FIRE I SAFETY I SECURITY I DEFENCE
Worldwide World Class Protection
Annual Report & Accounts 2009 01 Highlights
03 Company Overview
09 Current Projects 
10 Chairman’s Statement
11 Chief Executive Ofﬁ cer’s report 
16 Finance Director’s report
18 Board of Directors
20 Directors’ report
22 Remuneration Committee report 
24 Corporate governance report 
CONTENTS
The Westminster Group is a specialist 
security group operating worldwide via 
an extensive international network of 
agents and ofﬁ ces in over 45 countries.
The Group’s principal activity is the design, supply and 
ongoing support of advanced technology Fire, Safety, 
Security and Defence solutions to governments and 
government agencies, non-governmental organisations and 
blue chip commercial organisations worldwide.
The Mission of Westminster Group plc is to be recognised
as a worldwide centre of excellence for the provision of 
Fire, Safety, Security and Defence products and services.
27 Statement of Directors’ responsibilities
28 Independent auditor’s report 
29 Consolidated statement of comprehensive income
30 Consolidated and Company statement of ﬁ nancial position
31 Consolidated statement of changes in equity
32 Company statement of changes in equity
33 Consolidated and Company cash ﬂ ow statements
34 Notes to the ﬁ nancial statements
72 Company information “We have a robust business plan and vision with adequate resources to enable the further 
development of the proﬁ le of the business. We have clear strategic goals and objectives and a 
commitment to the continuing development of our operational infrastructure. We have a strong 
management team and an experienced board of directors.  Accordingly we are conﬁ dent of a 
solid performance for 2010 and exciting growth prospects beyond”.
Peter Fowler
Chief Executive Ofﬁ cer
Operational Highlights
 Expansion of international distribution network to over 45 countries offering 
unique in-country representation, knowledge and support
 $2.72m contract extension to Juba International Airport project
 Contract secured for Nagaa Hammadi Dam complex in Egypt for €2m
 Contract secured for ThruPORT fast deployment scanning portals for £1m
 Contract secured to provide 24/7 protection for National Bank of Ethiopia to 
include their Headquarters and the national mint
 Acquisition of Close Protection and Risk Assessment specialist Longmoor Security
 Longmoor Security ‘Close Protection’ contract award worth £540k per annum
 Exclusive distribution agreement with Pentagon Protection plc in Asia for Blast 
Proof ﬁ lm
 Exclusive distribution agreement for Body Scanning Equipment in UK
 Contracts won in ﬁ elds of: Perimeter Intruder Detection, Bank Protection, Access 
Control, Command & Control, Blast Film Protection, Overt & Covert Scanning 
Equipment, Police Mobile Surveillance, Close Protection, Frequency Jamming 
Equipment, Explosive Detection Equipment and Fire Prevention
Financial Highlights
 Turnover increased 45% to £7.9m 
 Gross proﬁ t margin maintained at 34.6% (2008: 34.9%)
 Underlying proﬁ t* increased to £217,000 (2008: loss £47,000) 
 Placing to raise £763,000 before expenses (post year end)
*Underlying proﬁ t comprises proﬁ t before tax after adjusting for exchange gains and losses and ﬁ nancing income 
and costs related to the Convertible Loan Notes.
Post Period Highlights
 Acquisition of niche security specialist CTAC Limited for up to £1.8m
 Contract secured with Ministry of Justice to supply and maintain security 
equipment to 139 prisons in UK
 Contracts won in ﬁ elds of: Fever Detection, Integrated Fire and Intruder Alert, 
Prison Security to Ministry of Justice
HIGHLIGHTS 01
Westminster Group plc I Annual Report & Accounts 2009
Mobile Surveillance Solutions – Sub Saharan Africa
In September 2009 Westminster was awarded a contract from a National Government 
to supply the ﬁ rst of what is expected to be a ﬂ eet of bespoke mobile surveillance 
vehicles and equipment to assist with urban policing and state security. The vehicles 
involve audio & visual surveillance, covert tracking and secure communication 
systems.
Westminster has also been contracted by the same Government to build a state of the 
art Command & Control centre from which these vehicles and other security solutions 
can be monitored and controlled.
‘07 ‘09 ‘08
£7.9m £5.5m £2.7m
‘07
‘08
‘09
£0.22m (£0.05m) (£0.35m)
$650,000
Contract Value 
Revenues
Underlying Proﬁ t Westminster Group plc  I  Annual Report & Accounts 2009
HEADING 2
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HE HE HE HE HE E H HE HE E E E EAD A AD AD AD AD AD D AD AD ADIN IN I IN IN IN NG G G G G 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 FIRE SERVICES & EQUIPMENT 02
Market Analysis
5%
Fire is the leading cause of commercial and industrial property damage worldwide. In the UK alone ﬁ re 
is responsible for millions of pounds of loss and damage, not to mention the often devastating effects on 
families and businesses.
Under EU law, many properties are required to install and maintain appropriate ﬁ re detection and 
suppressions systems and associated equipment. Similar laws exist or are coming into effect in other 
regions around the world. The demand for good quality, reliable ﬁ re detection & suppression systems 
and solutions worldwide remains high.
Westminster has the experience, technical knowledge and infrastructure to design and deliver ﬁ re 
detection & suppression solutions in compliance with legislative requirements worldwide and to ensure 
such solutions are professionally installed and maintained. Westminster Group plc  I  Annual Report & Accounts 2009
COMPANY OVERVIEW 03
Longmoor Security Ltd:
Recognised as a leading provider of quality security personnel and 
corporate security solutions worldwide protecting high proﬁ le 
international customers including organisations such as the BBC. 
Longmoor’s operatives all hold British Home Ofﬁ ce or British Armed 
Forces qualiﬁ cations in their specialist ﬁ elds.
The company covers four areas – Training, Security & Protection, 
Risk Management and Special Projects – providing a complete 
security solution. 
www.longmoor-security.com
RMS Integrated Solutions Ltd:
A specialist provider of integrated low voltage systems throughout 
the UK, including Fire & Security Systems, CCTV, Structured 
Cabling, TV & Satellite Distribution and Wireless Technology 
Distribution. Solutions are tailored to clients’ speciﬁ c needs, 
keeping goals and budgets at the forefront of design.
RMS has all the technical and ﬁ nancial resources necessary to 
undertake any project regardless of size or complexity.
www.rms-is.com
Westminster International Ltd:
Providing solutions to almost any Fire, Safety, Security and Defence 
requirement, working with government agencies, military 
establishments, airports, sea ports, embassies, banks, power stations 
and major organisations and corporations worldwide.
The range of products and services is broad and covers Anti-Terrorism 
& Risk Reduction Solutions, Border & Perimeter Security, Covert & 
Overt Surveillance and Tracking Systems together with Defence
& Homeland Security Solutions etc.
www.wi-ltd.com
CTAC Ltd:
A specialist integrated provider of ‘high end’ security solutions to a 
blue chip client base which operates in operationally critical, high 
value and high proﬁ le ﬁ elds such as cash handling, bullion storage, 
jewellery and diamond merchants, chemical storage and utilities.
The company operates a major 24hour Alarm Receiving Centre (ARC) 
which is built, operated and certiﬁ cated to the National Security 
Inspectorate (NSI) Gold standard and is capable of monitoring signals 
from around the world.
www.ctac-ltd.com
The Westminster Group Plc is a highly experienced and internationally acclaimed Fire, Safety, Security and Defence group operating 
worldwide through an extensive network of agents and international ofﬁ ces in 45 countries. The Group consists of four operating 
divisions providing a wide range of solutions and services.
“Our Group is continuing to expand both organically and through acquisition. The acquisition and 
subsequent performance of Longmoor and the recent acquisition of CTAC demonstrate that we 
have the skills and management capability to continue this expansion. Our industry continues to 
have excellent growth prospects and I am conﬁ dent of our future success”.
Lt. Col Sir Malcolm Ross GCVO, OBE
Chairman Westminster Group plc  I  Annual Report & Accounts 2009
HEADING 4
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HE HE HE H H HEAD AD A AD AD ADIN IN N N I G G G G G G 4 4 4 4 4 4 4 SAFETY SERVICES & EQUIPMENT 04
Safety of people, whether in the workplace, when travelling or simply in normal everyday life, is of 
paramount importance and an area which is increasingly covered by legislation. 
Governments are responsible for the safety of their citizens, businesses are responsible for ensuring 
their activities and services are safe and employers in many areas of the world have a duty of care, set 
in law, to ensure the safety of their employees.
Westminster offers a wide range of safety products and services, including risk assessments, to improve 
the safety of people worldwide. We provide emergency lighting and evacuation systems, public address 
systems, nurse and warden call systems. We provide medical alert systems for the elderly and inﬁ rm 
and personnel protection systems for staff in hospitals etc. We have developed lone worker monitoring 
systems protecting people in isolated locations. We provide security equipment and clothing for 
civilians and service personnel. We provide fever detection and screening systems for airports and 
public events and we provide travel advice and emergency evacuation services for overseas travellers.
Market Analysis
5% Westminster Group plc  I  Annual Report & Accounts 2009
Geographical Analysis
The Group’s international 
business is conducted on a 
global scale.
Worldwide World Class Protection
The focus of our business is to provide niche products and services to niche markets around the world. We do so through 
an expanding network of strategically located ofﬁ ces and agents in over 45 countries covering every continent with the 
exception of Antarctica.
We have invested and continue to invest heavily in building our international presence and agency network. The strategy 
we have developed to capitalise on the market opportunities that undoubtedly exist around the world today is, we 
believe, creating a competitive advantage for our Group and we are therefore well placed to achieve signiﬁ cant growth 
from the many opportunities presented.
A growing network of agents amd ofﬁ ces in over 45 countries
 Regional WSG Ofﬁ ces
 Agent locations
COMPANY OVERVIEW CONTINUED 05
 UK & Europe 34%
 Africa 53% 
11% Middle East 2%  Rest of the World  Westminster Group plc  I  Annual Report & Accounts 2009
HEADING 6
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HE HE HE HE HE HEAD AD AD AD A ADIN IN IN N IN IN ING G G G G G 6 6 6 6 6 SECURITY SERVICES & EQUIPMENT  06
Market Analysis Today we face not only the common threats of theft, personal attack, trespass, fraud and information 
leakage, but also the more serious risk of terrorism on an international scale.
Security is of primary concern to everyone from individuals, who wish to ensure the security of their 
property from theft and personal intrusion, to governments, non-governmental organisations and multi-
national corporations worldwide, who need to protect their staff and key assets.
Westminster, offers a wide a broad range of products and services internationally to all sectors to 
protect the individual, companies and governments, their property, assets and critical infrastructure 
against attack, loss and sabotage.
In addition to our extensive range of electronic and physical solutions we also offer risk management, 
training, close protection and 24/7 monitoring services.
57% Westminster Group plc  I  Annual Report & Accounts 2009
Airports & Aviation
Westminster’s wide portfolio of Fire, Safety, 
Security and Defence solutions and expertise 
in the provision of airport security is helping to 
protect airports throughout the world.
Banking
Westminster can provide security solutions for 
every aspect of the Banking and ﬁ nancial services 
industry .
Border Security
Westminster can provide a wide range of 
Border Security solutions for the surveillance, 
detection and screening of persons crossing 
national land, sea or air borders.
Buildings & Compounds
Threats to buildings & compounds are
 many and vary from the tangible to intangible. 
Westminster offers a wide range of equipment 
and solutions to counter such threats; from 
leak detection to blast protection!
Critical Infrastructure
Westminster has an extensive portfolio of 
solutions to protect critical infrastructure, 
such as electricity generation and distribution, 
water supplies, transport, tunnels and bridges.
Embassies
Westminster has a wide portfolio of products 
and services both for the protection of 
Embassies and Embassy staff worldwide.
Governments
Westminster is able to assist Governments and 
their agencies to deal with various security issues, 
whether it be protecting buildings, infrastructure, 
information or individuals or the gathering of 
intelligence or provision of systems for the ﬁ ght 
against crime, insurgency and terrorism.
Hotels, Clubs, Casinos & Bars
Anywhere where there are large numbers of 
people there is the potential for disturbance, 
unrest, fraud, criminal and even terrorist 
activity. Westminster offers a wide range 
of products and solutions to assist the 
management of these threats and to protect 
guests and patrons accordingly.
Military
Westminster can supply a wide range of non-
offensive military equipment and defence 
solutions such as RF jammers, armoured 
vehicles, mine detection and disposal 
equipment, protective clothing, ID systems, 
medical and trauma packs, survival equipment, 
diver detection sonar and perimeter detection 
systems.
Non-Governmental Organisations
Westminster has extensive experience of 
providing safety and security solutions to 
protect NGO’s such as the UN or World Food 
Programme in hostile areas around the globe.
Oil & Gas
Westminster can provide expert guidance 
on oil & gas production plants, pipeline 
infrastructure, pumping stations, terminals and 
even shipping and has a wide range of specialist 
ﬁ re and security solutions for the protection 
of such facilities, including advanced pipeline 
protection solutions.
Police & Law Enforcement
Westminster offers a range of covert and overt 
scanning and tracking solutions, data gathering 
solutions and protective equipment to assist 
the security services carry out their vital roles 
safely and efﬁ ciently.
Ports & Harbours
Westminster has a wide range of security and 
defence solutions which can be deployed to
protect ports & harbours including both 
land and marine based systems.
Power Stations & Utilities 
Westminster can protect power stations & 
utilities using a range of specialist solutions 
including perimeter security, surveillance 
systems and specialist ﬁ re detection & 
suppression systems etc.
Prison & Detention Centres
Westminster provides a range of effective 
security solutions for prisons & detention 
centres to control and monitor the ﬂ ow of 
people moving in and out of the premises, as 
well as within the facilities themselves.
Schools & Hospitals
There is a growing concern around the world 
that schools and colleges are now becoming 
subject to violent crime. Staff in the healthcare 
sector are regularly subject to violent 
threats and attack from patients and guests. 
Westminster can advise on and supply a wide 
range of solutions to address this problem.
Theatres, Stadiums & Arenas
Large entertainment venues provide a 
unique set of safety and security challenges. 
Westminster can provide a vast array of 
security and safety solutions to help minimise 
risk and disruption and also provide structured 
and comprehensive training of ofﬁ cials in how 
to cope with threats and emergencies as well as 
risk assessment planning.
VIP & Personal Protection
Westminster provides comprehensive 
solutions for VIP protection. Individuals 
themselves can be protected using 
Westminster’s specialist and discreet 
personal security and close protection teams.
COMPANY OVERVIEW CONTINUED 07
A broad range of services
We are not a manufacturer and are not therefore tied to any one single product or technology; this is a key strength of our Group. 
We are not dependent on any one supplier, customer or region. 
As a solutions provider/systems integrator, we offer a broad range of products and services from suppliers all over the world, 
wherever possible negotiating advantageous or exclusive rights prior to promoting them to our target client base. We believe that 
another key strength of the Group is our ability to bring together and integrate a wide range of technologies from different sources 
to produce comprehensive bespoke solutions suited to our clients’ needs.
Westminster is continually developing and expanding its range of solutions for customers in all sectors. Our recent acquisitions of 
Longmoor and CTAC have further extended our range of services and, in addition to our technology solutions, we now also offer risk 
management, training, close protection and 24/7 monitoring services.
Sectors
FIRE I SAFETY I SECURITY I DEFENCE Westminster Group plc  I  Annual Report & Accounts 2009
HEADING 8
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HE HE H HE HE HE HE HE HE H H HE HE HE EAD AD AD AD AD A AD A A A ADIN IN IN IN N IN IN N NG G G G G G G G G G 8 8 8 8 8 8 DEFENCE SERVICES & EQUIPMENT 08
Market Analysis We live in an unsafe world. War, conﬂ ict and civil unrest are common concerns in many regions. Hundreds 
of terrorist organisations exist, each with their own hatreds and agendas. Regional disputes, religious, 
racial and ethnic tensions and border disputes can all give rise to conﬂ ict.
Westminster believes all citizens of the world have a right to personal safety, security and freedom 
from the threat of conﬂ ict. We offer a wide range of non aggressive defence systems and equipment to 
authorised governments and military worldwide in order to help protect personnel, facilities and national 
security from attack by land, sea or air
The defence services and equipment we offer all function to protect and save lives. We do not supply 
aggressive equipment or weaponary.
33% Westminster Group plc  I  Annual Report & Accounts 2009
Specialist Marine Security Net - Egypt
Westminster International  has secured a prestigious contract to protect the new 
Nagaa Hammadi Dam complex on the river Nile in Egypt.
The contract is to supply and install an advanced security net across the river Nile; to 
prevent access to the dam from either vessels or divers and to protect the hydraulic 
control structure from any ﬂ oating or submerged objects. 
The security net comprises a steel wire mesh with an integral ﬁ bre optic core woven 
into every strand. Any attempted attack on the net will signal an alarm and indicate 
the location of attack within the security control room. The net, spanning the entire 
width of the river Nile, will be ﬁ tted with an automatic gate which can be remotely 
opened and closed from within the control room.
€2m
Contract Value
International VIP Protection - Middle East
Longmoor Security has been awarded a rolling 12 month contract for the protection of 
a High Net Worth Individual and his family based in the Middle East.
Under the contract, Longmoor will provide both male and female close protection 
operatives (bodyguards), providing 24hr security to the principal and his family both 
within their home country and also during their worldwide travels. 
CURRENT PROJECTS 09
Total Airport Security – Juba, Southern Sudan
Westminster has been awarded a $2.72m extension contract for additional security 
and safety systems and equipment to enhance the security of Juba International 
Airport in Southern Sudan.
The extension contract relates to an additional 6km of security fencing and perimeter 
detection systems together with Under Vehicle Surveillance Systems (UVSS), 
Automatic Number Plate Recognition systems (ANPR) & Vehicle Control Barriers on 
entranceways, additional CCTV Surveillance and Solar Powered Street Lighting around 
car parks and follows the $4.7million contract Westminster was awarded in 2008. 
$7 .4m
Total Project Value 
£540,000
PA Contract Value 
“We continue to be focussed on providing niche products and services for niche 
markets worldwide and in 2009 we have successfully delivered a wide range of 
products and services to a wide range of clients situated in countries across 
the globe”.
Peter Fowler
Chief Executive Ofﬁ cer Westminster Group plc  I  Annual Report & Accounts 2009
CHAIRMAN’S STATEMENT 10
Overview
I am pleased to present the accounts of 
Westminster Group plc for the year ended 
31 December 2009. Given the challenges 
presented by the global economy I 
am delighted to report that we have 
produced another set of solid results, 
which underpins our belief in our business 
strategy. We have continued to grow, 
both in terms of revenues increasing by 
45% and by continued improvement in 
the underlying level of proﬁ tability. We 
are still investing heavily in building our 
international presence and infrastructure, 
the costs of which we expense through 
the P&L as incurred, and which will 
stand us in good stead to continue our 
growth strategy. Despite the challenging 
economic conditions, continued 
investment in the business, exchange rate 
losses and ﬁ nancing costs, I am happy to 
report a healthy £140,000 pre tax proﬁ t. 
Market
The market for ﬁ re, safety, security and 
defence solutions continues to develop, 
even through the challenges of the 
current economic climate. Organisations 
throughout the world are still mindful of 
the need to protect their assets and their 
people.
A key strength of our business plan is 
the extensive network of agents and 
ofﬁ ces we have built up around the world 
and which provide local intelligence, 
logistics, representation and manpower. 
This network means we can carry out 
our international business in a very cost 
effective manner and ensures scalability 
in our operations. We have agents located 
in all the countries in which we wish 
to operate, currently standing at over 
45. This is a substantial barrier to entry 
for competitors and enables us to offer 
the quality of service our customers 
demand. Although we cover a wide range 
of countries, we focus our efforts on 
countries where our skills and expertise 
can be of most beneﬁ t and do not actively 
pursue other markets.
Corporate governance
In our industry it is vitally important that 
we maintain the highest standards of 
corporate governance. You will see in the 
Directors’ report on corporate governance 
all the detailed measures we take to 
ensure that our standards, and those of 
our agents, can stand any scrutiny by 
Government or other ofﬁ cial bodies.
Longmoor Security
On 25 February 2009 we completed the 
acquisition of Longmoor Services Limited, 
now renamed Longmoor Security Limited, 
a relatively new business specialising in 
close protection and security risk advice. 
Its training courses for close protection 
are highly regarded. The management 
team of Longmoor has extensive security 
experience from their time in the Royal 
Military Police and UK Police forces. I 
am pleased to report that the Longmoor 
business is rapidly developing within our 
Group.
CTAC
After the year end, on 15 April 2010 
we acquired the entire issued share 
capital of CTAC Limited for a maximum 
consideration of up to £1.8 million. 
CTAC is a specialist integrated provider 
of ‘high end’ security solutions to a 
blue chip client base which operates in 
operationally critical, high value and 
high proﬁ le ﬁ elds such as cash handling, 
bullion storage, jewellery and diamond 
merchants, chemical storage and utilities. 
We welcome the CTAC team to the Group.
Share issues
I am very glad to report that we have 
been able to strengthen our balance 
sheet after the year end by the issue 
of new shares to raise £763,000 before 
expenses.
Staff
Our staff are vital to the development of 
our business and continue to demonstrate 
their dedication. I warmly thank them for 
all that they have done for us.
Summary
As I reported last year, our Group is 
continuing to expand both organically 
and through acquisition. The acquisition 
and subsequent performance of Longmoor 
and the recent acquisition of CTAC 
demonstrate that we have the skills and 
management capability to continue this 
expansion. Our industry continues to 
have excellent growth prospects and I am 
conﬁ dent of our future success.
I would also like to thank you, our 
shareholders, for your continued support.
Lt. Col. Sir Malcolm Ross GCVO, OBE
Chairman
23 April 2010
“Given the challenges presented by the global economy I am 
delighted to report that we have produced another set of solid 
results, which underpins our belief in our business strategy”.
Lt. Col Sir Malcolm Ross GCVO, OBE
Chairman Westminster Group plc  I  Annual Report & Accounts 2009
CHIEF EXECUTIVE OFFICER’S REPORT 11
Overview
Despite 2009 being an extremely 
challenging year for the world economy 
I am pleased to report that Westminster 
has once again produced another solid 
performance with a signiﬁ cant increase in 
revenues and a broadening and expansion 
of our revenue base in line with our 
strategic growth plans. We continue to be 
focussed on providing niche products and 
services for niche markets worldwide and 
in 2009 we have successfully delivered a 
wide range of products and services to a 
wide range of clients situated in countries 
across the globe. 
Our total revenues grew by 45% over 
the year. Westminster International, 
our Advanced T echnological division, 
increased its revenues by 53%. Longmoor 
Security, our Close Protection division, 
contributed revenues of £335,000, which 
is encouraging, as most of this was 
concentrated in the last few months of 
the year. RMS Integrated Solutions, our 
Low Voltage Integrated Systems division, 
saw a slight reduction in revenues, a 
consequence of the difﬁ culties in the 
construction industry. 
We have continued to build our 
international presence and infrastructure 
and have invested heavily in expanding 
our overseas operations, the cost of 
which we expense through the P&L as 
incurred, which gives us an even stronger 
platform to continue our growth and I am 
pleased to report that, after exchange 
rate losses and ﬁ nancing costs, the Group 
made a proﬁ t before tax for the year of 
£140,000.
The Group’s principal activity remains 
the design, supply and ongoing support of 
advanced technology ﬁ re, safety, security 
and defence solutions, together with 
risk management, close protection and 
training services. Our principal clients 
are Governments and related agencies, 
non-governmental organisations (NGOs), 
military establishments, airports, sea 
ports, banks, power stations and blue 
chip commercial organisations worldwide. 
Our Market
The market in which we operate is large, 
growing and unlikely to experience 
serious downturn or contraction any time 
soon, even in the challenging economic 
climate of today.  It is a wide and 
diverse market with intense competition 
in certain areas, whilst having under-
developed, fragmented competition in 
others. These latter areas are the primary 
focus of our international activities.
The investment we have made in 
recent years, and continue to make, in 
building up our international presence 
and agency network, together with the 
marketing strategy we have developed, 
provide Westminster with a competitive 
advantage and I believe we are therefore 
well placed to achieve signiﬁ cant growth 
from the many opportunities presented 
around the world.
Our acquisition of Longmoor Security 
further extends our market focus and 
capabilities with the provision of risk 
management, close protection and 
training services to high net worth 
clients, corporations and government 
bodies worldwide. 
Whilst our primary focus in recent years 
has been on delivering major projects, 
equipment and services internationally, 
the UK nevertheless remains an important 
market for us and our focus in the coming 
year will be in extending our presence 
and market share within the UK and 
Europe whilst continuing to expand our 
international operations.
Strategy
We believe success in our target 
markets requires meeting exacting 
criteria: credibility, ﬁ nancial stability, 
professionalism and experience, with 
a demonstrable track record and, 
crucially, ‘in-country’ knowledge and 
connections. These, together with the 
political and logistical issues presented 
in many countries, present a signiﬁ cant 
barrier to entry for many companies, 
yet provide a major opportunity for a 
company such as Westminster, which has 
the right credentials and an extensive 
local support network. Our target clients 
are potentially high value repeat order 
customers with demanding performance 
criteria.
We have demonstrated our ability to 
deliver complex and innovative solutions 
to an impressive list of clients worldwide 
and have therefore clearly established 
credibility and a demonstrable track 
record with governments and blue chip 
organisations, which stand us in good 
stead to secure and deliver increasing 
business within this target market. 
We have, in recent years, devoted much 
of our efforts to establishing a credible 
worldwide network of agents who can 
provide in-country logistics support, 
manpower, intelligence and, critically for 
our clients, on-going service support once 
we have provided the goods or services. 
Agents are chosen for their connections 
and knowledge of the country or region 
and for their ability to act as a conduit 
between Westminster and its target 
clients. We now have an extensive agent 
“Whilst our primary focus in recent years has been on delivering 
major projects, equipment and services internationally, the UK 
nevertheless remains an important market for us and our focus 
in the coming year will be in extending our presence and market 
share within the UK and Europe whilst continuing to expand our 
international operations”.
Peter Fowler
Chief Executive Ofﬁ cer Westminster Group plc  I  Annual Report & Accounts 2009
CHIEF EXECUTIVE OFFICER’S REPORT CONTINUED 12
network in over 45 countries covering 
every continent with the exception of 
Antarctica and whilst we will continue 
to grow this network we believe we now 
have the structure and global reach to 
begin delivering meaningful growth.
We are not a manufacturer and are not 
therefore tied to any one single product 
or technology.  As a solutions provider, 
we offer a broad range of products and 
services from manufacturers all over the 
world, wherever possible negotiating 
advantageous or exclusive rights prior 
to promoting them to our target client 
base. We believe that one of the key 
strengths of the Group is our ability to 
bring together and integrate a wide range 
of technologies from different sources to 
produce comprehensive bespoke solutions 
suited to clients’ needs.
In addition to the above, our strategy 
going forward is to capitalise on the 
extensive portfolio of products and 
projects we have delivered worldwide 
and to build a meaningful recurring 
revenue base of maintenance and 
monitoring income.
We are committed to delivering this 
strategy both through organic growth and 
by strategic and targeted acquisitions.
Websites
Due to the global nature of our business, 
an effective web presence is an important 
aspect of our marketing strategy.  We 
have therefore continued to invest 
heavily in our various Group websites not 
only in design and functionality but also 
in search engine optimisation. 
In April 2009 we announced the launch 
of our new international, multilingual, 
‘Generation 2’ security and defence 
website, (www.wi-ltd.com). The new 
site is believed to be one of the largest 
security product websites in the world 
and has become a case study for the 
Microsoft Corporation as a result of its 
complexity and successful delivery.
Features offered include: multilingual 
support; secure e-commerce; secure 
access to ﬁ les for Westminster’s agents 
& partners; encrypted enquiry facilities; 
personalised customer account centres; 
site-wide search of all products & 
datasheets; interactive worldwide 
‘contact us’ facility; related product 
suggestions and a product library that 
is ﬁ ve times greater than the previous 
generation’s site.
The new site gives the Group far greater 
reach and greater control over our 
product catalogue. Our industry is fast 
changing, making the traditional printed 
catalogues very hard to keep up to date. 
The efﬁ ciency of our worldwide network 
of agents is dependent upon supporting 
them in the ﬁ eld with the most up to date 
product information and manuals on a 
real time basis.
Since the launch of the new website in 
April 2009, we have seen an increase in 
online enquiries of 89% and an increase in 
online sales of 62% (for the comparative 
period of May to December 2009 versus 
May to December 2008).  We calculate 
that this site will not only improve our 
product sales, order processing and 
delivery, but will additionally deliver 
cost savings through reduced print 
of catalogues and product marketing 
materials and greater efﬁ ciencies through 
advanced management information.
Our multi-lingual Group website (www.
wg-plc.com) is fully compliant with 
rule 26 of the AIM market of the London 
Stock Exchange and has been designed 
to provide shareholders access to a 
wide range of shareholder information, 
including an email alert system, as well 
as acting as a portal to our various group 
companies and services. 
Our RMS website (www.rms-is.com), 
covers the extensive range of their 
services and helps promote our UK 
services to a far wider audience.
Following our acquisition of Longmoor 
Security we have developed the Longmoor 
website (www.longmoor-security.com) 
as an integrated part of the Group. A 
key driver for acquiring Longmoor is our 
belief that we can greatly enhance their 
marketing reach through our website and 
agents, which is already bearing fruit as 
the business expands. 
All websites are fully interactive and 
provide an excellent showcase for the 
Group’s extensive range of products and 
services.
Business review
This year has been signiﬁ cant in two 
ways; ﬁ rstly, the securing of a number of 
major new contracts and, secondly, the 
continued enhancement in the quality 
and size of enquiries in which we are 
involved. As in previous years revenues 
were strongly biased towards the second 
half of the year which is, in part, due to 
the buying cycles of governments and 
large corporations.
A review of activities by region is given 
below:
In Africa 
Africa remains an important market for us 
and one where we see signiﬁ cant business 
opportunities for the future. During 
2009 we secured a number of important 
contracts in the region some of which are 
highlighted below.
During the year we were awarded a 
$2.72 million extension contract from 
the Government of Southern Sudan 
(“GOSS”) for additional security at 
Juba International Airport, Southern 
Sudan. The contract is an extension of 
the $4.7 million contract Westminster 
was awarded in 2008 to secure Juba 
International Airport and which has been 
an ongoing project during 2009. The 
extension contract relates to additional 
security fencing and perimeter detection 
systems together with Under Vehicle 
Surveillance Systems (UVSS), Automatic 
Number Plate Recognition systems 
(ANPR) and Vehicle Control Barriers 
on entranceways, additional CCTV 
Surveillance and Solar Powered Street 
Lighting around car parks.
We also secured a new contract for 
the provision of an integrated security 
system for the National Bank of Ethiopia 
headquarters along with other bank 
buildings including the country’s mint. 
Westminster’s sophisticated IP-Based 
CCTV installation will include multiple 
control rooms which simultaneously 
monitor and record movements 24/7 for 
the security and safety of bank personnel. 
The advanced security solution will 
be fully integrated providing security, 
surveillance and management across all 
buildings.
We were awarded a contract by a Sub 
Saharan African Government for the 
supply of bespoke mobile surveillance 
systems and equipment to assist with  Westminster Group plc  I  Annual Report & Accounts 2009
  13
urban policing and state security. The 
contract valued at circa $660,000 was 
completed during 2009. In addition 
we were awarded a further contract 
to provide the Command & Control 
facility for the systems. The contract 
valued at approximately $220,000 is to 
provide a comprehensive Command & 
Control system capable of monitoring 
and controlling the mobile surveillance 
systems network. The new control room 
will be capable of monitoring a number 
of surveillance units simultaneously. 
The project is being undertaken in 
parallel with the manufacture of the 
mobile surveillance units and should be 
completed by the middle of 2010.
We secured a contract to provide a high 
security perimeter intruder detection 
system (PID) to protect the Nigerian 
Communication Satellite Limited 
(NIGCOMSAT) main operating base station 
in Nigeria. The contract, valued at circa 
$210,000, is to protect the high proﬁ le 
base against intrusion involving the 
installation of a high security detection 
system covering the 1.2km site perimeter 
that will detect any attempt to climb or 
penetrate the perimeter walls or fencing. 
The contract will be completed in 2010
We have also supplied blast resistant 
doors for the West African Gas Pipeline 
project, fever detection systems for the 
World Health Organisation and a range 
of security equipment including covert 
search, investigation and explosive 
detection equipment to government 
security services in Sub Sahara Africa.
We also secured a contract to supply 
the United Nations Mission to Western 
Sahara with an advanced Access Control 
System. The system speciﬁ ed is capable 
of securing up to 2,000 doors across a 
maximum of 255 sites with capacity of up 
to 30,000 separate users.
In the Middle East
Whilst our strategy is to develop and 
operate through our agent network, we 
recognise that we also need a strategic 
‘regional ofﬁ ce’ presence in some 
regions to support our agents and provide 
additional credibility. The Middle East is 
the most important region in question 
and during the year we have continued 
to invest heavily in our Middle East ofﬁ ce 
operations in Dubai and Abu Dhabi and on 
developing much stronger relationships in 
the region. This investment, amounting 
to some £400,000, all of which has been 
expensed in the P&L during the year, is 
already proving to be a sound strategy as 
shown below and is, I believe, leading to 
valuable business and increased market 
presence. 
As I reported in our last annual report, in 
March 2009 we were awarded a £1 million 
contract for the supply of Westminster’s 
newly developed ‘ThruPORT’ rapid 
deployment, high security scanning 
portals which are to be deployed at 
airports within Iraq.  The contract was 
completed at the end of 2009.
ThruPORT is a complete self contained 
scanning solution designed by 
Westminster and utilising a range of overt 
and covert scanning systems, built within 
a specialised ISO shipping container which 
is rapidly deployable and can be shipped 
throughout the world. Once it has arrived 
on site the unit can be set up and fully 
operational within hours.
In April 2009 we were awarded a €2 
million contract for the supply and 
installation of an advanced security net 
across the river Nile to protect the new 
Nagaa Hammadi Dam complex in Egypt. 
This contract is well underway and will be 
completed in 2011.  
The security net comprises a steel wire 
mesh with an integral ﬁ bre optic core 
woven into every strand.  Any attempted 
attack on the net will signal an alarm and 
indicate the location of attack within the 
security control room. The net, spanning 
the entire width of the river Nile, will 
be ﬁ tted with an automatic gate which 
can be remotely opened and closed 
from within the control room, allowing 
authorised ships passage into the lock 
complex.
The ability to design and deliver wide and 
diverse creative solutions of this nature, 
addressing difﬁ cult security issues is, we 
believe, what distinguishes Westminster 
in the market.
Our Close Protection and Consultancy 
division, Longmoor Security, has been 
awarded a rolling 12 month contract 
for the protection of a High Net Worth 
Individual and his family based in 
the Middle East. Under the contract, 
Longmoor will provide both male and 
female close protection operatives 
(bodyguards) providing 24hr security to 
the principal and his family both within 
their home country and also during their 
worldwide travels. The contract is valued 
at £540,000 per annum and commenced 
in September 2009.
The Americas 
In South America, although we have won 
some valuable smaller orders, the major 
contracts on which we have been working 
Rapid Deployment Scanning Portals - Iraq
Westminster secured a contract to supply its ThruPORT self contained 
scanning solution to airports in Iraq. The unit was designed and built by 
Westminster within a specialised ISO shipping container which is rapidly 
deployable and can be shipped throughout the world. Westminster developed 
the ThruPORT concept in response to a market need for a system which 
could provide a secure environment for thorough and effective scanning of 
both people and baggage entering vulnerable or high security sites, such as 
airports, embassies, military compounds and government buildings.
The ThruPORT has generated considerable interest from around the world.
£1 m
Contract Value Westminster Group plc  I  Annual Report & Accounts 2009
CHIEF EXECUTIVE OFFICER’S REPORT CONTINUED 14
have yet to materialise. We currently 
have several major enquiries under 
discussion and now that our website is 
available in Spanish, we believe that this 
market could be more promising for us. 
We are not focussed on winning business 
in North America at this time. 
In Asia Paciﬁ c
The Asia Paciﬁ c region is also a focus 
area for the Group where we anticipate 
growing demand for our services.  We 
have received a number of signiﬁ cant 
enquiries for our products and services 
in the region and we are hopeful of 
announcing important contract wins later 
in 2010.
In conjunction with the British High 
Commission (BHC) and UK Trade & 
Industry (UKTI), we held a two day 
security seminar in Colombo, Sri Lanka. 
The event, held in August 2009 at 
the BHC’s conference facilities, was 
extremely well attended. The war in 
the North of Sri Lanka ended recently, 
however the potential for insurgent 
activity is increasing. It was felt that 
this was an opportune time to conduct 
security seminars for commercial 
organisations and government/defence 
departments. The focus of discussions was 
blast protection, security of buildings, 
enhancing perimeter security, protection 
of critical infrastructure and various anti 
terrorism and crime reduction solutions. 
In September 2009 we reached an 
agreement with Pentagon Protection 
plc, the AIM quoted specialist in the 
supply and installation of enhanced glass 
protection, to be its exclusive agent and 
distributor for the Pentagon range of blast 
and solar reﬂ ective ﬁ lms and anchoring 
solutions in Asia.
In UK & Europe
As reported earlier we are now focussed 
on developing our market share and 
presence within the UK and Europe, 
expanding our customer base in the 
region with a broader range of products 
and services and potential security 
solutions. 
During the year we continued to supply 
and support HM Prisons, which culminated 
in our entering into a four-year 
framework contract with the UK Ministry 
of Justice (MoJ) relating to the supply 
and maintenance of various security 
equipments for UK Prisons. The MoJ 
oversees the operation of 139 prisons in 
England and Wales with varying levels of 
security requirements. Given the scale of 
the Ministry of Justice’s operations we are 
hopeful that we can further develop the 
supply relationship to incorporate more 
of Westminster’s products and services 
in the MoJ’s security and protection 
solution. We have negotiated exclusive 
supply and maintenance contracts with 
overseas suppliers, which we believe will 
be relevant to MoJ.
We have secured a new contract 
for installation of a FOSS perimeter 
detection system to protect a high-
security petrochemical facility in Eastern 
Europe. The Westminster FOSS Perimeter 
Detection System is a ﬁ bre optic 
perimeter security detection and alarm 
locating system which detects intrusions 
to within 25 metres along perimeter 
fences up to 80km long. Multiple systems 
can be networked to monitor long 
distances such as national borders.
Our RMS division has won a new contract 
for the provision of safety systems to the 
Lower Academy in Basildon, Essex. The 
contract is to install and commission a 
Fire Alarm System across three blocks 
with a total of 400 devices. The contract 
will also include the installation of 
a Disabled Refuge and Disabled WC 
system. An extension to this contract was 
announced in January 2010.
RMS has also been awarded various 
contracts in June and July to supply CCTV 
and Intruder Alarm systems to properties 
throughout the London and Nottingham 
areas. RMS was awarded a contract 
to supply various exterior and interior 
cameras with integrated intruder alarms 
by a repeat customer in June. RMS was 
awarded a contract to supply BT Master 
sockets in a large apartment block in 
London, as an additional extension of an 
existing project.
Although there have been some 
successes, RMS has been affected by the 
considerable problems of the construction 
industry. We are looking at ways of 
diversifying its customer base away 
from its traditional customers in the 
construction industry in order to provide 
a more stable ﬂ ow of orders.
We have also been awarded a number 
of important contracts within the 
UK including a contract from Corpus 
Christi College in Cambridge, UK, for 
installation of a specialist ﬁ re prevention 
system called OxyReduct, a contract 
to supply blast protection solutions 
to Thames Valley Police, contracts to 
supply weapon and contraband detection 
systems to be deployed at various British 
Embassies around the world, a contract 
for the supply of ﬁ re test equipment for 
Associated British Ports in Southampton, 
a contract for the supply of specialist 
ﬁ re test equipment for Britain’s Foreign 
& Commonwealth Ofﬁ ce (FCO) and 
a contract for the supply of our JX-P 
Portable Wide Band Frequency Jammer 
for a client in France.
Longmoor Security, acquired in 2009, 
has been awarded a contract to protect 
VIPs and celebrities attending the 2009 
Eurovision Song Contest in Russia and 
provided close protection services during 
the Children in Need TV appeal and 
numerous other specialist protection 
contracts as well as running regular and 
accredited close protection training 
courses throughout the year.
In September 2009 we held a two day 
open day event at our extensive grounds 
at Westminster House which was open 
to both customers and shareholders. 
The event was well supported by 
numerous manufacturers and a wide 
range of products and services were on 
display. The two day event attracted a 
lot of interest and was even featured 
on the BBC – a video of which can be 
seen along with other Group videos 
on the Westminster Channel on You 
Tube here www.youtube.com/user/
WestminsterGroup 
Longmoor Security 
On 25 February 2009 we acquired 
Longmoor Services Limited, which was 
renamed at the end of the year as 
Longmoor Security Limited. The founders 
of Longmoor are highly experienced 
experts in the ﬁ eld of close protection. 
The company offers a range of services 
in this ﬁ eld, including training and 
consultancy, as well as close protection  Westminster Group plc  I  Annual Report & Accounts 2009
  15
for individuals. This is a specialist ﬁ eld 
that is of considerable interest to many 
of our customers around the world. Their 
services complement our existing range 
of services.
Since joining the Group, Longmoor has 
seen its level of activity substantially 
increase, as the result of more intensive 
marketing and more attractive terms for 
the customers, which have built upon the 
reputation for its training services and 
we have high expectations of Longmoor’s 
performance during 2010
The non-executive chairman of Longmoor, 
The Rt Hon Sir John Wheeler, JP , DL, 
has signiﬁ cant experience and extensive 
contacts within the security ﬁ eld, which 
have already been most valuable to us.
Management & Staff
We started 2009 with 44 staff which by 
the year end had grown to 45, including 
our overseas operatives, which, given 
the signiﬁ cant increase in revenues 
we achieved in the year, reﬂ ects the 
scalability of our operations. 
CTAC
I am delighted to report that, on 15 April 
2010, we acquired CTAC Limited for a 
maximum consideration of up to £1.8 
million. CTAC is a specialist integrated 
provider of ‘high end’ security solutions 
to a blue chip client base, which operates 
in operationally critical, high value and 
high proﬁ le ﬁ elds such as cash handling, 
bullion storage, jewellery and diamond 
merchants, chemical storage and utilities.
A key strength of the business is its 24 
hour Alarm Receiving Centre (ARC) which 
is built, operated and certiﬁ cated to 
the National Security Inspectorate (NSI) 
Gold standard, the highest level of such 
certiﬁ cation in the UK. The ARC operates 
as a 24/7 command & control centre 
and monitors alarm and video signals 
from over 1,000 systems across the UK, 
producing a strong recurring revenue 
stream. 
Founded in 2004, CTAC operates from a 
3,000 sq ft premises in Kidderminster, UK, 
supporting clients primarily within the UK 
but with a growing interest and signiﬁ cant 
market potential internationally.
The addition of CTAC to the Group 
continues Westminster’s expansion 
through the integration of complementary 
services. Synergistic beneﬁ ts of the 
acquisition include:
 Niche business in sector and good ﬁ t 
with Westminster’s core business;
 24 hour Command & Control facility 
and Alarm Receiving Centre is a 
major enhancement to the Group’s 
service operations presenting cross 
selling opportunities to other Group 
companies and international clients 
operating across international time 
zones;
 Opportunity to add new services such 
as 24 hour travel advice, emergency 
medical & hostile extraction services 
to overseas travellers and third party 
remote monitoring & call centre 
services; and
 Ready built nationwide service 
team and infrastructure to serve 
Westminster’s increasing UK customer 
base, including Westminster’s 
recently announced contract with 
the Ministry of Justice covering 139 
Prisons in England and Wales.
Share issues
Since the year end we have issued shares 
to raise £763,000 before expenses. This 
included investment from three new 
institutional shareholders. The growth 
and the prospects of our business have 
attracted attention, both within our 
industry and the ﬁ nancial markets. It 
is pleasing therefore to see institutions 
actively investing in Westminster.
Current trading and outlook
We have made a good start to 2010 
with signiﬁ cant contract awards being 
announced for all of our operating 
divisions. Our enquiries are running at 
record levels and we have a substantial, 
active quote bank. 
We have demonstrated our ability to 
deliver complex and innovative solutions 
and secure a broad range of contracts in 
our target markets globally. Westminster’s 
reputation in these markets is 
signiﬁ cantly enhanced with each contract 
delivered.
We have a robust business plan and vision 
with adequate resources to enable the 
further development of the proﬁ le of 
the business. We have clear strategic 
goals and objectives and a commitment 
to the continuing development of 
our operational infrastructure. We 
have a strong management team and 
an experienced board of Directors. 
Accordingly we are conﬁ dent of a solid 
performance for 2010 and exciting growth 
prospects beyond.
Peter Fowler
Chief Executive Ofﬁ cer
23 April 2010
Perimeter Detection Systems – NIGCOMSAT Nigeria
Westminster has been awarded a contract to provide a high security perimeter 
intruder detection system (PID) to protect the Nigerian Communication 
satellite Ltd (NIGCOMSAT) main operating base station in Nigeria.
The system has been designed to protect the high proﬁ le base against intrusion and 
involves the installation of a high security detection system covering the 1.2km site 
perimeter that will detect any attempt to climb or penetrate the perimeter walls or 
fencing.
$210,000
Contract Value Westminster Group plc  I  Annual Report & Accounts 2009
FINANCE DIRECTOR’S REPORT 16
General
The growth in revenues of the business 
continued in 2009, resulting in revenues 
of £7.9 million, 45% higher than in 2008. 
The second half revenues were 37% higher 
than the strong second half of 2008. As a 
result of this performance in the second 
half, we made a proﬁ t after tax for the 
year of £121,000, compared with a proﬁ t 
of £204,000 in 2008. This reduction 
in proﬁ ts conceals an underlying 
improvement in operating proﬁ t before 
foreign exchange gains and losses and 
ﬁ nancing charges. The net cash reserves 
of the Group at 31 December 2009 were 
£0.2 million (2008: £0.6 million).
Income statement
The revenue growth in 2009 to £7.9 
million (2008: £5.5 million) was 
accompanied by a broadening in 
the sources of our revenues. Africa 
represented 53% of revenues (2008: 56%), 
but spread amongst more clients than in 
the previous year.
Our gross proﬁ t margin in 2009 was very 
close to 2008 at 34.6% (2008: 34.9%). Our 
gross margins are a function of the mix 
of business with large complex projects 
tending to generate higher gross proﬁ t 
margins than the more straightforward 
supply of products.
Administrative expenses increased 
by 49% over the year to £2.60 million 
(2008: £1.74 million).In 2008 the Group 
beneﬁ tted from invoicing in dollars and 
holding dollars to the extent of £248,000, 
whereas in 2009 we had foreign exchange 
losses of £73,000. Excluding currency 
gains and losses and the administrative 
costs of Longmoor, our comparable 
administrative expenses rose by 11% 
year on year. We continue to keep costs 
under tight control, whilst ensuring that 
we spend sufﬁ ciently to support our 
continuing growth.
Financing costs were £116,000 for the 
year (2008: £4,000), £82,000 of this 
cost was the effective interest cost on 
the Convertible Loan Notes that were 
issued on 29 June 2009. Finance income 
was £107,000 (2008: bank interest 
£39,000), which was all attributable to 
the fair value movement relating to the 
embedded derivative in the Convertible 
Loan Notes.
The Group’s proﬁ t for the year has been 
offset against losses brought forward, so 
that no tax is payable, although there are 
movements on deferred tax.
Segmental performance
Our advanced technological division, 
Westminster International, saw revenues 
increase by 53%, which resulted in 
an improvement in proﬁ t after tax to 
£239,000 (2008: £63,000). Our low 
voltage division, RMS, saw a slight 
reduction in revenues, but came 
under serious margin pressure, largely 
as the result of the downturn in the 
construction industry. As a result the 
loss after tax increased from £55,000 to 
£165,000. Our close protection division, 
Longmoor Security, generated a loss 
after tax of £134,000, broadly in line 
with expectations for the ﬁ rst period of 
operation.
Balance sheet 
At 31 December 2009 the Group had 
shareholders’ equity of £3.8 million 
(2008: £3.3 million). The Group’s 
principal tangible assets are £0.2 million 
cash (2008: £0.6 million) and the 4.5 acre 
freehold head ofﬁ ce site in Oxfordshire. 
The site was valued as at 31 December 
2009 at £859,000. We have made further 
improvements to the property, but do 
not consider that an external valuation 
is warranted this year, as the Directors 
believe that no diminution in value of the 
property has taken place in the last year.
Trade receivables were £3.60 million at 
31 December 2009 (2008: £2.41 million). 
On the Juba contract $3.4 million was due 
at 31 December 2009 (2008: $2.3million). 
Our customer, the Government of 
Southern Sudan has had payment timing 
problems. However during 2009 we 
received $1.8 million and in 2010 we 
have received $2.72 million, which 
demonstrates the willingness of GOSS to 
ensure that we are paid in full. We wish 
to co-operate with the Government, as 
there is major reconstruction work going 
on in Southern Sudan and we believe that 
our co-operation will lead to substantial 
new orders there in the future.
The Group has contracts that straddle 
ﬁ nancial periods and that are closer to 
completion than invoicing would suggest; 
this has enabled the Group to recognise 
amounts recoverable on contracts of 
£94,000 that will be invoiced in 2010 
(2008: £157,000). 
894,735 new shares were issued in the 
year as part of the consideration for the 
acquisition of Longmoor Security Limited. 
They were issued at a price of 43.5p 
each, thereby generating a premium of 
£299,000 taken to merger relief reserve. 
Goodwill was also created of £578,000, as 
detailed in the notes to the accounts.
Liabilities include trade payables which 
totalled £518,000 at 31 December 2009 
“The growth in revenues of the business continued in 2009, 
resulting in revenues of £7.9 million, 45% higher than in 
2008. Since the year end we have issued shares to raise 
£763,000 before expenses. The ability to raise capital in 
such difﬁ cult times gives the Board conﬁ dence that we can 
continue to attract support to develop our business”.
Nicholas Mearing-Smith
Finance Director Westminster Group plc  I  Annual Report & Accounts 2009
 17
(2008: £714,000). Deferred income 
stands at £423,000 (2008: £477,000) and 
represents invoices raised on which the 
revenue has not yet been recognised on a 
number of contracts. Accruals and other 
payables have fallen to £179,000 at the 
year end (2008: £222,000) and represent 
a number of relatively minor items.
One unusual aspect of our balance sheet 
is the need to provide performance 
bonds, advance payment guarantees and 
bid bonds underwritten by our bank in 
respect of various contracts that we have 
secured or are seeking. Our bank facility 
provides for a maximum of £545,000 of 
such bonds to be outstanding at any one 
time. If the total of bonds outstanding 
exceeds that ﬁ gure, then the excess 
has to be locked up as cash on deposit 
to secure the bonds. The Board is still 
looking for ways to improve our capacity 
to support higher amounts of bonds 
without requiring cash deposits.
Cash ﬂ ows 
The Group had net cash outﬂ ows of 
£370,000 (2008: £1.0 million), which 
comprised operating cash used of £1.2 
million (2008: £764,000), investing cash 
used £185,000 (2008: £234,000) and 
ﬁ nancing activities cash generated of 
£1.02 million (2008: cash used £18,000). 
The operating cash used is much higher 
than would be anticipated from a 
proﬁ table business, owing to the effects 
of the Juba contract, as discussed in 
the section – Balance Sheet. Investing 
activities, cash used relates mainly to the 
improvements to the property.
Gross proﬁ t margin
Gross proﬁ t margin was broadly stable 
between 2009 – 34.6% and 2008 – 34.9%. 
The level of gross proﬁ t margin is largely 
dependent upon the mix of business 
in the year. In general, product supply 
generates lower margins than more 
complex integrated systems.
Earnings per share
The Group recorded basic earnings per 
share of 0.82 pence (2008: 1.45 pence). 
Key performance indicators
The main performance indicators 
used in 2009 were gross proﬁ t margin, 
operating proﬁ t and loss and individual 
job proﬁ tability. The Group management 
information contains signiﬁ cant detail 
concerning operational performance and, 
in addition to the above measures, the 
Board reviews the ratio of operating proﬁ t 
to operating cash ﬂ ows, administrative 
expenses compared to budget as well as 
debtor ageing and revenue visibility.
In addition to the main ﬁ nancial 
indicators, the Board reviews a range of 
non-ﬁ nancial indicators. The business 
is long-term in nature, meaning that 
decisions concerning major projects can 
take years to develop to the point of 
order. Therefore operational management 
monitors enquiry activity very closely. The 
Group maintains an extensive quote book 
of live enquiries which are reviewed on a 
regular basis with all call activity logged. 
We particularly focus on those enquiries 
where decisions are expected imminently. 
In addition, the number and average 
size of orders are carefully reviewed to 
identify any emerging trends in order 
sizes or products demanded. The use of 
these extensive indicators ensures that 
we are well informed of, and in control 
of, the ﬁ nances of the Group.
Acquisition of CTAC Limited
On 15 April 2010 Westminster Group 
plc acquired the entire issued share 
capital of CTAC Limited for an initial 
consideration of £825,000, which was 
satisﬁ ed by £500,000 in cash and the 
balance of £325,000 by the issue of 
792,683 new ordinary shares of 10p each 
in Westminster at 41p on the date of 
completion. Two further performance 
based payments will be made, calculated 
on 40% of net proﬁ t in each of the two 
years following completion, up to a 
maximum aggregate additional payment 
of £1 million.
All the numbers referred to in this 
paragraph are unaudited. The net assets 
of CTAC at 31 December 2009 were 
£280,000. The pre tax loss for the year 
to 31 December 2009, after exceptional 
costs of £274,000, was £70,000 compared 
with a pre tax proﬁ t for the year to 
31 December 2008 of £200,000. The 
exceptional costs of £274,000 in 2009 
relate to contract over-runs, now 
rectiﬁ ed, and one-off consultancy fees 
relating to preparation for sale and 
the NSI certiﬁ cation costs. Excluding 
exceptional costs the operating proﬁ t for 
2009 was £204,000. The ﬁ rst three trading 
months of 2010 indicate an underlying 
trading proﬁ t of £89,000 and a strong 
recurring revenue base.
Share issues
On 15 April 2010 Westminster Group plc 
placed 747,000 New Ordinary Shares at a 
placing price of 33.5p to raise £250,000 
before expenses.
On 16 April 2010 The Group raised further 
working capital through a subscription 
of 1,250,000 new Ordinary Shares at 
41p, raising £512,000 before expenses 
from new investors. Following the issue 
of the new shares for the acquisition 
of CTAC, the placing on 15 April 2010 
and the subscription on 16 April 2010, 
Westminster’s enlarged issued share 
capital will comprise 17,730,754 Ordinary 
Shares.
The ability to raise capital in such 
difﬁ cult times gives the Board conﬁ dence 
that we can continue to attract support  
to develop our business.
Nicholas Mearing-Smith
Finance Director
23 April 2010 Westminster Group plc  I  Annual Report & Accounts 2009
BOARD OF DIRECTORS 18
Lieutenant Colonel
Sir Malcolm Ross GCVO, OBE
Non-Executive Chairman 
Lieutenant-Colonel Sir Malcolm Ross 
GCVO OBE, was a member of the Royal 
Household of the Sovereign of the United 
Kingdom, and from 2006 to 2008, of the 
Prince of Wales.
Sir Malcolm was educated at Eton and 
Sandhurst. He served in the Scots Guards, 
holding the posts of Adjutant at the Royal 
Military Academy Sandhurst, and reached 
the rank of Lieutenant-Colonel in 1982.
Sir Malcolm joined the Royal Household 
in 1987 as Assistant Comptroller of 
the Lord Chamberlain’s Ofﬁ ce and 
Management Auditor. In 1989 he ceased 
to be Management Auditor, but remained 
as Assistant Comptroller until 1990. 
From 1989 to 1990 he was Secretary of 
the Central Chancery of the Orders of 
Knighthood. He was Comptroller of the 
Lord Chamberlain’s Ofﬁ ce 1991-2005, and 
became Master of the Household to the 
Prince of Wales in 2006. Since 1988 he has 
been an Extra Equerry to The Queen.
Peter Fowler
Chief Executive Ofﬁ cer 
Peter has over 40 years experience 
operating within the security industry, 
with particular reference to the 
electronic protection sector.
Peter started his career in the security 
industry in 1970, quickly progressing 
into senior management roles and has 
a long history of running successful 
companies having built and sold two 
security businesses, successfully carried 
out acquisitions and disposals and has 
held several senior positions in listed 
companies.
Peter joined Westminster as Managing 
Director in 1996, carried out an MBO of 
the business in 1998 and led the IPO on 
AIM in 2007. He is widely travelled and 
has developed an extensive network 
of contacts around the world, having 
met numerous senior governmental 
and military personnel in many of the 
countries in which Westminster operate.
Nicholas Mearing-Smith
BScEcon, FCA, ATII, MSI
Finance Director 
Nicholas is a chartered accountant, a 
former partner of a major stockbroking 
ﬁ rm and an ex-investment banker. In 
1989 he founded a cable television 
business, which became part of NYNEX 
CableComms plc, of which he became 
Chief Financial Ofﬁ cer. When NYNEX 
CableComms merged into Cable & 
Wireless Communications plc, he became 
Finance Director of the operation 
which had a £2.3 billion turnover. Both 
companies were ﬂ oated on the London 
Stock Exchange, in 1995 and 1997 
respectively.
Nicholas left in 1999 to become C.E.O. of 
an international cable business and has 
more recently been involved in starting 
and managing new telecoms and related 
businesses.
Nicholas joined Westminster as Finance 
Director in February 2007. Westminster Group plc  I  Annual Report & Accounts 2009
  19
Roger Worrall
Commercial Director
Roger has 40 years experience in the 
electrical and electronic installation and 
manufacturing industries.
Roger began his career in the Royal Navy 
before joining an electrical company 
specialising in large scale electrical 
contracting. In 1975 Roger joined the 
then newly formed Menvier (Electronic 
Engineers) Limited, a forerunner to the 
Menvier-Swain Group Plc, an international 
supplier of ﬁ re and safety systems, and 
was appointed a director in 1987. The 
Menvier-Swain Group Plc grew from a 
small group of companies in the UK to a 
global group of 18 companies. Roger was 
involved with the integration and the 
subsequent rationalisation of many of 
these companies.
Menvier Swain Group Plc joined the 
Unlisted Securities Market (USM) in 
1986 and moved to a full listing in 1992. 
Roger remained with the Menvier-Swain 
Group Plc until 1999, when he joined 
Westminster Security Systems as a 
Director.
Stuart Fowler BEng (Hons)
Operations Director 
Stuart has many years experience of 
the security industry and has been 
particularly involved in many of the 
more complex integrated security 
systems.
Stuart studied computing and business 
studies at University obtaining a 
Bachelor of Engineering Honours 
degree in 1996. After university Stuart 
successfully implemented several 
software development projects 
for listed companies before joining 
Westminster in 1998 as IT manager. 
After acquiring considerable experience 
with the vast array of technical products 
and equipment in which the Company is 
involved, he was appointed a Director 
within the Group in 2000. 
Since that time Stuart has been 
instrumental in the design and 
implementation of many larger 
complex systems installed by 
Westminster and is now responsible for 
the Group’s operations and technical 
implementation worldwide.
Sir Michael Pakenham 
KBE, CMG
Non-Executive Director 
Sir Michael Pakenham had a distinguished 
career in the British Diplomatic Service 
lasting nearly 40 years, during which 
time he held posts in Poland, Paris, 
Washington, New Delhi, Nairobi, Brussels, 
Luxembourg and London. Whilst in the 
Cabinet Ofﬁ ce in Whitehall he served 
for three years as Cabinet Secretary 
for Defence and Overseas Affairs, as 
Chairman of the Joint Intelligence 
Committee and as Intelligence 
Coordinator. He retired from the Service 
in 2003 at which point he was British 
Ambassador to Poland.
He is a Senior Advisor to Access Industries, 
a US-based private holding company with 
global interests, including in Russia; and 
a member of the European Advisory Board 
to Northrop Grumman IT . He has led work 
on the EU Security & Technology research 
project with Thales and IISS. Other 
appointments include being a member 
of the Council of Kings College, London 
University; and Trustee of the Chevening 
Estate. Westminster Group plc  I  Annual Report & Accounts 2009
DIRECTORS’ REPORT 20
The Directors present their report and the audited ﬁ nancial statements for the year ended 31 December 2009.  
Principal activities
Westminster Group plc (the “Company”) and its subsidiaries (together the “Group”) design, supply and provide ongoing support for 
advanced technology security, safety, ﬁ re and defence solutions to a variety of government and related agencies, non-governmental 
organisations and mainly blue chip commercial organisations. 
The Group operates through a network of agents located in 45 countries at 31 December 2009. These agents typically generate sales 
leads and work with the Group in preparing tender documentation. The majority of the agents are based in the Middle East, the Far 
East and Africa.
Review of business, future developments and key performance indicators
A full review of the business and future developments, incorporating key performance indicators, is set out in the Chief Executive 
Ofﬁ cer’s and Finance Director’s reports.
The Directors who held ofﬁ ce during the year were as follows:
Executive Directors      
P .D. Fowler     
S.P . Fowler     
N.P . Mearing-Smith     
R.W. Worrall     
Non-Executive Directors     
Lt. Col. Sir Malcolm Ross GCVO OBE      
The Hon. Sir Michael Pakenham KBE CMG     
Risk management objectives and strategy
The Group faces a number of risks posed by international expansion, the solvency of contractors, start date risks as well as political 
risks. The Group also has large contracts, which create particular risks. The Group’s management is active in assessing all risks and 
uncertainties facing the Group and is proactive in taking preventative action to mitigate these risks wherever possible. However, 
political risks are beyond the control of the Group’s management. 
The main implications for our business of these risks are:
International expansion creates risks of doing business in countries and jurisdictions with differing cultures and laws to that of the 
UK. By working with agents who are local to each country, we seek to minimise those risks; 
The solvency of suppliers/contractors is a potential risk. Although we try to ensure that alternative suppliers are available to us, this 
is not always possible. Under such circumstances great care is taken to ensure the stability of such suppliers and commercial terms 
are agreed to reduce the risk to the Group; 
Large contracts, due to size, can constitute some risk. However we aim to reduce this risk by careful planning, project management 
and obtaining a broader spread of contracts;
We experience start date risks with some of our larger contracts, as the clients cannot always be sure of when their budgets will 
be approved and, sometimes, we have to ﬁ t our schedule around that of a larger overall contract. We seek to limit such risks by 
avoiding committing ourselves to purchasing supplies until the start date has been ﬁ rmly agreed;
Political risks are always an issue when dealing with Government clients. We endeavour to minimise such risks by having sound 
contracts and a good understanding of what is happening in the speciﬁ c country through the knowledge of our agents; 
The Director’s believe that the Group’s strategy of not being a manufacturer or being dependent on any particular technology and in 
offering a broad range of products and services to a wide range of clients with a wide geographical spread is a key strength and helps 
minimise operational risk.
The main ﬁ nancial risks are set out in Note 30. At the balance sheet date, the most signiﬁ cant risk was in respect of the amount due 
on the Juba contract. However since the year end we have received $2.72 million, which removes any risk concerns in this respect. 
Other risks are monitored and controlled on a continuing basis. 
Results and dividends
The Group’s results for the ﬁ nancial year are set out in the consolidated statement of comprehensive income. 
The Directors do not recommend the payment of a dividend (2008: nil). Westminster Group plc  I  Annual Report & Accounts 2009
 21
Directors’ interests in share capital and share options
Details of the Directors’ interests in share capital and share options are contained in the Remuneration Committee report.
Other signiﬁ cant interests in the Company
At 23 April 2010 those shareholders, other than Directors, who had disclosed to the Company an interest of more than 3 per cent of 
the issued share capital, are set out as follows:
Name of shareholder or nominee Holding %
Northcote (IOM) Ltd 13.48%
Policy on payments to suppliers
It is a policy of the Group in respect of all suppliers, where reasonably practical, to agree the terms of payment with those suppliers 
when agreeing the terms of each transaction and to abide by them. The ratio of amounts owed to trade creditors at the year end to 
total purchases during the year was 43 days (2008: 70 days).
Share price 
During 2009 the Company’s share price ranged from 31p to 48p and the share price at 31 December 2009 was 32.5p (2008: 44.5p).
Acquisition of Longmoor Security Limited
On 25 February 2009 the Group acquired Longmoor Services Limited, now renamed Longmoor Security Limited. The initial 
consideration of £389,210 was satisﬁ ed by the issue of 894,735 Ordinary Westminster shares at 43.5p on the date of completion.  
In each of the two years following completion, a calculation of net proﬁ t before tax will be made and, on the basis of that 
calculation, two performance based payments will be made of 50% of those proﬁ ts, if earned, up to a maximum aggregate additional 
payment of £2 million. See note 9.
Directors’ and ofﬁ cers’ liability insurance 
The Company, as permitted by sections 234 and 235 of the Companies Act 2006, maintains insurance cover on behalf of the Directors 
and Company secretary indemnifying them against certain liabilities which may be incurred by them in relation to the Company.
Post balance sheet events
On 15 April 2010 we acquired the entire issued share capital of CTAC Limited for an initial consideration of £825,000, which was 
satisﬁ ed by £500,000 in cash and the balance of £325,000 by the issue of 792,683 new ordinary shares of 10p each in Westminster at 
41p on the date of completion. Two further performance based payments will be made, calculated on 40% of net proﬁ t in each of the 
two years following completion, up to a maximum aggregate additional payment of £1 million.
On 15 April 2010 Westminster Group Plc placed 747,000 New Ordinary Shares at a placing price of 33.5p to raise £250,245 before 
expenses.
On 16 April 2010 The Group raised further working capital through a subscription of 1,250,000 new Ordinary Shares at 41p, raising 
£512,500 before expenses from new investors. Following the Issue of the new shares for the acquisition of CTAC, the placing on 15 
April 2010 and the subscription on 16 April 2010, Westminster’s enlarged issued share capital will comprise 17,730,754 Ordinary 
Shares.
Going Concern
After making enquiries, the Directors have a reasonable expectation that the Group has adequate resources to continue in 
operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the 
ﬁ nancial statements.  This is explained further in note 2.
Auditor
Grant Thornton UK LLP were appointed auditor on 22 September 2009 to ﬁ ll a casual vacancy in accordance with section 489(3) of 
the Companies Act 2006.  In accordance with s489(4) of the Companies Act 2006 a resolution to reappoint Grant Thornton UK LLP as 
auditor will be proposed at the Annual General Meeting to be held on 3 June 2010
On behalf of the Board
P.D. Fowler  N.P. Mearing-Smith
Director   Director
23 April 2010
Registered number  3967650 Westminster Group plc  I  Annual Report & Accounts 2009
REMUNERATION COMMITTEE REPORT 22
The information contained in this report is unaudited except where speciﬁ ed.
Introduction
As an AIM-listed company, the preparation of a Remuneration Committee report is not an obligation. The Group has, however, sought 
to provide information that is appropriate to its size and organisation.
Unaudited
The Remuneration Committee of the Board was established on admission of the Company to AIM in June 2007 and consists solely of 
the following Executive and Non-Executive Directors: 
Lt. Col. Sir Malcolm Ross (Chairman)
Peter Fowler
Sir Michael Pakenham
The Remuneration Committee is responsible for establishing a formal and transparent procedure for developing policy on executive 
remuneration and to set the remuneration packages of individual Directors. This includes agreeing with the Board the framework for 
remuneration of the Chief Executive, all other Executive Directors, the Company Secretary and such other members of the executive 
management of the Company as it is designated to consider. It is furthermore responsible for determining the total individual 
remuneration packages of each Director, including, where appropriate, bonuses, incentive payments and share options. 
The Committee’s policy is to provide a remuneration package which will attract and retain Directors and management with the 
ability and experience required to manage the Group and to provide superior long-term performance. It is the aim of the Committee 
to reward Directors competitively and on the broad principle that their remuneration should be in line with the remuneration paid to 
senior management of comparable companies. There are four main elements of the remuneration package for Executive Directors: 
base salary, share options, beneﬁ ts and annual bonus.
Base salary is reviewed annually and in setting salary levels the Remuneration Committee considers the experience and 
responsibilities of the Executive Directors and their personal performance during the previous year. The Committee also takes 
account of external market data, as well as the rates of increases for other employees within the Group. 
Share options are granted having regard to an individual’s seniority within the business and are designed to give Directors an interest 
in the increase in the value of the Group.
Beneﬁ ts primarily comprise the provision of health insurance.
Annual bonus, all Executive Directors and executive management participate in the Group’s annual bonus scheme, which is based 
upon the assessment of individual performance, subject to the Group achieving proﬁ tability commensurate with its revenues and 
capital employed. For the years ended 31 December 2009 and 2008 no bonus payments were payable.
Meetings
The Remuneration Committee met twice during the year. 
Options
The Group considers it important to incentivise employees and Directors through share incentive arrangements. The Company 
adopted the Share Option Scheme on 3 April 2007, under which it granted EMI options and unapproved options to certain employees 
and Directors over its ordinary shares. Options have been granted subsequently, as set out in note 24, as are the main terms of the 
option scheme.
Non-Executive Directors’ remuneration
Non-Executive Directors’ remuneration is determined by the Board as a whole, each refraining from determining his own 
remuneration. In general, the fees paid to Non-Executive Directors are set at a level intended to attract individuals with the 
necessary experience and ability to make a signiﬁ cant contribution to the Group. The service contracts of the Non-Executive 
Directors specify the following: 
Non-Executive Directors Severance Notice Contractual Fees £
Lt. Col. Sir Malcolm Ross None 3 months 35,000
Sir Michael Pakenham None 3 months 24,000
Executive and Non-Executive Directors’ remuneration package and interest in share capital
Details of the Executive and Non-Executive Directors’ remuneration and interest in share capital for the year ended 31 December 
2009 are as follows: Westminster Group plc  I  Annual Report & Accounts 2009
 23
Audited
Basic salary/fee Beneﬁ ts in kind Bonus
Share based 
payment cost
Total
remuneration 
2009
Executive Directors £’000 £’000 £’000 £’000 £’000 
P.D. Fowler 150 1 - - 151
S.P . Fowler 75 1 - - 76
N.P . Mearing-Smith 125 2 - - 127
R.W. Worrall 75 1 - - 76
425 5 - - 430
Non-Executive Directors
Lt. Col. Sir M. Ross 35 3 - 1 39
Sir Michael Pakenham 24 -  -  -24
59 3 - 1 63
484 8 - 1 493
Unaudited
The Executive and Non-Executive Directors who held ofﬁ ce during the year had no interests in the shares in, or debentures or loan 
stock of, the Company or any of its subsidiaries except for the following holdings of Ordinary shares in the Company:
Executive Directors and Non-Executive Directors
Interest at 
end of year
Interest at beginning of year
(or date of appointment if later)
Lt. Col. Sir M. Ross 37,550 37,550
P .D. Fowler 4,625,930 4,625,930
S.P . Fowler 541,618 541,618
N.P . Mearing-Smith 91,944 91,944
R.W. Worrall 2,128,522 2,128,522
Sir Michael Pakenham - -
In addition to the interests disclosed above, certain Executive and Non-Executive Directors have options to acquire ordinary shares in 
the Company granted under the Share Option Plan. Full details are as follows: 
Number of options over ordinary shares of 10p each in the Company:
Directors
1 Jan     
2009
Granted Exercised Forfeited
31 Dec 
2009
Exercise 
price
Market price 
at date of 
grant
Date from 
which 
exercisable
Lt. Col. Sir M. Ross 67,862 - - - 67,862 67.5p 67.5p 21 Jun 09
S.P . Fowler 48,000 - - - 48,000 10.0p 5.7p 5 Apr 09
S.P . Fowler - 15,000 - - 15,000 34.5p 34.5p 25 Sep 11
N.P . Mearing-Smith 15,000 - - - 15,000 10.0p 5.7p 5 Apr 09
N.P . Mearing-Smith 9,000 - - - 9,000 74.0p 75.0p 20 Sep 09
N.P . Mearing-Smith - 15,000 - - 15,000 34.5p 34.5p 25 Sep 11
R.W. Worrall 24,000 - - - 24,000 10.0p 5.7p 5 Apr 09
R.W. Worrall - 5,000 - - 5,000 34.5p 34.5p 25 Sep 11
Sir Michael Pakenham 15,000 - - - 15,000 52.5p 52.5p 21 Apr 10
Sir Michael Pakenham - 2,000 - - 2,000 34.5p 34.5p 25 Sep 11
The market price of the shares at 31 December 2009 was 32.5p and the range during the year was 31p to 48p. 
On behalf of the Board
Lt. Col. Sir Malcolm Ross
Chairman of the Remuneration Committee
23 April 2010 Westminster Group plc  I  Annual Report & Accounts 2009
CORPORATE GOVERNANCE REPORT 24
The Directors are committed to delivering high standards of corporate governance to the Group’s shareholders and other 
stakeholders including employees, suppliers and the wider community. As an AIM-listed company, full compliance with the Combined 
Code is not a formal obligation. The Group has, however, sought to adopt the provisions of the Code that are appropriate to its 
size and organisation and establish frameworks for the achievement of this objective. The Board of Directors operates within the 
framework described below.
The Board
The Board sets the Group’s strategic aims and ensures that necessary resources are in place in order for the Group to meet its 
objectives. All members of the Board take collective responsibility for the performance of the Group and all decisions are taken 
in the interests of the Group. Whilst the Board has delegated the normal operational management of the Group to the Executive 
Directors and other senior management, there are detailed speciﬁ c matters subject to decision by the Board of Directors. These 
include acquisitions and disposals, joint ventures and investments, projects of a capital nature and all signiﬁ cant contracts. The Non-
Executive Directors have a particular responsibility to challenge constructively the strategy proposed by the Executive Directors; to 
scrutinise and challenge performance; to ensure appropriate remuneration and that succession planning arrangements are in place in 
relation to Executive Directors and other senior members of the management team. The senior executives enjoy open access to the 
Non-Executive Directors. 
The Board is responsible for ensuring that a sound system of internal control exists to safeguard shareholders’ interests and the 
Group’s assets. It is responsible for the regular review of the effectiveness of the systems of internal control. Internal controls are 
designed to manage rather than eliminate risk and therefore even the most effective system cannot provide assurance that each 
and every risk, present and future, has been addressed. The key features of the system that operated during the year are described 
below.
Organisational structure and control environment
The Board of Directors meets at least six times a year to review the performance of the Group. It seeks to foster a strong ethical 
culture across the Group. There are clearly deﬁ ned lines of responsibility and delegation of authority from the Board to the operating 
subsidiaries. The Directors of each trading subsidiary meet on a regular basis with normally at least two members of the Group Board 
in attendance.
Internal control
The key procedures which the Directors have established with a view to providing effective internal control are as follows:
• Regular Board meetings to consider the schedule of matters reserved for Directors’ consideration;
• A risk management process;
• An established organisational structure with clearly deﬁ ned lines of responsibility and delegation of authority;
• Appointment of staff of the necessary calibre to fulﬁ l their allotted responsibilities;
• Comprehensive budgets, forecasts and business plans approved by the Board, reviewed on a regular basis, with performance 
monitored against them and explanations obtained for material variances; and
• An Audit Committee of the Board, comprising Non-Executive Directors, which considers signiﬁ cant ﬁ nancial control matters as 
appropriate.  
There is currently no internal audit function in view of the size of the Group, although this is kept under annual review.
Risk management 
The Board has the primary responsibility for identifying the major risks facing the Group. The Board has adopted a schedule 
of matters which are required to be brought to it for decision, thus ensuring that it maintains full and effective control over 
appropriate strategic, ﬁ nancial, organisational and compliance issues. The Board has identiﬁ ed a number of key areas which are 
subject to regular reporting to the Board. The policies include deﬁ ned procedures for seeking and obtaining approval for major 
transactions and organisational changes.
Risk reviews are carried out by each subsidiary and reviewed annually as part of an ongoing risk assessment process. The focus of 
the reviews is to identify the circumstances, both internally and externally, where risks might affect the Group’s ability to achieve 
its business objectives. The management of each subsidiary periodically reports to the Board any new risks. In addition to risk 
assessment, the Board believes that the management structure within the Group facilitates free and rapid communication across 
the subsidiaries and between the Group Board and those subsidiaries and consequently allows a consistent approach to managing 
risks. Certain key functions are centralised, enabling the Group to address risks to the business present in those functions quickly and 
efﬁ ciently. Westminster Group plc  I  Annual Report & Accounts 2009
 25
Corporate responsibility
The Board is very aware of the importance of its corporate responsibilities, particularly in terms of ensuring that high standards of 
behaviour are maintained wherever the Group is operating. The following principles and processes have been established for that 
purpose:
• Only supply goods and services that improve people’s safety and security – no offensive activities;
• ISO 9001:2008 certiﬁ ed;
• ISO 14001:2004 environmental management system certiﬁ cation in progress; 
• Members of ADS Aerospace, Defence & Security Association; 
• Operate a strict ethical policy with both staff and agents within the principles of CIS (Common Industry Standard) produced by 
the Aerospace and Defence Organisation of Europe; 
• Comply with UK and International Export Controls criteria – key staff have attended required courses; 
• Providing valuable employment and investment opportunities in third world areas; 
• Promoting environmental solutions – e.g. solar street lighting, oil leak detection etc;
• Providing speakers at conferences & seminars, referenced by press & media; and
• Supporting and assisting local and international charities.
Financial planning, budgeting and monitoring
The Group operates a planning and budgeting system with an annual budget approved by the Board. There is a ﬁ nancial reporting 
system which compares results with the budget and the previous year on a monthly basis to identify any variances from approved 
plans. Rolling cash ﬂ ow forecasts form part of the reporting system. The Group remains alert to react to other business opportunities 
as they arise.
Capital management policies and procedures
The Group’s capital management objectives are:
• To ensure the Group’s ability to continue as a going concern; and
• To provide an adequate return to shareholders
The Group monitors capital on the basis of the carrying amount of equity plus its convertible loan, less cash and cash equivalents as 
presented on the face of the statement of ﬁ nancial position.
The Group sets the amount of capital in proportion to its overall ﬁ nancing structure, ie equity and ﬁ nancial liabilities other than 
its convertible loan. The Group manages the capital structure and makes adjustments to it in the light of changes in economic 
conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may 
adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.
There is no requirement for the Group to maintain a strong capital base for each of its UK subsidiaries and therefore each subsidiary 
is ﬁ nanced by inter-company debt from the parent company. These policies have not changed in the year. The Directors believe that 
they have been able to meet their objectives in managing the capital of the Group.
Capital for the reporting periods under review is summarised as follows:
2009 2008
£’000 £’000
   
Total equity 3,817 3,299
Convertible loan 843 -
Cash and cash equivalents (475) (588)
Capital 4,185 2,711
Total equity 3,817 3,299
Borrowings 1,116 16
Overall ﬁ nancing 4,933 3,315
Capital to overall ﬁ nancing ratio 0.85 0.82 Westminster Group plc  I  Annual Report & Accounts 2009
CORPORATE GOVERNANCE REPORT CONTINUED 26
Non-Executive Directors
The Non-Executive Directors are considered by the Board to be independent in character and judgement and there are not 
considered to be any circumstances that are likely to affect their judgement as Directors of the Group.
Audit Committee
The Audit Committee meets no less than twice a year with the auditor in attendance. It also assists the Board in observing its 
responsibility for ensuring that the Group’s accounting systems provide accurate and timely information and that the Group’s 
published ﬁ nancial statements represent a true and fair reﬂ ection of the Group’s ﬁ nancial position and its performance in the period 
under review. The Committee also ensures that internal controls and appropriate accounting policies are in place, reviews the 
scope and results of the audits, the independence and objectivity of the auditor and establishes that an effective system of internal 
ﬁ nancial control is maintained.
The Committee has primary responsibility for making a recommendation on the appointment or re-appointment of the external 
auditor. In order to maintain the independence of the external auditor, the Board has determined guidelines as to what non-audit 
services can be provided by the Company’s external auditor and the approval processes related to them. Under those policies work 
of a consultancy nature will not be offered to the external auditor unless there are clear efﬁ ciencies and value added beneﬁ ts to the 
Company. Additionally the auditor conﬁ rms its independence in writing each year. The committee also monitors the level of non-
audit fees paid to the external auditor. 
The Audit Committee consists of Sir Michael Pakenham (Chairman) and Sir Malcolm Ross.
Remuneration Committee
The Remuneration Committee meets no less than twice a year and is responsible for determining the remuneration of main Board 
Directors and agrees the terms and conditions of their service contracts. It has access to relevant comparable information in 
respect of similar businesses. The Committee is responsible for the allocation of options under the Company’s executive share 
option scheme. The Committee also maintains a watching brief over the general employment terms and pay structures, existing or 
proposed, for the subsidiary trading companies. The Remuneration Committee consists of Sir Malcolm Ross as Chairman, Sir Michael 
Pakenham and Peter Fowler.
Risks and uncertainties
The Group’s management is active in assessing all the risks and uncertainties facing the Group and is proactive in taking preventative 
action to mitigate these risks wherever possible. 
Dialogue with Institutional Shareholders
The Directors seek to build on a mutual understanding of objectives between the Group and its institutional shareholders. This is 
done through meetings following the publication of the year-end and interim results.
Board attendance
The Board and principal Committee meetings attended by each Director during the year are shown in the table below:
Director Board meetings attended in the year
Audit Committee 
meetings attended in 
the year
Remuneration
Committee meetings
attended in the year
Scheduled
meetings
Non-scheduled 
meetings
Total 6 2 3 2
Sir Michael Pakenham 6 - 3 1
Lt Col Sir M. Ross 5 1 3 2
P .D. Fowler 5 2 - 2
S.P . Fowler 6 2 - -
N.P Mearing-Smith 6 - 3 -
R.W. Worrall 6 2 - - Westminster Group plc  I  Annual Report & Accounts 2009
STATEMENT OF DIRECTORS’ RESPONSIBILITIES 27
Statement of directors’ responsibilities
The directors are responsible for preparing the Annual Report and the accounts in accordance with applicable law and regulations.
Company law requires the directors to prepare ﬁ nancial statements for each ﬁ nancial year. Under that law the directors have elected 
to prepare ﬁ nancial statements in accordance with International Financial Reporting Standards as adopted by the European Union 
(IFRSs).  The ﬁ nancial statements are required by law to give a true and fair view of the state of affairs of the group and parent 
company and of the proﬁ t or loss of the group for that period.  In preparing these ﬁ nancial statements, the directors are required to:
• select suitable accounting policies and then apply them consistently
• make judgments and estimates that are reasonable and prudent
• state whether applicable IFRSs have been followed, subject to any material departures disclosed and explained in the ﬁ nancial 
statements
• prepare the ﬁ nancial statements on the going concern basis unless it is inappropriate to presume that the company will continue 
in business.
The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the 
ﬁ nancial position of the company and enable them to ensure that the ﬁ nancial statements comply with the Companies Act 2006.  
They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and 
detection of fraud and other irregularities.
In so far as each of the directors is aware:
• there is no relevant audit information of which the company’s auditor is unaware; and
• the directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and 
to establish that the auditor is aware of that information.
The directors are responsible for the maintenance and integrity of the corporate and ﬁ nancial information included on the company’s 
website. Legislation in the United Kingdom governing the preparation and dissemination of ﬁ nancial statements may differ from 
legislation in other jurisdictions. 
On behalf of the Board
P.D. Fowler  N.P. Mearing-Smith 
Director   Director
23 April 2010 Westminster Group plc  I  Annual Report & Accounts 2009
INDEPENDENT AUDITOR’S REPORT TO THE 
MEMBERS OF WESTMINSTER GROUP PLC 28
We have audited the ﬁ nancial statements of Westminster Group plc for the year ended  31 December 2009 which comprise the 
consolidated statement of comprehensive income, the consolidated and company statement of ﬁ nancial position, the consolidated and 
company statements of changes in equity, the consolidated and company statements of cash ﬂ ow and the related notes. The ﬁ nancial 
reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) 
as adopted by the European Union and, as regards the parent company ﬁ nancial statements, as applied in accordance with the provisions 
of the Companies Act 2006.
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our 
audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an 
auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone 
other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditor
As explained more fully in the Directors’ Responsibilities Statement set out on page 27, the Directors are responsible for the preparation 
of the ﬁ nancial statements and for being satisﬁ ed that they give a true and fair view. Our responsibility is to audit the ﬁ nancial 
statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to 
comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors.
Scope of the audit of the ﬁ nancial statements
A description of the scope of an audit of ﬁ nancial statements is provided on the APB’s website at www.frc.org.uk/apb/scope/UKNP .
Opinion on ﬁ nancial statements
In our opinion:
• the ﬁ nancial statements give a true and fair view of the state of the Group’s and of the parent company’s affairs as at 31 December 
2009 and of the Group’s proﬁ t for the year then ended; 
• the Group ﬁ nancial statements have been properly prepared in accordance with IFRS as adopted by the European Union; 
• the parent company ﬁ nancial statements have been properly prepared in accordance with IFRS as adopted by the European Union 
and as applied in accordance with the provisions of the Companies Act 2006; and
• the ﬁ nancial statements have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Directors’ Report for the ﬁ nancial year for which the ﬁ nancial statements are prepared is 
consistent with the ﬁ nancial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our 
opinion:
• adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received 
from branches not visited by us; or
• the parent company ﬁ nancial statements are not in agreement with the accounting records and returns; or
• certain disclosures of directors’ remuneration speciﬁ ed by law are not made; or
• we have not received all the information and explanations we require for our audit.
Tracey James
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP
Statutory Auditor , Chartered Accountants
Oxford
23 April 2010 Westminster Group plc  I  Annual Report & Accounts 2009
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2009 29
2009 2008
Note £’000 £’000
REVENUE 3 7,948 5,477 
Cost of sales (5,197) (3,568)
Gross proﬁ t 2,751 1,909 
Administrative expenses (2,602) (1,743)
PROFIT BEFORE INTEREST AND TAXES (EBIT) 149 166 
Financing costs 4 (116) (4)
Finance income 4 107 39 
PROFIT BEFORE TAX 140 201 
Income tax 6 (19) 3 
PROFIT FOR THE YEAR ATTRIBUTABLE TO EQUITY SHAREHOLDERS 121 204 
OTHER COMPREHENSIVE INCOME:
Revaluation of non-current assets - (100)
Deferred tax liability on revaluation of non-current assets - (49)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO EQUITY 
SHAREHOLDERS
121 55
EARNINGS PER SHARE ON CONTINUING ACTIVITIES:
Basic in pence 8 0.82 1.45
Diluted in pence 8 0.81 1.43
All the activities of the Group are classed as continuing.
The accompanying notes form part of these ﬁ nancial statements. Westminster Group plc  I  Annual Report & Accounts 2009
CONSOLIDATED AND COMPANY STATEMENT OF FINANCIAL POSITION 
AT 31 DECEMBER 2009 30
Group Company
2009 2008 2009 2008
Note £’000 £’000 £’000 £’000
Goodwill 10 578 - - -
Other intangible assets 11 41 37 39 37
Property, plant and equipment 12 1,137 1,113 934 933
Investment in subsidiaries 14 - - 4,575 2,832
Trade and other receivables 19 10 - - -
Deferred tax asset 17 350 186 5 12
TOTAL NON-CURRENT ASSETS 2,116 1,336 5,553 3,814
Inventories 18 232 186 - - 
Trade and other receivables 19 3,765 2,796 29 23
Cash and cash equivalents 21 475 588 - -
TOTAL CURRENT ASSETS 4,472 3,570 29 23 
TOTAL ASSETS 6,588 4,906 5,582 3,837 
Share capital 22 1,492 1,402 1,492 1,402
Share premium 2,304 2,304 2,304 2,304
Merger relief reserve 23 299 - 299 -
Share based payment reserve 22 14 22 14
Revaluation reserve 116 116 116 116
Retained earnings (416) (537) (110) (289)
TOTAL SHAREHOLDERS’ EQUITY 3,817 3,299 4,123 3,547 
Trade and other payables 26 181 2 181 -
Borrowings 25 843 - 843 -
Embedded derivative 16 184 - 184 -
Deferred tax liabilities 17 104 104 95 97
TOTAL NON-CURRENT LIABILITIES 1,312 106 1,303 97
Borrowings 25 273 16 24 16
Trade and other payables 26 1,186 1,485 132 177
TOTAL CURRENT LIABILITIES 1,459 1,501 156 193
TOTAL LIABILITIES 2,771 1,607 1,459 290
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 6,588 4,906 5,582 3,837
The accompanying notes form part of these ﬁ nancial statements.
The Group and Company ﬁ nancial statements were approved by the Board and authorised for issue on 23 April 2010 and signed on 
their behalf by:
P.D. Fowler  N.P Mearing-Smith
Director  Director
23 April 2010 
Registered number 3967650 Westminster Group plc  I  Annual Report & Accounts 2009
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2009 31
Share 
capital
Share 
premium
Merger 
relief
reserve
Share based 
payment 
reserve
Revaluation 
reserve
Retained 
earnings
Total
£’000 £’000 £’000 £’000 £’000 £’000 £’000
AS OF 1 JANUARY 2009 1,402 2,304 - 14 116 (537) 3,299
Share based payment charge - - - 6 - - 6
Deferred tax adjustments - - - 2 - - 2
Issue of shares for the acquisition 
of subsidiary
90 - 299 - - - 389
TRANSACTIONS WITH OWNERS 90 - 299 8 - - 397
Proﬁ t for the period - - - - - 121 121
TOTAL COMPREHENSIVE INCOME 
FOR THE YEAR ATTRIBUTABLE TO 
SHAREHOLDERS
- - - - - 121 121
AS AT 31 DECEMBER 2009 1,492 2,304 299 22 116 (416) 3,817
AS OF 1 JANUARY 2008 1,402 2,304 - 11 265 (741) 3,241
Share based payment charge - - - 4 - - 4
Deferred tax adjustments - - - (1) - - (1)
TRANSACTIONS WITH OWNERS --- 3-- 3
Proﬁ t for the period - - - - - 204 204
Other comprehensive income:
Revaluation of non-current assets - - - - (100) - (100)
Deferred tax liability on revalua-
tion of non-current assets
- - - - (49) - (49)
TOTAL COMPREHENSIVE INCOME 
FOR THE YEAR ATTRIBUTABLE TO 
SHAREHOLDERS
- - - - (149) 204 55
AS AT 31 DECEMBER 2008 1,402 2,304 - 14 116 (537) 3,299
The accompanying notes form part of these ﬁ nancial statements. Westminster Group plc  I  Annual Report & Accounts 2009
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2009 32
Share 
capital
Share
premium
Merger
relief
reserve
Share based 
payment 
reserve
Revaluation 
reserve
Retained 
earnings
Total
£’000 £’000 £’000 £’000 £’000 £’000 £’000
AS OF 1 JANUARY 2009 1,402 2,304 - 14 116 (289) 3,547
Share based payment charge - -
-
6-- 6
Deferred tax adjustments - - - 2 - - 2
Issue of shares for the acquisition 
of subsidiary
90 -
299
- - - 389
TRANSACTIONS WITH OWNERS 90 -
299
8-- 397
Proﬁ t for the period - - - - - 179 179
TOTAL COMPREHENSIVE INCOME 
FOR THE YEAR ATTRIBUTABLE TO 
SHAREHOLDERS
- - - - - 179 179
AS AT 31 DECEMBER 2009 1,492 2,304 299 22 116 (110) 4,123
AS OF 1 JANUARY 2008 1,402 2,304 - 11 265 (485) 3,497
Share based payment charge - - 
-
4 - - 4 
Deferred tax adjustments - - - (1) - - (1 )
TRANSACTIONS WITH OWNERS --
-
3-- 3
Proﬁ t for the period - - - - - 196 196
Other comprehensive income
Revaluation of non-current assets - -
-
- (100) - (100)
Deferred tax liability on revalua-
tion of non-current assets
--
-
- (49) - (49)
TOTAL COMPREHENSIVE INCOME 
FOR THE YEAR ATTRIBUTABLE TO 
SHAREHOLDERS
- - - - (149) 196 47
AS AT 31 DECEMBER 2008 1,402 2,304 - 14 116 (289) 3,547 Westminster Group plc  I  Annual Report & Accounts 2009
CONSOLIDATED AND COMPANY CASH FLOW STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2009 33
Group Company
2009 2008 2009 2008
Note £’000 £’000 £’000 £’000
PROFIT BEFORE TAX 140 201 188 184
Adjustments 27 130 52 59 35
Net changes in working capital 27 (1,474) (1,017) (51) 87
NET CASH (USED IN)/FROM OPERATING ACTIVITIES (1,204) (764) 196 306
INVESTING ACTIVITIES:
Purchase of property, plant and equipment (126) (238) (35) (108)
Purchase of intangible assets (15) (35) (12) (35)
Cash costs of acquisition of Longmoor Services Limited net 
of cash acquired
9 (44) - (38) -
Interest received - 39 - 15
Advances to subsidiaries - - (1,135) (1,274)
NET CASH USED IN INVESTING ACTIVITIES (185) (234) (1,220) (1,402)
FINANCING ACTIVITIES:
Gross proceeds from the issue of Convertible Loan Notes 1,200 - 1,200 - 
Costs of Loan Note issue (116) - (116) - 
Finance lease repayments - (14) - -
Interest paid (65) (4) (68) (2)
NET CASH FROM/(USED IN) FINANCING ACTIVITIES 1,019 (18) 1,016 (2)
Net change in cash and cash equivalents (370) (1,016) (8) (1,098)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD 572 1,588 (16) 1,082
CASH AND EQUIVALENTS AT END OF PERIOD 21 202 572 (24) (16)
The accompanying notes form part of these ﬁ nancial statements. Westminster Group plc  I  Annual Report & Accounts 2009
NOTES TO THE FINANCIAL STATEMENTS 34
1. General information and nature of operations
Westminster Group plc (“the Company”) was incorporated on 7 April 2000 and is domiciled and incorporated in the United 
Kingdom and listed on the London Stock Exchange AIM Market. The Group’s ﬁ nancial statements for the year ended 31 December 
2009 consolidate the individual ﬁ nancial statements of the Company and its subsidiaries (together referred to as “the Group”). 
Westminster Group plc and its subsidiaries design, supply and provide ongoing support for advanced technology security, safety, 
ﬁ re and defence solutions to a variety of government and related agencies, non-governmental organisations and mainly blue 
chip commercial organisations. 
2. Summary of signiﬁ cant accounting policies
Basis of preparation
The Group ﬁ nancial statements have been prepared and approved by the Directors in accordance with International Financial 
Reporting Standards (“IFRS”) as adopted by the European Union. The company has elected to prepare its parent company 
ﬁ nancial statements in accordance with IFRS as adopted by the European Union. 
The ﬁ nancial information is presented in the Company’s functional currency, which is Great British Pounds (‘GBP’) since that is 
the currency in which the majority of the Group’s transactions are denominated.
The accounting policies set out below have been applied consistently to all periods presented in these Group ﬁ nancial 
statements, except for the adoption of IAS 1 Presentation of Financial Statements (revised 2007), IFRS 8 Operating Segments and 
the amendment to IFRS 7 Improving Disclosures about Financial Instruments. 
The adoption of IAS 1 (revised 2007) does not affect the ﬁ nancial position or proﬁ ts of the Group in the current or preceding 
periods. The measurement and recognition of the Group’s assets, liabilities, income and expenses is unchanged in the current 
and preceding periods. However the revaluation of land and buildings previously recognised directly in equity is now recognised 
in other comprehensive income. IAS 1 (revised 2007) only affects the presentation of owner changes in equity and requires 
this to be a primary statement and introduces a ‘Statement of comprehensive income’.  Under IAS 1 (revised 2007) an extra 
comparative statement of ﬁ nancial position is required when an accounting policy is applied retrospectively. This information 
has not been given on the grounds that there have been no changes to the earliest comparative statement of ﬁ nancial position, 
being the year ended 31 December 2007, as a result of the retrospective application and therefore its omission does not cause 
the ﬁ nancial statements to be materially misstated.
The adoption of IFRS 8 has not changed the segments that are disclosed in the ﬁ nancial statements as the segmental information 
previously disclosed complied with IFRS 8. Under IFRS 8 the accounting policy for identifying segments is now based on the 
internal management reporting information that is regularly reviewed by the chief operating decision maker.
The adoption of the amendment to IFRS 7 Financial instruments requires enhanced disclosures concerning fair value 
measurement and liquidity risk.  In particular, the amendment requires disclosure of fair value measurements by level of fair 
value hierarchy.
As permitted by the Companies Act 2006 s408, a separate proﬁ t and loss account for the Company has not been included in 
these ﬁ nancial statements. The proﬁ t presented in the ﬁ nancial statements of the Company is £179,000 (2008: £196,000).
Going concern
The accounts are prepared on a going concern basis. In assessing whether the going concern assumption is appropriate, 
management have taken into account all relevant available information about the future. As part of its assessment, 
management have taken into account the proﬁ t and cash forecasts, the continued support of the shareholders and Directors, 
banking facilities and management ability to affect costs and revenues.
Management regularly forecast proﬁ t, ﬁ nancial position and cash ﬂ ows for the Group. Revenue streams are forecast in detail. 
Management have reviewed forecast costs for reasonableness against prior years and with knowledge of expected movements. 
The major risks for future trading are set out in the Directors’ Report.
It is therefore considered appropriate to use the going concern basis to compile these ﬁ nancial statements.
Basis of measurement
The ﬁ nancial statements have been prepared under the historical cost convention with the exception of certain items which are 
measured at fair value as disclosed in the accounting policies below. Westminster Group plc  I  Annual Report & Accounts 2009
 35
Consolidation 
(i) Basis of consolidation 
The consolidated ﬁ nancial statements comprise the ﬁ nancial statements of Westminster Group plc and its subsidiaries for the 
year ended 31 December 2009. 
(ii) Subsidiaries
Subsidiaries are entities controlled by the Company.  Control exists when the Company has the power, directly or indirectly, to 
govern the ﬁ nancial and operating policies of an entity so as to obtain beneﬁ ts from its activities. In assessing control, potential 
voting rights that presently are exercisable or convertible are taken into account. Subsidiaries are fully consolidated using the 
purchase method of accounting from the date that control commences until the date that control ceases. Accounting policies of 
subsidiaries have been adjusted where necessary to ensure consistency with the policies adopted by the Group.
(iii) Transactions eliminated on consolidation
Intragroup balances and any unrealised gains and losses or income and expenses arising from intragroup transactions are 
eliminated in preparing the consolidated ﬁ nancial statements.
(iv) Company ﬁ nancial statements
Investments in subsidiaries are carried at cost less provision for any impairment. Dividend income is recognised when the right 
to receive payment is established.
Business combinations
Business combinations are accounted for using the purchase method. The purchase method involves the recognition of the 
acquiree’s identiﬁ able assets and liabilities, including contingent liabilities, regardless of whether they were recorded in 
the ﬁ nancial statements prior to acquisition. On initial recognition, the assets and liabilities of the acquired subsidiary are 
included in the consolidated statement of ﬁ nancial position at their fair values, which are also used as the bases for subsequent 
measurement in accordance with the Group’s accounting policies. Goodwill is stated after separating out identiﬁ able intangible 
assets. Goodwill represents the excess of acquisition cost over the fair value of the Group’s share of the identiﬁ able net assets 
of the acquiree at the date of acquisition. Any excess of identiﬁ able net assets over acquisition cost is recognised in proﬁ t or 
loss immediately after acquisition.
Goodwill represents the excess of the acquisition cost in a business combination over the fair value of the Group’s share of the 
identiﬁ able net assets acquired. Goodwill is carried at cost less accumulated impairment losses.
Foreign currency
The consolidated ﬁ nancial statements are presented in Sterling (GBP), which is also the functional currency of the parent 
company.
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction (spot 
exchange rate). Foreign exchange gains and losses resulting from the settlement of such transactions and from the re-
measurement of monetary items at year-end exchange rates are recognised in proﬁ t or loss. Non-monetary items measured at 
historical cost are translated using the exchange rates at the date of the transaction and not subsequently retranslated.
Foreign exchange gains and losses are recognised in arriving at proﬁ t before interest and tax (see Note 5).
Segmental reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief decision-maker.  The 
chief decision-maker has been identiﬁ ed as the Executive Board, at which level strategic decisions are made.
An operating segment is a component of the Group:
• That engages in business activities from which it may earn revenues and incur expenses;
• Whose operating results are regularly reviewed by the entity’s chief operating decisions maker to make decisions about 
resources to be allocated to the segment and assess its performance; and
• For which discrete ﬁ nancial information is available. Westminster Group plc  I  Annual Report & Accounts 2009
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 36
Revenue
Revenue comprises the fair value of the consideration received or receivable for the sale of products and services, net of value-
added tax, rebates and discounts and after eliminating sales within the Group. Revenue is recognised as follows:
(i)  Supply of products
Revenue in respect of the supply of products is recognised when title effectively passes to the customer.
 (ii) Supply and installation of contracts and supply of services
Where the outcome can be estimated reliably in respect of long-term contracts and contracts for on-going services, revenue 
represents the value of work done in the period, including estimates of amounts not invoiced. Revenue in respect of long-
term contracts and contracts for on-going services is recognised by reference to the stage of completion, where the stage of 
completion can be assessed with reasonable accuracy. This is assessed by reference to the estimated project costs incurred 
to date compared to the total estimated project costs.  Revenue is calculated to reﬂ ect the substance of the contract, and 
is reviewed on a contract-by-contract basis, with revenues and costs at each divisible stage reﬂ ecting known inequalities of 
proﬁ tability. Where a contract is loss making, the full loss is recognised immediately.
(iii) Maintenance income
Revenues in respect of the supply of maintenance contracts are recognised on a straight line basis over the life of the contract. 
The unrecognised portion of maintenance income is included within trade and other payables as deferred income.
(iv) Close protection services
Revenues in respect of close protection services are recognised when the service is provided to the client.
(v) Training courses
Revenues in respect of training courses are recognised when the trainees attend the courses.
Operating expenses
Operating expenses are recognised in proﬁ t or loss upon utilisation of the service or at the date of their origin. Expenditure for 
warranties is recognised and charged against the associated provision when the related revenue is recognised.
Interest income and expenses
Interest income and expenses are reported on an accrual basis using the effective interest method. 
Goodwill
Goodwill represents the excess of the acquisition cost in a business combination over the fair value of the Group’s share of the 
identiﬁ able net assets acquired. Goodwill is carried at cost less accumulated impairment losses.
Other intangible assets
Development costs incurred on speciﬁ c projects are capitalised when all the following conditions are satisﬁ ed:
completion of the intangible asset is technically feasible so that it will be available for use or sale;
• the group intends to complete the intangible asset and use or sell it;
• the group has the ability to use or sell the intangible asset;
• the intangible asset will generate probable future economic beneﬁ ts.  Among other things, this requires that there is a 
market for the output from the intangible asset or for the intangible asset itself, or, if it is to be used internally, the asset 
will be used in generating such beneﬁ ts;
• there are adequate technical, ﬁ nancial and other resources to complete the development and to use or sell the intangible 
asset, and
• the expenditure attributable to the intangible asset during its development can be measured reliably.
Development costs not meeting the criteria for capitalisation are expensed as incurred.
Other intangible assets comprise website costs, which are capitalised and amortised on a straight line basis over 5 years, the 
expected economic life of the asset.
Property, plant and equipment
Land and buildings held for use in the supply of goods or services, or for administrative purposes, are stated in the balance 
sheet at their revalued amounts, being the fair value on the date of revaluation, less any subsequent accumulated depreciation. 
Revaluations are performed with sufﬁ cient regularity such that the carrying amount does not differ materially from that which 
would be determined using fair values at the balance sheet date.  Westminster Group plc  I  Annual Report & Accounts 2009
 37
Any revaluation increase arising on the revaluation of such land and buildings is recognised in the other comprehensive income, 
except to the extent that it reverses a revaluation decrease for the same asset previously recognised as an expense, in which 
case the increase is credited to the income statement to the extent of the decrease previously charged. A decrease in carrying 
amount arising on the revaluation of land and buildings is charged as an expense to the extent that it exceeds the balance, if 
any, held in the revaluation reserve relating to a previous revaluation of that asset.
Depreciation on revalued buildings is charged to proﬁ t or loss.
Plant and equipment, ofﬁ ce equipment, ﬁ xtures and ﬁ ttings and motor vehicles are stated at cost less accumulated depreciation 
and any recognised impairment loss. 
Depreciation is charged so as to write off the cost or valuation of assets to their residual value over their estimated useful lives, 
using the straight-line method, on the following bases:
Rate
Freehold buildings 2%
Plant and equipment 20% to 25%
Ofﬁ ce equipment, ﬁ xtures & ﬁ ttings 20% to 33%
Motor vehicles 20%
Material residual value estimates and estimates of useful life are updated as required, but at least annually, whether or not the 
asset is revalued.
Assets held under ﬁ nance leases are depreciated over their expected useful lives on the same basis as owned assets or, where 
shorter, the term of the relevant lease. The gain or loss arising on the disposal or retirement of an asset is determined as the 
difference between the sales proceeds and the carrying amount of the asset and is recognised in income.
Leases
Leases are classiﬁ ed as ﬁ nance leases whenever the terms of the lease transfer substantially all the risks and rewards of 
ownership to the lessee. All other leases are classiﬁ ed as operating leases.
The Group as lessee
Assets held under ﬁ nance leases are recognised as assets of the Group at their fair value or, if lower, at the present value of the 
minimum lease payments, each determined at the inception of the lease. The corresponding liability to the lessor is included in 
the balance sheet as a ﬁ nance lease obligation. Lease payments are apportioned between ﬁ nance charges and reduction of lease 
obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged 
directly against income, unless they are directly attributable to qualifying assets, in which case they are capitalised.
Rentals payable under operating leases are charged to income on a straight-line basis over the term of the relevant lease.
Impairment of non-ﬁ nancial assets
At each reporting date, the Group reviews the carrying amounts of its non-current assets 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). Recoverable amount is the higher of fair value 
less costs to sell and value in use. If the recoverable amount of an asset is estimated to be less than its carrying amount, the 
carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately, 
unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation 
decrease. Where an impairment loss subsequently reverses, the carrying amount of the asset 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 in prior years. A reversal of an impairment loss is 
recognised as income immediately, unless the relevant asset is carried at a revalued amount, in which case the reversal of the 
impairment loss is treated as a revaluation increase.
Financial instruments
Financial assets and ﬁ nancial liabilities are recognised when the Group becomes a party to the contractual provisions of the 
ﬁ nancial instrument.
Financial assets are derecognised when the contractual rights to the cash ﬂ ows from the ﬁ nancial asset expire, or when the 
ﬁ nancial asset and all substantial risks and rewards are transferred. A ﬁ nancial liability is derecognised when it is extinguished, 
discharged, cancelled or expires. Westminster Group plc  I  Annual Report & Accounts 2009
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 38
Financial assets and ﬁ nancial liabilities are measured initially at fair value plus transactions costs, except for ﬁ nancial assets 
and ﬁ nancial liabilities carried at fair value through proﬁ t or loss, which are measured initially at fair value. Financial assets and 
ﬁ nancial liabilities are measured subsequently as described
below.
Financial assets
For the purpose of subsequent measurement ﬁ nancial assets are classiﬁ ed as loans and receivables upon initial recognition.
All ﬁ nancial assets except for those at fair value through proﬁ t or loss are subject to review for impairment at least at each 
reporting date. Financial assets are impaired when there is any objective evidence that a ﬁ nancial asset or a group of ﬁ nancial 
assets is impaired. 
All income and expenses relating to ﬁ nancial assets that are recognised in proﬁ t or loss are presented within ‘ﬁ nancing costs’ or 
‘ﬁ nance income’, except for impairment of trade receivables which is presented within ‘administration expenses’.
Loans and receivables
Loans and receivables are non-derivative ﬁ nancial assets with ﬁ xed or determinable payments that are not quoted in an active 
market. After initial recognition these are measured at amortised cost using the effective interest method, less provision for 
impairment.  Discounting is omitted where the effect of discounting is immaterial. The Group’s cash and cash equivalents, trade 
and most other receivables fall into this category of ﬁ nancial instruments.
Individually signiﬁ cant receivables are considered for impairment when they are past due or when other objective evidence is 
received that a speciﬁ c counterparty will default.  The amount of the provision is the difference between the asset’s carrying 
amount and the present value of the estimated future cash ﬂ ows discounted at original effective interest rate. When a trade 
receivable is uncollectible, it is written off against the allowance account for trade receivables. Subsequent recoveries of 
amounts previously written off are credited against ‘administration expenses’ in the statement of comprehensive income.
Financial liabilities
The Group’s ﬁ nancial liabilities include borrowings, trade and other payables and derivative ﬁ nancial instruments.
Borrowings are recorded at their fair value, net of transaction costs incurred and subsequently valued at amortised cost.  
Finance charges are allocated to the statement of comprehensive income as “ﬁ nancing costs” or “ﬁ nancing income” using an 
effective interest rate, on the outstanding carrying value of the instrument.
Trade and other payables are measured subsequently at amortised cost using the effective interest method.
The conversion option in relation to the convertible loan leads to a potentially variable number of shares, therefore the 
convertible loan is accounted for as a host debt with an embedded derivative. The embedded derivative ﬁ nancial instrument in 
relation to the convertible loan is accounted for at fair value through proﬁ t or loss and fair valued at each reporting date.  All 
changes in the instrument’s fair value are reported in proﬁ t or loss and included within ‘ﬁ nancing costs’ or ‘ﬁ nance income’.
The main purpose of these ﬁ nancial instruments is to fund the Group’s operations and manage working capital. 
The main risks arising from the Group’s ﬁ nancial instruments are interest rate risk, liquidity risk, foreign currency risk and credit 
risk. The Board reviews and agrees policies for the management of these risks and these are summarised in note 30. These 
policies have remained unchanged throughout the year. 
Inventories
Inventories are stated at the lower of cost and net realisable value. Costs of ordinarily interchangeable items are assigned 
using the ﬁ rst in, ﬁ rst out cost formula. Costs principally comprise of materials and bringing them to their present location. 
Net realisable value represents the estimated selling price less all estimated costs to completion and costs to be incurred in 
marketing, selling and distribution.
Income tax
The tax expense represents the sum of the tax currently payable and deferred tax. Current and deferred tax are recognised as 
an expense or income in the income statement, except in respect of items dealt with through equity, in which case the tax is 
also dealt with through equity.
The tax currently payable is based on taxable proﬁ t for the year. Taxable proﬁ t differs from net proﬁ t 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  Westminster Group plc  I  Annual Report & Accounts 2009
 39
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 ﬁ nancial statements and the corresponding tax bases used in the computation of taxable proﬁ t, 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 proﬁ ts 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 proﬁ t nor the accounting proﬁ t.
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments 
with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current 
liabilities on the balance sheet.
Equity, reserves and dividend payments
Share capital represents the nominal value of shares that have been issued.
Share premium includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of 
shares are deducted from share premium, net of any related income tax beneﬁ ts.
Merger relief reserve includes any premiums on issue of share capital as part or all of the consideration
in a business combination.
The share based payment reserve represents equity-settled share-based employee remuneration until such share options are 
exercised or lapse.
The revaluation reserve within equity comprises gains and losses due to the revaluation of property, plant and equipment. 
Retained earnings include all current and prior period retained proﬁ ts. 
Dividend distributions payable to equity shareholders are included in liabilities when the dividends have been approved in a 
general meeting prior to the reporting date. 
All transactions with owners of the parent are recorded separately within equity.
Deﬁ ned Contribution Pension Scheme
The Group operates a deﬁ ned contribution pension scheme for employees. However no contributions have yet been made to 
the scheme. If contributions were made, then the assets of the scheme would be held separately from those of the Group; the 
pension cost would be charged against proﬁ ts to represent the amounts payable by the Group or Parent Company and would be 
expensed as it becomes payable.
Employee beneﬁ ts - 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 over the vesting period, based on the Group’s estimate of awards 
that will eventually vest, with a corresponding increase in equity as a share based payment reserve.  For plans that include 
market based vesting conditions, the fair value at the date of grant reﬂ ects these conditions.
Fair value is determined using Black-Scholes option pricing models. Non-market based vesting conditions are included in 
assumptions about the number of options that are expected to become exercisable.  At each balance sheet date, the number 
of options that are expected to become exercisable is estimated.  The impact of any revision of original estimates, if any, is 
recognised in the income statement, with a corresponding adjustment to equity, over the remaining vesting period.
The proceeds received when vested options are exercised, net of any directly attributable transaction costs, are credited to 
share capital (nominal value) and share premium.
Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of a past event which it is 
probable will result in an outﬂ ow of economic beneﬁ ts that can be reliably estimated. Westminster Group plc  I  Annual Report & Accounts 2009
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 40
Signiﬁ cant management judgements in applying accounting policies
The following are signiﬁ cant management judgements in applying the accounting policies of the Group that have the most 
signiﬁ cant effect on the ﬁ nancial statements.
Revenue recognition 
Recognition of income is considered appropriate when all signiﬁ cant risks and rewards of ownership are transferred to third 
parties. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the 
year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services 
is recognised by reference to the stage of completion, where the stage of completion can be assessed with reasonable accuracy. 
In this process management makes signiﬁ cant judgements about milestones, actual work performed and the estimated costs to 
complete the work. Revenue is calculated to reﬂ ect the substance of the contract, and is reviewed on a contract-by-contract 
basis, with revenues and costs at each divisible stage reﬂ ecting known inequalities of proﬁ tability. 
Revalued freehold property 
The Group owns a freehold property which is carried at a revalued amount. The carrying value of this property at the year end 
is based on the directors’ valuation. Management plan to conduct periodic revaluations of the property, although where market 
conditions dictate that there may be a material change in value, further valuations may be necessary and management may use 
external professionals if deemed necessary. 
Deferred tax assets
The assessment of the probability of future taxable income against which deferred tax assets can be utilised is based on the 
Group’s latest approved budget forecast, which is adjusted for signiﬁ cant non-taxable income and expenses and speciﬁ c limits 
to the use of any unused tax loss or credit. If a positive forecast of taxable income indicates the probable use of a deferred 
tax asset, especially when it can be utilised without a time limit, that deferred tax asset is usually recognised in full. The 
recognition of deferred tax assets that are subject to certain legal or economic limits or uncertainties are assessed individually 
by management based on the speciﬁ c facts and circumstances.
Estimation uncertainty
When preparing the ﬁ nancial statements management undertakes a number of judgements, estimates and assumptions 
about recognition and measurement of assets, liabilities, income and expenses. The actual results are likely to differ from 
the judgements, estimates and assumptions made by management, and will seldom equal the estimated results. Information 
about the signiﬁ cant judgements, estimates and assumptions that have the most signiﬁ cant effect on the recognition and 
measurement of assets, liabilities, income and expenses are discussed below.
Impairment
An impairment loss is recognised for the amount by which an asset’s or cash generating unit’s carrying amount exceeds its 
recoverable amount. To determine the recoverable amount, management estimates expected future cash ﬂ ows from each 
asset or cash-generating unit and determines a suitable discount rate in order to calculate the present value of those cash 
ﬂ ows. In the process of measuring expected future cash ﬂ ows management makes assumptions about future gross proﬁ ts. These 
assumptions relate to future events and circumstances. The actual results may vary, and may cause signiﬁ cant adjustments to 
the Group’s assets within the next ﬁ nancial year. In most cases, determining the applicable discount rate involves estimating the 
appropriate adjustment to market risk and the appropriate adjustment to asset-speciﬁ c risk factors.
Business combinations
On initial recognition, the assets and liabilities of the acquired business are included in the consolidated statement of ﬁ nancial 
position at their fair values. In measuring fair value management uses estimates about future cash ﬂ ows and discount rates, 
however, the actual results may vary. Any measurement changes upon initial recognition would affect the measurement of 
goodwill. Details of the assets and liabilities acquired are given in note 9.
Share–based payments 
With regard to the share-based payments outstanding, the fair values have been estimated using a Black-Scholes model in 
accordance with the judgemental assumptions set out in note 24.
Fair value of ﬁ nancial instruments
Management uses valuation techniques in measuring the fair value of ﬁ nancial instruments, where active market quotes are not 
available. Details of the assumptions used are given in note 16 regarding ﬁ nancial assets and liabilities. In applying the valuation 
techniques management makes maximum use of market inputs, and uses estimates and assumptions that are, as far as possible, 
consistent with observable data that market participants would use in pricing the instrument. Where applicable data is not  Westminster Group plc  I  Annual Report & Accounts 2009
 41
observable, management uses its best estimate about the assumptions that market participants would make. These estimates 
may vary from the actual prices that would be achieved in an arm’s length transaction at the reporting date.
In valuing the embedded derivative in relation to the Convertible Loan Notes management has employed professional valuers.
Adopted IFRSs in the year:
• IFRS 8 Operating Segments (effective 1 January 2009) 
• Improvements to IFRS 2008 (various effective dates, mostly effective 1 January 2009 other than changes relating to business 
combinations) 
• IAS 1 (Revised 2007) Presentation of Financial Statements (effective 1 January 2009) 
• Amendment to IFRS 7 Improving Disclosures about Financial Instruments (effective 1 January 2009) 
Adopted IFRSs not yet applied:
At the date of authorisation of these ﬁ nancial statements, the following standards and interpretations which have not been 
applied in these ﬁ nancial statements were in issue but not yet effective:
• IFRS 9 Financial Instruments (effective 1 January 2013) 
• IAS 24 (Revised 2009) Related Party Disclosures (effective 1 January 2011) 
• IAS 27 Consolidated and Separate Financial Statements (Revised 2008) (effective 1 July 2009) 
• Amendment to IAS 39 Financial Instruments: Recognition and Measurement - Eligible Hedged Items (effective 1 July 2009) 
• Group Cash-settled Share-based Payment Transactions - Amendment to IFRS 2 (effective 1 January 2010) 
• Improvements to IFRSs 2009 (various effective dates, earliest of which is 1 July 2009, but mostly 2010) 
• IFRS 3 Business Combinations (Revised 2008) (effective 1 July 2009) 
• IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments (effective 1 July 2010) 
• Amendment to IAS 32 Classiﬁ cation of Rights Issues (effective 1 February 2010)
The Directors anticipate that the adoption of these standards and Interpretations in future periods will have no material impact 
on the ﬁ nancial statements of the Company or Group.
3. Segment reporting
Operating segments
The following segment information has been prepared in accordance with IFRS 8 Operating Segments, which deﬁ nes 
requirements for the disclosure of ﬁ nancial information of an entity’s operating segments. IFRS 8 follows the management 
approach, which is the basis for decision making within the Group.
The Board considers the Group on a business unit basis. Reports by Business Unit are used by the chief decision-maker in 
the Group.  The Business Units are the three operating companies: Westminster International, RMS Integrated Solutions and 
Longmoor Security. This split of business segments is based on the products and services each offer.
Westminster International provides advanced technological products, systems and solutions, RMS Integrated Solutions provides 
low voltage systems for high-rise buildings and Longmoor Security provides close protection training, consultancy and services. Westminster Group plc  I  Annual Report & Accounts 2009
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 42
Westminster 
International
RMS Integrated 
Solutions
Longmoor Se-
curity
Unallocated Group
£’000 £’000 £’000 £’000 £’000
2009
Supply of products 1,614 12 - 9 1,635
Supply and installation contracts 4,740 1,155 - - 5,895
Maintenance and service 17 81 18 - 116
Close protection services - - 204 - 204
Training courses - - 113 - 113
Intragroup sales (6) (9) - - (15)
Revenue 6,365 1,239 335 9 7,948
Segment result 324 (191) (181) 197 149
Finance cost (1) - - (115) (116)
Finance income 1 - - 106 107
Income tax (85) 26 47 (7) (19)
Proﬁ t/(loss) for the ﬁ nancial year 239 (165) (134) 181 121
      
Segment assets 3,820 555 629 1,584 6,588
 
Segment liabilities 769 172 373 1,457 2,771
      
Capital expenditure 88 2 1 50 141
Depreciation and amortisation 62 7 2 44 115
Westminster 
International
RMS Integrated 
Solutions
Unallocated Group
£’000 £’000 £’000 £’000
2008
Supply of products 663 378 - 1,041
Supply and installation contracts 3,516 921 - 4,437
Maintenance and service 2 73 - 75
Intragroup sales (33) (43) - (76)
Revenue 4,148 1,329 - 5,477
Segment result 67 (71) 170 166
Finance cost (2) (1) (1) (4)
Finance income 24 - 15 39
Income tax beneﬁ t (26) 17 12 3
Proﬁ t/(loss) for the ﬁ nancial year 63 (55) 196 204
 
Segment assets 3,129 765 1,012 4,906
 
Segment liabilities 969 343 295 1,607
Capital expenditure 127 11 135 273
Depreciation and amortisation 31 8 43 82
Impairment of property - - 100 100 Westminster Group plc  I  Annual Report & Accounts 2009
 43
Geographical areas
The Group’s international business is conducted on a global scale, with agents present in all major continents. The following 
table provides an analysis of the Group’s sales by geographic market, irrespective of the origin of the goods/services:
Group
2009 2008
£’000 £’000
United Kingdom & Europe 2,738 2,239
Africa 4,217 3,048
Middle East 858 98
Rest of the World 135 92
7,948 5,477 
Some of the Group’s assets are located outside the United Kingdom where they are being put to operational use on speciﬁ c 
contracts. At 31 December 2009 ﬁ xed assets with a net book value of £127k were located in Africa and the Middle East (2008: 
£89k).
Major customers who contributed greater than 10% of total Group revenue
One of Westminster International’s customers contributed 31% of Group revenue (in 2008 one customer contributed 45%).
4. Finance costs and income
Group
2009 2008
£’000 £’000
Finance costs:
Interest payable on overdraft (5) (3)
Interest payable on ﬁ nance leases - (1)
Interest payable on Convertible Loan Notes (60) -
Embedded derivative transaction costs (29) -
Amortised ﬁ nance cost on Convertible Loan Notes (see 
note 16)
(22) -
(116) (4)
Finance income: 
Interest receivable on bank balances -39
Fair value movement of embedded derivative (see note 
16) 
107 -
107 39
Net ﬁ nance (costs)/income (9) 35 Westminster Group plc  I  Annual Report & Accounts 2009
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 44
5. Proﬁ t from operations 
The following items have been included in arriving at the proﬁ t for the ﬁ nancial year: 
Group
2009 2008
£’000 £’000
Staff costs (see Note 7) 1,843 1,442
Depreciation of property, plant and equipment:  
 - Owned assets 104 72
 - Leased assets -6
Amortisation of intangible assets 11 4
Operating lease rentals payable 
 - Property 70 71
 - Plant and machinery 14 -
 - Other 50 58
Foreign exchange loss/(gain) 73 (248)
Amortisation of intangible assets is included within administrative expenses in the statement of comprehensive income.
Auditor’s remuneration 
Amounts payable to Grant Thornton UK LLP (2008: Baker Tilly UK Audit LLP) and their associates in respect of both audit and 
non-audit services:
Group
2009 2008
£’000 £’000
Audit services
 - Statutory audit of parent and consolidated accounts 17 21 
 - the auditing of accounts of associates of the company pursuant to legislation 25 27
Total audit fees 42 48
Other services supplied pursuant to legislation - 3
Other services relating to taxation -6
Total non-audit fees -9
Total fees 42 57 Westminster Group plc  I  Annual Report & Accounts 2009
 45
6. Income tax expense 
Analysis of charge/(credit) in year:
Group
2009 2008
£’000 £’000
Current year tax expense -- 
Movement in deferred tax 26 66
Adjustment to prior year charge (7) (69)
Taxation 19 (3)
Reconciliation of tax expense
Proﬁ t on ordinary activities before tax 140 201
Proﬁ t on ordinary activities multiplied by the 
standard rate of corporation tax in the UK of 28% 
(2008: 28.5%) 39 57
Effects of:
(Income)/expenses not deductible for tax purposes (11) 9
Utilisation of tax losses (96) (69)
Unrealised losses arising in the period 94 -
Adjustment to prior year charge (7) -
Total tax charge/(credit) 19 (3)
7. Staff costs
Staff costs for the Group during the year 
Group
2009 2008
£’000 £’000
Wages and salaries 1,708 1,312 
Social security costs 165 126 
1,873 1,438 
Share based payments 64 
1,879 1,442 
The Group operates a stakeholder pension scheme.  The Group made no pension contributions during the year and no pension 
contributions were outstanding at the year end (2008: £nil).
Details of the Directors’ remuneration are included in the Remuneration Committee report. Key management within the business 
are considered to be the Board of Directors. Westminster Group plc  I  Annual Report & Accounts 2009
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 46
Average monthly number of people (including Executive Directors) employed 
Group
2009 2008
Number Number
By function
Sales 7-
Production 22 18 
Administration 11 14 
Management 86 
48 38 
8. Earnings per share
Earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number 
of ordinary shares outstanding during the year.
For diluted earnings per share the weighted average number of ordinary shares in issue is adjusted to assume conversion of all 
dilutive potential ordinary shares.  Only those outstanding options that have an exercise price below the average market share 
price in the year have been included.
The weighted average number of ordinary shares is calculated as follows:
Group
2009 2008
‘000 ‘000
Issued ordinary shares
Start of period 14,022 14,022
Effect of shares issued during the period 760 - 
Weighted average basic number of shares for period 14,782 14,022
Dilutive effect of options 190 252
Weighted average diluted number of shares for period 14,972 14,274
Basic and diluted earnings per share is calculated as follows:
Group
2009 2008
Proﬁ t for the year attributable to equity shareholders of the Company (£’000) 121 204
Basic earnings per share (pence) 0.82 1.45 
Diluted earnings per share (pence) 0.81 1.43  Westminster Group plc  I  Annual Report & Accounts 2009
 47
9. Acquisition of  Longmoor Services Limited (now renamed Longmoor Security Limited)
On 25 February 2009 Westminster Group plc acquired 100% of the share capital of Longmoor Services Limited for an initial 
consideration of £389,210, which was satisﬁ ed by the issue of 894,735 Ordinary shares at 43.5p on the date of completion. 
The Directors considered that this constituted a fair value for the business acquired, and no external valuation was considered 
necessary.  The acquisition was made to introduce the Group to the close protection market.
In each of the two years following completion, a calculation of net proﬁ t before tax will be made and, on the basis of that 
calculation, two performance based payments will be made of 50% of those proﬁ ts, if earned, up to a maximum aggregate 
additional payment of £2 million. The vendors may elect to receive such payments in cash or in new Ordinary shares (to be 
calculated on the average closing mid-market price of the shares over the 5 business days preceding the issue of such shares). 
Based upon the budgeted proﬁ tability of Longmoor Security, deferred contingent consideration would become payable in 2011. 
No provision for deferred contingent consideration was made on the date of acquisition as it could not be measured reliably.
The total cost of acquisition was £427,000 and includes the components stated below:
£000
Purchase price, settled in shares 389
Transaction costs 38
427
The allocation of the purchase price to the assets and liabilities of Longmoor Services Limited was completed in 2009.  The 
amounts recognised for each class of the acquiree’s assets and liabilities at the acquisition date are as follows:
Pre-acquisition
carrying amount at 25 
February 2009
Adjustments to fair 
value at 
25 February 2009
Fair value at 
25 February 2009
£’000 £’000 £’000
Plant, property & equipment 2 - 2
Deferred tax asset - 181 181
Total non-current assets 2 181 183
Trade & other receivables 15 - 15
Total current assets 15 181 15
Bank liabilities (6) - (6)
Trade & other payables (162) - (162)
Total current liabilities (168) - (168)
Net identiﬁ able assets and liabilities (151) 181 30
Goodwill on acquisition (note 10) 397
Total consideration including direct costs 427
Cost of acquisition settled in cash 38
Bank liabilities acquired 6
Net cash outﬂ ow arising on acquisition 44
The goodwill of £397,000 is attributed to the synergies that are expected to arise in the post acquisition period, the reputation 
established by the business in its market and the substantial skill and expertise of the company’s staff.  Goodwill has been 
allocated to the cash-generating unit at 31 December 2009.  
No major line of business will be disposed of as a result of the combination.
Longmoor incurred a loss of £134,000 for the 10 months from 25 February 2009 to the reporting date. Westminster Group plc  I  Annual Report & Accounts 2009
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 48
10. Goodwill
Group 2009
£’000
Gross carrying amount   
Balance 1 January 2009 -
Acquired through business combination  (Note 9) 397 
Adjustment to contingent deferred consideration 181
Balance 31 December 2009 578 
Accumulated impairment  
Balance 1 January 2009 and 31 December 2009 - 
Carrying amount at 31 December  578 
At 31 December 2009 a discounted provision of £181,000 has been made to reﬂ ect the deferred contingent consderation 
expected to be payable to the vendors of Longmoor Security Limited.
Goodwill on the acquisition of Longmoor is reviewed at the end of each ﬁ nancial period for impairment. 
At the year end management carried out an impairment review of goodwill. Following that review it is of the opinion that no 
impairment has taken place. In its review of other assets management is also of the opinion that the carrying value of such 
assets is reasonably stated and that no impairment has occurred. 
For the purpose of annual impairment testing goodwill is allocated to the following cash-generating unit, which is the unit 
expected to beneﬁ t from the synergies of the business combinations in which the goodwill arises. 
2009
£’000
Longmoor  Security 578
Balance as at 31 December 578
The recoverable amount of the cash generating unit was determined based on value in use calculations for the next ﬁ ve 
years which management believe will reﬂ ect the minimum period during which the business will beneﬁ t from the resulting 
cash generation. Projections are based on the detailed two year forecast and cash ﬂ ows for the business unit, followed by an 
extrapolation of expected cash ﬂ ows for the full review period, applying growth rates which management believe are prudent in 
the prevailing economic conditions. The development of the business is based upon performance since the business was acquired 
by the Group and by the increased ﬂ ow of potential business. Some of that business is recurring in nature and some appears 
reasonably predictable. The business is unlikely to be affected by technological change.  Where applicable, management have 
assumed a forecast growth rate of 2%.
The discount factor used was 18.33% which reﬂ ects the Group’s cost of capital during the review period.
Management’s key assumptions include stable proﬁ t margins based on past experience in this market which management see as 
the best available information to forecast this market.
Apart from the considerations described in determining value in use, management are not aware of any reasonable changes in 
key assumptions that would necessitate changes in key estimates. Westminster Group plc  I  Annual Report & Accounts 2009
 49
11. Other intangible assets
Group Website
£’000
2009
Gross carrying amount
At 1 January 2009 47
Additions 15
At  31 December 2009 62
Amortisation and impairment
At 1 January 2009 10
Charge for the year 11
At  31 December 2009 21
Net book value  at 31 December 2009 41
2008
Gross carrying amount
At 1 January 2008 12
Additions 35
At  31 December 2008 47 
Amortisation and impairment
At 1 January 2008 6 
Charge for the year 4 
At  31 December 2008 10 
Net book value at 31 December 2008 37
Intangible assets are amortised over 5 years, of which approximately 3 years remains for most of the assets. Westminster Group plc  I  Annual Report & Accounts 2009
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 50
Company Website
£’000
2009
Gross carrying amount
At 1 January 2009 47
Additions 12
At  31 December 2009 59
Amortisation and impairment
At 1 January 2009 10
Charge for the year 10
At  31 December 2009 20
Net book value  at 31 December 2009 39
2008
Gross carrying amount
At 1 January 2008 12
Additions 35
At  31 December 2008 47 
Amortisation and impairment
At 1 January 2008 6 
Charge for the year 4 
At  31 December 2008 10 
Net book value at 31 December 2008 37 Westminster Group plc  I  Annual Report & Accounts 2009
 51
12. Property, plant and equipment
Group 
Freehold
property
Plant and 
equipment
Ofﬁ ce
equipment, 
ﬁ xtures
and ﬁ ttings
Motor
vehicles
Total
£’000 £’000 £’000 £’000 £’000
2009
Gross carrying amount
At 1 January 2009 840 158 229 77 1,304
Additions 19 67 40 - 126
Acquired through business combination  - - 2 - 2
At  31 December 2009 859 225 271 77 1,432
Depreciation and impairment
At 1 January 2009 - 42 104 45 191
Charge for the year - 45 48 11 104
At  31 December 2009 - 87 152 56 295
Net book value at 31 December 2009 859 138 119 21 1,137
2008
Gross carrying amount
At 1 January 2008 914 74 132 47 1,167
Additions 76 84 48 30 238
Revaluation (100) - - - (100)
Disposals (1)--- (1)
Transfers (49) - 49 - -
At  31 December 2008 840 158 229 77 1,304
Depreciation and impairment
At 1 January 2008 - 23 57 33 113
Charge for the year - 19 47 12 78
At  31 December 2008 - 42 104 45 191
Net book value at 31 December 2008 840 116 125 32 1,113 Westminster Group plc  I  Annual Report & Accounts 2009
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 52
Company Freehold property
Plant
and equipment
Ofﬁ ce equipment 
ﬁ xtures
and ﬁ ttings
Total
£’000 £’000 £’000 £’000
2009
Gross carrying amount
At 1 January 2009 840 14 156 1,010
Additions 19 - 16 35
At  31 December 2009 859 14 172 1,045
Depreciation and impairment
At 1 January 2009 - 12 65 77
Charge for the year - 1 33 34
At  31 December 2009 - 13 98 111
Net book value at 31 December 2009 859 1 74 934
2008
Gross carrying amount
At 1 January 2008 914 11 78 1,003
Additions 68 3 29 100
Revaluation (100) - - (100)
Disposals (1) - - (1)
Transfers (41) - 49 8
At  31 December 2008 840 14 156 1,010
Depreciation and impairment
At 1 January 2008 - 9 29 38
Charge for the year - 3 36 39
At  31 December 2008 - 12 65 77
Net book value at 31 December 2008 840 2 91 933
Capital commitments 
Group and Company 2009 2008
£’000 £’000
Contracted but not provided for in the ﬁ nancial statements 184 -
The freehold property has not been externally valued at the year end as the Directors consider that there has been no signiﬁ cant 
change in valuation over the past 12 months. It was last valued professionally by Berry Morris, Chartered Surveyors, on 13 
February 2009.  Westminster Group plc  I  Annual Report & Accounts 2009
 53
The freehold property is stated at valuation, the comparable historic cost and depreciation values are as follows:
2009 2008
£’000 £’000
Historical cost 678 659 
Accumulated depreciation
At 1 January 45 42 
Charge for the year 33 
At  31 December 48 45 
 
Net book value at 31 December 630 614 
The Group’s land and buildings have been pledged as security for contingent liabilities incurred as part of the normal trading of 
Westminster International, see note 29.
13. Operating lease commitments
The Group and the Company lease various ofﬁ ces, ofﬁ ce equipment and motor vehicles under non-cancellable operating lease 
agreements. The total commitments under these leases can be analysed as follows:
Group Company
Total
Commitments 
Total
Commitments 
Total
Commitments 
Total
Commitments 
Property Other Property Other
£’000 £’000 £’000 £’000
As at 31 December 2009
Within one year 42 85 - 17
In the second to ﬁ fth years inclusive - 71 - 11
42 156 - 28
As at 31 December 2008
Within one year 27 55 - 21
In the second to ﬁ fth years inclusive 1 65 - - 
28 120 - 21
Remaining lease terms range from 1 month to 3 years.
Group Company 
£’000 £’000
Minimum lease payments under operating leases recognised as an expense in the year 134 14  Westminster Group plc  I  Annual Report & Accounts 2009
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 54
14. Investments  in subsidiaries  
Company 2009 2008
£’000 £’000
Shares in subsidiary undertakings at cost 
At start of period 44
Acquisition of Longmoor Security Limited 608 -
Transfer to amounts due from subsidiaries (70) -
At end of period 542 4 
Amounts due from subsidiaries 4,033 2,828
4,575 2,832
In the opinion of the Directors, the investments in the subsidiary undertakings are valued at least at the amounts at which they 
are stated in the balance sheet. Details of subsidiaries are set out below. Fair value information for these investments has not 
been disclosed because their fair value cannot be measured reliably. This is because the investments are unlisted and there is 
therefore no active market for them. The company has no immediate plans to dispose of these investments.
15. Subsidiary undertakings  
The subsidiary undertakings at 31 December 2009 are as follows:
Name
Country of
incorporation
Principal activity
% of nominal
Ordinary share
capital and
voting rights held
Westminster International Limited England Advanced technology 100 
RMS Integrated Solutions Limited England Low voltage systems 100 
Longmoor Security Limited England Close protection training and services 100
Westminster Technologies Limited England Non-trading 100
Westminster Facilities Management Limited England Dormant 100 Westminster Group plc  I  Annual Report & Accounts 2009
 55
16. Financial assets and liabilities
Categories of ﬁ nancial assets and liabilities
The carrying amounts presented in the Consolidated and Company statement of ﬁ nancial position relate to the following 
categories of assets and liabilities:
Group Company
2009 2008 2009 2008
£’000 £’000 £’000 £’000
Financial assets
Loans and receivables
 - Amount owed by subsidiary undertakings (note 14) - - 4,033 2,828
 - Trade and other receivables (note 19) 3,706 2,739 7 23
 - Cash and cash equivalents (note 21) 475 588 - - 
4,181 3,327 4,040 2,851
Financial liabilities
Financial liabilities measured at amortised cost 
 - Borrowings (note 25) 1,116 16 867 16 
 - Trade and other payables (note 26) 518 714 38 65
1,634 730 905 81
Derivatives carried at fair value through proﬁ t or loss
 - Embedded derivative (see below) 184 - 184 -
See note 2 for a description of the accounting policies for each category of ﬁ nancial instruments.  The fair values are presented 
in the related notes.  A description of the Group’s risk management and objectives for ﬁ nancial instruments is given in note 30. Westminster Group plc  I  Annual Report & Accounts 2009
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 56
Convertible Loan Notes
On 29 June 2009 the Group issued Convertible Loan Notes with an aggregate principal amount of £1,200,000. 
The right of the Loan Notes to be converted into Ordinary Shares was conditional upon resolutions being passed at the 
Extraordinary General Meeting held on 23 July 2009. The resolutions were duly passed. A summary of the key terms applying to 
the Loan Notes is as follows:
Term
• 5 years
Coupon
• 10% per annum
Conversion terms
• a noteholder has the right to convert their Loan Notes into Ordinary Shares at the conversion price, which is the lower of 
• 5% over the average share price for the 10 days prior to date of the Instrument and 
• 5% over the price at which subsequent shares are ﬁ rst issued as equity ﬁ nancing (i) for acquisitions and/or (ii) where the 
new shares represent 5% or more of the issued share capital of the Company prior to the date of issue.
Board observer status
• the lead investor will be paid a monitoring fee of £25,000 p.a. They will have the right to appoint a director if there is or is 
likely to be an event of default (as deﬁ ned in the Instrument).
Security
• There is a debenture secured against all the assets of the Company and its subsidiaries, which is subordinated to the 
Debenture held by HSBC.
On initial recognition the conversion option in relation to the convertible loan leads to a potentially variable number of shares, 
therefore the convertible loan is accounted for as a host debt, (recorded initially at fair value, net of transaction costs and 
subsequently valued at amortise cost) with an embedded derivative (recorded at fair value through proﬁ t and loss and fair 
valued at each reporting date).
£’000
Host debt 
Fair value of host debt instrument net of transaction costs at 29 June 2009 821
Finance charge (note 4) 22
At 31 December 2009 (note 25) 843
Embedded derivative
Fair value on recognition at 29 June 2009 291
Fair value movement (note 4) (107)
Fair value at 31 December 2009 184
The Convertible Loan Notes have been separated into two components, the Host Debt Instrument and the Embedded Derivative 
on initial recognition. The value of the Host Debt Instrument will increase to £1.2m at the date of maturity of the Convertible 
Loan Notes in 2014. The effective interest cost of the Notes is the sum of that increasing value in the period and the interest 
paid to Noteholders. The Derivative element will vary in value according to the market price of the underlying Ordinary Shares 
and the period remaining for conversion amongst other factors.  The valuation of the Host Debt and embedded derivative on 
initial recognition and valuation of the embedded derivative at 31 December 2009 was undertaken by independent valuers, 
Globalview Advisers limited, using a Monte Carlo simulation. Westminster Group plc  I  Annual Report & Accounts 2009
 57
The key assumptions being:
Valuation
date
Risk free rate Beta
Risk
premium
Small
company risk
Speciﬁ c risk 
premium
Volatility Cost of equity
29/06/09 3.55% 0.89 5.0% 5.81% 4.00% 47.00% 17.81%
31/12/09 4.07% 0.89 5.0% 5.81% 4.00% 54.00% 18.33%
Financial instruments measured at fair value
The Group adopted the amendments to IFRS 7 Improving Disclosures about Financial Instruments effective from 1 January 
2009. These amendments require the Group to present certain information about ﬁ nancial instruments measured at fair value 
in the statement of ﬁ nancial position. In the ﬁ rst year of application comparative information need not be presented for the 
disclosures required by the amendment. Accordingly, the disclosure for the fair value hierarchy is only presented for the 31 
December 2009 year end.
The following table presents ﬁ nancial assets and liabilities measured at fair value in the statement of ﬁ nancial position in 
accordance with the fair value hierarchy.  This hierarchy groups ﬁ nancial assets and liabilities into three levels based on the 
signiﬁ cance of inputs used in measuring the fair value of the ﬁ nancial assets and liabilities. The fair value hierarchy has the 
following levels:
• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
• Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly 
(ie as prices) or indirectly (i.e. derived from prices); and
• Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The level within which the ﬁ nancial asset or liability is classiﬁ ed is determined based on the lowest level of signiﬁ cant input to 
the fair value measurement.  The ﬁ nancial assets and liabilities measured at fair value in the statement of ﬁ nancial position are 
grouped into the fair value hierarchy as follows:
Level 1 Level 2 Level 3 Total
£000 £000 £000 £000
Liabilities
Embedded derivative - 184 - 184
Total - (184) - (184)
There have been no transfers between levels 1 and 2 in the reporting period.
The derivative entered into by the Group is not traded in active markets. The fair values of the contract is estimated using a 
valuation technique that maximises the use of observable market inputs, eg market exchange and interest rates (Level 2). See 
above. Westminster Group plc  I  Annual Report & Accounts 2009
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 58
17. Deferred tax assets and liabilities
Deferred tax assets and liabilities have been calculated using the expected future tax rate of 28% (2008: 28.5%). Any changes in 
the future would affect these amounts proportionately. The movements in deferred tax assets and liabilities during the year are 
shown below:
Group
1 Jan
2009
Recognised in 
business
combination
Recognised
in equity
Recognised in 
proﬁ t and loss
31 Dec
2009
£’000 £’000 £’000 £’000 £’000
Deferred tax (liabilities)/assets
Non-current liabilities
Property, plant & equipment (104) - - - (104)
Non-current assets
Share based payments 3 - 2 - 5
Unused tax losses 183 181 - (19) 345
82 181 2 (19) 246
Recognised as
Deferred tax asset 186 350
Deferred tax liability (104) (104)
1 Jan
2008
Recognised in 
equity
Recognised in 
proﬁ t and loss
31 Dec
2008
£’000 £’000 £’000 £’000
Deferred tax (liabilities)/assets
Non-current liabilities
Property, plant & equipment (55) (49) - (104)
Non-current assets
Share based payments 4 (1) - 3
Unused tax losses 180 - 3 183
129 (50) 3 82
Recognised as
Deferred tax asset 184 186
Deferred tax liability (55) (104)
Company
1 Jan
2009
Recognised in 
equity
Recognised in 
proﬁ t and loss
31 Dec
2009
£’000 £’000 £’000 £’000
Deferred tax (liabilities)/assets
Non-current liabilities
Property, plant & equipment (97) - 2 (95)
Non-current assets
Share based payments 3 2 - 5
Unused tax losses 9 - (9) -
(85) 2 (7) (90)
Recognised as
Deferred tax asset 12 5
Deferred tax liability (97) (95) Westminster Group plc  I  Annual Report & Accounts 2009
 59
1 Jan
2008
Recognised in 
equity
Recognised in 
proﬁ t and loss
31 Dec
2008
£’000 £’000 £’000 £’000
Deferred tax (liabilities)/assets
Non-current liabilities
Property, plant & equipment (51) (49) 3 (97)
Non-current assets
Share based payments 4 (1) - 3
Unused tax losses - - 9 9
(47) (50) 12 (85)
Recognised as
Deferred tax asset 4 12
Deferred tax liability (51) (97)
The deferred tax asset primarily relates to accumulated tax losses carried forward. Based on future forecast and orders, the 
Group is anticipating to have sufﬁ cient proﬁ ts to utilise these tax losses.
18. Inventories
Group Company
2009 2008 2009 2008
£’000 £’000 £’000 £’000
Finished goods 232 186 - - 
232 186 - - 
The cost of inventories recognised as an expense within ‘cost of sales’ amounted to £3,621k (2008: £2,901k).
No reversal of previous write-downs was recognised as a reduction of expense in 2008 or 2009. None of the inventories are 
pledged as securities for liabilities. Westminster Group plc  I  Annual Report & Accounts 2009
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 60
19. Trade and other receivables
Group Company
2009 2008 2009 2008
£’000 £’000 £’000 £’000
Amounts falling due within one year: 
Trade receivables, gross 3,667 2,419 - 7
Allowance for credit losses (72) (12) - -
Trade receivables 3,595 2,407 - 7
Amounts due from contract customers 94 157 - -
Other receivables 7 175 7 16
Financial assets 3,696 2,739 7 23
Prepayments 69 57 22 -
Non-ﬁ nancial assets 69 57 22 -
Trade and other receivables 3,765 2,796 29 23
Amounts falling due after one year: 
Trade receivables 10 - - -
Financial assets 10 - - -
Trade and other receivables 10 - - -
The average credit period taken on sale of goods in 2009 was 143 days (2008: 88). An allowance has been made for estimated 
irrecoverable amounts from the sale of goods of £72,000 (2008: £12,000). This allowance has been based on the knowledge of 
the ﬁ nancial circumstances of individual receivables at the balance sheet date. The largest outstanding amount at 31 December 
2009 was $3.4million from the Government of Southern Sudan (2008: $2.3million). During 2009 a total of $1.8million was 
received. Since the year end a further $2.72 million has been received.
The Group holds no collateral against these receivables at the balance sheet date.
The following table provides an analysis of trade and other receivables that were past due at 31 December, but not impaired. 
The Group believes that the balances are ultimately recoverable based upon a review of past payment history and the current 
ﬁ nancial status of the customers.
2009 2008
£’000 £’000
Up to three months 283 1,926
Three to six months 303 414
Over six months 533 -
1,119 2,340
The movement in the allowance for credit losses can be reconciled as follows:
2009 2008
£’000 £’000
Balance 1 January 12 198
Amounts written off (uncollectable) (29) (197)
Impairment loss 89 11
Balance 31 December 72 12 Westminster Group plc  I  Annual Report & Accounts 2009
 61
There are no signiﬁ cant credit risks from ﬁ nancial assets that are neither past due nor impaired. At 31 December 2009 
£2,574,000 (2008: £1,768,000) of trade receivables were denominated in US dollars and £1,103,000 
(2008: £651,000) in sterling. The directors consider that the carrying amount of trade and other receivables approximates to 
their fair value.
20. Contracts in progress
The Group had contracts in progress at 31 December 2009 as follows:
2009 2008
£’000 £’000
Contract costs incurred plus recognised proﬁ ts less recognised losses to date 5,895 4,822
Less: progress billings (6,224) (5,140)
(329) (318)
Recognised as:
Due from contract customers included in trade and other receivables 94 157
Due to contract customers included in trade and other payables (423) (475)
(329) (318)
At 31 December 2009 retentions held by customers for contract work amounted to £67,000 (2008: £59,000).
21. Cash and cash equivalents 
Group Company
2009 2008 2009 2008
£’000 £’000 £’000 £’000
Cash at bank and in hand 466 435 - - 
Short-term bank deposits 9 153 - - 
475 588 - - 
Bank overdraft (273) (16) (24) (16) 
Cash and cash equivalents for the
purposes of the cash ﬂ ow statements
202 572 (24) (16) 
All the bank accounts of the subsidiaries and parent company of the Group are set against each other in establishing the cash 
position of the Group. The bank overdrafts do not therefore represent bank borrowings, which is why they are presented as 
above for the purposes of the cash ﬂ ow statement.
The Group’s short term bank deposits are invested in money market deposits which match the forecasted operating cash 
requirements of the business. The carrying amount of bank deposits approximates to their fair value. Details of deposits are as 
follows: 
Currency
Balance
invested
£’000
Weighted average
interest rate
Weighted average 
term
Sterling 9 0.00% Overnight Westminster Group plc  I  Annual Report & Accounts 2009
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 62
22. Called up share capital
Group and Company 
Authorised 
The total number of authorised shares is 80,000,000 ordinary shares of £0.10 each (2008: 20,000,000 ordinary shares of £0.10 
each).
Issued and fully paid 
The total amount of issued and fully paid shares is as follows: 
Ordinary shares
Number £’000
At 1 January 2009 14,022,336 1,402
Issued for the acquisition of Longmoor Services Limited (now Longmoor Security Limited) 894,735 90
At 31 December 2009 14,917,071 1,492
The Company has one class of ordinary share, which carries no right to ﬁ xed income. On 25 February 2009 the Company issued 
894,735 Ordinary Shares of 10p each at 43.5p giving rise to premium of £299,000 which has been taken to a merger relief 
reserve.
Details of the Group’s capital management policies and procedures are provided as part of the corporate governance report.
23. Merger relief reserve
Group and Company
2009 2008
£’000 £’000
At 1 January --
Premium on shares issued for the acquisition of Longmoor Services Limited (now Longmoor 
Security Limited) (note 22)
299 - 
At 31 December 299 -  Westminster Group plc  I  Annual Report & Accounts 2009
 63
24. Share options
The Company adopted the Share Option Scheme on 3 April 2007 that provides for the granting of both EMI and unapproved 
options (Westminster Group Individual Share Option Agreements). The main terms of the option scheme are as follows:
• Although no special conditions apply to the options granted in 2007, the model form agreement allows the Company to 
adopt special conditions to tailor an option for any particular employee;
• The scheme is open to all full time employees and Directors except those who have a material interest in the Company. 
For the purposes of this deﬁ nition, a material interest is either beneﬁ cial ownership of, or the ability to control directly, or 
indirectly, more than 30% of the Ordinary share capital of the Company;
• The Board determines the exercise price of options before they are granted. It is provided in the scheme rules that options 
must be granted at the prevailing market price in the case of EMI options and must not be granted at an exercise price that 
is less than the nominal value of a share;
• There is a limit that options over unissued shares granted under the scheme and any discretionary share option scheme or 
other option agreement adopted or entered into by the Company must not exceed 10% of the issued share capital;
• Options can be exercised on the second anniversary of the date of grant and may be exercised up to the 10th anniversary of 
granting. Options will remain exercisable for a period of 40 days if the participant is a “good leaver”.
Options have subsequently been granted on the same basis as above, which are set out below.
Share options and weighted average exercise prices are as follows for the reporting periods presented:
Number of options
 Weighted average exercise 
price per share (p)
Outstanding at 1 January 2008 538,585 35 
Granted 20,000 53 
Forfeited (15,000) 75
Outstanding at 31 December 2008 543,585 38 
Granted 104,000 34
Forfeited (20,000) 24
Outstanding at 31 December 2009 627,585 34
Exercisable at 31 December 2008 - -
Exercisable at 31 December 2009 - -
The range of exercise prices and the weighted average remaining contractual life of share options outstanding at the end of the 
period are as follows:
2009 2008
Date of grant Exercise price
Number outstanding 
at end of year
Weighted average 
remaining contractual 
life (in years)
Number outstanding 
at end of year
Weighted average 
remaining contractual 
life (in years)
5 Apr 2007 10p 298,000 7.3 311,000 8.3
11 Dec 2009 32p 30,000 9.9 - -
25 Sep 2009 34.5p 72,000 9.7 - -
21 Apr 2008 52.5p 15,000 8.3 15,000 9.3
11 Jun 2008 55.5p - -   5,000 9.4
21 Jun 2007 67.5p 203,585 7.5 203,585 8.5
20 Sep 2007 74p 9,000 7.7 9,000 8.7
Total 627,585 7.8 543,585 8.4
A Black-Scholes option pricing model is used to determine the fair value of share options at grant date. The assumptions used to  Westminster Group plc  I  Annual Report & Accounts 2009
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 64
determine the fair values of share options at grant dates were as follows:
5 Apr 21 Jun 20 Sep 21 Apr 11 Jun 25 Sep 11 Dec
2007 2007 2007 2008 2008 2009 2009
Number of options granted 311,000 203,585 9,000 15,000 5,000 74,000 30,000
Share price at date of 
grant (p)
5.6 67.5 75.0 52.5 55.5 34.5 32
Exercise Price (p) 10.0 67.5 74.0 52.5 55.5 34.5 32
Volatility (annualised) 1.6% 1.6% 1.6% 1.6% 1.6% 25.50% 25.50%
Average expected term to 
exercise (years)
4.5 4.5 4.5 4.0 4.0 4.5 4.5
Risk free rate % 1.81 1.81 2.35 2.35 2.35 4.07 4.07
Expected dividends -------
Fair value (p) - 5.3 8.4 4.7 5.0 15.8 14.7
For share options granted in 2007 and 2008 the expected share price volatility was determined taking the share price account 
of the historic daily share price movements.  For 2009 the standard deviation of the share price over the year has been used to 
calculate volatility.
As the Company was not quoted at the dates of granting of the share options before the IPO on 21 June 2007, the calculation of 
the expected volatility of the shares was estimated by comparisons of the historic volatility of a sample of securities of a similar 
size to the Company, listed on the AIM index, as well as the volatility of other listed companies in similar industries.
The average expected term to exercise used in the models is based on management’s best estimate for the effects of non-
transferability, exercise restrictions and behavioural conditions, forfeiture and historical experience.
The risk free rate has been determined from market yields for government gilts with outstanding terms equal to the average 
expected term to exercise for each relevant grant.
The amount recognised in the income statement in respect of share based payments was £6,000 (2008: £4,000). Westminster Group plc  I  Annual Report & Accounts 2009
 65
25. Borrowings
Group Company
2009 2008 2009 2008
£’000 £’000 £’000 £’000
Current
Bank overdraft (secured) 273 16 24 16 
Non current 
Convertible loan note 843 - 843 -
Total 1,116 16 867 16
The bank overdrafts represent overdrawn amounts in some subsidiaries, which are offset by cash balances in other subsidiaries.  
See note 16 for details of the convertible loan note.
26. Trade and other payables
Current Group Company
2009 2008 2009 2008
£’000 £’000 £’000 £’000
Trade payables 518 714 38 65
Financial liabilities 518 714 38 65
Other taxes and social security payable 66 74 21 49
Accruals and other payables 179 222 73 63
Deferred income 423 475 - -
Non-ﬁ nancial liabilities 668 771 94 112
Total current trade and other payables 1,186 1,485 132 177
Non-current Group Company
2009 2008 2009 2008
£’000 £’000 £’000 £’000
Deferred consideration 181 - 181 -
Financial liabilities 181 - 181 -
Deferred income - 2 - -
Non-ﬁ nancial liabilities -2 - -
Total non-current trade and other payables 181 2 181 -
Trade and other payables principally comprise amounts outstanding for trade purchases and ongoing costs, as well as payments 
received in advance for contracts that have not yet been delivered.  The average credit period taken for trade purchases in 2009 
was 91 days (2008: 67 days). The Directors consider that the carrying value of trade payables approximates to their fair value.
Deferred income relates to amounts received from customers at year end but not yet earned.
At 31 December 2009 £65,000 (2008: £102,000) of payables were denominated in US dollars, £4,000 (2008: nil) in Euros and 
£449,000 (2008: £612,000) in sterling. Westminster Group plc  I  Annual Report & Accounts 2009
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 66
27. Cash ﬂ ow adjustments and changes in working capital
The following non-cash ﬂ ow adjustments and adjustments for changes in working capital have been made to proﬁ t before tax to 
arrive at operating cash ﬂ ow:
Group Company
2009 2008 2009 2008
£’000 £’000 £’000 £’000
Adjustments: 
Depreciation, amortisation and
impairment of non-ﬁ nancial assets 
115 82 44 43
Interest income (107) (39) (107) (16)
Interest expenses 116 4 116 3
Loss on disposal of non-ﬁ nancial assets - 1 - 1
Share-based payment expenses 6 4 6 4
Total adjustments 130 52 59 35
Net changes in working capital: 
Increase in inventories (46) (125) - -
(Increase)/decrease in trade and other receivables (964) (1,912) (6) 48
(Decrease)/increase in trade and other payables (464) 1,020 (45) 39
Total changes in working capital (1,474) (1,017) (51) 87 Westminster Group plc  I  Annual Report & Accounts 2009
 67
28. Related parties 
Transactions with key management personnel
The Group has a related party relationship with its shareholders and with its Directors who are its Executive ofﬁ cers. Details of 
the Executive and Non-Executive Directors’ remuneration is set out in the Remuneration Committee report.
There were no amounts owed to the Directors at the year end (2008: £nil).
Transactions and balances between Group entities
At the period end, the following balances were owed to the Company by Group entities:
Company
2009 2008
£’000 £’000
Westminster International Limited 3,154 2,275 
RMS Integrated Solutions Limited 599 553 
Longmoor Security Limited 280 -
Westminster Facilities Management Limited 3 3
Westminster Technologies Limited 192 192
Less: reserve against dormant companies (195) (195)
4,033 2,828 
During the period management charges were made from Westminster Group plc to its subsidiary companies as follows:
Company 
2009 2008
£’000 £’000
Westminster International Limited 1,337 1,074
RMS Integrated Solutions Limited - 225
Longmoor Security Limited 90 -
1,427 1,299
The amounts due from the subsidiaries to the Company resulting from management charges and other intercompany activity 
are held as intercompany accounts and are not secured. The amounts due to the Group form part of the capital used by the 
subsidiaries.
At 31 December 2009 one of the Directors, P D Fowler, and his wife were together the largest shareholder in the Company and 
may be considered the ultimate controlling party through their interest in 42% of the shares of the Company. As of 22 April 2010 
they control 35%.
29. Contingent assets and contingent liabilities
Westminster International has, in the normal course of business, given guarantees and entered into counter-indemnities 
in respect of bonds relating to its contracts, which are cross-guaranteed by the other Group companies. The total amount 
outstanding at 31 December 2009 was £306,000 (2008: £98,000). Westminster Group plc  I  Annual Report & Accounts 2009
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 68
30. Financial risk management
The Group is exposed to various risks in relation to ﬁ nancial assets and liabilities. The main types of risk are foreign currency 
risk, interest rate risk, credit risk and liquidity risk.
The Group’s risk management is closely controlled by the Board and focuses on actively securing the Group’s short to medium 
term cash ﬂ ows by minimising the exposure to ﬁ nancial markets. The Group does not actively trade in ﬁ nancial assets for 
speculative purposes nor does it write options. The most signiﬁ cant ﬁ nancial risks are currency risk, interest rate risk and 
certain price risks.
Foreign currency sensitivity
The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily 
with respect to the Euro and US dollar. The Group’s policy is to match the currency of the order with the principal currency 
of the supply of the equipment. Where it is not possible to match those foreign currencies, the Group might consider hedging 
exchange risk through a variety of hedging instruments such as forward rate agreements, although no such transactions have 
ever been entered into.
Foreign currency denominated ﬁ nancial assets and liabilities, translated into GBP at the closing rate, are as follows. Euro assets 
and liabilities are not material:
Group
Short-term 
exposure
Long-term 
exposure
USD USD
£’000 £’000
31 December 2009
Financial assets 2,574 -
Financial liabilities (65) -
Total exposure 2,509 -
31 December 2008
Financial assets 1,768 -
Financial liabilities (102) -
Total exposure 1,666 -
If the US dollar were to depreciate by 10% relative to its year end rate, this would cause a loss of proﬁ ts in 2010 of £250,900 
(2008: £166,600). This calculation is based upon an instantaneous 10% weakening of sterling relative to the dollar from the 
level applicable at 31 December 2009. A strengthening of sterling would have an equal and opposite effect. Such analysis is for 
illustrative purposes only – in practice market rates rarely change in isolation.
Exposures to foreign exchange rates vary during the year depending on the volume of overseas transactions. Nonetheless, the 
analysis above is considered to be representative of the Group’s exposure to currency risk.
Foreign currency denominated ﬁ nancial assets and liabilities are immaterial for the Company.
Interest rate sensitivity
The only borrowings of the Group and Company are the convertible loans (see note 16), which are at ﬁ xed interest rates. 
Interest on the cash holdings of the Group are not material and therefore no calculations of interest rate sensitivity have been 
undertaken. Westminster Group plc  I  Annual Report & Accounts 2009
 69
Credit risk analysis
The Group’s maximum exposure to credit risk is limited to the carrying amount of ﬁ nancial assets recognised at the reporting 
date, as summarised below:
Group Company
2009 2008 2009 2008
£’000 £’000 £’000 £’000
Cash and cash equivalents 475 588 - -
Trade and other receivables 3,706 2,739 7 23
4,181 3,327 7 23
The Group has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are 
performed on all customers requiring credit over a certain amount. In the case of material sales transactions, the Group usually 
demands an initial deposit from customers and generally seeks to ensure that the balance of funds is secured by way of letter of 
credit or similar instruments.  
The Group’s management considers that the ﬁ nancial assets above that are not impaired or past due for each of the reporting 
dates under review are of good credit quality.
None of the Group’s ﬁ nancial assets are secured by collateral or other credit enhancements.
Some of the unimpaired trade receivables are past due at the reporting date. Financial assets past due but not impaired can be 
shown as follows:
Group 2009 2008
£’000 £’000
Not more than 3 months 283 1,926
More than 3 months but less than 6 months 303 414
More than 6 months but not more than 1 year 533 -
1,118 2,340
In respect of trade and other receivables, the Group is exposed to a credit risk from a single Government  customer see note 19. 
Trade receivables consist of a large number of customers in different sectors of the market and geographical locations. Based 
on historical information about customer default rates management consider the credit quality of trade receivables that are not 
past due or impaired to be good.
The carrying amount of ﬁ nancial assets whose terms have been renegotiated, that would otherwise be past due or impaired is 
£nil (2008: £nil).
The credit risk for cash and cash equivalents is considered negligible, since the funds are held with banks supported by the UK 
government.
No unimpaired trade receivables are past due at the reporting date in respect of the Company.
Liquidity risk analysis
The Group manages its liquidity needs by monitoring scheduled debt repayments for long term ﬁ nancial liabilities as well as 
forecast cash ﬂ ows due in day to day business. Net cash requirements are compared to borrowing facilities in order to determine 
headroom or any shortfalls. This analysis shows if available borrowing facilities are expected to be sufﬁ cient over the lookout 
period. Westminster Group plc  I  Annual Report & Accounts 2009
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 70
As at 31 December 2009, the Group’s liabilities have contractual maturities (including interest payments where applicable) as 
summarised below:
Group Current Non-current
£’000 £’000
Within 6 months 6 to 12 months 1 to 5 years
Later than 5 
years
31 December 2009
Convertible loans 60 60 1,620 -
Bank borrowings 273 - - -
Trade and other payables 1,186 - - -
Total 1,519 60 1,620 -
Company Current Non-current
£’000 £’000
Within 6 months 6 to 12 months 1 to 5 years
Later than 5 
years
31 December 2009
Convertible loans 60 60 1,620 -
Bank borrowings 24 - - -
Trade and other payables 131 - - -
Total 215 60 1,620 -
This compares to the Group’s ﬁ nancial liabilities in the previous reporting period as follows:
Group Current Non-current
£’000 £’000
Within 6 months 6 to 12 months 1 to 5 years
Later than 5 
years
31 December 2008
Bank borrowings 16 - - -
Trade and other payables 1,485 - 2 -
Total 1,501 - 2 -
Company Current Non-current
£’000 £’000
Within 6 months 6 to 12 months 1 to 5 years
Later than 5 
years
31 December 2008
Bank borrowings 16 - - -
Trade and other payables 128 - - -
Total 144 - - -
The above amounts reﬂ ect the contractual undiscounted cash ﬂ ows, which may differ to the carrying value of the liabilities at 
the reporting date. Where the customer has a choice of when an amount is paid the liability has been included on the earliest 
date on which payment can be required.  Westminster Group plc  I  Annual Report & Accounts 2009
 71
31. Post balance sheet events
Acquisition of CTAC Limited
On 15 April 2010 Westminster Group plc acquired the entire issued share capital of CTAC Limited for an initial consideration of 
£825,000, which was satisﬁ ed by £500,000 in cash and the balance of £325,000 by the issue of 792,683 new ordinary shares of 
10p each in Westminster at 41p on the date of completion. The Directors considered that this constituted a fair value for the 
business acquired and no external valuation was considered appropriate.
Two further performance based payments will be made, calculated on 40% of net proﬁ t in each of the two years following 
completion, up to a maximum aggregate additional payment of £1 million.
The Completion Balance Sheet for CTAC will not be ready until after the publication of these accounts, so no fair value analysis 
is yet available. 
Issue of new shares
On 15 April 2010 Westminster Group plc placed 747,000 New Ordinary Shares at a placing price of 33.5p to raise £250,000 before 
expenses.
On 16 April 2010 the Group raised further working capital through a subscription of 1,250,000 new Ordinary Shares at 41p, 
raising £512,000 before expenses from new investors. Following the issue of the new shares for the acquisition of CTAC, the 
placing on 15 April 2010 and the subscription on 16 April 2010, Westminster’s enlarged issued share capital will comprise 
17,730,754 Ordinary Shares. Westminster Group plc  I  Annual Report & Accounts 2009
COMPANY INFORMATION 72
Directors 
Executive   Non-Executive
Peter Fowler    Lt. Col. Sir Malcolm Ross (Chairman)
Nicholas Mearing-Smith   Sir Michael Pakenham 
Stuart Fowler 
Roger Worrall 
Secretary 
Nicholas Mearing-Smith
Registered ofﬁ ce 
Westminster House
Blacklocks Hill
Banbury
Oxfordshire
OX17 2BS  
Principal bankers 
HSBC Bank plc
17 Market Place
Banbury
Oxfordshire
OX16 5ED 
Nominated adviser,
ﬁ nancial adviser 
and broker
Seymour Pierce
20 Old Bailey
London
EC4M 7EN
Registrars
Capita Corporate Registrars plc
The Registry
34 Beckenham Road
Beckenham
Kent
BR3 4TU 
Solicitors
Charles Russell LLP
7600 The Quorum
Oxford Business Park North
Oxford
OX4 2JZ 
Auditor
Grant Thornton UK LLP
1 Westminster Way
Oxford
OX2 0PZ
Financial public relations
Winningtons
St Brandon’s House
29 Great George Street
Bristol
BS1 5QT
Westminster Group Plc
P: +44 (0) 1295 756300 F: +44 (0) 1295 756302 E: info@wg-plc.com
Westminster International Ltd
P: +44 (0) 1295 756300 F: +44 (0) 1295 756302  E:info@wi-ltd.com
Longmoor Security Ltd
P: +44 (0) 1295 756380 F: +44 (0) 1295 756381 E: info@longmoor-security.com
RMS Integrated Solutions Ltd
P: +44 (0) 1295 257770 F: +44 (0) 1295 257187 E: info@rms-is.com
CTAC Ltd
P: +44 (0) 845 2252820 F: +44 (0) 1299 253202 E: info@ctac-ltd.com   Westminster Group plc
Westminster House
Blacklocks Hill
Banbury
Oxfordshire
OX17 2BS
United Kingdom
www.wg-plc.com