eatonfield Group plc
Haycroft f arm Peckforton Hall l ane SPurStow t arPorley cw6 9tf tel: 01829 261 910
f ax: 01829 261 911
e-mail: enquirieS@eatonfield.co.uk eatonfield grouP Plc annual rePort and accountS 2008
eatonfield Group plc annual rePort and accountS 2008
_1_EAT_ar08_Cover.indd   1 24/11/2008   17:13:08 founded in 1998, eatonfield grouP Plc HaS ex Panded 
ra Pidly becoming a Succe SSful Pro Perty develoPer, 
witH a track record in identifying, acquiring and 
adding value to Pro Perty develo Pment o PPortunitie S 
on bot H greenfield and brownfield Site S wit Hin t He 
commercial and reSidential SectorS.
 01 At A gl Ance 
 02 chAirmAn’s st Atement
 04  business review: 
chief executive’s st Atement
 06  business review: 
finAnciAl st Atement
 09  corporA te governAnce report
 11  remunerA tion And nominA tion 
committee report
 12 directors’ report
 15 independent Auditors’ report
 16  group income st Atement
 17 group bAl Ance sheet
 18  group cAsh flow st Atement
 19  group st Atement of chAnges 
in equity
 20 Accounting policies
 24  notes to the finAnciAl 
st Atements
 36 comp Any bAl Ance sheet
 36 Accounting policies
 37  notes to the comp Any 
bAl Ance sheet
 39  notice of meeting
 ibc  officers And professionAl 
Advisers
purchasinG 
 u  eatonfield has the capability to move 
quickly to exchange. As many of its deals 
are off‑market this speedy conclusion is 
of competitive advantage.
deal structure
 u  eatonfield works with numerous financiers 
who support our strategic intent and share 
our desire to grow the company.
addinG Value
	u	 	 the company believes in active “hands on” 
management to enhance the value of 
its properties. 
disposal
 u	 	 eatonfield works with end users to achieve 
an exit strategy on each deal. 
corporate overview
directors
sir l c y oung 
r J w lloyd 
s s Kalirai 
h J Jones (resigned 10 november 2008)
secretar Y
h J Jones (resigned 10 november 2008) 
p middlehurst (appointed 18 november 2008)
reGistered office
haycroft f arm 
peckforton hall lane 
spurstow 
tarporley cw6 9tf
noMinated adViser and broKer
evolution securities limited 
Kings house 
1 King street 
l eeds ls1 2hh
solicitors
hammonds llp 
2 park lane 
l eeds ls1 2hh
auditors
baker t illy uK Audit llp  
chartered Accountants and r egistered Auditors 
brazennose house 
lincoln square 
manchester m2 5bl
taX adVisers
Kpmg llp 
8 princes parade 
liverpool l3 1qh
reGistrars
capita r egistrars 
northern house 
woodsome park 
f enay bridge 
Huddersfield HD8 0LA
Officers and professional advisers
_1_EAT_ar08_Cover.indd   2 24/11/2008   17:13:09 01
EatonfiEld group plc Annu Al RepoR t And Accounts 2008
at a glance
RegeneRation of bRownfield sites
t hese schemes can realise a positive and lasting 
change for the area, affording opportunities to 
individuals, business interests and future generations.
by working with local authorities and 
engaging existing communities well-planned 
projects can provide quality driven regeneration. 
a well-planned mixed-use scheme developed 
with the local community creates sustainable 
residential housing, employment opportunities, 
public open spaces and recreational facilities 
to revitalise the area.
87 acre industrial site  
in workington, Cumbria.
_0_EAT_ar08_Front.indd   1 24/11/2008   16:15:40 02
EatonfiEld group plc Annu Al RepoR t And Accounts 2008
The past year has been an extremely difficult one for the property 
and construction sector for a number of reasons, all of which have 
been well publicised.
In the light of these market conditions, a profit before tax of £4.04m 
represents an acceptable outcome for Eatonfield, albeit this is largely 
due to revaluation gains on two key investment properties.
Towards the end of 2007, in order to address the slowdown in the 
residential market, we reduced our projected number of ‘new builds’. 
n o new residential developments are being commenced and we are 
building units only on those sites that were already under development. 
As a result, Eatonfield now has only three sites that are under construction 
and completion of these is scheduled for Q4 2008. We have reduced the 
size and cost base of our construction activities accordingly.
the outlook for the next twelve months and beyond remains uncertain 
and the senior management team has reduced operating and overhead 
costs during the year to allow for this. we continue to employ a stringent 
cash management regime and we have the support of all six of our lenders 
at current debt levels. A loan of £750,000 has been received from our CEO 
and major shareholder Rob lloyd, which was approved by shareholders 
at the general meeting held on 24 October 2008. The Board believes 
this cash injection will take the Group to the point where sufficient funds 
will be available from refinancing or site sales to generate positive trading 
cash flows for the Group.
at present, we do not anticipate any material improvement in the 
residential market before 2010/11. In the commercial market, we are 
working on the basis that further falls in value are likely before any recovery 
starts to materialise. the board therefore remains focussed upon generating, 
and conserving, cash through property sales and is unable to recommend 
the payment of a dividend at this time but aims to return to its progressive 
dividend policy as soon as it is reasonable to do so. 
t here are exciting prospects for a number of our sites where planning 
applications have recently been submitted and which, when approved, 
are expected to materially increase the value of these properties. we are 
working closely with the relevant local authorities and interested parties 
to secure a positive planning response. we also continue to seek to add 
value to other properties by reappraising planning consents and changing 
the mix of intended uses to maximise the opportunity for returns on each site.
it is with regret that the board has accepted the resignation of Howard Jones, 
group f inance director, who has been approached to join a company 
with which he was previously associated. i would like to thank Howard for 
his help since he joined the Company. we are fortunate that our group 
chairman’s statement
Summary   the senior management team has reduced 
operating and overhead costs during the year.
  Eatonfield has the support of all six of its 
lenders at current debt levels.
  The Board remains focussed upon generating 
and conserving cash through property sales.
“ I thank the Eatonfield team for 
their continuing dedication and 
enthusiasm throughout this period.”
_0_EAT_ar08_Front.indd   2 24/11/2008   16:15:40 03
EatonfiEld group plc Annu Al RepoR t And Accounts 2008
financial accountant, who has been with us for four years, will provide 
consistency until a suitable replacement is found. 
Considering my own position as Chairman of the group, i have decided 
that the time is right, once the Board has identified a suitable replacement, 
for me to retire. i have enjoyed being Chairman of the group and i am 
confident that Eatonfield will again thrive when the market improves. 
In these difficult times, it is even more important to have reliable 
and proactive advisers. i would like to convey thanks to baker t illy, 
Hammonds llP , KPMg llP and evolution securities limited for the help 
and independent advice they have given. events in recent months will be 
reviewed by economic historians in years to come as times of great and, 
in the main, unprecedented change and I thank the Eatonfield team for 
their continuing dedication and enthusiasm throughout this period.
Sir lESliE young
CHaiRMan
financial Summary   Profit from operations as a percentage of 
Revenue increased to 47% (2007: 29%).
  Total assets increased to £54.6m (2007: £47.7m) 
after stock write down of £5.0m.
  Sales since year end of £3.5m with 
further completions of £1.1m expected 
by December 2008.
  Associated debt reduction on sales since year 
end of £2.5m, with further debt reduction of 
£900,000 expected by December 2008.
geographical spread 
of sites owned, under 
contract, in a joint venture 
or profit share agreement 
within the financial year 
2007–2008.
_0_EAT_ar08_Front.indd   3 24/11/2008   16:15:41 04
EatonfiEld group plc Annu Al RepoR t And Accounts 2008
The last twelve months have been a challenging time for Eatonfield, and for 
the property sector generally, and we have had to adapt to a very different 
marketplace from the one existing at the time of my 2007 review.
The commercial market remains difficult. Valuations have fallen from 
their early 2007 peak and continue to do so. However, this also brings 
opportunities for off-market distressed purchases, one of our key strengths. 
We continue to explore potential joint ventures, profit share agreements and 
unassignable options as a lower risk way of gaining an entry to new projects 
and generating further profits. We are hopeful of a significant profit from 
two sites, Paignton and Ystalyfera, which are the subject of profit share 
agreements. t hese do not appear on our balance sheet and should be 
realised in the financial year to 30 June 2010. We are actively working 
on three brownfield regeneration sites, two of which, with the benefit of 
mixed-use planning permission, should deliver significant added value 
by the summer of 2009.
The residential market has deteriorated significantly and sales have become 
sluggish. However, we continue to build a quality product, with a focus on 
quality ratings, for which we have won building control awards. o f late, 
we have seen even greater pricing pressure on residential properties, as a 
lack of mortgage availability makes it a buyer’s market for those with funds, 
and demand for attractive sales incentives becomes the norm. we have 
taken prudent steps to dispose of inventory and reduce debt, the result of 
which, together with a significant write down of both finished housing and 
land, has resulted in lower year-end asset values.
we have a residential land bank spread over a number of sites, primarily 
in Wales, with existing planning permission for 530 plots and a further 
1,287 potential plots which are currently going through the planning process. 
Business review:
Chief executive’s statement
Summary   We have a residential land bank spread over 
a number of sites.
  We continue to build a quality product, with 
a focus on quality ratings, for which we have 
won building control awards.
  We have taken prudent steps to dispose 
of inventory and reduce debt.
“ eAtonfield RemAins Well 
positioned to t Ake Adv Ant Age 
of the pRopeR ty mARket As it 
st ARts to RecoveR .”
_0_EAT_ar08_Front.indd   4 24/11/2008   16:15:44 caSE Study coruS rail SitE
tHe site
an 87 acre industrial site at w orkington in 
Cumbria. the site was previously owned by 
Corus Rail and used for manufacturing steel for 
railway line production. In 2006, Corus moved 
the majority of their operations from workington 
to their plant at scunthorpe, leaving the site 
disused. d emolition of the buildings and 
machinery is the responsibility of Corus and has 
commenced, with estimated completion in 
December 2008.
tHe PuRCHase
An agent previously known to Eatonfield introduced 
the site as an off-market deal. Eatonfield completed 
the purchase in November 2007, with the funding 
for the acquisition being raised through existing 
banking facilities. 
tHe Planning
Ian Arnott, Eatonfield’s Development Director, 
manages the external consultants, with the 
planning process lead by Knight f rank. an outline 
planning application supported by nine reports has 
been submitted for a mixed-use scheme, which 
includes residential housing, a care village, district 
shopping, a hotel, offices, industrial starter units 
and recreational opportunities. Eatonfield have 
undertaken extensive public consultation and 
are confident that the outline application has 
widespread local support.
THE VIsION
The flagship scheme will be part of the linked 
core regeneration from the dock basin through 
derwent Howe to the Corus Rail site. the site is 
in an ideal location, which combines a waterfront 
setting with proximity to the town centre and will 
provide a first class place to live and work, as well 
as generating tourism on the coast.
05
EatonfiEld group plc Annu Al RepoR t And Accounts 2008
we retain the option of either developing some of those sites when the 
market improves or selling them off.
Eatonfield has six lenders, with just under half of its individual project-related 
loans maturing in over twelve months’ time. overdraft facilities have also 
been agreed through to september 2009 with our two main bankers. 
However, our expectation is that future debt costs will be at higher rates 
than those we currently enjoy, as base rates fall but bank margins increase. 
o ur focus continues to be on cash generation and cost cutting in these 
uncertain times.
During the last few months, we have taken significant action to restructure 
our business and address the changing circumstances in which we operate. 
these include:
 the closure of three local offices;
 the decision to relocate our head office to smaller premises;
 the reduction of overhead costs by approximately 25%;
 a reduction in unconditional land acquisitions;
 a stop on speculative new house building;
  building relationships with housing associations who continue 
to be buyers of land; and
  reappraising planning consents on existing owned assets to 
improve land values.
it is with regret that sir l eslie Young has decided to retire as Chairman of 
the group in the near future. He has contributed enormously to the board 
and was fundamental to the success of the Company’s entry into aiM in 
November 2006. His wisdom and experience has proven invaluable to me. 
whilst the outlook for the uK construction market remains uncertain, 
the team here at Eatonfield is well placed to maximise the profitable 
opportunities that exist, both from within our existing property portfolio 
and from new projects that we continue to identify and progress.
We are confident that having taken the actions described above, together 
with the skills and expertise that we have within our business, Eatonfield 
remains well positioned to take advantage of the property market as it 
starts to recover.
roB lloyd chief executive 
“ We continue to explore lower risk ways 
of gaining an entry to new projects 
and generating further profits.”
_0_EAT_ar08_Front.indd   5 24/11/2008   16:15:46 06
EatonfiEld group plc Annu Al RepoR t And Accounts 2008
intErnational financial rEporting StandardS
This is the first year that our results are reported under IFRs as adopted by 
the EU (“IFRs”). The comparative figures for 2007 have been restated on 
the same basis. in common with a number of listed companies, we continue 
to present parent and subsidiary company information under uK gaaP . the 
reconciliations from UK GAAP to IFRs are to be found on pages 32 to 35.
the principal impacts of adopting ifRs were described in our interim report 
and are reproduced in this report in note 26 to the accounts. An important 
point to understand is that if Rs affects accounting only. t here is no operational 
impact on the underlying business or its cash flows.
The main impacts on the financial statements are:
  goodwill is no longer amortised but reviewed for impairment annually;
  interest is now capitalised until the date the asset is ready for sale, 
with subsequent interest being charged to the income statement 
in the period it occurs. Previously interest was capitalised until 
the legal date of completion;
  movements in the valuation of investment properties are no longer 
taken to the balance sheet but included in the income statement; and
  deferred tax is now provided on net property revaluation surpluses. 
Previously deferred tax was only provided where there was a binding 
agreement to dispose of the asset at the balance sheet date.
as a result of these adjustments, the following previously reported results 
for the year ended 30 June 2007 have been restated:
Net assets, profit before tax, earnings per share, net assets per share, 
and growth in net assets per share as can be seen in the disclosures below. 
incomE StatEmEnt
pRofit fRom opeRA tions
Profit from operations as a percentage of revenue has increased from 28% 
to 48% mainly due to revaluations of key investment properties. Without 
these revaluations there would be a loss from operations. our ability to sell 
property has been frustrated by the current state of the property market in 
the UK, but we have every confidence this will improve in the short to 
medium term. 
AdministRA tive expenses
Administrative expenses have increased in the year by £494,000. This 
is partly due to the financial results for the year to 30 June 2008 being our 
first full year as a public quoted company with the related professional costs 
but also due to the fact that internal salary costs are not capitalised within 
investment properties whereas they are in inventory and during the year 
we were engaged with more investment properties than previously. we had 
an average number of employees in the year of 52 compared to 46 for the 
year ended 30 June 2007. We had offices in south Wales, Bristol and 
Newcastle upon Tyne as well as the head office in Mold, but these have 
been discontinued as a cost cutting measure in the last few months. 
Joint ventuRes
We have one active Joint Venture, Hawkesbury Properties Limited where 
the 50% partner is Jenard Property Limited.
pRofit shARe AgReements
As well as the Joint Venture we have three Profit share Agreements, which 
we use tactically as a way of accessing individual projects. the agreements 
are as follows: 
(1) Property Driffield, Partner Ethel Austin finance;
(2)  Property Bookham Technology Park, Partner Modus Properties Limited; and 
(3) Property Ystalyfera, Partner Jenard Ystalyfera Limited. 
finAnce costs And income
f inance costs on property loans are capitalised up to the date the asset 
is available for sale. a property ceases to be treated as a development on 
practical completion, which is evidenced by the receipt of the final signed 
building control certificate for the site. Capitalisation of interest ceases where 
there is a material pause in work being carried out on an asset between the 
date of the granting of detailed planning permission and the date of the 
signing of an unconditional contract for sale. Hence finance costs charged 
to the income statement relate to interest from that date to the date of a 
sale completion, interest on the loan to buy head office, interest on finance 
agreements and interest on the funding of investment properties which 
is not capitalised. as we had no investment properties in year ended 
30 June 2007 this accounts for the increase from £144,000 to 
£616,000 of interest payable in this year’s income statement.
Business review:
f inancial statement
“ Profit from operations as a percentage 
of revenue has increased from 28% 
to 48%.”
_0_EAT_ar08_Front.indd   6 24/11/2008   16:15:46 caSE Study Birkwood
tHe site
An 83 acre secluded site at Lesmahagow in 
Lanarkshire, 20 miles south of Glasgow. The former 
hospital site was previously owned by the nHs and 
has been unoccupied since 2002. The main house 
on the site is a grade b listed building and the 
land is allocated for residential development.
tHe PuRCHase
an agent introduced the site as an off-market 
opportunity to Eatonfield and, because the original 
purchaser was unable to complete the purchase, 
the contract was assigned to Eatonfield. Eatonfield 
completed its purchase of the site in June 2008, 
with funding being raised through existing 
banking facilities. 
tHe Planning
In October 2008 a new outline planning 
application with a comprehensive master plan was 
submitted. steve Jones, Eatonfield’s Director of 
Planning, will oversee the local consultants and 
lead the planning process. t he new application 
has been submitted for 130 dwellings with 
a proposal that the g rade b listed building be 
converted into a hotel. Eatonfield has taken the 
distinctive character and the landscape potential 
of the site into full consideration when preparing 
the planning application, which has widespread 
local support.
THE VIsION
As the most significant current project being 
undertaken in l esmahagow, the project seeks to 
create a sustainable development providing new 
homes and future employment opportunities. the 
plans have a positive impact on the environmental 
regeneration of the village, taking into account the 
historic buildings and gardens, the heavily wooded 
areas and the green open spaces.
tAxA tion
The effective rate of taxation for the year has decreased from 33% to 29% 
of profit on ordinary activities. The rate is higher than the 28% of standard 
uK Corporation tax due to disallowable expenses, chargeable gains and 
temporary differences. d eferred tax is now provided on net property 
revaluation surpluses.
eARnings peR shARe
The year began with 23,000,000 ordinary shares in issue and ended with 
23,064,775 ordinary shares in issue, giving a weighted average number 
of shares of 23,051,820. With a profit after tax of £2.9m this gives an EPs 
of 12.50p (2007: 18.20p). When current share options are accounted for, 
the diluted EPs is 12.45p (2007: 18.13p).
caSH flow and financing 
The Group generated £4.1m (2007: (£20.1m)) of cash from operations 
in the year, which was mainly used to invest in investment properties. 
We typically raise loan finance to 70% of the value of land bought or house 
development cost and at year end had loans of £32.0m, with six different 
lenders. Having paid tax and dividends of £1.3m in the year, our increase 
in cash was £689,000 (2007: £587,000).
BalancE SHEEt
Total assets per share increased in the year from 207p to 237p. The main 
increase was in Investment Properties. The increase reflects the increase 
in our “land bank” to be used either as trading opportunities, commercial 
opportunities or to be developed as residential housing sites. 
inventoRy
Comprises land held for resale within the commercial division and work 
in progress on building sites within the homes division. the land inventories 
are held at historical cost and have not been subject to upwards revaluation 
to reflect current market values. The cost of properties in the course of 
development includes attributable loan interest and other outgoings having 
regard to the development potential of the property. in the year the g roup 
incurred finance costs of £2.33m. £716,000 of this was charged to cost of 
sales, £998,000 was charged to inventory and £616,000 to finance costs. 
a review of inventory, during the year and particularly at year end to ensure 
it is valued at the lower of cost or net realisable value, has led to a write down 
of £5m or 20% of inventory value. This prudence reflects the current state 
of the property market in the uK in the opinion of the directors.
EatonfiEld group plc Annu Al RepoR t And Accounts 2008
07
_0_EAT_ar08_Front.indd   7 24/11/2008   16:15:57 08
EatonfiEld group plc Annu Al RepoR t And Accounts 2008
Business review:
f inancial statement continued
BalancE SHEEt continued
investment pRopeR ties
investment Properties are held at market value (this being determined 
by qualified independent third parties) and any revaluation is taken 
to the income statement.
tRAde Receiv Ables 
Revenue is recognised on house sales at the date of legal completion. 
Revenue is recognised on land and commercial property sales from the 
date of both parties having signed an unconditional contract, and the buyer 
having confirmed it has funds to complete the transaction. Hence trade 
receivables are debts due on unconditional contracts still outstanding at 
the balance sheet date.
bAnk boRRoWings
since our float in November 2006 we had enjoyed better loan conditions 
and frequently paid 1% over base, reduced arrangement fees and often 
no exit fee. t he effect of the “credit crunch” was to worsen the terms 
on new borrowings which typically are now more frequently linked 
to liboR. However as the base rate falls the group’s borrowing costs 
will reduce accordingly.
cApit Al And ReseRves
Called up share capital and share premium increased in November 2006 
owing to the shares issued in connection with the group’s admission to 
AIM. In the year to 30 June 2008 the number of shares increased from 
23,000,000 to 23,064,775. This was due to the fact that the previous 
f inance director was allowed to exercise his share options when he left 
the Company in september 2007.
tReAsuRy Risk mAnAgement 
The maturity profile of the financial liabilities is relatively unchanged 
below one year and above five years but has increased in the period one 
to two years and decreased in the period two to five years as can be seen 
in note 20 on page 31.
The Group’s financial instruments comprise borrowings, some cash and 
various items, such as trade receivables, trade payables etc that arise directly 
from its operations. The main purpose of these financial instruments is to 
raise finance for the Group’s operations.
the group does not enter into derivative transactions (such as interest 
rate swaps and forward foreign currency contracts), and it is, and has 
been throughout the period under review, the group’s policy that no 
trading in financial instruments shall be undertaken, albeit the topic 
has been considered.
The main risks arising from the Group’s financial instruments are interest 
rate risk and liquidity risk. t he board reviews and agrees policies for managing 
each of these risks and they are summarised below. as the base rate has 
reduced from 5.75% in July 2007 to 3%, our cost of borrowing has 
decreased accordingly. 
inteRest RA te Risk
The Group finances its operations through a mixture of bank borrowings 
and other borrowings. The Group borrows at floating rates of interest linked 
to either base (in the majority of cases) or liboR in order to generate a 
desirable interest profile. During the year, the Executive Directors considered 
a proposal to put in place a cap or collar arrangement however decided not 
to pursue it. 
liquidity And cRedit Risk
the group’s policy is to achieve continuity of funding by ensuring that 
adequate and appropriate loan facilities are in place appropriate to meet 
its forecast requirements. the group has few transactions in a year and 
asks for proof of funding before entering into a contract for sale and 
hence the group does not insure its debt. 
foReign cuRR ency Risk
the group has no dealings other than in sterling and as such has no 
foreign currency risk.
“ Total assets per share increased 
in the year from 207p to 237p.”
_0_EAT_ar08_Front.indd   8 24/11/2008   16:15:57 09
EatonfiEld group plc Annu Al RepoR t And Accounts 2008
principlEs of corporatE govErnancE
The Group’s Board appreciates the value of good corporate governance not only in the areas of accountability and risk management but also as a positive 
contribution to business prosperity. It believes that corporate governance involves more than a simple “box ticking” approach to establish whether a Company 
has met the principles (including those set out in the corporate governance guidelines for AIM companies published by the Quoted Companies Alliance in 
July 2005) of a number of specific rules and regulations. Rather the issue is one of applying corporate governance in a sensible and pragmatic fashion 
having regard to the individual circumstances of a particular Company’s business. The key objective is to enhance and protect shareholder value. 
The role of the Board is to provide entrepreneurial leadership of the Company within the framework of prudent and effective controls, which enables risk to 
be assessed and managed. The Board sets out the Company’s strategic aims, ensures that the necessary financial and human resources are in place for the 
Company to meet its objectives and reviews management performance. The Board sets the Company’s values and standards and ensures that its obligations 
to shareholders and others are understood and met. 
BusinEss standards
The Company does not condone any form of corrupt behaviour in business dealings and has formal disciplinary procedures in place to deal with any illegal 
or inappropriate activities by employees.
Board structurE
At the start of the year the Board comprised the Non-executive Independent Chairman Sir L C Young, the Chief Executive R J W Lloyd, the Finance Director, 
T P Carroll, and the Independent Non-executive Director, S S Kalirai. T P Carroll resigned as Finance Director on 12 September 2007 and H J Jones was 
appointed on 28 March 2008. Outline biographies can be found on the Company website (www.eatonfield.co.uk).
The composition of the Board should provide an appropriate blend of experience and qualifications, as a basis for ensuring appropriate corporate governance 
of the Group. The Board has a formal schedule of matters reserved to it and normally meets monthly. It is responsible for overall Group strategy, approval 
of major capital expenditure projects and consideration of significant financing matters. The Board meets formally during the year and its decisions are 
implemented by the Executive Directors. Every Director attended all relevant Board and Board committee meetings during the year. The Chairman and the 
Non-executive Director also met during the year without the Executive Directors being present. 
The Board is responsible to shareholders for the proper management of the Group. A statement of Directors’ responsibilities in respect of the accounts is set 
out on pages 13 and 14. The Non-executive Directors have a particular responsibility to ensure that the strategies proposed by the Executive Directors are 
fully considered. To enable the Board to discharge its duties, all Directors are supplied with timely and relevant information regarding the business, through 
regular monthly and ad hoc reports, through site visits and presentations from members of the management team and by meetings with key partners. Where 
appropriate, the Company provides the resources to enable Directors to update and upgrade their knowledge. Through the Company Secretary, the Board 
is informed of corporate governance issues. The Directors have access to the advice and services of the Company Secretary. The Directors are also given 
access to independent professional advice at the Group’s expense, when the Directors deem it is necessary in order for them to carry out their duties. 
The criteria used for evaluating individual Executive Directors’ performance are included in the Remuneration and Nomination Committee Section. 
Individual Non-executive Directors’ performance is reviewed by the Chairman and Chief Executive.
In support of the principles of good corporate governance, the Board has appointed the following committees, all of which have formal terms of reference 
which are available for inspection by shareholders.
audit committEE
The Audit Committee is chaired by S S Kalirai and comprises both of the Non-executive Directors. 
The Audit Committee’s functions include:
  ensuring that appropriate accounting systems and financial controls are in operation and that the Company’s financial statements comply with statutory 
and other requirements;
 receiving reports from, and consulting with, the external auditors;
 reviewing the interim and annual results and reports to shareholders, and considering any matters raised by the auditors;
 considering the appropriateness of the accounting policies of the Company used in preparing its financial statements;
 monitoring the scope, cost-effectiveness and objectivity of the audit;
 monitoring the Company’s policy on non-audit services provided by the external auditors; 
 making an annual assessment of the external auditors and recommending, or not, their reappointment;
 considering the need for an internal audit function; and 
 reviewing ‘whistle-blowing’ arrangements within the Company.
Three meetings were held during the year and additional meetings may be requested by either the auditors or the Non-executive Directors. All meetings 
were attended by all the current members of the committee. The Finance Director attends these meetings but the committee also meets without 
Executive Directors being present and has private sessions with the auditors. The committee has direct access to the auditors. 
The Committee’s policy on the provision of non-audit services by the external auditors is that, whilst it is appropriate and cost effective for the external 
auditors to provide due diligence services to the Company, no other services (other than ad hoc corporate finance) should be provided. 
corporate governance report
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EatonfiEld group plc Annu Al RepoR t And Accounts 2008
corporate governance report continued
rEmunEration and nomination committEE
Given the size of the Company and the relatively small number of senior employees the decision was taken by the Board to integrate the roles of the 
Remuneration and Nomination Committees. The Committee comprises both Non-executive Directors and is chaired by S S Kalirai. The Committee is responsible 
for making recommendations to the Board on the Company’s framework for Executive remuneration, and to agree the structure and make-up of the Board and 
senior management of the Group to facilitate the Group’s progress to meet and hopefully exceed its short and medium-term objectives. The Committee 
determines the contract terms, remuneration and other benefits for each of the senior employees and Executive Directors of the Group, including performance 
related bonus schemes and compensation payments. The Executive Board members determine the remuneration of the Non-executive Directors. The report 
of the Remuneration and Nomination Committee is set out on page 11. It met formally three times during the year, attended by all members. 
risk managEmEnt and intErnal control
The Board recognises that it has overall responsibility for the identification and mitigation of risks and the development and maintenance of an appropriate 
system of internal control. The Board has designed the Group’s system of internal control in order to provide the Directors with reasonable assurance that its 
assets are safeguarded, that transactions are authorised and properly recorded and that material errors and irregularities are either prevented or would be 
detected within a timely period. However, no system of internal control can eliminate the risk of failure to achieve business objectives or provide absolute 
assurance against material misstatement or loss. During the year, the Directors have reviewed the effectiveness of the systems of internal control, including:
 the Group’s control environment; 
 the manner in which key business risks are identified; 
 the adequacy of information systems and control procedures; and
 and the manner in which any required corrective action is to be taken.
The Group’s key internal controls are centred on detailed monthly reporting from all activities which includes a detailed portfolio analysis, development 
progress reviews, management accounts, detailed cash flow forecasts and a comparison of committed expenditure against available facilities. 
The core ‘Pipeline’ process drives the budgeted business plan performance. It meets at least once a month and ad hoc where necessary in order 
to approve a time critical transaction. The Executive Directors keep the Chairman informed on a personal basis of all significant or material business 
or corporate developments. 
These matters are reported to both the subsidiary Board meetings and the Non-executive Directors monthly and the Group Board whenever it meets, 
with reasons for any significant variances from budget. Detailed annual budgets are reviewed by the Board and revised forecasts for the year are prepared 
on a regular basis. There are clearly defined procedures for the authorisation of capital expenditure, purchases and sales of development and Investment 
properties, contracts and commitments. Major investment and development decisions and strategic matters are reserved for Board approval. 
Formal policies and procedures are in place covering all elements of employment, risk management, health and safety, Data Protection and IT. Internal 
control, by its nature, provides only reasonable and not absolute assurance against material misstatement or loss. The Directors continue, however, to strive 
to ensure that internal control and risk management are further embedded into the operations of the business by dealing with areas for improvement as they 
are identified.
The Directors confirm that the Board has reviewed the effectiveness of the system of internal control as described during the period. There are no significant 
issues disclosed in the report and financial statements for the year ended 30 June 2008 and up to the date of approval of the report and financial statements 
that have required the Board to deal with any related material internal control issues.
sharEholdEr rElations
The Executive Directors have a formal programme of meetings with institutional shareholders and analysts at least twice a year, at which the Company’s 
strategy and most recently reported performance are explained, questions and comments made being relayed to the whole Board. The presentations for 
these are available on the Company website, which also meets all AIM Rule 26 requirements. More general presentations were also made to analysts 
in London and Leeds during the year.
The Company’s Annual General Meeting is also used as an opportunity to communicate with investors and this year is being held at Head Office in Spurstow. 
In addition to the usual period for questions which is made available for shareholders at the Annual General Meeting, S S Kalirai, the Chairman of the 
Audit and Remuneration and Nomination Committees will also be prepared to answer appropriate questions. 
During the year, the Company wrote to all shareholders informing them that in future communication would be electronic unless they elected otherwise. 
All but 22 shareholders have agreed to receive their communications electronically which will prove to be a cost saving to the Company. 
Copies of all RNS releases, investor presentations and annual reports are posted on the Company’s website (www.eatonfield.co.uk), together with additional 
details of major projects, key information and Company background.
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11 r emuneration and nomination  
committee report
composition and function of thE rEmunEration and nomination committEE
The Remuneration and Nomination Committee comprises both of the Non-executive Directors of the Company, as explained in the Corporate Governance 
Report. S S Kalirai is Chairman of the Committee. The Committee considers all aspects of the Executive Directors’ remuneration and administers the Company’s 
share option schemes. The remuneration of the Non-executive Directors is considered by the Board following recommendations by the Executive Directors. 
No Director participates in setting his own remuneration. The Committee is also aware of the remuneration paid to executives below Board level. 
rEmunEration policy for ExEcutivE dirEctors
The objective of Eatonfield’s remuneration policy is to attract, retain and motivate high calibre senior executives through competitive pay arrangements 
which are also in the best interests of shareholders. These will include performance-related elements to align the interests of Directors and shareholders 
and to motivate the highest performance. 
During most of the year, the Group had two Executive Directors: R J W Lloyd and H J Jones. The remuneration of the Executive Directors is determined 
by the Remuneration and Nomination Committee which, together with the Chief Executive, also annually reviews the general level of remuneration for all 
staff and the specific terms of key Executives. Due to the state of the market it was agreed not to pay an annual inflationary increase to staff in March 2008. 
Several bonuses were paid against previously agreed targets, none of which were to the Executive Directors.
Group practice is for Executive Directors to receive a basic salary, together with appropriate bonuses (whether cash or share options), related to the business, 
financial, share price performance and asset build of the Company. R J W Lloyd receives no share options. 
No Director has any other rights to compensation on loss of office (apart from payment in lieu of notice, where appropriate). The Non-executive Directors 
do not have service contracts. The Executive Directors did not hold any external Non-executive directorships during the year. 
Each Executive Director and senior manager receives a salary which reflects the individual’s responsibilities, experience and performance. Base salaries 
are reviewed annually. Where deemed useful, comparisons are sought from outside the Company to guide the Remuneration and Nomination Committees. 
sharE options
The Remuneration and Nomination Committee is responsible for supervising the Company’s ‘approved’ and ‘unapproved’ share option schemes in 
accordance with rules previously approved by shareholders. Executive Directors (as well as other senior employees) are awarded regular grants of options 
over the Company’s shares.
There are two share option schemes in place. 237,775 options were granted under an HMRC ‘approved’ scheme to various staff before flotation 
on 26 October 2006, at an exercise price of 67p. As at 30 June 2008 85,000 of these options were still available for vesting after October 2009.
The ‘unapproved’ share options scheme adopted on 9 November 2006 allowed for the grant of up to 250,000 options at an exercise price of 67p. 
164,000 share options were issued on 13 May 2008 to H J Jones following his appointment as Group Finance Director at an exercise price of 121.5p. 
They are available for vesting after May 2011. Following his resignation on 10 November 2008, these options will lapse.
pEnsion schEmEs
The Company’s general practice is to pay a basic salary high enough for the individual to make their own pension arrangements. 
sErvicE contracts
On 19 October 2006 R J W Lloyd entered into a service agreement to act as Chief Executive. The service agreement can be terminated by either party 
giving to the other party not less than twelve months’ written notice. On 31 March 2007, H J Jones entered into a service agreement to act as Finance Director. 
The service agreement can be terminated by either party giving to the other party not less than six months’ written notice.
The reappointment of Non-executive Directors is not automatic. It is intended that appointments will be for an initial term of three years, which may be extended 
by mutual agreement. All of the Directors are required to offer themselves for re-election at the first AGM after incorporation and flotation. Prior to each 
Non-executive offering themselves to the members for re-election, their reappointment must be confirmed by the Chairman in consultation with the remainder 
of the Board.
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EatonfiEld group plc Annu Al RepoR t And Accounts 2008
directors’ report
The Directors present their report and the audited financial statements, for the year ended 30 June 2008. 
principal activitiEs and rEviEW of thE BusinEss
The Group’s results are set out in the Group Income Statement on page 16 and are explained in the subsequent notes. A full review of the Group’s activities, 
future developments and treasury risk management is incorporated in the Chairman’s Statement and Chief Executive’s Review and Financial Review.
The principal activities of Eatonfield Group plc during the year were the development and sale of commercial and investment properties and real estate. 
The Company adopted plc status in preparation for its flotation on AIM, which was achieved on 17 November 2006. The Group consolidates 
Eatonfield Developments Limited, Eatonfield Homes Limited, Kingfisher Real Estate Limited and Eatonfield Asset Management Limited.
The success of the Company strategy is already showing in two practical ways: profit from operations has increased from 28% to 47%. Also, the Group 
has been able to borrow money at more advantageous terms. In addition, the value of total assets has increased from £47.7m to £54.7m. 
The benefits of this broader strategy include: balancing the market risk between commercial property and residential development; building on 
acknowledged strengths in regenerating brownfield sites; and creating the choice of either realising the planning uplift by sale or increasing the total 
return through residential development.
The Group’s geographical focus has expanded progressively during the year with further expansion into Scotland. There are no plans to develop outside 
the United Kingdom.
The Directors are comfortable with analyst forecasts for business and financial growth in 2008/9. The investment in land buying, planning and design skills 
underpins our confidence in the growth potential. Brownfield regeneration will remain a core theme, not just through site acquisition and re-planning but 
also by involvement in larger scale development projects.
futurE dEvElopmEnts
The Group will only consider additional acquisitions as and when opportunities present themselves, on their business and economic merits, including 
enhancing earnings per share. As stated at the time of flotation our strategy ‘involves controlled expansion across the UK’ and ‘only potential acquisitions 
that clearly relate to the core business will be considered’.
kEy pErformancE indicators (“kpis”)
The KPIs agreed for 2007/8 were centred around profit and earnings per share expectations created with investors, captured in Evolution’s Research 
note issued to support the float. We were unable to achieve the expected profit target due largely to the effect of the “credit crunch”. The target profit 
before tax was £6.7m but we only achieved £4.0m.
paymEnt practicE
It is the Group’s policy to agree and clearly communicate the terms of payment as part of the commercial arrangements negotiated with suppliers and then 
to pay according to those terms based upon the timely receipt of an accurate invoice. Average creditor days at 30 June 2008 were 50 (2007: 41 days).
rEsults and dividEnds
The Group’s profit for the year, after taxation, was £2,880,514. No dividend is proposed as the profit was primarily due to revaluations which provide 
no cash from which to fund one.
sharE issuEs 
On 17 November 2006, following admission to the Alternative Investment Market of the London Stock Exchange 8,000,000 ordinary shares of 10p each 
were issued at a price of 125p per ordinary share. Hence at 30 June 2007 the Company has 23,000,000 shares. Upon his resignation as Finance Director 
on 12 September 2007, it was agreed T P Carroll could exercise his share options. The Company therefore issued 64,775 ordinary shares at 10p each. 
The number of issued shares as at 30 June 2008 was therefore 23,064,775.
dirEctors 
The Directors who served the Company during the period were as follows:
Sir L C Young 
R J W Lloyd 
T P Carroll (resigned 12 September 2007) 
S S Kalirai 
H J Jones (appointed 28 March 2008) (resigned 10 November 2008)
maJor sharEholdings 
As at 28 September 2008 other than the Directors, substantial shareholdings were held by:
      %  Shares 
      holding Number
SAAD Investments Company     29.9 6,880,000
No other person has notified an interest in the ordinary share capital of the Company.
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EatonfiEld group plc Annu Al RepoR t And Accounts 2008
dirEctors ’ rEsponsiBilitiEs in thE prEparation of thE financial statEmEnts
The Directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations. 
UK Company law requires the Directors to prepare Group and Company financial statements for each financial year. Under that law the Directors are 
required to prepare Group financial statements in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the EU and have 
elected to prepare the Company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom 
Accounting Standards and applicable law).
The Group financial statements are required by law and IFRS adopted by the EU to present fairly the financial position and performance of the Group; 
the Companies Act 1985 provides in relation to such financial statements that references in the relevant part of that Act to financial statements giving 
a true and fair view are references to their achieving a fair presentation.
The Company financial statements are required by law to give a true and fair view of the state of affairs of the Company.
In preparing each of the Group and Company financial statements, the Directors are required to:
a. selects suitable accounting policies and apply them consistently;
b. make judgements and estimates that are reasonable and prudent;
c.  for the Group financial statements, state whether they have been prepared in accordance with IFRS adopted by the EU; and for the Company 
financial statements state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and 
explained in the Company financial statements; and
d.  prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and the Company will continue 
in business.
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the 
Group and to enable them to ensure that the financial statements comply with the requirements of the Companies Act 1985. 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 ensuring that the Directors’ Report and other information included in the annual report is prepared in accordance with 
Company law in the United Kingdom. They are also responsible for ensuring that the annual report includes information required by the AIM Rules. 
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website.
Legislation in the United Kingdom governing the preparation and dissemination of the financial statements and other information included in annual reports 
may differ from legislation in other jurisdictions.
going concErn
The financial statements have been prepared on a going concern basis.
The Group has two overdraft facilities to be repaid by September 2009, although one of the facilities is reviewed on a quarterly basis, with the next 
review being 31 December 2008. Based on positive discussions with the related banker the Board is satisfied that this facility will be renewed on 
31 December 2008. In addition the Group has loan facilities secured on specific assets which are repayable at the earlier of the sale of the related 
asset or specified agreed terms.
However should any overdraft facility not be renewed or other loan facility becomes payable prior to the sale of the related asset, and in the absence 
of alternative funding sources, the Group would be required to dispose of assets to realise cash to meet its debts as they fall due. Given current market 
conditions there is a risk that the assets would take an extended period to realise cash which might also be less than their book values. As a result, 
should the Group be unable to repay their bank borrowings from asset sales or the refinancing of existing assets, a material uncertainty exists which 
casts doubt over the Group’s ability to continue as a going concern. 
The Directors have prepared projected cash flow information for the period ending twelve months from the date of approval of these financial statements. 
On the basis of these projections and the continuing support from our bankers, as detailed above, the Directors expect that the Group will generate 
sufficient funds to meet its debts as they fall due for at least the next twelve months. 
Focus on cash generation and cost cutting has been key in the last few months and will continue going forward. Support from our banks by way of overdraft 
facilities (in addition to existing approved loans), plus a loan from our Chief Executive have been needed to secure the companies ongoing activities. 
The Group was fully compliant with its financial covenants in respect of its bank overdrafts and loan facilities. However since the year end the Group 
has breached one covenant in relation to the submission of audited financial information and has obtained a waiver from the respective banks in relation 
to the breach.
EmployEE involvEmEnt
The Group recognises and encourages employee involvement and places emphasis on keeping its employees informed of the Group’s activities and performance, 
with the aim being the recruitment, motivation and retention of talented people throughout the Group. An approved share option scheme is in place operated within 
the Enterprise Management Incentive Scheme, as well as an unapproved share option scheme.
The Group takes seriously its responsibilities under the Disability Discrimination Codes, the Equality Act 2006 and Employment Equality (Age) Regulations 2006 
and operates a rigorous non-discriminatory employment policy under which full and fair consideration is given to all individuals in their own right, together 
with training, career and personal development. 
The Group is committed to ensuring and communicating the requirements for a safe and healthy working environment for all employees, consistent with 
health and safety legislation. It has established a range of policies, including employment, risk and health and safety, all of which are openly accessible 
at all times. 
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EatonfiEld group plc Annu Al RepoR t And Accounts 2008
cHaritaBlE and political contriButionS
The Group made charitable donations of £6,631 in the year to 30 June 2008 (2007: £11,660). The only donation over £1,000 was to North Wales Police. 
No political donations were made in either period.
annual gEnEral MEEting
The notice convening the Annual General Meeting to be held at 11am on 22 December 2008 at Haycroft Farm can be found on the Company’s website 
(www.eatonfield.co.uk).
aWarEnESS of rElEV ant audit inforMation
The Directors who were in office on the date of approval of these financial statements have confirmed, as far as they are aware, that there is no relevant 
audit information of which the auditors are unaware. Each of the Directors have confirmed that they have taken all the steps that they ought to have taken 
as Directors in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditors.
auditorS
A resolution to re-appoint Baker Tilly UK Audit LLP as auditors will be proposed at the Annual General Meeting. Baker Tilly UK Audit LLP has indicated 
its willingness to continue in office.
On behalf of the Board on 10 November 2008
r J W lloyd
ChiEf ExECUTivE
directors’ report continued 15
EatonfiEld group plc Annu Al RepoR t And Accounts 2008
independent auditors’ report
to the members of Eatonfield Group plc
We have audited the Group and parent company financial statements which comprise the Group income Statement, the Group Balance Sheet, 
the Group Cash flow Statement, the Group Statement of changes in equity, the Company Balance Sheet and the related notes. 
This report is made solely to the Company’s members, as a body, in accordance with section 235 of the Companies Act 1985. Our audit work has been 
undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditors’ report and for no other purpose. 
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, 
for our audit work, for this report, or for the opinions we have formed.
rESpEctiVE rESponSiBilitiES of dirEctorS and auditorS
The Directors’ responsibilities for preparing the annual report and the Group financial statements in accordance with applicable law and international 
f inancial Reporting Standards (“ifRS”) as adopted by the European Union (“EU”) and for the preparation of the parent company ’s financial statements 
in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out in 
the Directors’ Responsibilities in the Preparation of f inancial Statements.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and international Standards on Auditing 
(UK and ireland).
We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Companies Act 1985. 
We also report to you whether in our opinion the information given in the Directors’ Report is consistent with the financial statements. The information given 
in the Directors’ Report includes that specific information presented in the Chairman’s Statement, Chief Executive’s Statement and f inancial Statement that 
is cross referred from the Business Review section of the Directors’ Report. in addition we report to you if, in our opinion, the Company has not kept proper 
accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding 
Directors’ remuneration and other transactions is not disclosed.
We read other information contained in the annual report, and consider whether it is consistent with the audited financial statements. This other information 
comprises the Directors’ Report, Chairman’s Statement, Chief Executive’s Statement and the f inancial Statement, Corporate Governance Report and 
Remuneration and Nomination Committee Report. We consider the implications for our report if we become aware of any apparent misstatements or 
material inconsistencies with the financial statements. Our responsibilities do not extend to any other information.
BaSiS of opinion
We conducted our audit in accordance with international Standards on Auditing (UK and ireland) issued by the Auditing Practices Board. An audit 
includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. it also includes an assessment 
of the significant estimates and judgements made by the Directors in the preparation of the financial statements, and of whether the accounting policies 
are appropriate to the Group’s and Company’s circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with 
sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other 
irregularity or error. in forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.
opinion
In our opinion 
  the Group financial statements give a true and fair view, in accordance with ifRS as adopted by the European Union, of the state of the Group’s affairs 
as at 30 June 2008 and of the Group’s profit for the year then ended; 
  the parent company financial statements give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, of the 
state of the parent company’s affairs as at 30 June 2008
 the financial statements have been properly prepared in accordance with the Companies Act 1985, and
 the information given in the Directors’ Report is consistent with the financial statements.
EMpHaSiS of MattEr – going concErn
in forming our opinion on the financial statements, which is not qualified, we have considered the adequacy of the disclosure made in the accounting 
policies note on page 20 to the financial statements concerning the Group’s ability to continue as a going concern. The disclosure indicates the existence 
of a material uncertainty which may cast significant doubt on the Group’s ability to continue as a going concern. The financial statements do not include 
the adjustments that would result if the Group was unable to continue as a going concern.
BaKEr tilly uK audit llp
REGiSTERED AUDiTOR 
ChARTERED ACCOUnTAnTS
BRAzEnnOSE hOUSE
LinCOLn SqUARE
MAnChESTER M2 5BL
10 nOvEMBER 2008 16
EatonfiEld group plc Annu Al RepoR t And Accounts 2008
      2008 2007 
     Notes £ £ 
r evenue     10,060,072 18,628,867
Direct costs     (11,987,657) (11,272,103)
Inventory losses     (5,098,561) —
Trading (loss)/profit     (7,026,146) 7,356,764
Investment property revaluation gains/(losses)     14,236,254 (5,000)
Administration expenses     (2,469,879) (1,974,311)
Profit from operations    2 4,740,229 5,377,453
Profit/(loss) on disposal of plant and equipment     122 (7,243)
Share of result from joint venture    25 (153,078) (7,087)
Finance income     66,703 103,251
Finance costs    5 (616,379) (143,572)
Profit before taxation     4,037,597 5,322,802
Income tax expense    6 (1,157,083) (1,692,921)
Profit for the period     2,880,514 3,629,881
Profit attributable to equity holders of the parent company     2,880,514 3,629,881
Profit per share – basic (p)    7 12.50 18.20
Profit per share – diluted (p)    7 12.45 18.13
The results for the period are derived from continuing activities.
group income statement
for the year ended 30 June 2008
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EatonfiEld group plc Annu Al RepoR t And Accounts 2008
Group balance sheet
as at 30 June 2008
      2008 2007 
     Notes £ £ 
assets      
non‑current assets      
Goodwill    9 — 72,000
Property, plant and equipment    11 1,019,825 1,070,975
Investment properties    10 19,755,000 200,317
Investment in joint ventures:     
 Share in joint venture     (160,165) (7,087)
      20,614,660 1,336,205
current assets     
Inventories    12 25,363,572 26,582,401
Taxation     860,350 —
Trade and other receivables    13 6,057,584 18,746,683
Cash and cash equivalents     1,734,697 1,045,717
      34,016,203 46,374,801
Total assets     54,630,863 47,711,006
Equity and liabilities      
Equity      
Issued capital    19 2,306,478 2,300,000
Share premium     8,218,939 8,182,018
Merger reserve     (1,499,000) (1,499,000)
Share-based payment reserve     15,859 14,221
Retained earnings     7,689,707 5,154,193
Total equity attributable to equity holders of the parent     16,731,983 14,151,432
non‑current liabilities     
Other liabilities    15 — 16,920
Deferred taxation    6 2,800,614 89,006
Obligations under finance leases    15 39,280 26,794
Financial liabilities    15 15,309,920 13,387,745
      18,149,814 13,520,465
current liabilities      
Financial liabilities    14 16,740,001 15,834,758
Taxation    14 — 1,677,372
Trade and other payables    14 2,991,442 2,489,377
Obligations under finance leases    14 17,623 37,602
      19,749,066 20,039,109
Total liabilities     37,898,880 33,559,574
Total equity and liabilities     54,630,863 47,711,006
These financial statements were approved by the Board of Directors and authorised for issue on 10 November 2008 and are signed on their behalf by:
r J W lloyd sir l c young
CHIEF ExECUTIvE CHAIRMAN
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EatonfiEld group plc Annu Al RepoR t And Accounts 2008
      2008 2007 
      £ £
Profit before taxation     4,037,597 5,322,802
Goodwill impairment     72,000 —
Net finance costs     549,676 40,321
(Profit)/loss on disposal of property, plant and equipment     (122) 7,243
Share of joint venture operating result     153,078 7,087
Share-based compensation     1,638 14,221
Depreciation     85,719 76,621
Investment property revaluation (gains)/losses     (14,236,254) 5,000
Increase/(decrease) in inventories     1,218,829 (14,467,266)
Decrease/(increase) in trade and other receivables     12,497,694 (11,637,385)
Increase in trade and other payables     606,900 1,639,061
Net cash generated from/(used in) operations     4,986,755 (18,992,295)
Taxation     (913,547) (1,112,395)
Cash generated from/(used in) operating activities     4,073,208 (20,104,690)
investing activities     
Acquisition of investment properties     (5,308,429) —
Acquisition of property, plant and equipment     (153,449) (19,162)
Proceeds from the disposal of plant and equipment     109,002 215,070
Finance income received     66,703 103,251
Acquisition of subsidiary undertakings     — (118,090)
Cash (used in)/from investing activities     (5,286,173) 181,069
f inancing     
Equity dividends paid     (345,000) (150,000)
Net proceeds from issue of ordinary shares     43,399 8,982,018
Net movement in short-term borrowings     905,243 151,927
Net movement in long-term borrowings     1,922,175 11,700,142
Finance costs paid     (616,379) (143,572)
Repayment of finance leases     (7,493) (29,657)
Cash generated from financing activities     1,901,945 20,510,858
Increase in cash and cash equivalents     688,980 587,237
Opening cash and cash equivalents     1,045,717 458,480
Closing cash and cash equivalents     1,734,697 1,045,717 
Group cash flow statement
for the year ended 30 June 2008
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EatonfiEld group plc Annu Al RepoR t And Accounts 2008
Group statement of changes in equity
for the year ended 30 June 2008
  Issued Share Merger Share-based Retained Total 
  capital premium reserve compensation earnings equity 
  £ £ £ £ £ £
Balance at 1 July 2006 1,500,000 — (1,499,000) — 1,674,312 1,675,312
Profit for the period — — — — 3,629,881 3,629,881
Dividend paid — — — — (150,000) (150,000)
Issue of shares  800,000  8,182,018 — — — 8,982,018
Share-based compensation — — — 14,221 — 14,221
Balance as at 30 June 2007 2,300,000 8,182,018 (1,499,000) 14,221 5,154,193 14,151,432
Profit for the period — — — —  2,880,514  2,880,514
Dividend paid — — — — (345,000) (345,000)
Issue of shares 6,478   36,921  — — — 43,399
Share-based compensation — — —  1,638  — 1,638
Balance at 30 June 2008 2,306,478 8,218,939 (1,499,000) 15,859 7,689,707 16,731,983
issuEd capital
The issued capital account includes the par value for all shares issued.
sharE prEmium account
This comprises the premium over nominal value on issued shares. The use of this reserve is restricted by the Companies Act 1985.
mErgEr rEsErvE
The Group reconstruction before flotation in 2006 was accounted for in accordance with the principles of merger accounting.
sharE‑BasEd comp Ensation
This reflects the expected value to the Company of options issued to date upon vesting.
total Equity
This is the equity attributable to the members of the parent.
_1_EAT_ar08_Back.indd   11 24/11/2008   16:15:18 20
EatonfiEld group plc Annu Al RepoR t And Accounts 2008
Accounting policies
Basis of prEparation
The financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as adopted by the European Union (“EU”) 
and in accordance with those parts of the Companies Act 1985 applicable to companies reporting under IFRS for the first time. The Company is a public 
limited liability company incorporated and domiciled in England and Wales.
These financial statements are covered by IFRS 1 “First Time Adoption of International Financial Reporting Standards”. The financial statements have been 
prepared using standards and interpretations that are issued and effective.
The financial statements have been prepared on the historic cost basis. The principle accounting policies adopted are set out below.
going concErn
The financial statements have been prepared on a going concern basis.
The Group has two overdraft facilities to be repaid by September 2009, although one of the facilities is reviewed on a quarterly basis, with the next review being 
31 December 2008. Based on positive discussions with the related banker the Board is satisfied that this facility will be renewed on 31 December 2008. 
In addition the Group has loan facilities secured on specific assets which are repayable at the earlier of the sale of the related asset or specified agreed terms.
However should any overdraft facility not be renewed or other loan facility becomes payable prior to the sale of the related asset, and in the absence 
of alternative funding sources, the Group would be required to dispose of assets to realise cash to meet its debts as they fall due. Given current market 
conditions there is a risk that the assets would take an extended period to realise cash which might also be less than their book values. As a result, should 
the Group be unable to repay their bank borrowings from asset sales or the refinancing of existing assets, a material uncertainty exists which casts doubt 
over the Group’s ability to continue as a going concern. 
The Directors have prepared projected cash flow information for the period ending twelve months from the date of approval of these financial statements. 
On the basis of these projections and the continuing support from our bankers, as detailed above, the Directors expect that the Group will generate sufficient 
funds to meet its debts as they fall due for at least the next twelve months. 
Focus on cash generation and cost cutting has been key in the last few months and will continue going forward. Support from our banks by way of overdraft 
facilities (in addition to existing approved loans), plus a loan from our CEO have been needed to secure the Company’s ongoing activities. 
The Group was fully compliant with its financial covenants in respect of its bank overdrafts and loan facilities. However since the year end the Group has breached 
one covenant in relation to the submission of audited financial information and has obtained a waiver from the respective banks in relation to the breach.
Basis of consolidation
The consolidated financial statements comprise the accounts of Eatonfield Group plc and its subsidiary undertakings Eatonfield Developments Limited, 
Kingfisher Real Estate Limited, Eatonfield Asset Management Limited, Eatonfield Homes Limited and Eatonfield Group Limited up to 30 June 2008.
rEvEnuE
The revenue shown in the income statement represents amounts receivable during the period, exclusive of value Added Tax. Revenue is measured at the fair 
value of amounts received or receivable during the period exclusive of value Added Tax.
rEvEnuE rEcognition
Revenue is recognised on house sales at the date of legal completion. Revenue is recognised on land and commercial property sales from the date of both 
parties having signed an unconditional contract, and the buyer has confirmed it has funds to complete the transaction. 
financE costs
Finance costs in relation to borrowed funds used to purchase development property are capitalised. Finance costs include loan interest and associated bank 
charges. The amount of finance costs capitalised during the year was £998,749 (2007: £1,010,713).
capitalisation of intErEst
Interest is calculated on the development expenditure by reference to specific borrowings and is capitalised until the date the asset is ready for sale. 
Capitalisation of interest will cease should there be a material pause in work being carried out on an asset between the date of the granting of detailed 
planning permission and the date of the signing of an unconditional contract for sale.
good Will
Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group’s interest in the fair value of the identifiable assets and liabilities 
of a subsidiary, associate or jointly controlled entity at the date of acquisition.
Goodwill on acquisition of subsidiaries is separately disclosed.
Goodwill is recognised as an asset and reviewed for impairment at least annually. Any impairment is recognised immediately in the income statement 
and is not subsequently reversed.
Goodwill is allocated to cash-generating units for the purpose of impairment testing. Each of these cash-generating units represents the Group’s investment 
by primary reporting segment which represent the smallest group of assets which generate cash flows.
On disposal of a subsidiary, associate or jointly controlled entity, the attributable amount of goodwill is included in the determination of the profit or loss 
on disposal.
Goodwill arising on the acquisitions before the date of transition to IFRS has been retained at the previous UK GAAP amounts subject to being tested 
for impairment at that date. 
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EatonfiEld group plc Annu Al RepoR t And Accounts 2008
propErty , plant and EquipmEnt
All property, plant and equipment are initially recorded at cost. Depreciation is provided at rates calculated to write off the cost less residual value of each 
asset over its expected useful life, as follows:
Freehold property – 4% straight line  
Plant, machinery and equipment – 25% – 33% straight line 
Fixtures and fittings – 25% reducing balance 
Motor vehicles – 25% reducing balance
Residual value and estimating remaining lives are reviewed annually.
impairmEnt
At each balance sheet date, the Group reviews the carrying amounts of its property, plant and equipment and interests in joint ventures to determine 
whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset 
is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other 
assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. An intangible asset with an indefinite useful life 
is tested for impairment annually and whenever there is an indication that the asset may be impaired.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted 
to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset 
for which the estimates of future cash flows have been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset 
(cash-generating unit) is reduced to its recoverable amount. 
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable 
amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been 
recognised for the asset (cash-generating unit) in prior years. 
invEstmEnt propErtiEs
Investment properties, being freehold and leasehold properties held for capital appreciation and/or to earn rental income, are carried at fair value following 
initial recognition at the present value of the consideration payable. To establish fair value, investment properties are independently valued on an open 
market basis. Any surplus or deficit arising is recognised in the income statement for the period.
Investment properties includes properties that are held to earn rentals or held for long-term capital appreciation in addition to properties held for an undetermined 
future use. Assets are transferred to inventory at their current valuation once their use has been determined and a view to sale has been authorised.
Where an investment property is being redeveloped for continued use as an investment property, the property remains within investment property 
and any movement in valuation is recognised in the income statement. 
invEntoriEs
Inventories are valued at the lower of cost and net realisable value. Costs include, where appropriate, attributable overheads and financing. The cost 
of properties in the course of development includes attributable loan interest and other outgoings having regard to the development potential of the property. 
Interest is calculated on the development expenditure by reference to specific borrowings and is capitalised until the date the asset is ready for sale. A property 
ceases to be treated as a development on practical completion, which is evidenced by the receipt of the final signed building control certificate for the site. 
Capitalisation of interest will cease should there be a material pause in work being carried out on an asset between the date of the granting of detailed 
planning permission and the date the asset is ready for sale.
lEasing commitmEnts
Finance leases, which transfer to the Group substantially all the risks and benefits incidental to ownership of the leased item, are capitalised at the inception 
of the lease at the fair value of the leased item or, if lower, at the present value of the minimum lease payments. Lease payments are apportioned between 
the finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. 
Capitalised leased assets are depreciated over the shorter of the estimated useful life of the asset or the lease term.
Rentals payable under operating leases are charged to income on a straight line basis over the term of the relevant lease.
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EatonfiEld group plc Annu Al RepoR t And Accounts 2008
Accounting policies continued
taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes 
items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group’s liability 
for current tax is calculated by using tax rates that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amount of assets and liabilities in the financial statements 
and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities 
are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available 
against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial 
recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction which affects 
neither the tax profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, 
except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the 
foreseeable future.
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled. Deferred tax is charged 
or credited in the income statement, except when it relates to items credited or charged directly to equity, in which case the deferred tax is also dealt with 
in equity. The tax rates applied are those that have been enacted or substantively enacted at the balance sheet date, in line with IAS 12.
dEfErrEd govErnmEnt grants
Deferred government grants in respect of capital expenditure are treated as deferred income and are credited to the income statement over the estimated 
useful life of the assets to which they relate.
sharE‑BasEd compEnsation
The Group operates an equity-settled, share-based compensation plan. The fair value of the employee services received in exchange for the grant of options 
is recognised as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, 
excluding the impact of any non-market vesting conditions (for example, profitability and growth targets). Non-market vesting conditions are included 
in the assumptions about the number of options that are expected to become exercisable. At each balance sheet date, the Group revises its estimates 
of the number of options that are expected to become exercisable. It recognises the impact of the revision of original estimates, if any, in the income 
statement, and a corresponding adjustment to reserves over the remaining vesting period.
The proceeds received net of any attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.
financial instrumEnts
Financial assets and financial liabilities are recognised on the balance sheet when the Group has become party to the contractual provisions of the instrument.
FInAncIAl lIABIlItIes The Group’s principal financial liabilities comprise of trade payables and other payables, bank loans and overdrafts.
The Group’s financial liabilities fall to be categorised as “Other Liabilities” in accordance with IAS 39. They are initially measured at fair value net of transaction 
costs and are subsequently measured at amortised cost. Finance costs including premiums payable on settlement or redemption are allocated over the term 
of the instrument by applying a constant rate of return on the outstanding carrying amount of the instrument. Finance costs are either capitalised as part 
of the cost of a qualifying asset or expensed to the income statement in accordance with the policy set out above. 
Financial liabilities are classified according to the substance of the contractual arrangements entered into. 
An instrument will be classified as a financial liability when there is a contractual obligation to deliver cash or another financial asset to another enterprise.
An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities.
FInAncIAl Assets The Group’s principal financial assets comprise of trade and other receivables and cash and cash equivalents which fall to be categorised as “loans and receivables” 
in accordance with IAS 39.
TRADE AND OTHER RECEIvABLES
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision 
for impairment. A provision for impairment of trade receivables is established when there is objective evidence that the Group will not be able to collect 
all amounts due according to the original terms of receivables. The amount of provision is the difference between the asset’s carrying amount and the 
present value of estimated future cash flows, discounted at the effective interest rate. If applicable we would provide for impairment in the income statement.
CASH AND CASH EqUIv ALENTS
Cash and cash equivalents comprise cash at bank and in hand, deposits on call with banks and other short-term highly liquid investments with original 
maturities of three months or less. Bank overdrafts are disclosed within borrowings in current liabilities on the balance sheet.
For the purposes of the cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above.
DERECOGNITION OF FINANCIAL INSTRUMENTS
The derecognition of financial instruments takes place when the Group no longer controls the contractual rights that comprise the financial instrument, 
which is normally the case when the instrument is sold, or all of the cash flows attributable to the instrument are passed through to an independent third party.
_1_EAT_ar08_Back.indd   14 24/11/2008   16:15:19 23
EatonfiEld group plc Annu Al RepoR t And Accounts 2008
provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event and it is probable that an outflow 
of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. 
If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects 
current market assessments of the time value of money.
Joint vEnturEs
Interests in joint ventures are recognised using the equity method of accounting. Under this method, the interest in the joint venture is carried in the balance 
sheet at cost plus post-acquisition changes in the Group’s share of its net assets, less distributions received and less any impairment in value of individual 
investments. The income statement reflects the Group’s share of the jointly controlled entities result after tax.
Financial statements of the jointly controlled entity are prepared for year ending 30 June 2008. Where necessary adjustments are made to bring 
the accounting policies used into line with those of the Group.
critical accounting EstimatEs and JudgEmEnts
The preparation of the financial information in conformity with IFRS requires management to make judgements, estimates and assumptions that affect 
the application of policies and the reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based 
on historical experience and various other factors that are believed to be reasonable under the circumstances, the results which form the basis of making 
the judgements about carrying values of assets and liabilities that are both readily apparent from other sources. Actual results may differ from these estimates. 
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the 
estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. 
The only item of significant estimate is Inventory where the Directors review carrying values to ensure they are less than anticipated realisable value. Loans 
are verified with the lenders and investment properties are valued by an independent third party.
intErprEtations and standards Which BEcamE EffEctivE during thE yEar
IAS 1 “Capital Disclosures”, and IFRS 7 “Financial Instruments: Disclosures” became effective for accounting periods commencing on or after 1 January 2007. 
The Group has adopted IFRS 7 and amendment to IAS 1 accordingly. The accounting policy amendment affects disclosure only and has no material impact 
on the current or preceding periods’ financial position and performance.
intErprEtations and standards issuEd But not yEt EffEctivE 
At the date of the authorisation of the financial statements the following standards and interpretations, which have not been applied in the financial information, 
were in issue but not yet effective:
IFRS 8 “Operating Segments Statements” 
IFRIC 12 “Service Concession Arrangements” 
IFRIC 13 “Customer Loyalty Programs” 
IFRIC 14 “Limit on a Defined Benefit Asset, Minimum Funding Requirement and their Interaction” 
IFRIC 15 “Agreements for the Construction of Real Estate” 
IFRIC 16 “Hedges of a Net Investment in a Foreign Operation”  
IAS 27 “Amendment: Consolidated and Separate Financial Statements” 
IFRS 2 “Amendment: Share-based Payment”  
IAS 23 “Amendment: Borrowing Costs” 
IFRS 3 “Amendment: Business Combinations” 
IFRS 1 “Amendment: First Time Adoption” 
IAS 32 “Amendment: Financial Instruments Presentation”
The Directors anticipate that the adoption of these Standards and Interpretations in future periods will have no material impact of the financial information 
when the relevant standards and interpretations come into effect.
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EatonfiEld group plc Annu Al RepoR t And Accounts 2008
Notes to the financial statements
for the year ended 30 June 2008
1 sEgmEntal rEporting
Revenue, profit before taxation and net assets were all derived from the Group’s principal activity of property development. All operations are carried out 
in the United Kingdom.
2 profit from opErations 
Profit from operations is profit from the Group trading activities before finance income and costs and taxation.
Profit from operations is stated after charging:
      2008 2007 
      £  £ 
Depreciation of owned fixed assets     61,273 67,911
Depreciation of leased assets     24,446 17,710
Land and buildings lease costs     64,363 23,647
Other lease costs     23,566 26,862
Staff costs (see note 3)     2,164,039 1,731,095
Auditors’ remuneration for audit services      
– statutory audit of parent and consolidated accounts     22,000 15,000
– other     89,699 100,354
Amounts payable to Baker Tilly UK Audit LLP and their associates in respect of both audit and non-audit services:
      2008 2007 
      £ £
Statutory audit of parent and consolidated accounts     22,000 15,000
Audit of subsidiaries where such services are provided by Baker Tilly UK Audit LLP and their associates   30,000 58,500
Other services pursuant to legislation:
Interim results     12,000 8,500
Other services relating to taxation     28,520 38,004
Corporate finance fees     17,179 —
Other services      — 3,850
       109,699  123,854
3 particulars of EmployEEs
The average number of staff employed by the Group, including Directors, during the financial period amounted to:
      2008 2007 
      Number  Number 
Administration and finance staff     13 22
Sales and development staff      20 8
Site operatives      19 16
      52 46
The aggregate payroll costs, including Directors’ emoluments, of the above were:
      2008 2007 
      £  £ 
Wages and salaries     1,950,183 1,548,548
Social security costs     213,856 182,547
      2,164,039  1,731,095 
4 dirEctors ’ EmolumEnts
The aggregate compensation of key management (including Executive Directors) is shown below:
      2008  2007 
      £  £ 
Emoluments receivable     638,266 601,056 
Employer’s National Insurance     73,191 70,448
Short-term benefits and key management compensation     711,457 671,504
Key management consists of the statutory Directors of the Company.
The emoluments of the highest paid Director were:
      2008  2007 
      £  £ 
Emoluments receivable     271,516 293,916
Employer’s National Insurance     34,071 36,956
Short-term benefits and key management compensation     305,587 330,872
No Directors accrued benefits under a Company pension scheme.
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EatonfiEld group plc Annu Al RepoR t And Accounts 2008
5 financE costs
      2008 2007 
      £  £ 
Interest payable on:
Bank loans and overdrafts gross     2,331,568 1,785,624
Less charged to cost of sales      (716,440) (631,339)
Less capitalised in inventory      (998,749) (1,010,713)
      616,379 143,572
      2008 2007 
      £  £ 
Interest payable on:
Bank loans and overdrafts     609,510 133,980
Finance charges     6,869 9,592
      616,379 143,572
If a loan is related to an item of inventory, 100% of its interest is capitalised.
6 taxation on ordinary activitiEs
cuRRent t Ax      2008 2007 
      £  £ 
Corporation tax at 29.5% (2007: 30%)     (1,641,749) 1,679,915
Deferred tax     2,711,608 89,006
Adjustment in respect of earlier years     87,224 (76,000)
Total current tax     1,157,083 1,692,921
Factors affecting the tax charge for the year
Profit on ordinary activities before taxation     4,037,597 5,322,802
Profit on ordinary activities before taxation multiplied by standard rate of UK Corporation tax of 29.5% (2007:30%)  1,190,953 1,596,841
Effect of:
Non-deductible expenses     267,391 87,629
Chargeable gains     — 50,736
Capital allowances in excess of depreciation     — 6,827
Goodwill write off     21,240 —
Profit on disposal of fixed assets     — (13,334)
Difference in change of tax rate mid year     (171,490) —
Marginal relief     — (4,032)
Permanent differences      (127,320) —
Other     (642) 2,381
Short-term timing difference     (89,006) 41,873
Adjustments in respect of previous periods     87,224 (76,000)
Deferred tax not recognised     (21,267) —
Current tax charge     1,157,083 1,692,921
deFeRRed t Ax      2008 2007 
      £  £ 
Deferred tax on revaluation gain     3,977,651 —
Temporary differences     (4,099) 89,006
Losses     (1,172,938) —
      2,800,614 89,006
Deferred tax movement on consolidation
Provision at start of year     89,006 76,000
Deferred tax charged to the income statement     2,711,608 13,006
      2,800,614 89,006
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EatonfiEld group plc Annu Al RepoR t And Accounts 2008
Notes to the financial statements continued
for the year ended 30 June 2008
7 Earnings pEr sharE
Earnings and the number of shares used in the calculations of earnings per share are set out below:
      2008 2007 
      £  £
Profit for the period     2,880,514 3,629,881
      2008 2007 
      Number Number
Weighted average number of shares in issue:
For basic earnings per share     23,051,820 19,945,055
Exercise of share options     93,369 75,115
For fully diluted earnings per ordinary share     23,145,189 20,020,170
      2008 2007 
      pence  Pence
Earnings per share:      
Basic     12.50 18.20
Diluted     12.45 18.13
8 dividEnds
      2008 2007 
      £  £
Final dividend for 2007 (1.5p per share)      345,000  —
Final dividend for 2006 (10p per share)     — 150,000
      345,000 150,000
9 good Will
       £ 
At 1 July 2006 and 30 June 2007      72,000
Written off in year to 30 June 2008      (72,000)
at 30 June 2008      —
During the year an impairment review was conducted and goodwill arising from the acquisition of Marrs Davies Limited in April 2006 was written off.
10 invEstmEnt propErtiEs
      2008 2007 
      £  £
At 1 July     200,317 424,275
Additions     5,308,429 —
Transfers from property, plant and equipment     10,000 —
Disposals     — (220,000)
Fair value gains/(losses)     14,236,254 (3,958)
At 30 June     19,755,000 200,317
Investment properties were valued as at 30 June 2008 at £19,755,000 by independent third party Chartered Surveyors, in accordance with the 
Appraisal and valuation method of the Royal Institution of Chartered Surveyors, on the basis of open market value.
Significant estimates were:
	 Corus – £13,250,000 
  Unencumbered freehold, nominal chief rent, without onerous covenants or conditions, full vacant possession, temporary occupation which does not offer 
security of tenure and with possession within six months without costs.
	 Birkwood – £6,130,000 
  Heritable site with vacant possession available.
	 Other properties – £375,000 
  vacant possession with unexpired long leasehold (where applicable)
Investment properties were valued on 30 June 2007 by the Directors. 
Operating costs and rentals relating to investment property is as follows:
      2008 2007 
      £ £
Rental income received     — —
Direct operating expenses that generated rental income     9,763 —
Direct operating expenses that did not generate rental income     148,633 —
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EatonfiEld group plc Annu Al RepoR t And Accounts 2008
11 propErty , plant and EquipmEnt
      Plant, 
  Freehold Development Fixtures and Motor machinery and 
  property property fittings vehicles equipment Total 
  £ £ £ £ £ £ 
cost
At 1 July 2006 984,699 10,000 46,002 181,292 34,915 1,256,908
Additions 9,167 — — — 9,995 19,162
Disposals — — (7,278) — — (7,278)
At 30 June 2007 993,866 10,000 38,724 181,292 44,910 1,268,792
depreciation
At 1 July 2006 — — 19,102 84,182 13,877 117,161
Charge for the year 39,388 — 8,306 24,446 13,481 85,621
Disposals — — (4,965) — — (4,965)
At 30 June 2007 39,388 — 22,443 108,628 27,358 197,817
Net book value
At 30 June 2007 954,478 10,000 16,281 72,664 17,552 1,070,975
At 30 June 2006 984,699 10,000 26,900 97,110 21,038 1,139,747
      Plant,  
  Freehold Development  Fixtures and Motor machinery and  
  property property fittings  vehicles equipment Total 
  £ £ £  £  £  £ 
cost      
At 1 July 2007 993,866 10,000 38,724 181,292 44,910 1,268,792
Additions 25,761 — — 124,790 2,898 153,449
Disposals — — — (229,080) (5,600) (234,680)
Transfer to investment properties — (10,000) — — — (10,000)
at 30 June 2008 1,019,627 — 38,724 77,002 42,208 1,177,561
depreciation      
At 1 July 2007 39,388 — 22,443 108,628 27,358 197,817
Charge for the year  40,693 — 3,706 28,166 13,154 85,719
Disposals — — — (121,675) (4,125) (125,800)
at 30 June 2008 80,081 — 26,149 15,119 36,387 157,736
Net book value      
at 30 June 2008 939,546 — 12,575 61,883 5,821 1,019,825
At 30 June 2007 954,478 10,000 16,281 72,664 17,552 1,070,975
Included within the net book value of freehold property is £939,546 (2007: £954,478) which represents security for liabilities.
FINANCE LEASE AGREEMENTS
Included within the net book value of £1,019,825 is £57,074 (2007: £53,131) relating to assets held under finance lease agreements. The depreciation 
charged to the financial statements in the period in respect of such assets amounted to £24,446 (2007: £17,710).
12 invEntoriEs
      2008 2007 
      £ £
Inventories and work in progress     25,363,572 26,582,401
Included in inventories and work in progress is capitalised loan interest of £1,913,547 (2007: £1,010,713).
      2008 2007 
      £ £
Total gross inventories     30,462,133 26,915,019
Inventory impairment     (5,098,561) (332,618)
      25,363,572 26,582,401
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EatonfiEld group plc Annu Al RepoR t And Accounts 2008
Notes to the financial statements continued
for the year ended 30 June 2008
12 invEntoriEs contInued INvENTORy IMpAIRMENT
      2008 2007 
      £ £
At beginning of year     332,618 —
Utilised in the period     (332,618) —
Income statement charge – provision for losses     793,750 —
  – inventory write down     4,304,811 332,618 
At end of year     5,098,561 332,618
Inventories with a historical cost of £5.1m (2007: £nil) were written down in the year. The cost of inventories recognised as an expense and included 
in direct costs amounted to £11.9m (2007: £11.2m).
13 tradE and othEr rEcEivaBlEs
      2008 2007 
      £  £
Trade receivables     195,151 183,250
Other receivables     995,761 674,439
Accrued income     4,866,672 17,888,994
      6,057,584 18,746,683
 
14 currEnt liaBilitiEs
      2008 2007 
      £  £ 
Bank loans      16,740,001 15,834,758
Trade payables     1,313,606 793,291
Corporation tax     — 1,677,372
Other taxes and social security costs     100,569 205,404
Finance lease agreements     17,623 37,602
Other payables     838,897 354,375
Accruals      738,370 1,136,307
      19,749,066 20,039,109
Security has been given by the Group to secure £16,740,001 (2007: £15,834,758) of the amount shown under current liabilities.
The security over the properties held by the Group are as follows:
the nA twest l oAns ARe secuRed By:
  A charge over a Keyman Life Assurance Policy for £250,000 in the name of R J W Lloyd;
  First legal charge over land at Nantgwineu Road, Garnant, Ammanford;
  First legal charge over land at Bryn Coed, Conway Old Road, Penmaenmawr;
  First Legal charge over land and buildings at Rhyd-y-Galed, Mold;
  First legal charge over land at Cilwgwyn Back Fields, Llandysul;
  First legal charge over land at Lon Elan, Meliden, Prestatyn, Denbighshire;
  First legal charge over Nags Head, Bettisfield;
  First legal charge over land at Cadney Lane, Bettisfield;
  First legal charge over 0.42 acres of land to the rear of Ash Cottage, Cadney Lane, Bettisfield;
  First legal charge over land adjoining Rhoslan, Rhosaman, Ammanford;
  First legal charge over land at Llansilin, Powys;
  First legal charge over land at 264 Heathwood Road, Cardiff;
  First legal charge over land at Bryn yr Yrn, Drefach, Llanelli;
  First legal charge over land at Glan Y Don, Greenfield, Holywell;
  First legal charge over land at Baggilt Road, Greenfield, Holywell;
  First legal charge over land at Longstone, Station Road, Letterstone;
  First legal charge over land at Cwmamman, Glanamman, Ammanford;
  First legal charge over land at 181 Glanamman Road, Ammanford;
  First legal charge over the freehold property at 14, Pendre, Cardigan.
In addition there is a right of Set-Off incorporated in all Legal Mortgages and Life Policies.
The rate charged is generally base plus 1% on all new loans, payable quarterly in arrears, the loans being repayable once the property is sold.
ThE ANGLO IRISh LOANS ARE SECURED by:
  A first fixed legal charge over the land and property at 1 Europa Drive, Shepcote Business Park, Sheffield.
_1_EAT_ar08_Back.indd   20 24/11/2008   16:15:20 29
EatonfiEld group plc Annu Al RepoR t And Accounts 2008
14 currEnt liaBilitiEs contInued the AllIed IRIsh BAnk l oAns ARe secuRed By:
  Charge over the deposit account held at Allied Irish Bank; 
  First legal mortgage charge over the freehold property at Pen-Y-Bont Farmhouse, Mold;
  First legal mortgage charge over the freehold property at ‘The viking Centre/Old Post Office Depot’, Middle Street North/Cranwell Road, Driffield.
  First legal mortgage charge over the freehold property at Workington, Cumbria. 
  Personal bond and first legal charge over the freehold property at Birkwood, Lesmahgow.
The rate charged is generally base plus 2%, payable monthly in arrears, the loans being repayable once the property is sold.
the coopeRA tIve BAnk loAn Is secuRed By:
  First legal charge over all land and property at the Former Dewhirst Factory, Ystalyfera, Swansea;
  First legal charge over all land and property known as Glanyrafon Land and Buildings at Ystalyfera, Swansea;
  First legal charge over land comprising 6,111 square yards on the North West side of Glanyrafon Road, Ystalyfera.
The rate charged is generally base plus 1.75%, payable monthly in arrears, the loans being repayable once the property is sold.
ThE pRINCIp ALITy bUILDING SOCIETy LOAN IS SECURED by:
  First legal mortgage over 1.32 hectares of freehold land known as the former Dolgader Caravan Park, Parc Henry Lane, Ammanford.
The rate charged is generally base plus 1.0%, payable monthly in arrears, the loans being repayable once the property is sold.
the hsBc loAn Is secuRed By:
  First legal charge over the property known as Linden House (Eatonfield House), Mold Business Park, Mold.
  A First legal mortgage over former Woodhouse Hotel, Nant Mawr Road, Buckley.
  First legal charge over the freehold property at 13 vale Street, Denbigh.
The rate charged is generally base plus 1.1%, payable monthly in arrears, the loans being repayable once the property is sold.
EThEL AUSTIN pROpERTIES hOLDINGS LIMITED:
 Legal charge over the viking Centre, Driffield. There is a profit share agreement with Ethel Austin relating to the property. 
BAnk oF IRel And: 
  Guarantee in favour of Modus Paignton Limited supported by a charge over the deposit account held at Bank of Ireland.
15 non‑ currEnt liaBilitiEs
      2008 2007 
      £  £ 
Bank loans      15,309,920 13,387,745
Finance leases     39,280 26,794
Other liabilities     —  16,920 
Deferred tax     2,800,614  89,006
      18,149,814 13,520,465
Future commitments under finance leases are as follows:
      2008 2007 
      £  £ 
Amounts payable within one year     17,623 37,602
Amounts payable between two and five years     39,280 26,794
Amounts payable over five years      — —
      56,903 64,396
Net present value of the above     52,353 60,831
Security as detailed under note 14 has been given by the Group to secure £15,309,920 (2007: £13,387,745) of the amount shown under non-current liabilities.
The finance leases relate to vehicles. 
16 commitmEnts undEr opErating lEasEs
At 30 June 2008 the Group and Company had total commitments under non-cancellable operating leases as set out below.
      2008 2007 
      £  £ 
Plant and machinery
Within one year     23,566 26,862
Between two and five years     30,328 45,081
Over five years      — —
      53,894 71,943
The operating leases relate to vehicles and have an average length remaining of three years.
_1_EAT_ar08_Back.indd   21 24/11/2008   16:15:20 30
EatonfiEld group plc Annu Al RepoR t And Accounts 2008
Notes to the financial statements continued
for the year ended 30 June 2008
17 rElatEd party transactions
Progressive Land Limited is a related party through a common Director and shareholder, R J W Lloyd. The balance outstanding from Progressive Land Limited 
at 30 June 2008 was £475,970 (2007: £475,970), which is shown within other receivables. This debt was repaid in full on 5 September 2008.
Cloverdale Limited is a related party through a common Director and shareholder, R J W Lloyd. The balance outstanding at 30 June 2008 was £10,795 
(2007: £nil). Transactions during the year included payments of £10,795 and receipts of £nil. This relates to the company car of an employee, the costs 
of which were taken over by Cloverdale Limited when the employee left the Group.
K B Mather, a Director of Eatonfield Developments Limited, is a consultant for one of the Company’s conveyancing solicitors, Perkins Solicitors. The firm 
provided legal services to the sum of £119,193 during the financial year (2007: £271,084). At the year end no balance was outstanding.
18 transactions With dirEctors
An amount of £31,061 was due at 30 June 2008 from R J W Lloyd (2007: £nil). Transactions during the year included payments of £101,061 and receipts 
of £70,000. Most of this debt was repaid in full on 5 September 2008.
During the year ended 30 June 2008 work was undertaken on property owned by R J W Lloyd amounting to £74,024 (2007: £214,998).
19 sharE capital
 2008   2007
    Number of shares £ Number of shares £
Authorised
Ordinary shares of 10p each   30,000,000 3,000,000 30,000,000 3,000,000
issued
Ordinary shares of 10p each
At the beginning of the year   23,000,000 2,300,000 15,000,000 1,500,000
Allotments in the year   64,775 6,478 8,000,000 800,000
At the end of the year   23,064,775 2,306,478 23,000,000 2,300,000
On 12 September 2007 64,775 shares were issued for 67p per share.
shARe optIons At 30 June 2008 the Company had 434,000 ordinary shares under option of 10p each (2007: 257,775) under the Company’s share option schemes, 
details of which are included below: 
   Subscription Number of shares 
   price per for which rights Period over which 
Grant date  share exercisable options are exercisable
25 October 2006  67p 65,000 24 October 2009 to 24 October 2016
13 May 2008  121.5p 164,000 13 May 2011 to 13 May 2018
Total share options in issue   229,000 
 
Options granted during the year to employees of Eatonfield Group plc were:
Grant date      13 May 2008
Exercise price      121.5p
Number of employees      1 
Share options granted      164,000
vesting period (years)      10 
Expected volatility      23.6%
Option life (years)      7 
Expected life (years)      7 
Risk free rate      5%
Expected dividends expressed as a percentage of dividend yield      1%
Fair value per option      48p
 
A reconciliation of option movements over the year to 30 June 2008 is shown below:
 2008   2007
     Weighted average  Weighted average 
    Number exercise price Number exercise price
Outstanding at 1 July   189,775 67p — —
Granted   164,000 121.5p 257,775 67p
Forfeited   (60,000) 67p — —
Lapsed   — — (48,000) 67p
Exercised   (64,775) 67p — —
Outstanding at 30 June   229,000 106.9p 189,775 67p
Exercisable at 30 June   — — — —
The Group charges £1,638 (2007: £14,221) to the income statement in relation to share-based payment transactions.
_1_EAT_ar08_Back.indd   22 24/11/2008   16:15:20 31
EatonfiEld group plc Annu Al RepoR t And Accounts 2008
19 sharE capital contInued The options outstanding at 30 June 2008 had a weighted average exercise price of 103p (2007:67 p), and a weighted average remaining contractual life 
of 2.3 years (2007: 2.4 years).
Expected volatility was based upon the historical volatility of the Group’s share price. The expected life is based upon historical data and has been adjusted 
based on management’s best estimates for the effects of non-transferability, exercise restrictions and behavioural considerations.
The Group will issue share options to key employees as bonuses as the Remuneration committee sees fit. The Group passed special resolutions at its Annual 
General Meeting in 2007 which allows it to issue a minimal number of shares in special circumstances, notably in the case of acquisitions. The full details 
of the special resolutions can be found on our website, www.eatonfield.co.uk.
During the year options amounting to £6,478 were exercised on 12 September 2007.
20 financial instrumEnts
The Group’s treasury policy during the year ended 30 June 2008 was to secure suitable, flexible funding arrangements to satisfy the Group’s requirements. 
The Group uses financial instruments comprising borrowings, cash, trade receivables and trade payables that arise directly from its operations to achieve 
its financial and operational objectives.
It is not the Group’s policy to enter into financial derivatives for speculative or trading purposes. The financial instruments employed by the Group other than 
short-term trade receivables and trade payables are used to fund its operations and comprise cash, short-term deposits and long-term loans and finance leases.
InteRest RA te RIsk pRoFIle oF FInAncIAl Assets The interest rate profile of the financial assets of the Group as at 30 June 2008 is as follows: 
    Fixed rate  Floating rate Financial assets 
    financial  financial on which no 
    assets  assets  interest is paid Total 
    £ £ £ £
2008
Sterling   — 1,734,697 — 1,734,697
2007
Sterling   — 1,045,717 — 1,045,717
Floating rate financial assets comprise cash deposits. 
InteRest RA te RIsk pRoFIle oF FInAncIAl lIABIlItIes The interest rate profile of the financial liabilities of the Group as at 30 June 2008 is as follows: 
    Fixed rate  Floating rate Financial liabilities 
    financial  financial on which no 
    liabilities  liabilities interest is paid Total 
    £ £ £ £
2008
Sterling   56,903 32,049,921 — 32,106,824
2007
Sterling   1,564,396 27,722,503 — 29,286,899
The weighted average interest rate on fixed rate financial liabilities at 30 June 2008 was 0.68% per month (2007 1.20%). A 1% increase in interest rate 
would cost the Group £321,060 at current borrowing levels.
The weighted average period to maturity of fixed rate financial liabilities at 30 June 2008 was 27 months (2007: 4 months). 
The fixed rate financial liabilities were confined to obligations under finance leases.
The maturity profile of the Group’s financial liabilities as at 30 June 2008 was as follows: 
      2008 2007 
      £ £
Payable within one year, or on demand     16,740,001 15,872,360
Payable between one and two years     9,049,258 5,147,790
Payable between two and five years     5,706,552 7,595,382
Payable in more than five years     554,110 671,367
      32,049,921 29,286,899
This includes both bank loans and finance leases. 
cuRRency exposuRes The Group has no overseas assets or liabilities.
cRedIt RIsk As the Directors satisfy themselves that a buyer has the funds to complete before the Company issues a contract, credit risk is kept to a minimum. 
The cash on deposit is held in an Irish bank guaranteed by the Irish Government. No material trade receivables are overdue. Maximum exposure to credit 
risk at 30 June 2008 was £7,792,281 (2007: £19,792,400).
FAIR vAlues oF FInAncIAl Assets And FInAncIAl lIABIlItIes 
The fair value, based upon the market value or discounted cash flows of the financial instruments detailed above was not materially different from their book values.
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EatonfiEld group plc Annu Al RepoR t And Accounts 2008
Notes to the financial statements continued
for the year ended 30 June 2008
21 capital commitmEnts
At 30 June 2008 the Group had no capital commitments.
22 contingEnt liaBilitiEs
At 30 June 2008 the Group had profit share agreements with third parties relating to sites at Driffield and Ystalyfera. Should either site be sold for sufficient 
value then under the terms of the relevant profit share agreement a proportion of that profit will be paid to the respective third party. No account has been 
taken of that possible profit in these statements.
23 annual gEnEral mEEting
The Annual General Meeting will be held at Haycroft Farm at 11.00am on 22 December 2008.
24 post BalancE shEEt EvEnt
On 24 October 2008 the shareholders approved a loan from Rob Lloyd Racing Limited to Eatonfield Developments Limited of £750,000. In return Rob Lloyd 
Racing Limited has been granted a profit share in a number of Company assets up to a maximum of £10m. (The full details are available on the Company’s 
website www.eatonfield.co.uk). 
25 Joint vEnturEs
A subsidiary company has exchanged contracts to acquire shares in a 50% Joint venture Modus Cardigan (New Mill Road) Limited, and will acquire those 
shares on 31 March 2009.
The Company owns 50% in a joint venture of the property developer Hawkesbury Properties Limited whose accounting year end is 30 June 2008. The other 
50% partner is Jenard Properties Limited. The share of gross assets is £1,436,768 (2007: £663,146) and of liabilities is £1,596,933 (2007: £670,233). 
These assets and liabilities are all current, there are no non-current assets or liabilities in the joint venture. Included in trade receivables is an amount of £43,315 
(2007: £nil) due from Hawkesbury Properties Limited. The joint venture loss of £306,156 relates to expenses and stock write down. The joint venture 
had no revenue in the period.
26 transition from uk gaap to ifrs
For all periods up to and including the year ended 30 June 2007 the Group prepared its financial statements in accordance with United Kingdom Generally 
Accepted Accounting Practices (“UK GAAP”).
In preparing the financial statements for the year ended 30 June 2008, the Group has started from an opening balance sheet as at 1 July 2006, the Group’s 
date of transition to IFRS, and applied those changes in accounting policies and other restatements required by IFRS.
IFRS 1 allows first time adopters certain exemptions from the general requirements to retrospectively apply IFRS as effective for the year ended 30 June 2006. 
The optional exemptions taken by the Group are as follows:
(A) BUSINESS COMBINATIONS ExEMPTION
  Business combinations prior to 30 June 2006, the Group’s date of transition to IFRS have not been restated to comply with IFRS 3 “Business Combinations”. 
Consequently goodwill arising on business combinations before the transition date remains at its previous UK GAAP carrying value as at the date of transition.
(B) SHARE-BASED PAYMENT TRANSACTIONS
  Only share-based payment arrangements granted after 7 November 2002 that had not vested prior to 1 July 2006 are recognised in the financial statements.
 Eatonfield Group plc has applied the following mandatory exemptions from retrospective application:
(A) ESTIMATES ExEMPTION
  Estimates under IFRS at 30 June 2006 should be consistent with estimates made for the same date under previous UK GAAP , unless there is evidence 
that those estimates were in error.
(B) ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS ExCEPTION
  Management applies IFRS 5 prospectively from 1 July 2007.
  Any assets held for sale or discontinued operations are recognised in accordance with IFRS 5 only from 1 July 2007.
(C) DERECOGNITION OF FINANCIAL ASSETS AND LIABILITIES ExCEPTION
  Financial assets and liabilities derecognised before 30 June 2006 are not re-recognised under IFRS.
The principal effects identified on adoption of IFRS are discussed below:
GOODwILL
IFRS 3 “Business Combinations”, IAS 36 “Impairment of Assets” and IAS 38 “Intangible Assets” resulted in a change to the carrying values of Goodwill. 
  Until 30 June 2006, goodwill was amortised on a straight line basis over a period of up to ten years from the year of acquisition and assessed for an indication 
of impairment at each balance sheet date.
  From 1 July 2006 onwards, under IFRS 3, goodwill is no longer amortised and, instead, is assessed annually for impairment. As a result of this change, 
the goodwill has been increased by £8,000.
INvESTMENT pROpERTIES
IAS 40 “Accounting for Investment Properties” has resulted in a change to accounting for surpluses on revaluation of certain properties. 
  Until 30 June 2006 these properties were revalued at the balance sheet date and the surplus or deficit on revaluation taken to reserves, unless the deficit 
was below original cost or the reversal on an individual property was expected to be permanent, in which case it was recognised in the profit and loss 
for the year.
  From 1 July 2006 onwards, under IFRS at each reporting date the investment properties are re-valued to their fair values based on a professional valuation. 
Gains or losses arising from changes in fair value of investment properties are included in the income statement for the period in which they arise.
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EatonfiEld group plc Annu Al RepoR t And Accounts 2008
26 transition from uk gaap to ifrs contInued tAxA tIon IAS 12 “Taxation” has resulted in a change to accounting for deferred taxation. 
  Until 30 June 2006 provision was made for tax on gains arising from the revaluation (and similar fair value adjustments) of non-current assets that have 
been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. 
However no provision is made where, on the basis of all the available evidence at the balance sheet date, it is more likely or not that the taxable gain 
will be rolled over into replacement assets and charged tax only where the replacement assets are sold.
  From 1 July 2006, IAS 12 requires full provision to be made for the deferred tax on revaluation gains or losses of investment properties at the tax rate 
estimated at the point of realisation. A tax charge therefore arises in the consolidated income statement if a revaluation surplus occurs, the corresponding 
entry being a deferred tax liability in the balance sheet. Under IAS 12, the provision for deferred tax will take no account of indexation allowances 
afforded under UK taxation law, the tax provided is not a calculation of potential capital gains tax liability.
cApIt AlIsA tIon oF InteRest IAS 23 “Capitalisation of Interest” has resulted in a change to accounting for the capitalisation of interest. 
  Until 30 June 2006 borrowing costs were capitalised up to the date of formal completion. 
  From 1 July 2006 borrowing costs are now only capitalised to the date the asset is ready for sale with any subsequent interest costs being charged 
to the income statement in the period in which they occur.
RECONCILIATIONS bETwEEN IFRS AND UK GAAp
The following reconciliations provide a quantification of the effect of the transition to IFRS. The first reconciliation provides an overview of the impact 
on profit and equity of the transition at 1 July 2006. The following reconciliations provide details of the impact of the transition on:
 Group income statement.
 Group balance sheet as at 30 June 2007 and 1 July 2006.
       Year ended 
       30 June  
       2007 
       £
Profit after tax under UK GAAP      3,409,867
Capitalisation of interest      161,014
Amortisation of goodwill       8,000 
Realisation of revaluation deficit      (5,000)
Provision for deferred taxation       56,000 
Profit after tax under IFRS      3,629,881
RECONCILIATION OF EqUITY AS AT 30 JUNE 2007      
       £
Total equity under UK GAAP      13,931,576
Amortisation of goodwill       8,000 
Realisation of revaluation deficit      (2,000)
Capitalisation of interest      302,862
Provision for deferred taxation      (89,006)
Total equity under IFRS      14,151,432
 
RECONCILIATION OF INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2007
  UK GAAP IAS 38 
1
 IAS 40 
2
 IAS 23 
3
 IAS 12 
4
 IFRS
  £ £ £ £ £ £
r evenue 18,628,867 — — — — 18,628,867
Direct costs (11,502,123) — — 230,020 — (11,272,103)
Trading profit 7,126,744 — — 230,020 — 7,356,764
Investment property revaluation — — (5,000) — — (5,000)
Administration expenses (1,982,311)  8,000  — — — (1,974,311)
Profit from operations 5,144,433 8,000 (5,000) 230,020 — 5,377,453
Profit on disposal of property and plant (7,243) — — — — (7,243)
Share of result from joint venture (7,087) — — — — (7,087)
Finance income  103,251  — — — —  103,251 
Finance costs (143,572) — — — — (143,572)
Profit before taxation 5,089,782 8,000 (5,000) 230,020 — 5,322,802
Income tax expense (1,679,915) — — (69,006)  56,000  (1,692,921)
Profit for the period 3,409,867 8,000 (5,000) 161,014 56,000 3,629,881 
 
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EatonfiEld group plc Annu Al RepoR t And Accounts 2008
Notes to the financial statements continued
for the year ended 30 June 2008
26 transition from uk gaap to ifrs contInued RECONCILIATIONS bETwEEN IFRS AND UK GAAp CONTINUED
RECONCILIATION OF BALANCE SHEET AS AT 30 JUNE 2007        
  UK GAAP IAS 38 
1
 IAS 40 
2
 IAS 23 
3
 IAS 12 
4
 IFRS
  £ £ £ £ £ £
assets      
non‑current assets      
Goodwill 64,000  8,000  — — — 72,000
Property, plant and equipment 1,070,975 — — — — 1,070,975
Investment properties 200,317 — — — — 200,317
Investment in joint ventures 
Share in joint venture (7,087) — — — — (7,087)
  1,328,205 8,000 — — — 1,336,205
current assets      
Inventories 26,582,401 — — — — 26,582,401
Amounts owed by joint ventures — — — — — —
Trade and other receivables 18,746,683 — — — — 18,746,683
Cash and cash equivalents 1,045,717 — — — — 1,045,717
  46,374,801 — — — — 46,374,801
Total assets 47,703,006 8,000 — — — 47,711,006
Equity and liabilities      
Equity      
Issued capital 2,300,000 — — — — 2,300,000
Share premium account 8,182,018 — — — — 8,182,018
Merger reserve (1,499,000) — — — — (1,499,000)
Share-based payment reserve 14,221 — — — — 14,221
Retained earnings 4,934,337  8,000  — 211,856 — 5,154,193
Total equity 13,931,576 8,000 — 211,856 — 14,151,432
Non‑current liabilities      
Provisions 16,920 — — — — 16,920
Deferred taxation — — — 89,006 — 89,006
Finance lease obligations 26,794 — — — — 26,794
Loans and borrowings 13,387,745 — — — — 13,387,745
  13,431,459 — — 89,006 — 13,520,465
Current liabilities      
Due to bankers and short-term loans 15,834,758 — — — — 15,834,758
Taxation 1,677,372 — — —  — 1,677,372
Trade payables 793,291 — — — — 793,291
Other payables 1,996,948 — — (300,862) — 1,696,086
Finance lease obligations 37,602 — — — — 37,602
  20,339,971 — — (300,862) — 20,039,109
Total liabilities 33,771,430 —  —   (211,856)  — 33,559,574
Total equity and liabilities 47,703,006  8,000  — — — 47,711,006
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EatonfiEld group plc Annu Al RepoR t And Accounts 2008
26 transition from uk gaap to ifrs contInued RECONCILIATIONS bETwEEN IFRS AND UK GAAp CONTINUED
RECONCILIATION OF BALANCE SHEET AS AT 1 JULY 2006 (DATE OF TRANSITION TO IFRS)
   UK GAAP IAS 23 
3
 IAS 40 
2
 IAS 12 
4
 IFRS
   £ £ £ £ £
assets     
non‑current assets      
Goodwill  72,000 — — — 72,000
Property, plant and equipment  1,564,022 — (424,275) — 1,139,747
Investment properties  — — 424,275 — 424,275
   1,636,022 — — — 1,636,022
current assets      
Inventories  12,115,135 — — — 12,115,135
Trade and other receivables  7,109,298 — — — 7,109,298
Cash and cash equivalents  458,480  —   —   —  458,480
   19,682,913 — — — 19,682,913
Total assets  21,318,935 — — — 21,318,935
Equity and liabilities      
Equity      
Issued capital  1,500,000 — — — 1,500,000
Revaluation reserve   183,958  — (183,958) — —
Merger reserve  (1,499,000) — — — (1,499,000)
Retained earnings  1,494,471 51,883 183,958 (56,000) 1,674,312
Total equity  1,679,429 51,883 — (56,000) 1,675,312
Non‑current liabilities     
Provisions  16,920 — — — 16,920
Deferred tax  — 20,000 — 56,000 76,000
Finance lease obligations  64,396 — — — 64,396
Loans and borrowings  1,687,603 — — — 1,687,603
   1,768,919 20,000 — 56,000 1,844,919
Current liabilities      
Loans and borrowings  15,682,831 — — — 15,682,831
Taxation  1,342,834 — — — 1,342,834
Trade payables  342,588 — — — 342,588
Other payables  472,677 (71,883) — — 400,794
Finance lease obligations  29,657 — — — 29,657
   17,870,587 (71,883) — — 17,798,704
Total liabilities  19,639,506 (51,883) — 56,000 19,643,623
Total equity and liabilities  21,318,935 — — — 21,318,935
1
 IAS 38 
Amortisation on goodwill provided under UK GAAP is required to be written back to profit or revenue reserves brought forward in the case of previous years’ amortisation 
in conjunction with an impairment review.
2
 IAS 40 
Investment properties are required to be valued at current market value, with any revaluation surplus taken to the income statement. 
3
 IAS 23 
Borrowing costs are capitalised until practical completion of the property to which the funding relates.
4
 IAS 12 
Deferred taxation is required to be provided for on any revaluation surplus.
_1_EAT_ar08_Back.indd   27 24/11/2008   16:15:21 36
EatonfiEld group plc Annu Al RepoR t And Accounts 2008
Company balance sheet
as at 30 June 2008
      2008 2007 
     Notes £ £
Fixed assets
Investments     1 1,514,641 1,510,260
current assets
Trade debtors     2 8,722,828 8,850,382
Cash at bank and in hand     5,573 708,825
      8,728,401 9,559,207
Current liabilities
Amounts falling due within one year     3 (183,738) (33,970)
net current assets     8,544,663 9,525,237
Total assets less current liabilities     10,059,304 11,035,497
Capital and reserves
Called up share capital    4 2,306,478 2,300,000
Share premium account     5 8,218,939 8,182,018
Share-based payments reserve     5 15,859 14,221
Profit and loss account     5 (481,972) 539,258
Shareholders’ funds     10,059,304 11,035,497
These financial statements were approved by the Board of Directors and authorised for issue on 10 November 2008 and are signed on their behalf by:
r J W lloyd sir l c young
CHIEF ExECUTIvE CHAIRMAN
 
 
 
Basis of accounting
The financial statements have been prepared under the historical cost convention. Accounting policies are consistently applied and are in accordance with 
generally accepted accounting practice in the UK.
turnovEr
The turnover shown in the profit and loss account represents amounts receivable during the year, exclusive of value Added Tax.
fixEd assEts
All fixed assets are initially recorded at cost.
The carrying values of tangible fixed assets are reviewed for impairment in periods if events or changes in circumstances indicate the carrying value 
not to be recoverable.
sharE‑BasEd compEnsation
The Company operates an equity-settled, share-based compensation plan. The fair value of the employee services received in exchange for the grant of options 
is recognised as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding 
the impact of any non-market vesting conditions (for example, profitability and growth targets). Non-market vesting conditions are included in the assumptions 
about the number of options that are expected to become exercisable. At each balance sheet date, the Company revises its estimates of the number of options 
that are expected to become exercisable. The Company recognises the impact of the revision of original estimates, if any, in the profit and loss account, 
and a corresponding adjustment to reserves over the remaining vesting period.
loss attriButaBlE to mEmBErs of thE parEnt company
The loss dealt with in the accounts of the parent company was £598,670 (2007: profit of £539,258).
cash floW statEmEnt
The Company has taken advantage of the exemption permitted by FRS 1 not to present a cash flow statement.
Accounting policies
_1_EAT_ar08_Back.indd   28 24/11/2008   16:15:21 37
EatonfiEld group plc Annu Al RepoR t And Accounts 2008
Notes to the company balance sheet
for the year ended 30 June 2008
1 invEstmEnts
       £
At 1 July      1,510,260
FRS 20 adjustment      4,381
       1,514,641
Details of the investments in which the Company holds 20% or more of the nominal value of any class of share capital are as follows:
  Description and proportion of  
  voting rights and shares held Nature of business
Subsidiary undertakings
Eatonfield Developments Limited Ordinary shares 100% Property investment and development
Kingfisher Real Estate Limited Ordinary shares 100%* Dormant
Eatonfield Asset Management Limited Ordinary shares 100%* Dormant
Eatonfield Homes Limited Ordinary shares 100%* Dormant
Eatonfield Construction Limited Ordinary shares 100%* Dormant
Joint venture
Hawkesbury Properties Limited Ordinary shares 50%* Property investment and development
* Held by a subsidiary undertaking
The Group owns 50% of Hawkesbury Properties Limited. At 30 June 2008 the gross assets were £1,426,768 (2007: £1,326,292) and gross liabilities 
were £1,596,933 (2007: £1,340,466). The loss after tax amounted to £306,156 (2007: £14,174).
2 dEBtors
      2008 2007 
      £ £
Amount owed by Group undertakings     8,564,430 8,817,296
Corporation tax recoverable     150,990 —
value Added Tax recoverable     7,408 33,086
      8,722,828 8,850,382
3 CREDITORS: AmOuNTS FAllING DuE WIThIN ONE yEAR
      2008 2007 
      £ £
Trade creditors     159,438 26,752
Other taxation and social security     — 7,218
Accruals     24,300 —
      183,738 33,970
 
4 sharE capital
 2008   2007
    Number of shares £ Number of shares £
Authorised
Ordinary shares of 10p each   30,000,000 3,000,000 30,000,000 3,000,000
issued
Ordinary shares of 10p each
At the beginning of the year   23,000,000 2,300,000 15,000,000 1,500,000
Allotments in the year   64,775 6,478 8,000,000 800,000
At the end of the year   23,064,775 2,306,478 23,000,000 2,300,000
On 12 September 2007 64,775 shares were issued for 67p per share.
Accounting policies
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EatonfiEld group plc Annu Al RepoR t And Accounts 2008
Notes to the company balance sheet continued
for the year ended 30 June 2008
4 sharE capital contInued shARe optIons At 30 June 2008 the Company had 434,000 ordinary shares under option of 10p each (2007: 257,775) under the Company’s share option schemes, 
details of which are included below: 
    Number of  
   Subscription shares for 
   price per which rights 
Grant date  share exercisable Period over which options are exercisable
25 October 2006  67p 142,000 24 October 2009 to 24 October 2016
13 May 2008  121.5p 164,000 13 May 2011 to 13 May 2018
Total share options in issue   229,000
Options granted during the year to employees of Eatonfield Group plc were:
Grant date      13 May 2008
Exercise price      121.5p
Number of employees      1 
Share options granted      164,000
vesting period (years)      10 
Expected volatility      23.6%
Option life (years)      7 
Expected life (years)      7 
Risk free rate      5%
Expected dividends expressed as a percentage of dividend yield      1%
Fair value per option      48p
A reconciliation of option movements over the year to 30 June 2008 is shown below:
 2008   2007
     Weighted average  Weighted average 
    Number exercise price Number exercise price
Outstanding at 1 July   189,775 67p — —
Granted   164,000 121.5p 257,775 67p
Forfeited   (60,000) 67p — —
Lapsed   — — (48,000) 67p
Exercised   (64,775) 67p — —
Outstanding at 30 June   229,000 106.9p 189,775 67p
Exercisable at 30 June   — — — —
The Group charged £1,638 (2007: £14,221) to the income statement in relation to share-based compensation.
The options outstanding at 30 June 2008 had a weighted average exercise price of 103p (2007: 67p), and a weighted average remaining contractual life 
of 2.3 years (2007: 2.4 years).
Expected volatility was based upon the historical volatility of the Group’s share price. The expected life is based upon historical data and has been adjusted 
based on management’s best estimates for the effects of non-transferability, exercise restrictions and behavioural considerations.
5 rEsErvEs and sharEholdErs’ funds
    Share Share-based Profit 
   Share  premium compensation and loss 
   capital account reserve account Total 
   £ £ £ £ £ 
Balance at 1 July 2007  2,300,000 8,182,018 14,221 539,258 11,035,497
(Loss) for the period  — — — (676,230) (676,230)
Share-based compensation  — — 1,638 — 1,638
Dividends paid  — — — (345,000) (345,000)
Shares issues  6,478 36,921 — — 43,399
Balance at 30 June 2008  2,306,478 8,218,939 15,859 (481,972) 10,059,304
6 rElatEd party transactions
The Directors have taken advantage of the exemption under FRS 8 from reporting transactions with other Group companies.
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EatonfiEld group plc Annu Al RepoR t And Accounts 2008
Notice of meeting
Eatonfield Group plc
Notice is hereby given that the Annual General Meeting of Eatonfield Group plc (the “Company”) will be held at the Company’s offices at Haycroft Farm, 
Peckforton Hall Lane, Spurstow, Tarporley, CW6 9TF at 11.00am on Monday 22 December 2008 for the following purposes:
ordinary BusinEss
To consider and if thought fit, pass the following resolutions, as ordinary resolutions:
Resolution 1: To receive the Directors’ Report, Remuneration and Nomination Committee Report and financial statements for the year ended 30 June 2007 
and the Auditors’ Report contained therein.
Resolution 2: To declare a final dividend.
Resolution 3: To re-appoint Sir L C Young as a Director.
Resolution 4: To re-appoint R J W Lloyd as a Director.
Resolution 5: To re-appoint S S Kalirai as a Director.
Resolution 6: To re-appoint Baker Tilly UK Audit LLP as the Company’s auditors until the conclusion of the next Annual General Meeting, and to authorise 
the Directors to determine the auditors’ remuneration.
spEcial BusinEss
To consider and if thought fit, pass the following resolution as an ordinary resolution:
Resolution 7: THAT with effect from the time of the passing of this resolution, the Directors be generally and unconditionally authorised to exercise all 
powers of the Company, pursuant to section 80 of the Companies Act 1985, to allot relevant securities (as defined in that act) up to an aggregate nominal 
amount of £150,000, in accordance with Article 4 of the articles of association of the Company, provided that this authority shall expire at the conclusion 
of the next Annual General Meeting after the passing of this resolution save that the Company may before such expiry make an offer or agreement which 
would or might require relevant securities to be allotted after such expiry and the Board may allot relevant securities in pursuance of such an offer or agreement 
as if the authority conferred hereby had not expired.
To consider and if thought fit, pass the following resolution as a special resolution:
Resolution 8: THAT, subject to the passing of resolution 7 above, the Directors be empowered pursuant to section 95 of the Companies Act 1985 to allot 
equity securities (within the meaning of section 89 of the said act) for cash pursuant to the authority conferred on them by the articles of association as if 
section 89(1) of the said act did not apply to any such allotment provided that this power shall be limited to:
(a)  the allotment of equity securities in connection with a rights issue, open offer or otherwise in favour of ordinary shareholders in proportion (as nearly 
as possible) to the respective number of shares held, or deemed to be held, by them subject only to such exclusions or other arrangements as the Directors 
may consider appropriate to deal with fractional entitlements or problems arising in any territory or with the requirements of any recognised regulatory 
body or stock exchange in any territory; and
(b)  the allotment of equity securities (otherwise than pursuant to sub-paragraph (a) above) up to an aggregate nominal value of £115,000, which represents 
five percent (5%) of the current issued share capital of the Company.
Such power shall expire, unless sooner revoked, at the conclusion of the next Annual General Meeting of the Company after the passing of this resolution, 
save that the Company may before such expiry make an offer or agreement which would or might require equity securities to be allotted after such expiry, 
and not withstanding such expiry, the Directors may allot equity securities pursuant to any such offer or agreement as if the power conferred by this resolution 
had not expired.
By order of the Board
p middlEhurst
COMPANY SECRETARY
18 NOvEMBER 2008
REGISTERED OFFICE:
Haycroft Farm, Peckforton Hall Lane, Spurstow, Tarporley, CW6 9TF.
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EatonfiEld group plc Annu Al RepoR t And Accounts 2008
Notice of meeting continued
Eatonfield Group plc
notEs
1.  A member who is entitled to attend and vote at the meeting is entitled to appoint one or more proxies to attend and, on a poll, to vote instead of him/her. 
A proxy need not be a member of the Company. Only shareholders, proxies and authorised representatives of corporations that are shareholders are entitled 
to attend the meeting.
2.  In the case of joint holders the signature of one holder on the form of proxy will be accepted, being the vote of the senior who tenders a vote whether in 
person or by proxy to the exclusion of the votes of any joint holders and for this purpose seniority shall be determined by the order in which the names 
stand in the register of members in respect of such joint holdings.
3.  In the case of a corporation the form of proxy must be signed on its behalf by a duly authorised officer of the corporation. 
4.  A form of proxy is provided with this notice. To be effective a form of proxy together with any power of attorney or other authority under which it is executed 
or a copy thereof certified notarially or in accordance with the power of attorney act 1971 or as the Directors shall accept must be sent to the offices 
of the Company’s Registrars, at Capita Registrars, Proxy Department, P .O. Box 25, Beckenham, Kent, BR3 4BR so as to arrive not later than 48 hours 
before the start of the meeting.
5. Any alteration made to the form of proxy should be initialled.
6. Completion of the form of proxy will not affect the right of a member to attend and vote at the meeting.
7.  The Company, pursuant to Regulation 1 of the Uncertificated Securities Regulations 2001, specifies that only those members registered in the register 
of members of the Company as at 11.00am on Tuesday 27 November 2007 shall be entitled to attend and vote at this meeting in respect of the number 
of shares registered in their name at that time. Changes to entries in the register of members after that time shall be disregarded in determining 
the right of any person to attend or vote at this meeting.
8.  Resolution 7, which is an ordinary resolution, authorises the Directors to allot unissued shares or any other instrument including options up to 
an aggregate nominal value of £150,000. This authority, if granted, will expire on the conclusion of the next Annual General Meeting.
9.  If shares are to be allotted using the authority under resolution 7, and are to be paid for in cash, Section 89(1) of the Companies Act 1985 requires 
that those equity securities are offered first to existing shareholders in proportion to the number of ordinary shares they each hold at that time. An offer 
of this type is called a “rights issue“ and the entitlement to be offered the shares first is known as a “pre-emption right“.
10.  In certain circumstances however, it may be in the interests of the Company for the Directors to be able to allot some of the shares for cash other than 
by way of a rights issue. Resolution 8, which is a special resolution, asks shareholders to waive their pre-emption rights, but only for securities having 
a maximum aggregate nominal value of £115,000, which represents 5% of the current issued share capital. This authority will expire at the conclusion 
of the next Annual General Meeting unless revoked sooner.
11.  To be entitled to attend and vote at the Annual General Meeting (and for the purpose of determination by the Company of the number of votes they 
may cast), members must be entered on the Company’s register of members by 11.00am on Tuesday 27 November 2007.
12.  The following documents will be available for inspection at the meeting convened by this notice:
 (a)  Register of Directors’ share interests; and
 (b)  Directors’ service contracts.
_1_EAT_ar08_Back.indd   32 24/11/2008   16:15:22 founded in 1998, eatonfield grouP Plc HaS ex Panded 
ra Pidly becoming a Succe SSful Pro Perty develoPer, 
witH a track record in identifying, acquiring and 
adding value to Pro Perty develo Pment o PPortunitie S 
on bot H greenfield and brownfield Site S wit Hin t He 
commercial and reSidential SectorS.
 01 At A gl Ance 
 02 chAirmAn’s st Atement
 04  business review: 
chief executive’s st Atement
 06  business review: 
finAnciAl st Atement
 09  corporA te governAnce report
 11  remunerA tion And nominA tion 
committee report
 12 directors’ report
 15 independent Auditors’ report
 16  group income st Atement
 17 group bAl Ance sheet
 18  group cAsh flow st Atement
 19  group st Atement of chAnges 
in equity
 20 Accounting policies
 24  notes to the finAnciAl 
st Atements
 36 comp Any bAl Ance sheet
 36 Accounting policies
 37  notes to the comp Any 
bAl Ance sheet
 39  notice of meeting
 ibc  officers And professionAl 
Advisers
purchasinG 
 u  eatonfield has the capability to move 
quickly to exchange. As many of its deals 
are off‑market this speedy conclusion is 
of competitive advantage.
deal structure
 u  eatonfield works with numerous financiers 
who support our strategic intent and share 
our desire to grow the company.
addinG Value
	u	 	 the company believes in active “hands on” 
management to enhance the value of 
its properties. 
disposal
 u	 	 eatonfield works with end users to achieve 
an exit strategy on each deal. 
corporate overview
directors
sir l c y oung 
r J w lloyd 
s s Kalirai 
h J Jones (resigned 10 november 2008)
secretar Y
h J Jones (resigned 10 november 2008) 
p middlehurst (appointed 18 november 2008)
reGistered office
haycroft f arm 
peckforton hall lane 
spurstow 
tarporley cw6 9tf
noMinated adViser and broKer
evolution securities limited 
Kings house 
1 King street 
l eeds ls1 2hh
solicitors
hammonds llp 
2 park lane 
l eeds ls1 2hh
auditors
baker t illy uK Audit llp  
chartered Accountants and r egistered Auditors 
brazennose house 
lincoln square 
manchester m2 5bl
taX adVisers
Kpmg llp 
8 princes parade 
liverpool l3 1qh
reGistrars
capita r egistrars 
northern house 
woodsome park 
f enay bridge 
Huddersfield HD8 0LA
Officers and professional advisers
_1_EAT_ar08_Cover.indd   2 24/11/2008   17:13:09 eatonfield Group plc
Haycroft f arm Peckforton Hall l ane SPurStow t arPorley cw6 9tf tel: 01829 261 910
f ax: 01829 261 911
e-mail: enquirieS@eatonfield.co.uk eatonfield grouP Plc annual rePort and accountS 2008
eatonfield Group plc annual rePort and accountS 2008
_1_EAT_ar08_Cover.indd   1 24/11/2008   17:13:08