of  
Financial Position 
———
AS AT 30 JUNE 2015
  2015 2014 
 Notes £’000 £’000
ASSETS    
Non-current assets    
Property, plant and equipment 11 10,743 10,406 
Intangible assets 12 1,200 114 
Deferred tax assets 21 378 275 
Investments 13 390 322
Total non-current assets  12,711 11,117 
Current assets    
Inventories 14 6,493 7,065 
Trade and other receivables 15 10,839 12,818 
Cash and cash equivalents  148 533 
Current tax receivable  – 232
Total current assets  17,480 20,648
Total assets  30,191 31,765
LIABILITIES    
Current liabilities    
Trade and other payables 16 13,823 16,876 
Interest-bearing loans and borrowings 17 137 – 
Current tax payable  9 54
Total current liabilities  13,969 16,930
Non–current liabilities    
Interest-bearing loans and borrowings 18 583 – 
Post-retirement benefit obligations  25 2,662 2,212 
Deferred tax liabilities 21 53 63
Total non-current liabilities  3,298 2,275
Total liabilities  17,267 19,205
Net assets  12,924 12,560
EQUITY    
Share capital 22 566 566 
Share premium  3,830 3,830 
Other components of equity  246 178 
Capital reserve  – – 
Exchange reserve  (452) (315) 
Pension re-measurement reserve  (37) 279 
Retained earnings  8,771 8,022
Total equity  12,924 12,560
The accompanying accounting policies and notes form part of the financial statements.
Approved by the Board on 21 September 2015 and signed on its behalf by 
Mark Warren 
Group Finance Director and Company Secretary
Company Number: 01975376
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ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements Company Statement of  
Financial Position 
———
AS AT 30 JUNE 2015
  2015 2014 
 Notes £’000 £’000
ASSETS    
Non-current assets    
Property, plant and equipment 11 9,829 9,751 
Intangible assets 12 1,200 114 
Deferred tax assets 21 312 209 
Trade and other receivables 15 – – 
Investments 13 3,047 2,979
Total non-current assets  14,388 13,053 
Current assets    
Inventories 14 6,493 7,065 
Trade and other receivables 15 10,878 12,660 
Cash and cash equivalents  125 476 
Current tax receivable  6 232
Total current assets  17,502 20,433
Total assets  31,890 33,486
LIABILITIES    
Current liabilities    
Trade and other payables 16 16,576 19,481 
Interest-bearing loans and borrowings 17 137 – 
Current tax payable  – –
Total current liabilities  16,713 19,481
Non-current liabilities    
Interest-bearing loans and borrowings 18 583 – 
Post-retirement benefit obligations  25 2,662 2,212 
Deferred tax liabilities 21 – –
Total non-current liabilities  3,245 2,212
Total liabilities  19,958 21,693
Net assets  11,932 11,793
EQUITY   
Share capital 22 566 566 
Share premium  3,830 3,830 
Other components of equity  246 178 
Capital reserve  467 467 
Exchange reserve  – – 
Pension re-measurement reserve  (37) 279 
Retained earnings  6,860 6,473
Total equity  11,932 11,793
The accompanying accounting policies and notes form part of the financial statements.
Approved by the Board on 21 September 2015 and signed on its behalf by
Mark Warren
Group Finance Director and Company Secretary
Company Number: 01975376
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ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements Group Statement of  
Changes in Equity
———
AS AT 30 JUNE 2015
 Share  Share Exchange Retained Available Net Total 
 Capital Premium Reserve Earnings for Sale defined Equity 
      Financial  benefit 
     Assets liability/ 
      (asset)
Group £’000 £’000 £’000 £’000 £’000 £’000 £’000
Balance as at 30 June 2014 566 3,830 (315) 8,022 178 279 12,560 
Dividends – – – – – – – 
Share based payments – – – 3 – – 3
Transactions with owners – – – 3 – – 3
Profit/(loss) for the year – – – 746 – – 746 
Other comprehensive income:        
Re-measurement of defined  
benefit liability – – – – – (316) (316) 
Exchange difference on  
translating foreign operations – – (137) – – – (137) 
Gain on available for sale  
financial assets – – – – 68 – 68
Total comprehensive income  
for the year – – (137) 746 68 (316) 361
Balance as at 30 June 2015 566 3,830 (452) 8,771 246 (37) 12,924
 Share Share Exchange Retained Available Net Total 
 Capital Premium Reserve Earnings for Sale defined Equity 
      Financial  benefit 
     Assets liability/ 
      (asset)
Group £’000 £’000 £’000 £’000 £’000 £’000 £’000
Balance as at 30 June 2013 566 3,830 (148) 7,865 225 (329) 12,009 
Dividends – – – – – – –
Transactions with owners – – – – – – –
Profit/(loss) for the year – – – 157 – – 157 
Other comprehensive income:        
Re-measurement of defined  
benefit liability – – – – – 608 608 
Exchange difference on  
translating foreign operations – – (167) – – – (167) 
(Loss) on available for sale  
financial assets – – – – (47) – (47)
Total comprehensive income  
for the year – – (167) 157 (47) 608 551
Balance as at 30 June 2014 566 3,830 (315) 8,022 178 279 12,560
The accompanying accounting policies and notes form part of the financial statements.
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ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements Company Statement of  
Changes in Equity
———
AS AT 30 JUNE 2015
 Share  Share Capital Retained Available Net Total 
 Capital Premium Reserve Earnings for Sale defined Equity 
      Financial  benefit 
     Assets liability/ 
      (asset)
Company £’000 £’000 £’000 £’000 £’000 £’000 £’000
Balance as at 30 June 2014 566 3,830 467 6,473 178 279 11,793 
Dividends – – – – – – – 
Share based payments – – –  3 – – 3
Transactions with owners – – – 3 – – 3
Profit/(loss) for the year – – – 384 – – 384 
Other comprehensive income:        
Re-measurement of defined  
benefit liability – – – – – (316) (316) 
Gain on available for sale  
financial assets – – – – 68 – 68
Total comprehensive income  
for the year – – – 384 68 (316) 136
Balance as at 30 June 2015 566 3,830 467 6,860 246 (37) 11,932
       
 Share  Share Capital Retained Available Net Total 
 Capital Premium Reserve Earnings for Sale defined Equity 
      Financial  benefit 
     Assets liability/ 
      (asset)
Company £’000 £’000 £’000 £’000 £’000 £’000 £’000
Balance as at 30 June 2013 566 3,830 467 6,705 225 (329) 11,464 
Dividends – – – – – – –
Transactions with owners – – – – – – –
Profit/(loss) for the year – – – (232) – – (232) 
Other comprehensive income:        
Re-measurement of defined  
benefit liability – – – – – 608 608 
(Loss) on available for sale  
financial assets – – – – (47) – (47)
Total comprehensive income  
for the year – – – (232) (47) 608 329
Balance as at 30 June 2014 566 3,830 467 6,473 178 279 11,793
The accompanying accounting policies and notes form part of the financial statements.
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ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements Cash Flow  
Statement
———
FOR THE YEAR ENDED 30 JUNE 2015
 Group Company
 2015 2014 2015 2014
 £’000 £’000 £’000 £’000
Cash flow from operating activities 
Profit/(loss) before taxation 814 140 366 (267) 
Depreciation 1,101 1,306 946 1,153 
Amortisation 48 66 48 66 
(Profit)/loss on disposal of property, plant and equipment – (78) – (78) 
Finance income (18) (16) (33) (38) 
Finance cost 200 278 200 277 
Decrease in inventories 572 229 572 229 
Decrease in trade and other receivables 2,108 157 1,905 570 
(Decrease) in trade and other payables (2,249) (582) (1,783) (534) 
Contributions to defined benefit plans (399) (413) (399) (413) 
Current service cost of defined benefit plan 361 342 361 342
Cash generated from operations 2,538 1,429 2,183 1,307
Finance expense paid (112) (138) (112) (138) 
Taxation (refunded)  (80) (42) (225) (11)
Net cash flow from operating activities 2,346 1,249 1,846 1,158
Cash flow from investing activities     
Finance income received 18 16 33 38 
Purchase of property, plant and equipment (1,543) (879) (1,286) (789) 
Purchase of intangible assets (1,134) (46) (1,134) (46) 
Sale of property, plant and equipment – 250 262 250
Net cash flow from investing activities (2,659) (659) (2,125) (547)
Cash flow from financing activities     
Proceeds from new loan 720 – 720 – 
(Repayment of) / proceeds from new debt facility (792) (718) (792) (718) 
Repayment of loans – (432) – (432) 
Dividends paid – – – -
Net cash flow from financing activities (72) (1,150) (72) (1,150)
Net (decrease) / increase in cash and cash equivalents (385) (560) (351) (539)
Cash and cash equivalents at beginning of year 533 1,093 476 1,015
Cash and cash equivalents at end of year 148 533 125 476
Cash and cash equivalents consist of:     
Cash 148 533 125 476
Cash and cash equivalents at end of year 148 533 125 476
The accompanying accounting policies and notes form part of the financial statements.
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ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements Notes 
to the Accounts 
———
NOTE 1 
SIGNIFICANT ACCOUNTING POLICIES
General Information
Swallowfield plc is a Company incorporated in the United Kingdom under the Companies Act 2006. The address of the 
registered office is given on page 70. The nature of the Group’s operations and its principal activities are set out in the 
Strategic Report.
Basis of preparation
The Group has prepared its consolidated financial statements in accordance with International Financial Reporting 
Standards (IFRS) as adopted by the European Union and also in accordance with IFRS issued by the International 
Accounting Standards Board. These financial statements have been prepared under the historical cost convention, modified 
to include the revaluation of certain non-current assets and financial instruments.
The Directors have considered trading and cash flow forecasts prepared for the Group, and based on these, and the 
confirmed banking facilities, are satisfied that the Group will continue to be able to meet its liabilities as they fall due for 
at least one year from the date of signing of these accounts. On this basis, they consider it appropriate to adopt the going 
concern basis in the preparation of these accounts.
The consolidated financial statements are presented in sterling and all values are rounded to the nearest thousand (£’000) 
except where otherwise indicated.
Basis of consolidation
The Group financial statements consolidate the financial statements of the Company and its subsidiary undertakings. The 
results and net assets of undertakings acquired or disposed of during a financial year are included in the Group Statement 
of Comprehensive Income and Group Statement of Financial Position from the effective date of acquisition or to the 
effective date of disposal. Subsidiary undertakings have been consolidated using the purchase method of accounting. In 
accordance with the exemptions given by section 408 of the Companies Act 2006, the Company has not presented its own 
Statement of Comprehensive Income. The Company’s profit before tax for the year to 30 June 2015 was £0.366m (2014: 
profit before tax £0.267m).
The Group financial statements consolidate those of the parent company and all of its subsidiaries as of 30 June 2015. The 
parent controls a subsidiary if it is exposed, or has rights, to variable returns from its involvement with the subsidiary and 
has the ability to affect those returns through its power over the subsidiary. All subsidiaries have a reporting date of 30 
June.
All transactions and balances between Group companies are eliminated on consolidation, including unrealised gains and 
losses on transactions between Group companies. Amounts reported in the financial statements of subsidiaries have been 
adjusted where necessary to ensure consistency with the accounting policies adopted by the Group.
Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the year are recognised from 
the effective date of acquisition, or up to the effective date of disposal, as applicable.
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ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements Intangible assets
(i) Computer software
Computer software is stated at cost less accumulated amortisation. Computer software is amortised on a straight line basis 
over the expected useful life of 3 years.
(ii) Research and development
Expenditure on the research phase of projects to develop new products is recognised as an expense as incurred.
Costs that are directly attributable to a project’s development phase are recognised as intangible assets, provided they 
meet the following recognition requirements:
• the development costs can be measured reliably
• the project is technically and commercially feasible
• the Group intends to and has sufficient resources to complete the project
• the Group has the ability to use or sell the development
• the development will generate probable future economic benefits.
Development costs not meeting these criteria for capitalisation are expensed as incurred.
Any capitalised development costs that are not yet complete are not amortised but are subject to impairment testing. 
Complete development projects are amortised on a straight line basis over 5 years.
(iii) Brand names and customer lists
Brand names and customer lists acquired are recognised as intangible assets at their fair values (see note 12).
Customers lists are amortised on a straight line basis over 5 years.
Brand names have an indefinite life and are tested for impairment annually. This is on the basis that the brand is well 
established and there is no foreseeable limit on the period of time over which it is expected to contribute to cashflow.
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation. Where there is evidence of impairment, 
property, plant and equipment is written down to its recoverable amount. Any such write down is charged to the profit or 
loss for the year. Property, plant and equipment are depreciated on a straight-line basis over their expected useful lives as 
follows:
Freehold buildings  2% per annum 
Plant and machinery  6.7% to 33% per annum
Freehold land is not depreciated.
Impairment of assets
An impairment test is performed annually where required and whenever events and circumstances indicate that the 
carrying value of an asset may exceed its recoverable amount. The carrying value is compared against the expected 
recoverable amount of the asset, generally by reference to the present value of the future net cash flows expected to be 
derived from that asset.
Inventories
Inventories are stated at the lower of cost and net realisable value. Costs are those incurred in bringing each product to 
its present location and condition. In the case of raw materials, cost comprises purchase costs including transport costs, 
calculated on a first-in, first-out basis. In the case of work in progress and finished goods, cost comprises direct material, 
direct labour plus attributable overheads. Net realisable value is based on estimated selling price, less further costs 
expected to be incurred to completion and disposal.
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ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements Taxation
Current tax is the tax payable based on taxable profit for the year.
Deferred income taxes are calculated using the liability method on temporary differences. Deferred tax is generally 
provided on the difference between the carrying amounts of assets and liabilities and their tax bases. Deferred tax on 
temporary differences associated with shares in subsidiaries is not provided if reversal of these temporary differences can 
be controlled by the Group and it is probable that reversal will not occur in the foreseeable future. In addition, tax losses 
available to be carried forward as well as other income tax credits to the Group are assessed for recognition as deferred tax 
assets.
Deferred tax liabilities are provided in full, with no discounting. Deferred tax assets are recognised to the extent that it 
is probable that the underlying deductible temporary differences will be able to be offset against future taxable income. 
Current and deferred tax assets and liabilities are calculated at tax rates that are expected to apply to their respective 
period of realisation, provided they are enacted or substantively enacted at the Statement of Financial Position date.
Changes in deferred tax assets or liabilities are recognised in profit or loss as a component of tax expense in the Statement 
of Comprehensive Income, except where they relate to items that are charged or credited directly to equity (such as the 
revaluation of land) in which case the related deferred tax is also charged or credited directly to equity.
Foreign currencies
Trading transactions denominated in foreign currencies are recorded in sterling at actual rates as at the date of the transaction. 
Monetary assets and liabilities denominated in foreign currencies are retranslated at the middle market rates ruling at the Statement 
of Financial Position date. Such exchange differences are recognised in the profit or loss for the year.
The assets and liabilities in the financial statements of foreign subsidiaries are translated at the rate of exchange ruling at 
the Statement of Financial Position date. Income and expenses are translated at the actual rate. The exchange differences 
arising from the retranslation of foreign operations are charged / credited to other comprehensive income and recognised 
in the ‘Exchange reserve’ in equity. On disposal of a foreign operation, the cumulative translation differences are reclassified 
from equity to profit or loss. 
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable 
for goods provided in the normal course of business, net of discounts, VAT and other sales-related taxes. Revenue is 
recognised when the Group has transferred the significant risks and rewards of ownership to the customer, which is 
generally when the production of goods is complete, the customer has accepted title of the goods under contractual 
shipping arrangements and collectability of the related receivables is reasonably assured.
Leased assets
Assets financed by leasing agreements that transfer substantially all the risks and rewards of ownership of an asset to 
the lessee are capitalised and depreciated over their estimated useful lives. The capital portion of the lease commitment 
is included in current or non-current liabilities as appropriate. The capital element of the lease rental is deducted from 
the obligation to the lessor as paid. The interest element of lease rentals and the depreciation of the relevant assets are 
charged on a straight line basis to profit or loss. Operating lease rental payments are charged to profit or loss as incurred 
over the term of the lease.
Employee benefits
Pension obligations
The Group operates both defined benefit and defined contribution pension schemes.
i) Defined benefit schemes
Scheme assets are measured at fair values. Defined benefit pension scheme liabilities are measured by an independent 
actuary using the projected unit method and discounted at the current rate of return on high quality corporate bonds 
of equivalent term and currency to the liability. The increase in the present value of the liabilities of the Group’s defined 
benefit pension schemes expected to arise from employee service in the year is charged to operating profit. The expected 
return on the scheme’s assets and the increase during the year in the present value of the scheme’s liabilities, arising from 
the passage of time, are included in other finance income or cost.
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ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements ii) Defined contribution schemes
Costs of defined contribution pension schemes are charged to the profit or loss in the year they fall due. 
iii) Share-based Payment Transactions
The value, as at the grant date, 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.
For cash-settled share-based payment transactions, the liability needs to be re-measured at the end of each reporting 
period up to the date of settlement, with any changes in fair value recognised in the profit or loss.
Financial assets
Financial assets are divided into the following categories: loans and receivables; financial assets at fair value through profit 
or loss and available-for-sale financial assets. Financial assets are assigned to the different categories by management on 
initial recognition, depending on the purpose for which they were acquired.
All financial assets are recognised when the Group becomes a party to the contractual provisions of the instrument. 
Financial assets other than those categorised as at fair value through profit or loss are recognised at fair value plus 
transaction costs.
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an 
active market. Trade and other receivables are classified as loans and receivables. Loans and receivables are measured 
subsequent to initial recognition at amortised cost using the effective interest method, less provision for impairment. Any 
change in their value through impairment or reversal of impairment is recognised in the profit or loss.
Provision against trade receivables is made when there is objective evidence that the Group will not be able to collect all 
amounts due to it in accordance with the original terms of those receivables. The amount of the write-down is determined 
as the difference between the asset’s carrying amount and the present value of estimated future cash flows.
Available for sale financial assets are measured at fair value with gains or losses being recognised in other comprehensive 
income and reported within the available sales reserve within equity. Where fair value cannot be reliably estimated such 
assets are reviewed for impairment annually. Impairment charges are recognised in profit or loss. 
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and on demand deposits, together with other short-term, highly liquid 
investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of 
changes in value. The Group considers overdrafts (repayable on demand) to be an integral part of its cash management 
activities and these are included in cash and cash equivalents for the purposes of the Cash Flow Statement.
Financial liabilities
The Group’s financial liabilities consist of bank borrowings, trade and other payables.
Financial liabilities are obligations to pay cash or other financial assets and are recognised when the Group becomes a 
party to the contractual provisions of the instrument. Financial liabilities categorised as at fair value through profit or loss 
are recorded initially at fair value, all transaction costs are recognised immediately in the profit or loss. All other financial 
liabilities are recorded initially at fair value, net of direct issue costs.
Financial liabilities categorised as at fair value through profit or loss are re-measured at each reporting date at fair value, 
with changes in fair value being recognised in the profit or loss. All other financial liabilities are carried subsequently at 
amortised cost using the effective interest method, with interest-related charges recognised as an expense in finance cost 
in the profit or loss. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are 
charged to the profit or loss on an accruals basis using the effective interest method and are added to the carrying amount 
of the instrument to the extent that they are not settled in the period in which they arise.
Financial liabilities are categorised as at fair value through profit or loss where they are classified as held-for-trading or 
designated as at fair value through profit or loss on initial recognition. A financial liability is derecognised only when the 
obligation is extinguished, that is, when the obligation is discharged or cancelled or expires.
Distributions to shareholders
Dividends and other distributions to shareholders are reflected in financial statements when approved by shareholders 
in a general meeting, except for interim dividends which are included in financial statements when paid by the Company. 
Accordingly, proposed dividends are not included as a liability in the financial statements.
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ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements Exceptional items
Exceptional items to be non-recurring material items which are outside the normal scope of the Group’s ordinary activities 
such as liabilities and costs arising from a fundamental restructuring of the Group’s operations. 
Significant management judgement in applying accounting policies
The following are significant management judgements in applying the accounting policies of the Group that have the most 
significant impact on the financial statements:
Deferred Taxation
The Group has not made full provision for deferred taxation on its land and buildings on the basis that they consider that a 
significant portion of their carrying value will be recovered through sale and not through use.
Key sources of estimation uncertainty
In applying the above accounting policies, the Group has made appropriate estimates in a number of areas and the actual 
outcome may differ from those calculated. The key sources of estimation uncertainty at the year-end that may have a risk 
of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Post-retirement benefits
The Group’s defined benefit pension scheme is assessed annually. The value in these accounts which has been based on 
the assumptions of an independent actuary resulted in a deficit of £2.7m (2014 restated: £2.2m) before deferred taxation. 
The size of the deficit is sensitive to the market value of the underlying scheme investments and the actuarial assumptions 
which include price inflation, pension and salary increases, the discount rate used in assessing the liabilities, mortality rates, 
and other demographic factors. Further details are included in Note 25.
Standards in issue but not yet effective 
At the date of authorisation of these financial statements, certain new standards, amendments and interpretations to 
existing standards have been published by the IASB but are not yet effective, and have not been adopted early by the 
Group.
Management anticipates that all of the relevant pronouncements will be adopted in the Group’s accounting policies for 
the first period beginning after the effective date of the pronouncement. Information on new standards, amendments and 
interpretations that are expected to be relevant to the Group’s financial statements is provided below. Certain other new 
standards and interpretations have been issued but are not expected to have a material impact on the Group’s financial 
statements.
IFRS 9 ‘Financial Instruments’ (2014)
The IASB recently released IFRS 9 ‘Financial Instruments’ (2014), representing the completion of its project to replace 
IAS 39 ‘Financial Instruments: Recognition and Measurement’. The new standard introduces extensive changes to IAS 39’s 
guidance on the classification and measurement of financial assets and introduces a new ‘expected credit loss’ model for 
the impairment of financial assets. IFRS 9 also provides new guidance on the application of hedge accounting.
The Group’s management have yet to assess the impact of IFRS 9 on these consolidated financial statements. The new 
standard is required to be applied for annual reporting periods beginning on or after 1 January 2018.
IFRS 15 ‘Revenue from Contracts with Customers’
IFRS 15 presents new requirements for the recognition of revenue, replacing IAS 18 ‘Revenue’, IAS 11 ‘Construction 
Contracts’, and several revenue-related Interpretations. The new standard establishes a control-based revenue recognition 
model and provides additional guidance in many areas not covered in detail under existing IFRSs, including how to account 
for arrangements with multiple performance obligations, variable pricing, customer refund rights, supplier repurchase 
options, and other common complexities.
IFRS 15 is effective for reporting periods beginning on or after 1 January 2017. The Group’s management have not yet 
assessed the impact of IFRS 15 on these consolidated financial statements.
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ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements NOTE 2 SEGMENTAL ANALYSIS
Management have determined that there is only one operating segment of the group as all sales, purchasing, production 
and operational decisions are taken based on the overall Group operating performance. The results of this segment are as 
reported to the Chief Operating Decision Maker through the Group Statement of Comprehensive Income, Group Statement 
of Financial Position and Group Cash Flow Statement. The distribution of the group’s external revenue by destination is 
shown below and attributable to individual countries based on the location of the customer.
 2015 2014
 £’000 £’000
UK 30,308 31,173 
Other European Union countries 16,700 16,559 
Rest of the World 2,439 2,301
 49,447 50,033
In the year ended 30 June 2015, the Group had two customers that exceeded 10% of total revenues, being 14% and 11% 
respectively. In 2015 the Group had non-current assets held overseas of £1,304,000 (2014: £977,000).
NOTE 3 PROFIT / (LOSS) BEFORE TAXATION
 2015 2014
 £’000 £’000
(a) This is stated after charging/ (crediting) 
Depreciation of property, plant and equipment of purchased assets 1,101 1,306 
Amortisation of intangible assets 48 66 
Research and development 810 845 
Foreign exchange losses / (gains) 79 (62)
Operating leases: 
Hire of plant and machinery 73 95 
Rent of buildings 594 614 
(Gain) / loss on disposal of property, plant and equipment – (78)
(b) Auditors’ remuneration 
Fees payable to the Company’s auditors for the audit of the Company financial statements 42 42 
Fees payable to the auditors of the subsidiary undertakings 6 5
Fees payable to the Company’s auditors for other services:   
Other services pursuant to legislation 20 6 
Other services relating to taxation 8 9
(c) Earnings before interest, taxation, depreciation and amortisation (‘EBITDA’)   
Operating profit / (loss) before exceptional items 996 768 
Depreciation of property, plant and equipment 1,101 1,306 
Amortisation of intangible assets 48 66 
(Gain) / loss on disposal of property, plant, and equipment – (78)
EBITDA before exceptional operating items 2,145 2,062 
Exceptional operating items – (366)
EBITDA after exceptional operating items 2,145 1,696
Exceptional items in the prior year related to restructure of the Bideford site. This included £264,000 of accelerated 
depreciation on fixed asset items and a £92,000 accrual for employee redundancies. 
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ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements NOTE 4 STAFF COSTS 
 2015 2014
 £’000 £’000
Wages and salaries 10,045 10,053 
Social security costs 1,038 1,004 
Other pension costs 740 560
 11,823 11,617
Included in 2015 total staff costs is an amount of £Nil of exceptional items (2014: £92,000). 
The average monthly number of employees, including executive Directors, during the year was:
 2015 2014
 Number Number
Production 440 447 
Distribution 76 70 
Administration 48 42
 564 559
Remuneration in respect of Directors was as follows:
 Salary/ Benefits Pension Total Total 
 Fees Contributions  2015 2014
 £’000  £’000  £’000  £’000 £’000
Executive Directors      
C G How 172 31 42 245 224 
J M Fletcher 112 16 13 141 135 
M W Warren 104 16 36 156 151
Non-Executive Directors      
B M Hynes 50 – – 50 50 
E J Beale (appointed 1 July 2014) 26 – – 26 – 
F P Berrebi  37 – – 37 37 
R S McDowell  26 – – 26 29 
M J Hagen (resigned 26 February 2014) – – – – 18
 527 63 91 681 644
Mr Warren has sacrificed part of his salary in exchange for increased company pension contributions.
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ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements Directors’ interest in share based options:
 Number  Number Number Number Exercise Earliest Exercise 
 of Shares  of Shares of Shares of Shares Price Exercise Expiry 
 at 30.06.14 Awarded  Lapsed in at 30.06.15  Date Date 
  in year the year    
J M Fletcher 32,016 – (32,016) –   
M W Warren 32,016 – (32,016) –   
C G How – 113,715 – 113,715 95.0p 6/12/17 6/12/25
J M Fletcher – 55,702 – 55,702 95.0p 6/12/17 6/12/25
M W Warren – 55,702 – 55,702 95.0p 6/12/17 6/12/25
Total share options 64,032 225,119 (64,032) 225,119   
Phantom share options:
C G How – 230,875 – 230,875 95.0p 6/12/17 6/12/25
J M Fletcher – 113,093 – 113,093 95.0p 6/12/17 6/12/25
M W Warren – 113,093 – 113,093 95.0p 6/12/17 6/12/25
Total phantom – 457,061 – 457,061   
The mid-market price of the ordinary shares on 30 June 2015 was 111.5p (2014: 100.0p) and the range during the 52 week 
period to 30 June 2015 was 87.0p to 112.5p (2014 53 weeks: 75.0p to 109.5p).
The total number of ordinary shares subject to options and which could, in the future, be issued is 225,119. This represents 
1.99% of the current issued share capital of the Company which comprises 11,306,416 Ordinary Shares.
NOTE 5 SHARE BASED EMPLOYEE REMUNERATION
Executive Share Option Scheme
The Group operates both approved and unapproved share option schemes.
There have been a number of options granted during the course of the financial year to 30 June 2015 with further details 
given below:
Date of grant Number  Exercise Fair Amount Period of 
 of options  price value expensed in expense 
 granted  £’000 year-ended   
    30 June 2015   
    £’000 
5 December 2014 – share options 225,119 95.0p 14 3 4 years
5 December 2014 – phantom share options 457,061 95.0p – 43 4 years
Charge relating to options granted in the current year    3 
Charge relating to phantoms granted in current year     43 
Charge included in Administration expenses    46 
The Company has used the QCA-IRS option valuer TM (based on the Black-Scholes-Merton based option pricing model) 
to calculate the fair value of the outstanding share options. This model was developed by The QCA partnered with 
Independent Remuneration Solutions (IRS) and City Group Plc. The development was led by Mr Edward Beale, a Director of 
the Group and Chief Executive of City Group Plc.
All of the 225,119 new share options and 457,061 phantom share options granted have a performance condition attached to 
them, linked to certain stretching share price targets ranging from a threshold at £1.80 to the full award at a share price of 
£2.20; and to the extent that the performance condition is met, have an exercise price of £0.95.
The phantom share options do not result in any dilution. The difference between the share price target achieved and the 
notional exercise price would become payable in cash. The phantom options are designed to finance the exercise of the 
share options so that there is no share overhang when the options are exercised. 
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ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements The performance conditions are as follows:
Share price vesting thresholds % awarded
Share price below 180p Nil
Share price 180p 30%
Share price 200p 50%
Share price 210p 75%
Share price 220p 100%
With the percentage of shares vesting pro-rated between these levels.
The inputs into the Black-Scholes-Merton based option pricing model to calculate the charge for share options granted in 
the financial year were as follows:
 2015 2014
Expected life of option 3.5 years –
Volatility of share price 22% –
Dividend yield 1.8% –
Risk–free interest rate 1.7% –
Share price at date of grant 95.0p –
Exercise price (threshold required to exercise option) 95.0p –
Bid price discount 3% –
Estimated conversion rate 50% –
Fair value per option 0.06p –
Volatility is calculated on a consistent basis for each grant of options and is based on the historic annualised standard 
deviation of continuously compounded rates of return over the three years preceding the date of award.
Detailed in Note 4 is a summary of awards outstanding at the end of the year.
NOTE 6 FINANCE INCOME
 2015 2014
 £’000 £’000
Other income 18 16
Net pension scheme income – –
 18 16
NOTE 7 FINANCE COSTS
 2015 2014
 £’000 £’000
Bank loans and overdrafts 112 138
Net pension scheme costs 88 140
 200 278
50
ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements NOTE 8 TAXATION
 2015 2014
(a) Analysis of tax charge in the year £’000 £’000
UK corporation tax: 
– on profit for the year – – 
– adjustment in respect of previous years – 35 
– foreign tax 91 94 
– double tax relief – –
Total current tax charge 91 129
Deferred tax: 
– current year charge/(credit) 48 (76) 
– prior year (credit) (84) (72) 
– effect of tax rate change on opening balance 13 2
Total deferred tax (23) (146)
Tax charge 68 (17)
(b) Factors affecting total tax charge for the year
The tax assessed on the profit before taxation for the year is lower (2014: lower) than the standard rate of UK corporation 
tax of 20.75% (2014: 22.56%). The differences are reconciled below:
 2015 2014
 £’000 £’000
Profit before taxation 814 140 
Tax at the applicable rate of 20.75% (2014: 22.56 %) 168 32
Effect of:  
Adjustment in respect of previous years – 35 
Adjustment to deferred tax (71) (72) 
Differences between UK and foreign tax rates (6) (12) 
Permanent differences and other  (2) 22 
R&D tax credit (21) (22)
Actual tax charge 68 (17)
(c) Factors that may affect future tax charges
Provision has been made for deferred taxation on the Group’s land and buildings on the basis that the principal location will 
be sold in the short to medium term, and that the majority of its value will therefore be recovered through sale.
There are potential reductions arising from any Research and Development tax credits when received which may affect 
future tax charges. 
The Group has estimated UK tax losses of £1.1 million (2014 Restated: £1.6 million) that are available indefinitely for offset 
against future taxable profits arising from the same trades of the companies in which the losses arose.
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ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements NOTE 9 PAYMENTS TO SHAREHOLDERS
 2015 2014
 £’000 £’000
Final dividend paid – 
0.0p (2014: 0.0p) per share – –
Interim dividend paid – 
0.0p (2014: 0.0p) per share – –
 – –
The Directors have recommended the payment of a final dividend of 2.0p per share (2014: Nil).
NOTE 10 EARNINGS PER SHARE
 2015 2014
Basic and Diluted
Profit for the year (£’000) 746 157
Basic weighted average number of ordinary shares in issue during the year 11,306,416 11,306,416
Diluted number of shares 11,531,535 11,306,416
Basic earnings per share 6.6p 1.4p
Diluted earnings per share 6.5p 1.4p
Basic earnings per share has been calculated by dividing the profit for each financial year by the weighted average number 
of ordinary shares in issue at 30 June 2015 and 30 June 2014 respectively. There is a difference at 30 June 2015 between 
the basic net earnings per share and the diluted net earnings per share of 0.1p due to the 225,119 share options awarded.
 2015 2014
Adjusted earnings per share
Adjusted Profit for the year (£’000) 746 440
Basic weighted average number ofordinary shares in issue during the year 11,306,416 11,306,416
Diluted number of shares 11,531,535 11,306,416
Basic earnings per share 6.6p 3.9p
Diluted earnings per share 6.5p 3.9p
In the current year there is no difference between Basic and Adjusted Profit. Adjusted profit for the prior year of £0.44m 
is shown after adding back £0.28m in respect of exceptional items (exceptional items of £0.36m less notional tax credit of 
£0.08m on those items). Adjusted earnings per share has been calculated by dividing the adjusted profit of £0.44m by the 
weighted average number of ordinary shares in issue at 30 June 2014 respectively. 
52
ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements NOTE 11 PROPERTY, PLANT AND EQUIPMENT
 Freehold Land and Buildings Plant and Machinery Total
Group £’000 £’000 £’000
Cost: 
At 30 June 2013 7,821 28,003 35,824 
Exchange Movements – (212) (212) 
Additions – 879 879 
Disposals – (481) (481)
At 30 June 2014 7,821 28,189 36,010
Exchange Movements – (216) (216) 
Additions – 1,543 1,543 
Disposals (127) (2,352) (2,479)
At 30 June 2015 7,694 27,164 34,858
Depreciation: 
At 30 June 2013 2,597 22,304 24,901 
Exchange Movements – (126) (126) 
Provided during the year 119 1,187 1,306 
Disposals – (477) (477)
At 30 June 2014 2,716 22,888 25,604
Exchange Movements – (111) (111) 
Provided during the year 116 985 1,101 
Disposals (127) (2,352) (2,479)
At 30 June 2015 2,705 21,410 24,115
Net book value: 
At 30 June 2015 4,989 5,754 10,743
At 30 June 2014 5,105 5,301 10,406
Certain of the freehold land and buildings were re-valued in 1988 on an existing use basis to a total of £0.79m (historical 
cost £0.47m).
The Group elected to revalue its Wellington land portfolio only, as allowed under the transitional provisions of IFRS. The 
revaluation adjustment is based on an independent valuation prepared in April 2005 on the basis of market value assuming 
existing use to a total of £1.75m (historical value £0.79m). If none of the freehold land and buildings had been re-valued 
they would be restated at the following amounts:
 2015 2014
Group and Company £’000 £’000
Historical cost 6,272 6,272
Accumulated depreciation based on cost (2,414) (2,298)
Net book value 3,858 3,974
53
ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements  Freehold Land and Buildings Plant and Machinery Total
Company £’000 £’000 £’000
Cost: 
At 30 June 2013 7,821 26,275 34,096 
Additions – 789 789 
Transfers to subsidiary – – – 
Disposals – (481) (481)
At 30 June 2014 7,821 26,583 34,404
Additions – 1,286 1,286 
Transfers to subsidiary – (362) (362) 
Disposals (127) (2,317) (2,444)
At 30 June 2015 7,694 25,190 32,884
Depreciation: 
At 30 June 2013 2,598 21,378 23,976 
Provided during the year 119 1,035 1,154
Transfers to subsidiary – – – 
Disposals – (477) (477)
At 30 June 2014 2,717 21,936 24,653
Provided during the year 116 830 946 
Transfers to subsidiary – (100) (100) 
Disposals (127) (2,317) (2,444)
At 30 June 2015 2,706 20,349 23,055
Net book value: 
At 30 June 2015 4,988 4,841 9,829
At 30 June 2014 5,104 4,647 9,751
NOTE 12 INTANGIBLE ASSETS
 Software Research &  Brand Names Customer Lists Total 
  Development 
Group and Company £’000 £’000 £’000 £’000 £’000
Cost:  
At 30 June 2013 818 – – – 818 
Additions 46 – – – 46 
Disposals (16) – – – (16)
At 30 June 2014 848 – – – 848
Additions 35 75 924 100 1,134 
Disposals (35) – – – (35)
At 30 June 2015 848 75 924 100 1,947
Amortisation: 
At 30 June 2013 684 – – – 684 
Provided during the year 66 – – – 66 
Disposals (16) – – – (16)
At 30 June 2014 734 – – – 734
Provided during the year 48 – – – – 
Disposals (35) – – – –
At 30 June 2015 747 – – – –
Net book value: 
At 30 June 2015 101 75 924 100 1,200
At 30 June 2014 114 – – – 114
54
ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements Impairment testing
The recoverable amount of the brand was determined based on value-in-use calculations, covering a detailed 10-year 
forecast, followed by an extrapolation of expected cash flows for the remaining useful life using growth assumptions 
determined by management. The recoverable amount (Net Present Value) of the brand is £2.1m.
The present value of the expected cash flows is determined by applying a suitable discount rate reflecting current market 
assessments of the time value of money and risks specific to the brand. The rate applied is 8%.
Growth assumptions
The growth assumptions reflect the specific initiatives planned by management to grow and develop the brand. No general 
or average growth rate has been applied. 
Discount rates
The discount rates reflect appropriate adjustments relating to market risk and specific risk factors.
Cash flow assumptions
Management’s key assumptions include stable profit margins, based on past experience in this market. The Group’s 
management believes that this is the best available input for forecasting this mature sector. 
Apart from the considerations in determining the value-in-use of the brand described above, management is not currently 
aware of any other probable changes that would necessitate changes in its key estimates. If the discount rate used is 
increased by 1% the recoverable amount would decrease to £2.0m.
Acquisitions
On 28
th
 May 2015 the Group acquired The Real Shaving Company brand from Creightons plc.
The total cost of the acquisition is allocated to the individual items based on their relative fair values. Transaction costs 
of £24,000 have been capitalised. The fair value of the assets acquired are categorised within level three of the fair value 
hierarchy.
The details of the assets acquired are as follows:
 £’000
Fair value of consideration transferred 
Amount settled in cash 1,150
Recognised amounts of identifiable net assets  
Intangible assets 1,024
Total non-current assets 1,024
Inventories 150
Total current assets 150
Identifiable net assets 1,174
 
Consideration transferred settled in cash (1,150) 
Acquisition costs capitalised (24)
Net cash paid relating to the acquisition (1,174)
NOTE 13 INVESTMENTS
 2015 2014
Group £’000 £’000
Available for Sale Financial Assets 
Cost: 
At 30 June 2014 322 369 
Revaluation 68 (47)
At 30 June 2015 390 322
55
ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements  Available for  Investments in 2015 2014 
 Sale Financial  Subsidiaries Total Total 
 Assets  
Company £’000  £’000  £’000 £’000
Cost:  
At 30 June 2014 322 6,235 6,557 6,604 
Revaluation 68 – 68 (47)
At 30 June 2015 390 6,235 6,625 6,557
Provision for impairment: 
at 1 July 2014 and 30 June 2015 – (3,578) (3,578) (3,578)
Net book value: 
at 30 June 2015 390 2,657 3,047 2,979
The Company owns 100% of the voting rights and ordinary shares of the following principal subsidiary undertakings, except 
as indicated below:
Name of Company Country of Registration Nature of Business
Aerosols International Limited England Dormant
Atlas Group Limited England Dormant
Bagsy Beauty Limited (formerly Cosmetics Plus Limited) England Dormant
Swallowfield Consumer Products Limited England Holding
Tru Products Limited England Dormant
Mr. Haircare Limited England Dormant
Swallowfield s.r.o Czech Republic Trading – Czech manufacturing facility
Swallowfield SARL France Trading – French sales support office
Swallowfield Inc. United States of America Trading – USA sales support office
Mr. Haircare Limited was 100% owned by the Group at 30 June 2015 but post the balance sheet date became 51% following 
the entering of the joint venture with Jamie Stevens (Media) Limited.
The shares of Swallowfield s.r.o are owned by Swallowfield Consumer Products Limited. 
The Group has a total shareholding in the Chinese business, Shanghai Colour Cosmetics Technology Company Limited 
(SCCTC) of 19% that has been designated as available for sale. Available for sale financial assets are measured at fair value 
with gains or losses being recognised in other comprehensive income and reported within the available sales reserve within 
equity. 
The estimated fair value of the available for sale financial asset is categorised within Level 3 of the fair value hierarchy. The 
fair value estimate has been determined using SCCTC’s 30 June 2015 net assets. 
NOTE 14 INVENTORIES
 2015 2014
Group and Company £’000 £’000
Raw materials 3,456 3,948 
Work in progress 511 620 
Finished goods and goods for resale 2,526 2,497
 6,493 7,065
The Group consumed inventories totalling £34.1m during the year (2014: £35.4m). No items are being carried at fair value 
less cost to sell (2014: £NIL).
56
ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements NOTE 15 TRADE AND OTHER RECEIVABLES
 Group Company
 2015 2014 2015 2014
 £’000 £’000 £’000 £’000
Trade receivables 9,834 11,817 9,834 11,817 
Amounts owed by Group undertakings – – 116 51 
Other receivables 6 48 6 48 
Prepayments and accrued income 999 953 922 744
 10,839 12,818 10,878 12,660
Amounts owed by Group undertakings greater than 1 year – – – –
The amounts owed by Group undertakings relate to intercompany receivables which have been split between current and 
greater than 1 year, based on the anticipated repayment profile of these sums.
The Directors consider that the carrying amount of trade and other receivables approximates to their fair value.
Detailed below is the movement on the bad and doubtful debt provision for the Group and Company:
 2015 2014
Group and Company £’000 £’000
Balance at 1
st
 July – – 
Impairment loss recognised (40) – 
Amounts recovered 13 – 
Charged to profit and loss 27 –
Balance at 30
th
 June – –
Ageing of trade receivables:
 2015 2014
Group and Company £’000 £’000
Current 9,136 11,278 
Overdue but less than 90 days 645 494
More than 90 days overdue 53 45
 9,834 11,817
Included within the total aged receivable balance of £9,834k (2014: £11,817k) is an amount of £nil (2014: £nil) relating to 
Group only.
Our policy requires customers to pay us in accordance with agreed payment terms. Depending on the geographical 
location, our settlement terms are generally due within 30 or 60 days from the end of the month of sale and do not bear 
any effective interest rate. All trade receivables are subject to credit risk exposure. Where the Group identifies a specific 
concentration credit risk attached to any individually significant balances these are specifically reviewed for recoverability 
and suitable provision made having regard to the credit risk identified. 
57
ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements NOTE 16 TRADE AND OTHER PAYABLES
 Group Company
 2015 2014 2015 2014
 £’000 £’000 £’000 £’000
Trade payables 7,520 9,697 7,470 9,639
Amounts owed to subsidiaries – – 2,909 2,767
Other taxes and social security costs 307 356 304 377
Accruals and deferred income 1,178 1,213 1,075 1,088
Other payables 4,818 5,610 4,818 5,610
 13,823 16,876 16,576 19,481
The Directors consider that the carrying value of trade and other payables approximates their fair value. The amount due to 
‘other payables’ represents a CID facility that allows a regular drawdown of cash funds in Sterling and foreign currency, and 
which is secured on the book debts of the Company.
NOTE 17 INTEREST-BEARING LOANS AND BORROWINGS –  
AMOUNTS FALLING DUE WITHIN ONE YEAR
 2015 2014
Group and Company £’000 £’000
Secured: Loans 137  –
The Directors consider that the carrying value of bank loans and overdrafts approximates to their fair value.
NOTE 18 INTEREST-BEARING LOANS AND BORROWINGS –  
AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
 2015 2014
Group and Company £’000 £’000
Secured: Loans 583 –
Loans are repayable by instalments as follows: 
 2015 2014
Group and Company £’000 £’000
Between one and two years 285 – 
Between two and five years 298 –
 583 –
The Group’s loan facilities are secured by fixed and floating charges over certain of the Group’s freehold land and buildings.
58
ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements NOTE 19 OBLIGATIONS UNDER LEASES
Operating leases
At the Statement of Financial Position date, the Group and Company had outstanding commitments for future minimum 
lease payments under non-cancellable operating leases, which fall due as follows:
Group Other Land & Buildings
 2015 2014 2015 2014
 £’000 £’000 £’000 £’000
Within one year 116 122 511 536 
In the second to fifth years inclusive 216 191 1,925 1,376 
In over five years - – 1,038 1,120
 332 313 3,474 3,032
Company Other Land & Buildings
 2015 2014 2015 2014
 £’000 £’000 £’000 £’000
Within one year 115 122 353 353 
In the second to fifth years inclusive 210 191 1,297 1,297 
In over five years - – 801 1,120
 325 313 2,451 2,770
NOTE 20 FINANCIAL INSTRUMENTS
The Group uses financial instruments comprising borrowings, some cash and cash equivalents, and various items such as 
trade receivables and trade payables that arise directly from its operations. The main purpose of these financial instruments 
is to raise finance for the Group’s operations.
The Group also has bank accounts denominated in Euros, US Dollars, Canadian Dollars, Czech Koruna, and Chinese 
Renminbi. The purpose of these accounts is to manage the currency transactions arising from the Group’s operations 
overseas. The main risks arising from the Group’s financial instruments are interest rate risk, foreign currency risk and 
liquidity risk. The Board reviews and agrees policies for managing each of these risks and they are summarised below. 
These policies have remained unchanged from the previous year.
Interest rate risk
The Group finances its operations through a mixture of debt and equity. 
The Group’s loan borrowings bear interest at rates based on the bank’s base rate. The Group Statement of Financial Position also 
includes financial assets in the form of cash at bank and in hand totalling £148,000 (2014: £533,000) which are exposed to floating 
interest rates based on bank base rates. 
A 0.5% increase in bank base rates would reduce pre-tax profits by £25,000 in the period. A 0.5% decrease would have the 
opposite effect. 
Foreign currency risk
The Group is exposed to transactional foreign exchange risk. The Group seeks to hedge its exposures using bank facilities 
denominated in Euros, US Dollars, Canadian Dollars, Czech Koruna, and Chinese Renminbi and also by buying and selling 
products in these currencies with the objective of minimising fluctuations in exchange rates on future transactions and cash 
flows. 
Approximately 25% of the Group’s sales are invoiced in Euros and 14% in US Dollars. These sales are calculated in sterling, 
but invoiced in Euros / US Dollars. The Group policy is to minimise currency exposures on balances for which settlement is 
not anticipated until a later date through the use of the respective bank facilities. All other Group sales are denominated in 
sterling.
At 30 June 2015, there were sums totalling £579,000 (2014: £444,000) held in foreign currency bank accounts. 
A 5% weakening of sterling would result in a £406,000 increase in reported profits and equity, while a 5% strengthening of 
sterling would result in a £386,000 decrease in profits and equity.
59
ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements Liquidity risk
The Group seeks to manage financial risk, to ensure sufficient liquidity is available to meet the identifiable needs of the 
Group and to invest cash assets safely and profitably. 
The Group’s and Company’s liabilities have contractual maturities as summarised below:
Group 30 June 2015
 Current Non-current
 Within 6 months 6–12 months 1–5 years Over 5 years
 £’000 £’000 £’000 £’000
Bank overdraft and loans 76 76 612 – 
Trade and other payables 12,654 – – –
 12,730 76 612 –
Company 30 June 2015
 Current Non-current
 Within 6 months 6–12 months 1–5 years Over 5 year
 £’000 £’000 £’000 £’000
Bank overdraft and loans 76 76 612 – 
Trade and other payables 12,592 – – –
 12,668 76 612 –
Group 30 June 2014
 Current Non-current
 Within 6 months 6–12 months 1–5 years Over 5 years
 £’000 £’000 £’000 £’000
Bank overdraft and loans – – – – 
Trade and other payables 15,717 – – –
 15,717 – – –
Company 30 June 2014
 Current Non-current
 Within 6 months 6–12 months 1–5 years Over 5 years
 £’000 £’000 £’000 £’000
Bank overdraft and loans – – – – 
Trade and other payables 15,627 – – –
 15,627 – – –
Working capital
The Group’s working capital policy is to fund short-term movements through excess cash generated from the trading 
business. 
The Group had £5.40m (2014: £5.02m) undrawn committed borrowing facilities available at 30 June 2015. The maturity 
profile of committed bank facilities is regularly reviewed and such facilities are extended or replaced well in advance of 
their expiry.
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ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements Capital maintenance
The Group’s objectives when managing capital are:
• to safeguard the Group’s ability to continue as a going concern, so that it can continue to provide returns for 
shareholders and benefits for other stakeholders;
• to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk; 
and
• to maintain an optimal capital structure to reduce the cost of capital.
The Group sets the amount of capital in proportion to risk. The Group manages the capital structure and makes 
adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to 
maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital 
to shareholders, issue new shares, or sell assets to reduce debt.
Financial assets
Financial assets included in the Statement of Financial Position relate to the followings IAS 39 categories:
 Group Company
 2015 2014 2015 2014
 £’000 £’000 £’000 £’000
Loans and receivables 9,988 12,398 10,081 12,392 
Available for sale 390 322 390 322
 10,378 12,720 10,471 12,714
The financial assets are included in the Statement of Financial Position within the following headings:
 Group Company
 2015 2014 2015 2014
 £’000 £’000 £’000 £’000
Non-current assets: 
Investments 390 322 390 322
Current assets: 
Trade receivables 9,834 11,817 9,834 11,817 
Other receivables 6 48 6 48 
Intercompany receivables – – 116 51 
Cash and cash equivalents 148 533 125 476
 10,378 12,720 10,471 12,714
Non-current assets: 
Intercompany receivables greater than 12 months – – – –
 10,378 12,720 10,471 12,714
Financial liabilities
Financial liabilities included in the Statement of Financial Position relate to the following IAS 39 categories:
 Group Company
 2015 2014 2015 2014
 £’000 £’000 £’000 £’000
Financial liabilities measured at amortised cost 14,236 16,520 16,992 19,104
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ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements The financial liabilities are included in the Statement of Financial Position in the following headings:
 Group Company
 2015 2014 2015 2014
 £’000 £’000 £’000 £’000
Current liabilities: 
Borrowings 137 – 137 – 
Trade payables 7,520 9,697 7,470 9,639 
Intercompany payables  – 2,909 2,767 
Accruals 1,178 1,213 1,075 1,088 
Other payables 4,818 5,610 4,818 5,610
Non-current liabilities:  
Borrowings 583 – 583 –
 14,236 16,520 16,992 19,104
        
NOTE 21 DEFERRED TAX LIABILITIES
The movement in deferred tax provisions is analysed as follows: 
Group £’000
Deferred taxation      
At 30 June 2013 (restated) (225)
Recognised in profit or loss (148) 
Recognised in other comprehensive income 161 
Temporary exchange differences –
At 30 June 2014 (212)
Recognised in profit or loss (23) 
Recognised in other comprehensive income (84) 
Temporary exchange differences (6)
At 30 June 2015 (325)
 2015 2014
 £’000 £’000
Deferred tax is represented by: 
Capital allowances in advance of depreciation 414 427 
Temporary difference on post retirement benefit obligations (532) (464) 
Other temporary differences (207) (175) 
Temporary exchange differences – –
 (325) (212)
Recognised as: 
Deferred tax assets (378) (275) 
Deferred tax liabilities 53 63
 (325) (212)
Company £’000
Deferred taxation 
At 30 June 2013  (297) 
Recognised in profit or loss  (73) 
Recognised in other comprehensive income  161
At 30 June 2014  (209)
Recognised in profit or loss  (19) 
Recognised in other comprehensive income  (84)
At 30 June 2015  (312)
62
ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements  2015 2014
 £’000 £’000
Deferred tax is represented by: 
Capital allowances in advance of depreciation 414 364 
Temporary difference on post retirement benefit obligations (532) (464) 
Other temporary differences  (194) (109)
 (312) (209)
Recognised as: 
Deferred tax assets (312) (209) 
Deferred tax liabilities       –        –
 (312) (209)
Provision has not been made for deferred taxation on the full carrying value of the Group’s land and buildings, on the basis 
that the full value of these assets will not be recovered through use and that indexation will result in no taxable gain arising 
on disposal.
NOTE 22 SHARE CAPITAL
 2015 2014
 £’000 £’000
Equity ordinary share capital
Authorised share capital 25,800,000 shares of 5p each 1,290 1,290
Allotted, called-up and fully paid ordinary shares at 1 July 2014 and 30 June 2015 566 566
The total number of shares in issue at the end of the year was 11,306,416 (2014:11,306,416).
NOTE 23 NOTES TO CASH FLOW STATEMENT
Group 2015 2014
 £’000 £’000
(a) Reconciliation of cash and cash equivalents to movement in net debt: 
(Decrease) in cash and cash equivalents (385) (560) 
Net cash outflow from increase in borrowings 72 1,150
Change in net debt  (313) 590 
Net debt at 1 July 2014 (5,077) (5,667)
Net debt at 30 June 2015 (5,390) (5,077)
 1 July  Cash Non-Cash 30 June 
 2014 Flow Movement  2015
 £’000 £’000 £’000 £’000
(b) Analysis of net debt: 
Cash at bank and in hand 533 (340) (45) 148 
Secured debt facility (5,610) 792 – (4,818) 
Borrowings due within one year – (137) – (137) 
Borrowings due after one year – (583) – (583)
 (5,077) (268) (45) (5,390)
63
ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements Company 2015 2014
 £’000 £’000
(a) Reconciliation of cash and cash equivalents to movement in net debt: 
(Decrease)/Increase in cash and cash equivalents (351) (539) 
Net cash outflow/(inflow) from increase in borrowings 72 1,150
Change in net debt  (279) 611
Net debt at 30 June 2014 (5,134) (5,745)
Net debt at 30 June 2015 (5,413) (5,134)
 1 July  Cash Non-Cash 30 June 
 2014 Flow Movement  2015
 £’000 £’000 £’000 £’000
(b) Analysis of net debt: 
Cash at bank and in hand 476 (311) (40) 125 
Secured debt facility (5,610) 792 – (4,818) 
Borrowings due within one year – (137) – (137) 
Borrowings due after one year – (583) – (583)
 (5,134) (239) (40) (5,413)
NOTE 24 CAPITAL COMMITMENTS
 2015 2014
Group and Company £’000 £’000
Contracted for but not provided 176 650
NOTE 25 POST RETIREMENT BENEFITS
The Group and Company operates defined contribution pension plans and a defined benefit plan, all of which are funded by 
the payment of contributions to separately administered plans.
The Group and Company operates a funded defined benefit scheme in the UK which provides both pensions in retirement and 
death benefits to members. Pension benefits are related to the members’ final salary at retirement and their length of service. 
A full actuarial valuation was carried out as at 5 April 2014 and updated to 30 June 2015 by a qualified independent actuary.
The Group expects to contribute approximately £0.65m to its defined benefit scheme in 2016. This is the cost of twelve 
months of contributions comprising the deficit reduction payments together with the normal contributions on a continuing 
basis, so does not reflect any potential impact from the closure of the scheme to future accrual. 
(a) The principal actuarial assumptions used at the Statement of Financial Position date were as follows:
 2015 2014
Discount rate 4.10% 4.40% 
Inflation assumption (RPI) 3.30% 3.25% 
Inflation assumption (CPI) 2.30% 2.30%
Rate of increase in salaries 3.55% 3.55%
Rate of increase in pensions in payment: 
RPI, max 5% (2013: max 5%)  3.20% 3.15% 
RPI, max 2.5% (2013: max 2.5%) 2.25% 2.25% 
CPI, max 3% (2013: max 3%) 2.05% 2.05%
Mortality assumptions: 
Life expectancy of male aged 65 now 21.3 21.2 
Life expectancy of male aged 65 in 20 years 22.5 22.6 
Life expectancy of female aged 65 now 23.2 23.1 
Life expectancy of female aged 65 in 20 years 24.7 24.6
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ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements The assumptions used in determining the overall expected return on the scheme’s assets have been set with reference to 
yields available on government bonds and appropriate risk margins.
(b) The assets in the scheme at the Statement of Financial Position date were as follows:
 2015 2014
 Market  Market 
 Value Value
 £’000 £’000
Equities 6,683 6,094 
Property 1,319 1,178 
Index Linked Gilts 2,155 1,818 
Corporate Bonds 3,662 4,233 
Diversified Growth Funds 6,261 5,005 
Other 228 382
 20,308 18,710
The actual return on scheme assets was an increase of £1.6m (2014: increase £1.6m).
The scheme assets do not include any of the Company’s own financial instruments, nor any property occupied by, or assets 
used by, the Company.
(c) Amounts recognised in the Statement of Financial Position:
 2015 2014
 £’000 £’000
Present value of funded obligations (22,970) (20,922) 
Fair value of scheme assets 20,308 18,710
(Deficit) / Surplus (2,662) (2,212)
Net liability recognised in the Statement of Financial Position (2,662) (2,212)
(d) Reconciliation of opening and closing balances of the present value of the defined benefit obligation: 
 2015 2014
 £’000 £’000
Benefit obligation at beginning of year  (20,922) (19,931)
Movement in the year: 
Current service cost (361) (342) 
Finance cost (901) (976) 
Employee contributions (82) (86) 
Actuarial (losses) / gain – financial (1,307) (1,519) 
Actuarial (losses) / gain – demographic 14 539  
Actuarial (losses) / gain – experience 109 937 
Net benefits paid out 480 456
Benefit obligation at end of year (22,970) (20,922)
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ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements (e) Reconciliation of opening and closing balance of the fair value of scheme assets:
 2015 2014
 £’000 £’000
Fair value of scheme assets at beginning of year 18,710 17,019
Movement in the year: 
Interest on scheme assets 813 836 
Return on assets, excluding interest income 784 812 
Contributions – employer 399 413 
 Contributions – employee 82 86 
Benefits paid out (480) (456)
Fair value of scheme assets at end of year 20,308 18,710
(f) Amounts recognised in profit or loss income are:
 2015 2014
 £’000 £’000
Service cost 361 342 
Net interest cost 88 140
Total expense 449 482
(g) The service cost is charged as follows:
 2015 2014
 £’000 £’000
Cost of sales 265 245 
Commercial and administration 96 97
 361 342
(h) Re-measurement of the net defined benefit liability / (asset) to be shown in other comprehensive income
 2015 2014
 £’000 £’000
Net re-measurement – financial 1,307 1,519 
Net re-measurement – demographic (14) (539) 
Net re-measurement – experience (109) (937) 
Return on assets, excluding interest income (784) (812)
Total re-measurement of the net defined benefit liability / (asset) to be shown in OCI 400 (769)
(i) History of plan – the history of the plan for the current year and prior years is as follows:
 2015 2014 2013 2012 2011
Statement of Financial Position £’000 £’000 £’000 £’000 £’000
Present value of defined benefit obligation (22,970) (20,922) (19,931) (19,647) (16,121)
Fair value of scheme assets 20,308 18,710 17,019 14,636 14,248
At end of year  (2,662) (2,212) (2,912) (5,011) (1,873)
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ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements Characteristics of the Scheme and the risks associated with the Scheme
a) Information about the characteristics the Scheme 
i.  The Scheme provides pensions in retirement and death benefits to members. Pension benefits are linked to a member’s 
final pensionable salary at the date of leaving the scheme and their length of service. 
ii.  The Scheme is a registered scheme under UK legislation and is contracted out of the State Second Pension. 
iii.  The Scheme is subject to the scheme funding requirements outlined in UK legislation. The last scheme funding valuation 
of the Scheme was as at 5 April 2014 and revealed a deficit of £1,298,000. 
iv. The Scheme membership as at 5 April 2014 comprised 128 active members accruing benefits; 171 deferred pensioner 
members; and 118 pensioner members. 
v. The Scheme was established from 1 January 1987 under trust and is governed by the Scheme’s trust deed and rules 
dated 19 January 2001. The Trustees are responsible for the operation and the governance of the Scheme, including 
making decisions regarding the Scheme’s funding and investment strategy in conjunction with the Employer. 
b) Information about the risks of the Scheme to the Employer
The Scheme exposes the Company to actuarial risks such as: market (investment) risk, interest rate risk, inflation risk and 
longevity risk. The small number of Scheme members means that the Scheme and ultimately the Company are exposed 
to the experience (such as life expectancy and take-up of member options) of individual members. The Scheme does not 
expose the Employer to any unusual Scheme specific or Company specific risks.
Amount, timing and uncertainty of future cash flows
a) Sensitivity analysis 
Please note that the results in the disclosures are inherently volatile, particularly the figures shown on the statement of 
financial position. The results disclosures are dependent on the assumptions chosen by the directors. 
The table below shows the approximate impact of varying the key assumptions adopted as at 30 June 2015
 30 June 2015
 £’000
Discount rate (increase of 0.25% pa) Decrease of 1,100
Rate of RPI inflation (increase of 0.25% pa) Increase of 900
Mortality (1.5% long term rate) Increase of 600
b) The Scheme’s investment strategy 
The Scheme’s investment strategy is to invest 68% in return seeking and 32% in matching assets. This strategy reflects the 
Scheme’s liability profile and the Trustees’ and Employer’s attitude to risk. 
c) Expected future cash flows to and from the Scheme
The Scheme is subject to the scheme funding requirements outlined in UK legislation. The last scheme funding valuation of 
the Scheme was as at 5 April 2014 and revealed a funding deficit of £1,298k. 
In accordance with the schedule of contributions dated 3 July 2015 the Employer is expected to pay recovery Scheme 
contributions of £108k per annum from 18 July 2015 in respect of the deficit. Prior to that the Company was paying £111.5k 
per annum. 
In addition, the Employer is expected to meet the cost of administrative expenses and insurance premiums for the Scheme.
The liabilities of the Scheme are based on the current value of expected benefit payment cash flows to members of the 
Scheme over the next 60 to 80 years. The average duration of the liabilities is approximately 20 years.
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ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements NOTE 26 RELATED PARTIES
Compensation of key management personnel (including directors):
 2015 2014
 £’000 £’000
Short term employee benefits 657 613 
Termination benefits – – 
Post-employment benefits 91 87
 748 701
Directors and their Interests
The Directors who served during the year and their interests in the Company’s share capital are as follows:
 30 June 2015 30 June 2014
 Ordinary Shares Ordinary Shares
B M Hynes 50,000 50,000
C G How 60,000 50,000
J M Fletcher 25,000 25,000
M W Warren 22,100 22,100
F P Berrebi – –
R S McDowell 71,000 71,000
E J Beale (appointed 1 July 2014) – –
Mr E J Beale is a Director and Chief Executive of City Group PLC and his Director’s fees have been surrendered to his primary 
employer. City Group PLC is 49% owned by Western Selection PLC, who have a beneficial interest in 16.5% of the Company’s issued 
share capital. Fees of £26,000 were paid or are payable for the year ended June 2015.
Mr E J Beale is a Director of Marshall Monteagle plc and during the year the Group sold finished goods to the value of £39,000 
(2014: £55,000) to Monteagle International Ltd, a subsidiary of the same company.
In the year to 30 June 2015, Swallowfield plc sold plant and equipment at a net book value of £262,000 (2014: £0) to Swallowfield 
s.r.o., and also purchased goods and services amounting to £ 1,944,000 (2014: £2,002,000) from the same company. 
At the year end the Company had payables due to Swallowfield s.r.o. amounting to £357,000 (2014: £228,000) being disclosed 
within ‘Trade and other payables’ (see Note 16). ‘Trade and other payables’ also includes an amount of £2,494,000 (2014: 
£2,494,000) in respect of amounts due to dormant subsidiaries (see Note 16).
In the year to 30 June 2015, the Group purchased services amounting to £129,000 (2014: £58,000) from Swallowfield SARL. 
At the 2015 year end the Company had a balance due from due from Swallowfield SARL amounting to £11,000 (2014: 
£14,000 due to SARL) being disclosed within ‘Trade and other receivables’ (see Note 15).
In the year to 30 June 2015, the Group purchased services amounting to £156,000 (2014: £149,000) from Swallowfield Inc. 
At the 2015 year end the Company had payables due to Swallowfield Inc. amounting to £26,000 (2014: £19,000) being 
disclosed within ‘Trade and other payables’ (see Note 16).
In the year to 30 June 2015, the Group purchased finished products for resale amounting to £3,781,000 (2014: £3,272,000) 
from SCCTC, a Chinese manufacturer of cosmetics products in which the Group holds a 19% shareholding. At the 2015 year 
end the Group had payables due to SCCTC amounting to £928,000 (2014: £893,000) being disclosed within ‘Trade and 
other payables’ (see Note 16).
During the year, Swallowfield plc provided a loan facility to Swallowfield Consumer Products Limited with the balance at 
the year-end of £105,000 (2014: £51,000) being disclosed within ‘Trade and other receivables’ (see Note 15). Interest of 
£15,000 (2014: £22,000) was payable on this loan during the year.
NOTE 27 EVENTS POST STATEMENT OF FINANCIAL POSITION
No significant adjusting events have occurred between the reporting date and the date of authorisation. 
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ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements Five Year 
Summary 
———
The following five year summary has been produced to allow improved comparisons to be made between the current 
results and those of prior years.
Unaudited IFRS  IFRS IFRS IFRS IFRS 
 audited audited audited audited audited
 Financial  Financial Financial Financial Financial 
 Year Year Year Year Year
 2015 2014
1
  2013 2012 2011 
   (restated) (restated) 
 £’000 £’000 £’000 £’000 £’000
Number of weeks in financial year 52 53 52 52 52
Statement of Comprehensive Income
Reported Revenue 49,447 50,033 48,591 57,879 57,452 
Adjustment for 53rd week
1
  (943) - - - 
Revenue 49,447 49,090 48,591 57,879 57,452
Operating profit/(loss) before exceptional items 996 768 (449) 1,568 1,409 
Exceptional items - (366) (491) - -
Operating profit/(loss) after exceptional items 996 402 (940) 1,568 1,409
Net interest (182) (262) (394) (12) (80)
Profit/(loss) before taxation 814 140 (1,334) 1,556 1,329 
Taxation (68) 17 424 (293) (247)
Profit / (Loss) attributable to equity shareholders 746 157 (910) 1,263 1,082 
Payments to shareholders - - (712) (712) (712)
Statement of Financial Position
Non-current assets 12,711 11,117 11,723 12,453 11,718 
Net current assets  3,511 3,718 3,307 4,668 4,621
Total assets less current liabilities 16,222 14,835 15,030 17,121 16,339
Non-current liabilities: 
Loans and lease finance (583) - (37) (433) (500) 
Long term employee benefits (2,662) (2,212) (2,912) (5,011) (2,356) 
Deferred tax (53) (63) (72) (103) (37)
Equity 12,924 12,560 12,009 11,574 13,446
Net debt 5,390 5,077 5,667 4,107 4,691
Statistics 
Weighted average number of shares in issue 11,306,416 11,306,416 11,306,416 11,306,416 11,306,416 
Undiluted earnings / (loss) per share 6.6p 1.4p (8.1p) 11.2p 9.6p 
Gearing 42% 40% 47% 30% 35% 
Dividends per share - - 2.2p 6.3p 6.3p
1
 Except for revenue, where the relevant adjustment has been shown above, no material changes would be required to the 
income statement to adjust the 2014 financial year numbers to a 52 week basis.
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ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements Corporate 
Directory 
———
Directors
B M Hynes (Chairman)
C G How (Chief Executive Officer)
J M Fletcher (Group Sales and Marketing Director)
M W Warren (Group Finance Director)
F P Berrebi (Non–Executive Director)
R S McDowell (Non-Executive Director)
E J Beale (Non-Executive Director)
Secretary
M W Warren FCCA
Registered Office
Swallowfield House
Station Road
Wellington
Somerset
TA21 8NL
Stockbrokers
N+1Singer Singer Advisory LLP (N+1 Singer)
One Bartholomew Lane
London
EC2N 2AX
Registered Number
01975376
Registrars
Computershare Investor Services PLC
PO Box 82
The Pavilions
Bridgewater Road
Bristol
BS99 7NH
Auditors
Grant Thornton UK LLP
1 Dorset Street
Southampton
Hampshire
SO15 2DP
Solicitors
Osborne Clarke
2 Temple Back East
Temple Quay
Bristol
BS1 6EG
Bankers
HSBC Bank plc
3 Rivergate
Temple Quay
Bristol
BS1 6ER
Website Address
www.swallowfield.com
Financial Calendar
Annual General Meeting 12 November 2015
Proposed final dividend payment 4 December 2015
Interim results announcement March 2016
Interim dividend payment May 2016
Announcement of 2016 final results September 2016
2016 Annual General Meeting November 2016
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ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements 71
ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements 72
ANNUAL REPORT & ACCOUNTS | 2015
Financial Statements  20 15
www.swallowfield.com
ANNUAL REPORT & ACCOUNTS | 20 15
ANNUAL REPORT
& ACCOUNTS
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