Turning knowledge into business
ANGLE plc
Annual Report & Accounts 2004 Founded in 1 994, ANGLE has built a management team
experienced in the commercialisation of technology.
Through our consulting and management businesses, 
ANGLE has established working relationships with over 
thirty five corporates, ten public sector research organisations
and thirty universities across the UK, US and Middle East.
ANGLE has developed Progeny
®
, a systematic process 
for establishing new technology companies and retains 
substantial equity positions in five technology companies.
A Diversified International Business
ANGLE’s business is scaleable, diversified into
international markets and spans technology sectors
ranging from IT to biotechnology. 01 ANGLE plc
Annual Report & Accounts 2004
Highlights
Financial Highlights
> Turnover increased 45% to £2.87 million (2003: £1.98 million)
> Profit of £2.3 1 million on disposal of Progeny
®
Company, Exago 
Limited, in a share for share exchange representing a return of 
eleven times original investment 
> Total income increased 1 6 5% to £5.2 7 million (2003: £1.99 million)
> Profit before tax increased to £2.3 3 million (2003: loss £0.3 5 million)
> Basic earnings per share increased to 20.43p (2003: loss 3.45p)
> Cash at bank at year end £8.25 million
> Consulting and Management businesses entered new financial year 
with strong sold order book of £3.23 million, including significant
management contracts in the UK, US and Middle East
Operational Highlights
> Acolyte Biomedica secures £3.7 million additional funding 
to launch MRSA product
> NeuroTargets makes strong technical progress and secures 
additional funding
> Provexis clinical trials demonstrate efficacy of CardioFlow
®
for cardiovascular health
> Several other Progeny
®
Companies under evaluation
> Middle East Consulting and Management operation established
Contents
01 Highlights
02 Chairman’s Statement
04 Chief Executive’s Review
08 Investment Portfolio
14 Financial Review
16 Board of Directors 
18 Directors’ Report
20 Corporate Governance Report
22 Remuneration Report
24 Independent Auditors’ Report
25 Consolidated Profit and Loss Account
26 Balance Sheets
27 Consolidated Cash Flow Statement
28 Notes to the Consolidated Cash Flow
Statement
29 Notes to the Financial Statements
Advisors
£2.87m
Turnover (2003: 1.98m)
£5.27m
Total income (2003: £1.99m)
£2.3 3m
Profit before tax (2003: loss £0.3 5m)
£8.25m
Cash at bank (2003: £0.09m) 02 ANGLE plc
Annual Report & Accounts 2004
Chairman’s Statement
Our flotation was the fulfilment of a long-held
objective and the achievement of a major milestone.
Hance Fullerton
Chairman
Introduction
ANGLE reached a significant milestone in
March 2004 when the Company listed on the
Alternative Investment Market of the London
Stock Exchange and raised £9.0 million
(gross). The flotation provides the platform
for dynamic growth. We now look forward to 
a future of great promise for both ANGLE and
its shareholders. 
Founded in 1 994, the Group’s integrated
business model combines its revenue-earning
Consulting and Management businesses with
its capital-growth Ventures business:
> Consulting: consulting on the
commercialisation of technology, including
consulting for major corporations, SMEs,
regional and national economic development
agencies and governments;
> Management: taking direct management
responsibility for activities such as operation
of research parks and technology incubators
and the management of innovation and
product development programmes; and
> Ventures: establishment and ownership of
significant equity stakes in a portfolio of
technology companies (Progeny
®
Companies), primarily in the biotechnology,
electronics and IT sectors, with a view to
realising value in the medium to long term.
The relationships ANGLE forges with owners
of intellectual property through its Consulting
and Management businesses enable the Group
to identify and exploit opportunities to
commercialise intellectual property using its
proprietary Progeny
®
process.
The Consulting and Management activity is
the channel for these exciting opportunities.
It is a vibrant and expanding part of our
business, and its development is central 
to our future. ANGLE has built profitable
Consulting and Management businesses in
both the UK and the US, providing revenue 
as well as the opportunity to build important
relationships with corporates, government
research establishments and universities.
ANGLE’s international reputation and proven
capability enabled it to win a major £1.55
million contract in the Middle East in
December 2003 to establish the Qatar
Foundation Science and Technology Park.
This is a new and exciting market for 
ANGLE, with the prospect of further work 
in the region. Several other substantial
management contracts were secured during
the year including a contract worth up to
£900,000 with the Carbon Trust on the
commercialisation of low carbon technology.
Results
Total income for the year was up 1 65% 
at £5.27 million (2003: £1.99 million)
comprising turnover of £2.87 million and
proceeds from disposal of £2.40 million.
In the year ended 30 April 2004, ANGLE
increased turnover by 45% to £2.87 million
(2003: £1.98 million) and, after £2.3 1 million
profit on disposal of Progeny
®
Company
Exago, achieved profit before tax of £2.33
million (2003: loss £0.35 million). Basic
earnings per share increased to 20.43p
(2003: loss 3.45p). 
In line with our current intention of retaining
earnings for future capital growth, no final
dividend is proposed. A change in accounting
policy, Accounting for Investments, and its
related impact on associate accounting has
been implemented as outlined in Note 1.3.
Progeny
®
Company Disposal
ANGLE’s business model for developing
Progeny
®
Companies was proven during the
year when Corpora plc acquired Exago for
£5.30 million in a share for share exchange
generating a £2.3 1 million profit in the year
for the Group.
In May 2002 ANGLE’s Progeny
®
Company,
Exago, secured intellectual property developed
by BT Exact, BT’s research, technology and IT
operations business.  The company launched
eXero, an integrated suite of software tools to
help users find, manage and share business
information. The successful disposal of Exago
demonstrates the value of ANGLE’s Progeny
®
process. The disposal generated a return for
ANGLE of eleven times monies invested in 
less than two years.
Finance
At the time of ANGLE’s flotation, 6.25 million
ordinary shares were placed at a price of
144p, raising £8.1 6 million for the Company,
net of costs. Net cash at 30 April 2004 03 ANGLE plc
Annual Report & Accounts 2004
Consulting
ANGLE provides consulting services on the commercialisation
of technology and the development of technology industry.
Our experienced management team includes senior executives with
technological and commercial backgrounds and expertise in bioscience,
computing, electronics, energy, life sciences, materials technology and software. 
These skills have been applied to projects that include:
> New product development programmes to support corporate R&D
> Establishing commercialisation strategies
> Commercial market appraisals and technology due diligence
> Design of public-sector policies, programmes on technology and innovation
> Development of science & research parks, and technology incubators
£2.7m
Consulting and Management Turnover
available for continuing investment in
Progeny
®
ventures and development of the
Group amounted to £8.25 million (2003:
£0.09 million). Net assets at 30 April 2004
amounted to £10.99 million (2003: £0.55
million). 
Strategy and Outlook
ANGLE’s objective is to achieve profitable
long term capital growth for its shareholders
through the successful combination of its
Consulting and Management businesses 
with the establishment and development 
of a portfolio of Progeny
®
Companies in a
range of technology sectors. The Group’s
access to intellectual property combined 
with its present cash resources and highly
experienced management team puts it in a
strong position to fulfil this objective over 
the next few years.
ANGLE moved strongly into profit during 
the year, with all activities in the Group
performing strongly. The Consulting and
Management order book remains strong at
£3.23 million at 30 April 2004, including
significant management contracts in the 
UK, US and Middle East, bringing with it 
a steady stream of commercialisation projects. 
The outlook for the current financial year is
encouraging. We have already made a number
of important announcements including:
> commercialisation of Provexis’ leading
product CardioFlow
®
for maintaining
cardiovascular health, which is progressing
apace following positive results from its final
human trials;
> major Consulting and Management contract
extensions in the UK and the US;
> Acolyte Biomedica, which is moving rapidly
towards launch of its MRSA diagnostic
product, having completed its £3.7 million
funding round during the year;
> NeuroTargets, which has announced a
collaborative agreement with BioFocus plc
to develop a therapeutic drug for nerve
injury and pain relief from intellectual
property owned by NeuroTargets; 
> the formation of a new Progeny
®
Company,
NovoCellus, to commercialise intellectual
property developed by the University of York
for assessing the viability of embryos for IVF
treatment.
In addition several other promising Progeny
®
Companies are under evaluation.
In 2004 we welcomed two new non-executive
directors, David Quysner and Iain Ross, to the
board. They bring extensive business and
commercial experience to the ANGLE team. 
I would like to thank all members of the
ANGLE team for their outstanding efforts in
delivering excellent financial and operational
results whilst simultaneously completing the
successful flotation of the business. We have
an exceptional team, and I am grateful for all
their hard work, enthusiasm and commitment
to the business. I look forward to working with
them in the year ahead.
Hance Fullerton
Chairman
16 August 2004
FROM LEFT TO RIGHT
Simon Crook, Senior Consultant
Stephen Bates, Ventures Director 04 ANGLE plc
Annual Report & Accounts 2004
Chief Executive’s Review
ANGLE moved strongly into 
profit during the year.
Andrew Newland
Chief Executive
Introduction
Growth and profitability were the
watchwords of the past year. ANGLE moved
strongly into profit during the year in both
Consulting and Management and Ventures,
whilst at the same time completing the
major fund raising and IPO supporting the
future development of the business.
Thousands of commercialisation
opportunities exist in the market, but only 
a small fraction of new technology ideas
have the potential to become companies in
their own right. Knowing how to transform
promising intellectual property into a 
viable business proposition by using a
combination of technological skills, finance
and management is a rare talent. It is in 
this that ANGLE excels.
ANGLE’s profits come from the Group’s
robust performance in both Consulting 
and Management, which generated £0.43
million in operating profit, and the Ventures
business, which generated operating profit
of £1.85 million. 
Consulting and Management
The Consulting and Management businesses
have had a successful year. Fees increased
48% to £2.66 million (2003: £1.80 million)
resulting in a profit of £0.43 million (2003:
£0.1 1 million loss) and an operating profit
margin of 1 6.1%. A number of major
contracts were secured during the year
and the sold order book is strong at £3.23
million at 30 April 2004 (2003: £1.04
million).
Combining technological skills with finance
and management, ANGLE consultants
design, develop and manage technology
commercialisation support programmes for
clients in the private and public sectors.
Activities include new product development
programmes to support corporate research
and development, the development of
intellectual property commercialisation
strategies and establishing and managing
science and research parks and technology
incubators.
Recent contracts the Consulting and
Management businesses have undertaken 
on a fee-for-service basis include:
> assisting the London Development Agency
to develop a growth strategy for London’s
research-led biotechnology sector;
> developing a commercialisation strategy
for intellectual property arising from
research carried out at the University 
of St. Andrews;
> providing strategic business advice 
to high-growth start-ups and SMEs in
Northern Ireland;
> developing, managing and operating
research parks and technology incubators,
including the bioAccelerator in Fairfax
County, Virginia, (US) and the iCentre in
Mansfield (UK);
> establishing the Qatar Foundation Science
and Technology Park in the Middle East;
> managing the NITECH Growth Fund, a
seed fund for new technology companies,
in Northern Ireland.
In Consulting and Management, there 
were particularly strong results in the 
UK, bolstered by a number of major new
contracts, including expansion into NHS
research commercialisation and growth in
long-term programme management.
Consulting and Management grew healthily
in the United States as well, moving into
profitability for the first time. The Virginia,
Maryland and Delaware operations all
performed strongly and the Group expanded
into Pennsylvania. 
I am delighted to report that ANGLE has
also secured a major new contract in the
Middle East at the end of 2003 to establish
the Qatar Foundation Science and
Technology Park. This contract provides 
us with an exciting new platform for
expansion into this market.
In short, the Consulting and Management
businesses grew significantly in terms of
turnover, profitability and global reach,
enabling ANGLE to enter the new financial
year with its best forward order book ever.  05 ANGLE plc
Annual Report & Accounts 2004
Management
ANGLE has the capacity to offer a fully managed service 
for the delivery of technology commercialisation support
programmes on behalf of clients in the private and 
public sectors.
Our management team has international experience in the planning,
development, management and marketing of technology based economic
development programmes including:
> Science and research parks
> Technology incubators and incubation
> Investment funds
> Product development services
£0.4m
Consulting and Management operating profit
Ventures
We are delighted to report the first
realisation in our Ventures business with 
the sale of our Progeny
®
Company, Exago to
Corpora plc in a share for share exchange
then representing 1 8.1% of Corpora’s issued
share capital. Having secured intellectual
property from British Telecom in 2002 to
develop software tools for managing business
information, we succeeded in developing the
company through to disposal less than two
years later. This generated a profit for
ANGLE of £2.3 1 million in the year, a return
of over eleven times the monies we invested.
We believe this success demonstrates the
value of our Progeny
®
process and that
numerous similar opportunities are available
to us through our Consulting and
Management businesses.
Corporates, public sector research
establishments (PSREs) and universities are
all sources of exciting new technology. But
identifying the sources of technology is not
where the real challenge lies. To successfully
build new technology ventures requires
relationships not just between organisations,
but between the right individuals within
those organisations. It requires commercial
people that are experienced in working with
scientists and academics. Furthermore, it
requires the capacity to combine funding
with the added-value of business skills that
come with an appropriate network of
partners and experts. ANGLE has built its
Progeny
®
process with all these facilities. It
has become a proven way to take emerging
technology opportunities and turn them
into viable commercial propositions.
Through its Consulting and Management
businesses, ANGLE has been engaged
on a fee-for-service basis by over eighty 
clients developing proprietary technology,
including over thirty five corporates, over
ten public sector research establishments 
and over thirty universities. These personal
relationships enable ANGLE to readily identify
those emerging opportunities that fit the
Progeny
®
approach. Unlike many venture
partners, ANGLE does not expect to find
complete management teams; clarity in the
product offering and complete market analysis;
or fully developed exploitation plans. On the
contrary, ANGLE is attracted by deficiencies 
FROM LEFT TO RIGHT
Theresa Wallis, Principal Executive
Simon Crook, Senior Consultant 06 ANGLE plc
Annual Report & Accounts 2004
Chief Executive’s Review (cont)
The systematic approach that Progeny
®
provides
enables ANGLE to spread any risk across a number
of research organisations and a range of 
technology applications. 
in these factors as it recognises its own ability
to deconstruct a technology opportunity and
build from it a truly commercial proposition,
filling gaps as they are identified. ANGLE
leverages its consulting staff to provide interim
management in these new Progeny
®
Companies
until it is clear what skills will be required
from the long-term management that it 
then recruits. 
The Progeny
®
process is ANGLE’s own system
for building technology-based companies.
The process generally involves:
> Initial commercial appraisal. A preliminary
and relatively rapid filtering process is
applied which interrogates the core issues
associated with the IPR (intellectual
property rights); 
> Further commercial appraisal. The
evaluation of IPR, prior agreements,
costings and a market opportunity
appraisal are critical steps at this stage;
> Establishment and management of the 
new technology company. This includes
acquisition of IPR in consideration for the
issue of shares in the new company;
> Securing external investment. Third party
investment capital for the new company 
is generally secured as soon as possible;
> Ongoing management and support.
ANGLE provides administrative and
financial management support, assists 
the company in developing collaborative
agreements and preparing the company 
for securing further external funding;
> Securing further external investment as
required; and
> Realisation or partial realisation of
ANGLE’s equity stake.
The systematic approach that Progeny
®
provides enables ANGLE to spread any risk
across a number of research organisations
and a range of technology applications. 
The application of Progeny
®
to the UK
biotechnology sector has been endorsed 
and financially supported by the DTI.
ANGLE has so far founded six Progeny
®
Companies including Exago. There are
currently five Progeny
®
Companies in 
which ANGLE retains an equity stake:
> Acolyte Biomedica: A medical technology
company that specialises in rapid bacterial
and antibiotic susceptibility testing.
ANGLE’s equity stake is 10.28% (10.04%
after minority interests). Additional
funding of £3.7m has recently been
secured to launch the MRSA product.
> IDR Therapeutics: A drug redevelopment
company that redesigns drugs to remove
toxic side effects. ANGLE has a 64% stake.
> NeuroTargets: A functional genomics
company set up to discover and develop
new drugs to treat diseases related to nerve
damage. ANGLE’s equity stake in
NeuroTargets is 30.09% (29.03% after
minority interests). Additional funding has
recently been secured and subsequent to
the year-end a collaborative agreement
signed with BioFocus plc. 
> NovoCellus: A biotechnology company that
is developing technology to determine the
viability of embryos used in IVF treatment.
Newly formed in Summer 2004. 
> Provexis: A nutraceutical company that
develops functional foods, supplements
and medical foods to improve
cardiovascular health. ANGLE has a
32.02% stake (30.97% after minority
interests). Clinical trials have recently 
been successfully completed on
Cardioflow
®
. 07 ANGLE plc
Annual Report & Accounts 2004
INITIAL COMMERCIAL APPRAISAL
FULL COMMERCIAL APPRAISAL
ESTABLISHMENT AND MANAGEMENT 
OF THE NEW TECHNOLOGY COMPANY
SECURING FURTHER EXTERNAL  
INVESTMENT IF REQUIRED
REALISATION OF ANGLE STAKE
ONGOING MANAGEMENT SUPPORT
Progeny  Process
®
SECURING EXTERNAL INVESTMENT
Ventures
ANGLE founds, develops and operates its own technology
companies (known as our "Progeny
® 
Companies"), utilising
our in-house Progeny
®
process. The Progeny
®
process
enables high calibre management to be deployed right
from the start-up of the Venture. Our Progeny
® 
Companies
commercialise intellectual property developed by
technology partners.
In addition to extensive involvement in venturing on a consulting basis for our
clients, ANGLE has created five new Ventures based on intellectual property
sourced from Dstl, BT, Professor T Macdonald of the University of Virginia,
University of Bristol and the Rowett Institute. Technologies being exploited
include medical diagnostics, knowledge management software, drug redesign,
drug discovery & development, and nutraceuticals & medical foods.
£1.8m
Ventures operating profit
The Company’s ongoing strategy is to 
create more Progeny
®
Companies in the
biosciences, electronics and optronics, IT,
materials, nanotechnology and software
sectors. Intellectual property currently 
under consideration includes biocompatible
materials for implants, information technology
for financial services and a skin cancer
diagnostic tool. 
ANGLE’s business is scaleable, well diversified
into international markets and benefits from 
a portfolio of companies specialising in a
number of different sectors. This diversity and
flexibility is key to ANGLE’s ongoing strength
and stability.
With a solid performance underpinning its
activities, a full order book going forward,
and many exciting and profitable
opportunities on the horizon, ANGLE is
facing the future with confidence and
optimism.
Andrew Newland
Chief Executive
16 August 2004
EXTERNAL INVESTOR
ANGLE TECHNOLOGY
TECHNOLOGY PARTNER company original source of ip technology principal application
equity position  
at 30 April 2004
BT Productivity
software
Productivity software for
finding and sharing
information
17 .40%
Professor
T Macdonald
Drug
redevelopment
Redesign of drugs to
remove toxic side
effects
64.00%
University
of Bristol
Functional
genomics
Analgesia, diabetes
complications, spinal
cord injury
30.09%
Rowett 
Institute
Nutraceutical Cardiovascular
health
32.02%
Acolyte Biomedica
Dstl, Porton Down Medical 
diagnostics
Rapid bacterial and
antibiotic susceptibility
testing
10.2 8%
Corpora plc (Exago)
IDR
Therapeutics
NeuroTargets
Provexis
08 ANGLE plc
Annual Report & Accounts 2004
Investment Portfolio
Subsequent to 30 April 2004, ANGLE 
has founded a sixth Progeny
®
Company,
NovoCellus. NovoCellus has secured an
option over intellectual property developed
by the University of York.
ANGLE has founded, developed and operated five
Progeny
®
Companies in which it has retained 
equity stakes.  09 ANGLE plc
Annual Report & Accounts 2004
Hospital-acquired infections, such as the
MRSA ‘superbug’ , affect one patient in ten
in the developed world. These infections
cause 5,000 deaths in the UK alone each
year and cost the NHS over £1 billion.
Regular surveillance is one of the best ways 
to halt the progress of these infections, but it
can take two to three days to identify a
hospital-acquired infection and treat the
patient or carrier with the right drug. For
some patients this can be too long.
ANGLE founded Acolyte Biomedica in 1 999 to
commercialise technology for rapid diagnosis
of bacterial infection, with simultaneous
identification of the antibiotics required to
treat the relevant infection. Acolyte Biomedica
is commercialising a novel technology
platform, BacLite
®
, which the directors believe
could revolutionise clinical diagnostic
microbiology by replacing current methods
taking approximately forty eight to seventy
two hours with automated systems giving a
diagnosis in approximately two to five hours. 
BacLite
®
is based upon technology originally
developed by Dstl at Porton Down, for rapid
detection of bacteria in air (“AK Technology”).
Acolyte Biomedica has an exclusive, worldwide
licence to Dstl’s IP estate in AK Technology
for identification and antibiotic resistance
testing of micro-organisms in medical
diagnosis. The directors believe that there
is no system currently widely available that 
is able to compete with BacLite
®
.
The market for diagnostic clinical
microbiology capable of being accessed 
by Acolyte Biomedica is estimated by the
directors to exceed $1.3 billion per annum.
The first BacLite
®
test, for the MRSA
superbug, is now in the final stages of
development. Five million MRSA tests are
performed in the UK each year and a further
15 million in the US. 
Acolyte Biomedica has strategically positioned
itself to exploit the opportunity created by the
need to reduce the diagnostic time and the
associated economic cost and patient burden
of hospital-acquired infection. The reduction
in time for diagnosis provides the potential for: 
> faster treatment with the correct antibiotic,
reducing patient mortality and the time
spent in hospital;
> rapid screening for control of infection,
reducing spread of hospital super -bugs; and
> a decrease in the indiscriminate use of
antibiotics reducing hospital drug costs 
and the development of antibiotic resistant
bacteria.
$1 .3BN
THE CURRENT MARKET CAPABLE OF BEING
ADDRESSED BY BACLITE
®
IS ESTIMATED BY
THE DIRECTORS TO EXCEED $1.3 BN PER
ANNUM.
target cells are separated out  
using magnetic beads pre-coated  
with antibodies against the  
bacteria of interest.
beads are immobilised by applying  
a magnetic field. unwanted  
material is removed by washing.
captured cells are lysed by  
extractant; ak from bacteria  
converts adp to atp.
after incubation, bioluminescence  
reagent is added and the light  
output measured.
Acolyte
Biomedica
Acolyte’s Baclite
®
MRSA system 
in development.
In March 2004, Acolyte Biomedica secured
£3.7 million in venture capital to enable it
to launch its MRSA test. At the same time,
Chancellor Gordon Brown singled out the
company as a prime example of the new
and innovative biotechnology companies
the UK urgently needs, a ringing
endorsement of Acolyte Biomedica’s 
great leap forward.
www.acolytebiomedica.com  10 ANGLE plc
Annual Report & Accounts 2004
Exago
“
“
I think it's brilliant—it certainly gives me insight
into the account from a business perspective and
gives me the confidence to talk with the customer
on that level. 
bt account manager for cadbury schweppes–feedback on exero
In May 2002 ANGLE, through Exago
Limited, secured intellectual property
from British Telecom. Exago became
ANGLE’s first disposal when it was sold 
to Corpora plc in April 2004 for £5.30
million, satisfied by the issue to ANGLE
of 6.07 million shares in Corpora plc.
This sale represents a profit of £2.31
million in the year to ANGLE. 
Exago was created to commercialise
intellectual property developed by BT Exact,
BT’s research, technology and IT operations
business. In 2003, it launched eXero, an
integrated suite of advanced knowledge
discovery, summarisation, collaboration 
and expertise location software tools that
gives users the ability to find, manage and
share information that is relevant to their
business needs.
From the very beginning, Exago’s strategy 
was to generate revenue by licensing 
eXero to third parties for selling onto 
their customers or for building into wider
solutions. This strategy resulted in first year
sales of £0.44 million, the majority of which
was in the UK, through a combination of
direct and indirect sales channels. 
We believe that the combination of Exago
with Corpora extends the product offering
and customer base and provides a strong
base for growth of the business in the future.
The market for Corpora’s products is
forecast to grow from approximately £436
million globally in 2003 to around £647
million in 2005. 
www.exago.com 
www.corporaplc.com  11 ANGLE plc
Annual Report & Accounts 2004
IDR Therapeutics
Years of clinical trials must take place
before a new drug is brought to market.
Often drugs are withdrawn in the late
stages of a trial or soon after launch
because of adverse idiosyncratic drug
reactions (IDR) that occur in a tiny
percentage of patients, but which can 
be fatal. 
IDR Therapeutics LLC was founded by
ANGLE in March 2001 to redesign and
modify drug candidates that offer high sales
potential, but which have been withdrawn
from trial or market because of idiosyncratic
events or toxic adverse reactions.
IDR Therapeutics LLC is commercialising 
a drug redesign strategy that redesigns the
molecular structure of drugs that have
failed, removing any toxic side effects but
preserving the therapeutic benefits. The
company’s business model is based on three
complementary approaches to generating
revenue:
> securing fee-based contracts for
redesigning drugs that have been
withdrawn or discarded because of IDRs; 
> redesigning drugs in-house to generate
novel intellectual property, leading to
licensing and development partnerships;
> developing a predictive toxicology
programme for use in proactive screening
for candidate drugs that are likely to
induce IDRs. Pharmaceutical and
biotechnology company clients will pay 
on a fee-for-service basis.
The company has billed initial revenues,
having completed a contract for a major
pharmaceutical company. 
Between 1 997 and 2001, eleven drugs have been
withdrawn from the US market with an estimated
loss of $8 billion in annual sales. 12 ANGLE plc
Annual Report & Accounts 2004
NeuroTargets
Disease and damage to the central
nervous system affect hundreds of
millions of people around the world 
who suffer from a range of symptoms,
including numbness, loss of feeling 
and pain. 
NeuroTargets was founded by ANGLE 
in 1 999 to commercialise intellectual
property developed by the University 
of Bristol and Professor David Wynick. 
At the core of the company’s work is its
patented and highly efficient technology 
for identifying the genes that are involved 
in pain and nerve repair. These genes are
rarely expressed or expressed at low levels,
and so are unlikely to be discovered using
conventional drug discovery methods. 
The initial research into gene identification,
carried out at the University of Bristol’s
neuroscience faculty and on which
NeuroTargets was founded, can be applied to
a number of different disease areas affecting
the central and peripheral nervous systems.
Current research is focused on neuropathy,
neuropathic pain and inflammatory pain, but
the company believes that its drug discovery
technology can be applied to other diseases
and illnesses, including Alzheimer’s.
The company’s strategy is to form
partnership arrangements with
pharmaceutical companies and work with
them to identify new drug targets in the
central and peripheral nervous systems. 
This ambition was realised in April 2001
when NeuroTargets signed a collaborative
research agreement with Merck in the
neuroscience field to provide novel drug
targets from one of its proprietary gene
libraries. NeuroTargets subsequently started
a research programme in the inflammatory
pain field. 
The market for neurological drug targets is
substantial, with approximately 1 65 million
people worldwide suffering from rheumatoid
arthritis alone. Neuropathy and neuropathic
pain affect several million more, caused by
injury arising from surgery, accident and
amputation, or diseases such as diabetes,
herpes and AIDS. It is an extremely difficult
condition to treat because it is largely
resistant to available drugs, including
morphine. 
NeuroTargets’ lead development target, 
a second galanin receptor sub-type agonist,
has been validated as being associated with
traumatic nerve injury and neuropathy, 
both of which are associated with the
development of neuropathic pain
NeuroTargets has a strong proprietary research
pipeline, with five in-house development
programmes covering a number of nerve injury-
related disease indications including: neuropathic
pain, Alzheimer’s disease, inflammatory pain, stroke
and neuropathy.
conditions. A collaborative agreement has
been signed with BioFocus plc, a leading
high throughput screening (HTS) company,
to discover novel drug candidates which
will interact with this target. 
Funding secured in January 2003 has
recently been supplemented with a further
fund-raising in 2004 which will enable
NeuroTargets to build important
relationships with pharmaceutical
companies for the development of drug
candidates for its various receptor targets.
www.neurotargets.co.uk  13 ANGLE plc
Annual Report & Accounts 2004
Provexis
Provexis Limited was formed in 1 999 to
transform elements from the food chain into
innovative, health-promoting products to
combat major killers such as cardiovascular
disease. Founded by ANGLE to commercialise
intellectual property developed by the
Rowett Institute, Europe’s leading nutrition
research institute, Provexis develops natural
bioactive ingredients that are included in
supplements, functional foods (foods consumed
to maintain health) and medical foods (foods
used under the supervision of a physician). 
Provexis is distinct from most companies
operating in the field of nutraceuticals in
that it is committed to proving the efficacy
of its products in human trials. The company
maintains that this form of testing leads to
the development of higher value, patentable
products that can be marketed with
substantive health claims.
The most advanced product Provexis has
under development is CardioFlow
®
. This is a
natural tomato extract, which has a powerful
effect on reducing the blood clotting that 
is typically associated with cardiovascular
disease. This effect was proven in April
2004, when final phase trials were
successfully completed. It is anticipated 
that CardioFlow
®
will be incorporated in a
mainstream fruit juice beverage, which will
be on sale in early 2005 with an approved
health claim.
Other products in the pipeline include a
tablet form of CardioFlow
®
for the heart
healthy dietary supplement market and 
(in collaboration with the University of
Liverpool) a medical food for the treatment
and management of inflammatory bowel
diseases, such as Crohn’s disease and
ulcerative colitis. 
The worldwide market potential for heart
healthy foods has been estimated at $3.4
billion and is forecast to reach $4.6 billion
by 2005 as the large ‘baby boom’ generation
ages and becomes increasingly health aware. 
www.provexis.com 
$3 .4BN
THE MARKET FOR HEART HEALTHY FOODS WORLDWIDE
HAS BEEN ESTIMATED AT US$3.4 BILLION AND IS
FORECAST TO REACH US$4.6 BILLION BY 2005. 
Around one-third of all global deaths are caused 
by circulatory diseases. By 20 1 0, the World Health
Organisation estimates that cardiovascular disease 
will be the single biggest killer in the developed world.
An extract from tomato has been shown to reduce
the ‘stickiness’ of platelets in the blood that can
lead to heart attacks and strokes.  14 ANGLE plc
Annual Report & Accounts 2004
Financial Review
In the cash constrained environment in
which the Group operated in the year, the
Consulting and Management activities
continued to be the engine room for the
business. Strong performance in revenue
growth and profits saw the Group through
tough trading conditions and produced
results ahead of expectations. Ventures’
activities were primarily focused on
supporting and developing the existing
portfolio to meet technical milestones and
secure third party funding. New venture
opportunities were not actively pursued 
until after the flotation.
With an improvement in market conditions
the Group was able to both negotiate the
disposal of its first Progeny
®
Company and
achieve a listing on AIM. The flotation and
investment disposal addresses the medium
term cash requirement to enhance Ventures’
capability and to substantially increase the
investment portfolio creating future growth
in capital value for shareholders.
The financial results for the year demonstrate
significant progress in delivering the
business model and the Group is now
beginning to see the value it has created
appearing in the maturing portfolio of
investments. 
Total income—turnover and other
operating income (Note 2)
The significant increase of 1 65% in total
income to £5.27 million (2003: £1.99
million) resulted primarily from consideration
of £2.40 million for Exago Limited, and a
strong increase of 48% in the Consulting
and Management revenues taking turnover
to £2.66 million (2003: £1.80 million).
The disposal of Exago in April 2004 was
a significant milestone as this was the
Group’s first Progeny
®
Company disposal
from its maturing investment portfolio. The
£2.40 million consideration received in a
share for share exchange with Corpora plc
resulted in a £2.3 1 million profit in the year,
£0.2 1 million of development costs having
previously been written off. This profit
represented a return of eleven times cost 
of investment in less than two years. The
Financial Highlights
+45%
> Turnover increased 45% to £2.87 
million (2003: £1.98 million)
£2.3 1m
> Profit of £2.3 1 million on disposal of
Progeny
®
Company, Exago Limited, in a
share for share exchange representing a
return of eleven times original investment 
+1 6 5%
> Total income increased 1 65% to 
£5.27 million (2003: £1.99 million)
£2.3 3m
> Profit before tax increased to 
£2.33 million (2003: loss £0.35 million)
20.43p
> Basic earnings per share increased to
20.43p (2003: loss 3.45p)
£8.2 5m
> Cash at bank at year end £8.25 million
£3.23m
> Consulting and Management businesses
entered new financial year with strong sold
order book of £3.23 million, including
significant management contracts in the
UK, US and Middle East
> Change in accounting policy for
investments
Ian Griffiths
Finance Director
Strong performance in revenue growth and profits
produced results ahead of expectations. 15 ANGLE plc
Annual Report & Accounts 2004
Group’s commercialisation strategy focused
efforts on building a sales capability and
getting products fit for market, with the
result that this investment required lower
levels of initial investment than typically
expected. The Group also provided working
capital support which was converted into a
loan note at the deal date. 
Prospects for disposals through trade sale 
or IPO for some of the Group’s other
investments over the next couple of years
remain promising due to their technical
progress. The growth in Consulting and
Management activities was driven by securing
long term management contracts and by
geographic expansion into the Middle East.
The public sector market has remained robust
and, with the UK Government’s stated
intention to expand technology development
and commercialisation, the prospects for
growth look good. The Group needs to ensure
it continues to develop its people and its
services to take advantage of the opportunities
afforded, and will be investing in these areas 
in addition to geographical expansion.
Operating costs (Note 5)
Staff costs remained the Group’s most
significant individual cost item and increased
by £0.3 1 million over the previous year to
£1.97 million. Staff costs are planned to be
increased significantly in the current year as
the Group recruits resources to deliver its new
Ventures development activities and expand 
its Consulting and Management activities.
Other operating costs will increase in line with
the expansion of new Ventures development
and Consulting and Management. In addition
the Group is planning investments in
marketing, IT systems, training and other 
areas where the Group is seeking to increase
productivity. The Group’s cost base will also
increase as a result of being a quoted company.
The Group remains committed to maintaining
as low and flexible a cost base as possible. 
Retained profit for the year
The Group has produced an operating profit
of £2.28 million compared to an operating
loss of £0.36 million for 2003. Profits on
disposal of investments are up £1.99 million
to £2.3 1 million (2003: £0.32 million), the
Ventures operating loss is down £0.1 1 million
to £0.46 million (2003: £0.57 million) and
the operating profit from Consulting and
Management activities is up £0.54 million 
to £0.43 million (2003: loss £0.1 1 million).
The tax charge remains low due to the
Group’s ability to take advantage of the
substantial shareholdings tax exemption 
on disposals of equity stakes.
Basic earnings per share increased to 20.43p
(2003: loss 3.45p).
Change in accounting policies (Note 1.3)
The Audit Committee requested that a review
be undertaken of all significant accounting
policies in light of ANGLE’s new listed status,
feedback from institutional investors, and
proposed changes to International
Accounting Standards (IAS) for AIM listed
companies. Following completion of the
Group’s review, the Board considers that the
previous accounting policies for Accounting
for Investments are no longer the most
appropriate way to record the performance 
of the business.
The Board considers that the accounting
policy change to Accounting for Investments
(described in Notes 1.4 and 1.5) gives a
fairer picture of the true position of the
Group and will assist the user of the
Accounts to understand the business by
significantly enhancing the clarity of the
earnings, the cost of developing new ventures
and the profits created by this activity. The
Board consider that treating all investments
consistently as a single asset class allows a
better understanding of the Group’s activities
by removing the accounting variability of
associate accounting methods. This change
also aligns the Group more closely with
industry practice. The dynamics of the
business remain unchanged as does the
underlying value attributable to the portfolio
of investments and pipeline of new ventures.
There is no impact on the Group’s cash
position arising from these changes. 
The profit and loss account and balance
sheet prior year amounts have been restated
to reflect this change in accounting policy. 
Investments (Note 1 4)
ANGLE’s investment portfolio at 30 April
2004 comprised shares in one listed
company and four unlisted companies. The
year has been one of strong progress for our
Progeny
®
Companies in terms of meeting
technical milestones and securing new
funding. 
The financial impact of the disposal of Exago
has already been described in total income
above.
During the year the Group invested £1 86,3 1 7
in its Progeny
®
Companies (2003: £44 1,226).
The limited level of investment in the year
reflected the fact that there were no new
Progeny
®
Companies established during the
year and the existing companies secured
their own external funding. 
Investment is planned to increase
significantly over the next two years as the
Group scales up its activities to create a
larger portfolio of Progeny
®
Companies
across a wider range of industries. The 
Group states fixed asset investments at cost
less amounts written off for diminution in
value and does not revalue investments for
uplifts in valuation following fund raising.
The Group’s investment criteria and business
cycle generally plans for investments to be
realised three to five years after the Progeny
®
Company is established. This does, however,
mean there is a time lag from when initial
development and investment costs are
incurred to when equity realisations occur. 
Cash (Note 23)
The net funds raised of £8.1 6 million provide
the Group with a strong cash balance with
which to expand its Venture activities using
its Progeny
®
process.
The Group ended the year with a cash
balance of £8.25 million, £8.1 5 million
higher than at the start of the year. 
Ian Griffiths
Finance Director
16 August 2004 16 ANGLE plc
Annual Report & Accounts 2004
Board of Directors
Hance Fullerton, OBE
Chairman
Hance Fullerton has a BSc in Chemistry 
and from 1 9 58 to 1 97 6 he held technical,
production and senior operational
management positions in the paper industry
with three international paper groups at
Aberdeen, London, Fort William and Fife. 
From 1 97 6 to 1 98 1 Dr Fullerton was a general
manager of Wiggins Teape Limited before
becoming divisional director of industrial
intermediates at their headquarters. He was
appointed as general manager of the
Grampian Health Board in 1 986 and chief
executive of Grampian Enterprise Limited from
19 91 to 1 996. He is the former chairman of
Grampian University Hospitals NHS Trust 
and AURIS (the Aberdeen University
commercialisation company). From 1 996 to
1 999, he was the chairman of Cordah Limited,
an environmental technology company, 
which he chaired from its creation as 
a joint venture between Scottish Enterprise
Grampian, the University of Aberdeen 
and other Grampian Higher Education
Institutes to its eventual sale to British Marine
Technology Limited. In 1 99 5, Dr Fullerton was
awarded an OBE for Services to Industry and
an LLD by the University of Aberdeen. Dr
Fullerton joined ANGLE as a director in 1 996.
Andrew D W Newland 
Chief Executive
Andrew Newland is the founder of ANGLE 
and Group Chief Executive. He has an MA 
in Engineering Science from the University 
of Cambridge, and is a qualified Chartered
Accountant. After working with the
engineering conglomerate, TI plc, he worked
for KPMG from 1 9 82 to1 994; from 1 9 8 5 to
19 87 he was based in the US as a manager
providing corporate finance and business
advice to high technology firms in the area
around Route 1 28, Boston, Massachusetts.
From 1 9 87 to 1 994 he worked in the UK in
KPMG's High Technology Consulting Group.
Mr Newland founded ANGLE in 1 994.
C Dawson Buck
Deputy Chief Executive
Dawson Buck has over twenty years'
experience within the UK, US and
international electronic security, 
property, retail and IT industries, holding
management, director and officer positions
during that time. Mr Buck began his career
as a graduate trainee with Unilever holding 
a number of management positions within
the group. In 1 97 5 he joined Automated
Security Holdings plc where before
becoming group chief executive officer, 
he held positions of responsibility in 
sales, marketing, public relations, buying,
manufacturing, operations and human
resources. Mr Buck was a founder and the
chief executive officer of Automated Loss
Prevention Ltd, which he led from its
inception to its sale to the Sensormatic
Electronic Corporation Inc for £1 50 million
in 1 992. He became President of
Sensormatic International and Senior 
Vice President of Sensormatic Electronic
Corporation Inc from 1 992 until 1 996. 
He joined ANGLE in 2000. 17 ANGLE plc
Annual Report & Accounts 2004
Ian F Griffiths
Finance Director
Ian Griffiths has a BSc in Mathematics 
with Management Applications from Brunel
University and is qualified as a Chartered
Accountant. For seven years he worked for
KPMG, initially in accountancy (1 986 to
19 90), then in management consulting (1 990
to 19 93) within KPMG's High Technology
Consulting Group where he specialised in
financial modelling, business planning,
corporate finance, market development and
strategy work. As well as leading the finance
function at ANGLE, he has been closely
involved with the development and delivery
of the UK, US and Middle East Consulting
and Management businesses and in
developing new Ventures and supporting
Progeny
®
Companies. After a career break, 
he joined ANGLE in 1 995.
David W Quysner
Non-executive Director
David Quysner has an MA from the
University of Cambridge. He began his
career at ICFC (now known as 3i) in 1 969,
where he gained experience in development
and venture capital investment and
corporate finance. In 1 982, he joined
Abingworth Management Limited, a venture
capital fund management company, and
became its managing director in 1 994 and
its chairman in 2001. He was chairman 
of the British Venture Capital Association in
1 996/97 . He has served and is also currently
on the boards of numerous companies and
is the chairman of Comino Group plc,
Finsbury Technology Trust plc and Quester
VCT3 plc. He was a member of the Stock
Exchange Smaller Companies Working Party,
which led to the creation of London's AIM
market and subsequently sat on the AIM
Advisory Committee. More recently, he was 
a member of the Treasury Working Party 
on the Financing of High Technology
Companies and of the University Challenge
Fund Committee. Mr Quysner joined
ANGLE in 2004.
Iain G Ross
Non-executive Director
Iain Ross has a BSc in Biochemistry 
from the University of London. Having 
held senior commercial and general
management positions in Sandoz AG
(Novartis), Fisons plc and Hoffmann-La-
Roche, he was appointed to the board of
Celltech Group plc, where from 1 99 1 to
1995 he was chief executive officer of
Celltech Biologics plc. From 1 995 to 2000
he was chief executive officer of Quadrant
Healthcare plc, which listed in 1 998, 
merged with Andaris Ltd in 1 999 and 
was sold to Elan in 2000. Currently 
Mr Ross is chairman of SR Pharma plc 
and Biomer Technology Ltd and he is also 
a director of a number of  life sciences
companies including Eden Biopharma
Group Ltd, Pharmacia Diagnostics AB 
and Callisto Pharmaceuticals Inc. Mr Ross
joined ANGLE in 2004. 18 ANGLE plc
Annual Report & Accounts 2004
Directors’ Report
for the year ended 30 April 2004
The Directors present their Annual Report and Financial
Statements for the year ended 30 April 2004.
Principal activities 
The principal activity of the Company is that of a holding
company. ANGLE Group is an international venture
management and consulting business focusing on the
commercialisation of technology and the development 
of technology-based industry. ANGLE creates, develops 
and advises technology businesses on its own behalf and 
for its clients.
Review of the business and prospects
The Chairman’s Statement, Chief Executive Officer’s Review,
Investment Portfolio Review and the Financial Review (on pages
2 to 1 5) report on the Group’s performance during the past
financial year and its prospects.
Results and dividends
The consolidated profit and loss account for the year is set out
on page 25. 
The Group made a profit on ordinary activities of £2,290,620
(2003: loss of £352,494 – restated), which has been transferred
to reserves.
The Directors do not recommend the payment of a dividend
for the year. It is the Board’s policy to invest retained earnings
in order to develop new Ventures. The Board periodically
reviews the Company’s dividend policy in the context of its
financial condition and in the light of any realisations on
disposal of equity stakes.
Restructuring and basis of preparation
In order to enable the successful flotation of the Group it was
necessary to undertake some restructuring of the Group. A new
holding company, Pinco 2055 Limited was incorporated on 4
December 2003. The Company changed its name by special
resolution to ANGLE Limited on 29 January 2004 and the
Company acquired all the issued share capital of the previous
holding company, ANGLE Technology Limited, in a share for
share exchange on 17 February 2004. In addition all share
options in ANGLE Technology Limited were rolled-over into
ANGLE Limited. ANGLE Limited re-registered as a Public
Listed Company on 27 February 2004 and changed its name 
to ANGLE plc.
As explained in the Group’s accounting policy Note 1.3, the
financial statements of the Group for the year ended 30 April
2004 have been prepared in accordance with merger
accounting principles, that is as if the Group had been in
existence in its current form throughout the current and
previous year. 
Placing and admission to AIM
The Company successfully placed 6,250,000 Ordinary Shares
of 10p each at 1 44p per share raising £9.0 million gross
proceeds and £8.1 6 million net of expenses. The funds will allow
the Group to further finance and develop its business strategy, 
including developing new Ventures and growing its consulting
and management businesses. The Company’s shares were
admitted to trading on the Alternative Investment Market of
the London Stock Exchange on 17 March 2004. 
Research and development
Expenditure on research and development incurred by
investments that have been consolidated into the Group results
as subsidiaries under the acquisition method of accounting
amounted to £41,883 in the year (2003: £26,889). All other
investments have continued to undertake substantial research
and development activities during the year.
Tangible fixed assets
The changes in tangible fixed assets during the year are
explained in Note 1 3 to the financial statements.
Directors and their interests
The present membership of the Board, all of whom were
appointed and have served since 17 March 2004 when all of
the shares were admitted to trading on the Alternative
Investment Market of the Stock Exchange, is shown on pages
16 and 17 .
The Director on incorporation was Pinsents Director Limited
who transferred their £1 ordinary share of £1.00 to Andrew
Newland and resigned on 5 February 2004.
The Directors’ interests, including beneficial interests, in the
ordinary shares and share options of the Company are shown
in the Remuneration Report on pages 22 and 23.
Significant shareholdings
In addition to the Directors’ interests shown on pages 22 and
23, the following shareholders had interests in 3% or more of
the Company’s ordinary share capital at 1 1 August 2004:
Beneficial holding
Name Number of shares %
Credit Suisse First Boston 
Nominees Limited 1,250,000 7 .49
Mr Aidan Waine 1,1 1 3,334 6.67
BNY (OCS) Nominees Limited 957 ,81 8 5.7 4
State Street Nominees Limited 547 ,960 3.28
Chase Nominees Limited 529,279 3.17
Supplier payment policy
It is Group policy to clearly communicate and agree the terms
of payment at the start of business with suppliers and to pay in
accordance with the agreed terms of the contract and other
legal obligations. Where no contract terms are specified, then
assuming suppliers have met their obligations, the policy is to
pay within 30 days of receipt of a correct invoice. The Group
supports and endeavours to follow the Better Payment Practice
Group guidelines. The Group had 52 days’ purchases
outstanding for payment at 30 April 2004 (2003: 1 6 days),
based on the average daily amount invoiced by suppliers
during the year. The higher year ended 30 April 2004 figure
reflects the costs and timings associated with the flotation. 19 ANGLE plc
Annual Report & Accounts 2004
Charitable and political donations
The Group made no charitable or political donations during
the year (2003: £nil).
Directors’ responsibilities
Company law requires the Directors to prepare Financial
Statements for each financial year which give a true and fair
view of the state of affairs of the Company and of the Group
and of the profit or loss of the Group for that period. In
preparing those financial statements, the Directors are
required to:
> select suitable accounting policies and then apply 
them consistently;
> make judgements and estimates that are reasonable 
and prudent;
> state whether applicable accounting standards have been
followed, subject to any material departures disclosed and
explained in the financial statements;
> prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Group will
continue in business.
The Directors are responsible for keeping proper accounting
records which disclose with reasonable accuracy at any time
the financial position of the Company and the Group and to
enable them to ensure that the financial statements comply
with the Companies Act 1 985. They are also responsible for
safeguarding the assets of the Company and the Group and
hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities. The Directors are
also responsible for preparing the directors’ report and other
information in the annual report in accordance with company
law in the United Kingdom.
The Directors are responsible for the maintenance and
integrity of the Group’s website. Information published on 
the website is accessible over the Internet in many countries.
The Group’s website is based on meeting the legal
requirements for the United Kingdom and not to meet the
different legal requirements relating to the preparation and
dissemination of financial information in other countries. 
Going concern
The Directors’ review of the accounts, budgets, sales pipeline,
costs and forward plans and cash flow analysis, lead the
Directors to believe that the Group has sufficient resources to
continue in operation for the foreseeable future. The financial
statements are therefore prepared on a going concern basis.
Auditors
In accordance with section 385 of the Companies Act 1 985, 
a resolution proposing that Baker Tilly be reappointed as
auditors of the Company will be put to the Annual General
Meeting.
Annual General Meeting
The Annual General Meeting of the Company will be held 
at 2 pm on 23 September 2004 at ANGLE’s offices, Surrey
Technology Centre, The Surrey Research Park, Guildford, 
GU2 7YG. The notice of meeting is enclosed with this report.
By order of the Board
A D W Newland
16 August 2004 20 ANGLE plc
Annual Report & Accounts 2004
Corporate Governance Report
for the year ended 30 April 2004
Compliance with the Combined Code
The Company’s shares were admitted to trading on the
Alternative Investment Market (AIM) of the London Stock
Exchange on 17 March 2004. AIM listed companies are not
required to comply with the disclosures of the Combined Code
of Corporate Governance. However, the Board supports the
principles contained in the Combined Code and is committed
to maintaining the highest standards of Corporate Governance.
The Board has taken note of the Combined Code provisions
and sought to comply in so far as it considers them to be
appropriate to a company of this size, nature and structure. 
Below is a brief description of the Board, its role and its
committees followed by details of the Group’s systems of
internal control.
Board of Directors
The Board currently comprises the Chairman, two Non-
executive and three Executive Directors and is responsible to
shareholders for the governance of ANGLE plc and for the
effective operation and management of the Group. Different
Directors hold the roles of Chairman and Chief Executive
Officer and there is a clear division of responsibilities between
them. Individual directors possess a wide variety of skills and
experience and biographical details of the Directors are set 
out on pages 1 6 and 17 . 
The Board has at least eight monthly meetings per year with
additional special meetings as required. 
The Non-executive Directors are considered by the Board to 
be independent of management and free of any relationship
which could materially interfere with the exercise of their
independent judgement. The Board considers that the 
Non-executive Directors are of sufficient calibre and number 
to bring the strength of independence to the Board. The 
Board has not nominated one of them as Senior Independent
Director, as recommended in the Combined Code, as it believes
issues can be raised through the normal channels of the
Chairman, Chief Executive Officer and Finance Director and
where necessary either of the Non-executive Directors can be
approached directly.
All Directors are able to take training and / or independent
professional advice in the furtherance of their duties if
necessary. The Board also has access to experienced legal
advice through its Company Secretary, who is a solicitor and
partner in Collyer-Bristow. The removal of the Company
Secretary is a matter for the Board as a whole.
Matters specifically reserved to the Board for decision include
the review and approval of:
> Group policy and long term plans and strategy for the
profitable development of the business.
> Interim and annual financial statements.
> Major investment and divestments.
> Other significant financing matters such as acquisitions and
capital item purchases.
> Annual budgets.
> Senior executive remuneration and appointments.
Service contracts and letters of appointment
The three Executive Directors have service contracts with the
Company dated 9 March 2004 and effective from 1 7 March
2004. The contracts are not set for a specific term, but include a
rolling 1 2-month notice period by the Company or the individual.
The Chairman and Non-executive Directors have letters of
appointment dated 9 March 2004 and effective from 17 March
2004. These letters are issued in place of service contracts. 
These appointments are not set for a specific term and are
terminable at will without notice by either party.
Election
Under the Company’s Articles of Association, newly appointed
directors are required to resign and seek re-election at the first
Annual General Meeting following their appointment, and all
directors are required to seek re-election at intervals of no more
than three years. ANGLE plc was a new holding company created
to enable the successful flotation of the Group and all directors
are new and accordingly are retiring and seeking re-election by
the shareholders at the next Annual General Meeting.
Committees of the Board
The following committees assist the full Board in the exercise 
of its responsibilities by dealing with specific aspects of the
Group’s affairs:
Audit committee
The members of the committee are Hance Fullerton
(Chairman) and the Non-executive Directors David Quysner
(Chairman of the Audit Committee) and Iain Ross, and it meets
at least twice a year to review the interim and annual accounts
before they are submitted to the Board. The external auditors,
Finance Director and Chief Executive may attend by invitation. 
The committee has adopted formal terms of reference and
considers financial reporting, corporate governance and
internal controls. Its review of financial reporting includes
discussion of major accounting issues, policies and compliance
with generally accepted accounting standards, review of key
management judgements and estimates, review of
management’s risk assessment and risk management activities
and going concern assumptions. It also reviews the scope and
results of the external audit and the independence and
objectivity of the auditors and makes recommendations to the
Board on issues surrounding their remuneration, appointment,
resignation or removal.
Remuneration committee
The members of the committee are Hance Fullerton (Chairman
and Chairman of the Remuneration Committee) and the Non-
executive Directors David Quysner and Iain Ross, and it meets
at least twice a year. The Chief Executive, Company Secretary
and Finance Director may attend by invitation.
The committee has adopted formal terms of reference and the
committee reviews and sets the remuneration and terms and
conditions of employment of the Executive Directors and
senior management. It also agrees a policy for the salaries and
bonuses of all staff and advises on the granting of share
options and awards under share schemes within the overall
limits and policies authorised by the Board. The decisions of
the committee are formally ratified by the Board.  21 ANGLE plc
Annual Report & Accounts 2004
Details of Directors’ remuneration and service contracts
together with Directors’ interests are shown in the
Remuneration Report on pages 22 and 23.
Internal controls
Internal control systems are designed to meet the particular
needs of the Group and the risks to which it is exposed, and 
by their nature can only provide reasonable but not absolute
assurance against material misstatement or loss. The system 
of internal control is designed to manage the risk of failure to
achieve business objectives, rather than to eliminate it. An
internal audit function is not considered necessary due to the
size of the Group and the close day to day control exercised by
the Executive Directors and senior management.
The key procedures that the Directors have established with a
view to providing an effective system of internal control are as
follows:
Management structure
The Board has overall responsibility for the Group and focuses
on the overall Group strategy and the interests of shareholders.
There is a schedule of matters specifically reserved for decision
by the Board. The Board has an organisational structure with
clearly-defined responsibilities and lines of accountability and
each Executive Director has been given responsibility for
specific aspects of the Group’s affairs.
Quality and integrity of personnel
The integrity and competence of personnel are ensured
through high recruitment standards and subsequent training
courses. High quality personnel are seen as an essential part 
of the control environment.
Identification of business risks
The Board is responsible for identifying the major business
risks faced by the Group and for determining the appropriate
course of action to manage those risks. The Audit Committee
also considers and determines relevant action in respect of any
control issues raised by the auditors.
Budgets and reporting
Each year the Board approves the annual budget which
includes an assessment of key risk areas. Performance is
monitored and relevant action taken throughout the year
through regular reporting to the Board of variances from the
budget and preparation of updated forecasts for the year
together with information on the key risk areas. Underpinning
these budgets is a system of internal financial control, based on
authorisation procedures and tiers of authority.
Investment and divestment appraisal
All material investment and divestment decisions require
appraisal, review and Board approval.
Shareholder relations
The Company seeks to maintain and enhance good relations
with its shareholders. The Company’s and Group’s interim and
annual reports are supplemented by regular published updates
to investors on commercial progress. All investors have access
to up-to-date information on the Group via its website
www.ANGLEplc.com which also provides contact details 
for investor relations queries. 
All shareholders are invited to make use of the Company’s
Annual General Meeting (AGM) to raise any questions
regarding the management and operations of the Group. 
The Chairmen of the audit and remuneration committees are
available to answer any questions from investors at the AGM. 22 ANGLE plc
Annual Report & Accounts 2004
Remuneration Report
for the year ended 30 April 2004
Remuneration policy
The Remuneration Committee sets directors’ remuneration 
and remuneration policies for all staff. Remuneration levels are
set in order to attract high calibre recruits and to retain and
motivate those directors and employees once they have joined
the Group. 
The individual components of the remuneration package offered
to both executive directors and employees at all levels are:
Basic salary and benefits
Salary levels are reviewed annually. Benefits are currently
provided to US employees only and comprise medical health
insurance, dental insurance and life cover as well as a defined
contribution pension scheme.
Bonuses
There are no contractual entitlements to bonuses. The
remuneration packages of executive directors and employees
may contain an element of performance related bonus 
where appropriate. 
Share options
The Group has formulated a policy for the granting of share
options to retain and motivate directors and employees.
Non-executive directors receive a fixed fee for their services
and the reimbursement of reasonable expenses incurred in
attending meetings. The remuneration of the non-executive
directors is determined by the Board as a whole within the
overall limits stipulated in the Articles of Association. Non-
executive directors are not eligible for bonuses.
Directors’ interests – shares
The Directors’ interests, including beneficial interests, in the
ordinary shares of the Company were as stated below:
Ordinary shares of 10p each
30 April 2004 1 May 2003
C D Buck 385,028 1 69,1 50
H Fullerton 81,525 81,525
I F Griffiths 520,6 1 4 30,37 5
A D W Newland 6,794,686 8,020,000
D W Quysner 20,000 20,000
The Directors’ interests at 1 May 2003 were in relation to
ANGLE Technology Limited. On 17 February 2004 a
share-for-share exchange was undertaken whereby a new
company ANGLE Limited acquired all of the issued share
capital of ANGLE Technology Limited. ANGLE Limited
subsequently changed its name to ANGLE plc.
Directors’ emoluments
Year ended 30 April 2004 2004 2004 2004 2003
Salary/Fees Benefits Bonus Total Total
£’000 £’000 £’000 £’000 £’000
Executive
Dawson Buck
(1)
12 9 – 1 1 140 31
Hance Fullerton
(1)
35 – – 35 4
Ian Griffiths
(1) (2)
85 – 20 105 45
Andrew Newland
(1)
21 3 – 75 288 21 1
Non-executive
David Quysner
(3) 
4–– 4 –
Iain Ross
(3) 
4–– 4 –
Total 47 0 – 1 06 57 6 29 1
No pension contributions for directors were payable by the Group (2003: £nil).
(1)
Includes emoluments paid by ANGLE plc and previous parent company ANGLE Technology Limited. 2003 figures reflect the fact that certain directors
waived a portion of their gross salary for a six month period in return for a future conditional bonus. The relevant directors renounced their rights to the
bonus prior to the flotation of the Group.
(2)
Mr Griffiths 2003 Salary costs are since appointment to the ANGLE Technology Limited Board on 1 October 2002.
(3)
Fees paid since appointment on 17 March 2004. 23 ANGLE plc
Annual Report & Accounts 2004
Directors’ interests – share options
The Directors’ interests in the ordinary share options of the Company were as stated below:
At 1 May At 30 April Exercise Earliest Expiry
Name Date of grant 2003 Granted Lapsed Cancelled Exercised 2004 price (£) exercise date date
C D Buck
09/03/2000 20,000 20,000 1.00 09/03/2003 08/03/2007
1 6/02/200 1 60,000 60,000 2.50 1 6/02/2004 1 5/02/2008
27/09/2002 60,000 60,000 1.00 27/09/2005 26/09/2009
1 8/07/2003 60,000 60,000 1.00 1 8/07/2006 1 7/07/20 10
1 7/03/2004 40,000 40,000 1.44 1 7/03/2007 1 6/03/20 1 1
140,000 100,000 0 0 0 240,000
H Fullerton
1 6/02/200 1 10,000 10,000 2.50 1 6/02/2004 1 5/02/2008
27/09/2002 12,000 12,000 1.00 27/09/2005 26/09/2009
1 8/07/2003 60,000 60,000 1.00 1 8/07/2006 1 7/07/20 10
1 7/03/2004 40,000 40,000 1.44 1 7/03/2007 1 6/03/20 1 1
22,000 100,000 0 0 0 122,000
I F Griffiths
02-06/03/2000 60,000 60,000 1.00 02/03/2003 05/03/2007
1 6/02/200 1 60,000 60,000 2.50 1 6/02/2004 1 5/02/2008
27/09/2002 60,000 60,000 1.00 27/09/2005 26/09/2009
1 8/07/2003 60,000 60,000 1.00 1 8/07/2006 1 7/07/20 10
1 7/03/2004 40,000 40,000 1.44 1 7/03/2007 1 6/03/20 1 1
180,000 100,000 0 0 0 280,000
A D W Newland
06/03/2000 120,000 (54,687) 65,3 1 3 1.00 06/03/2003 05/03/2007
1 6/02/200 1 60,000 60,000 2.50 1 6/02/2004 1 5/02/2008
27/09/2002 60,000 (60,000) 0 1.00 27/09/2005 26/09/2009
1 8/07/2003 60,000 (60,000) 0 1.00 1 8/07/2006 1 7/07/20 10
1 7/03/2004 40,000 40,000 1.44 1 7/03/2007 1 6/03/20 1 1
240,000 100,000 0 (1 7 4,687) 0 1 65,3 1 3
The share options issued up to 1 8 July 2003 were in relation to ANGLE Technology Limited. On 17 February 2004 a share
option roll-over was undertaken whereby all options in ANGLE Technology Limited were rolled over into ANGLE Plc. Note 20
provides additional information on share options.
Shareholder return
The Company’s shares have been traded on the Alternative Investment Market (AIM) of the London Stock Exchange since 
17 March 2004 when they were admitted at 1 44p, prior to which they were not publicly traded. The market price of the
Company’s shares on 30 April 2004 was 1 45p and the range of market price during the period from admission to AIM until 
30 April 2004 was between 1 44p and 1 50.5p.
By order of the Board
H Fullerton
16 August 2004 24 ANGLE plc
Annual Report & Accounts 2004
Independent Auditors’ Report
to the Shareholders of ANGLE plc
for the year ended 30 April 2004
We have audited the Financial Statements on pages 
25 to 44.
This report is made solely to the Company’s members, as a
body, in accordance with section 235 of the Companies Act
19 85. Our audit work has been undertaken so that we might
state to the Company’s members those matters we are required
to state to them in an auditor’s report and for no other
purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the
Company and the Company’s members as a body, for our audit
work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
The directors’ responsibilities for preparing the Annual Report
and the financial statements in accordance with applicable law
and United Kingdom Accounting Standards are set out in the
Statement of Directors’ Responsibilities.
Our responsibility is to audit the financial statements in
accordance with relevant legal and regulatory requirements
and United Kingdom Auditing Standards.
We report to you our opinion as to whether the financial
statements give a true and fair view and are properly prepared
in accordance with the Companies Act 1 985. We also report to
you if, in our opinion, the Directors’ Report is not consistent
with the financial statements, if the Company has not kept
proper accounting records, if we have not received all the
information and explanations we require for our audit, or if
information specified by law regarding directors’ remuneration
and transactions with the Company is not disclosed.
We read other information contained in the Annual Report,
and consider whether it is consistent with the audited financial
statements. This other information comprises the Chairman’s
Statement, Chief Executive Officer’s Review, Investment
Portfolio Review and Financial Review, Directors’ Report,
Corporate Governance Report and the Remuneration Report.
We consider the implications for our report if we become
aware of any apparent misstatements or material
inconsistencies with the financial statements. Our
responsibilities do not extend to any other information.
Basis of opinion
We conducted our audit in accordance with Auditing
Standards issued by the Auditing Practices Board. An audit
includes examination, on a test basis, of evidence relevant to
the amounts and disclosures in the financial statements. It also
includes an assessment of the significant estimates and
judgements made by the Directors in the preparation of the
financial statements, and of whether the accounting policies
are appropriate to the Company’s circumstances, consistently
applied and adequately disclosed.
We planned and performed our audit so as to obtain all the
information and explanations which we considered necessary
in order to provide us with sufficient evidence to give
reasonable assurance that the financial statements are free
from material misstatement, whether caused by fraud or other
irregularity or error. In forming our opinion we also evaluated
the overall adequacy of the presentation of information in the
financial statements.
Opinion
In our opinion the Financial Statements give a true and fair
view of the state of the Company’s and the Group’s affairs as at
30 April 2004 and of the Group’s profit for the year then
ended and have been properly prepared in accordance with 
the Companies Act 1 985.
Baker Tilly
16 August 2004
Chartered Accountants and Registered Auditors
Guildford 25 ANGLE plc
Annual Report & Accounts 2004
Consolidated Profit and Loss Account
for the year ended 30 April 2004
restated
2004 2003
Notes ££ ££
Turnover 2
Consulting and Management 2,656,553 1,798,040
Ventures 219,257 184,697
2,875,8 10 1,982,737
Operating costs 5
Consulting and Management (2,228,087) (1,904,780)
Ventures (67 4,91 8) (7 60,000)
(2,903,005) (2,664,780)
Other operating income
Ventures
Grant income 3 – 6,400
Profit on disposal of investments 4 2,309,28 1 320,1 39
2,309,28 1 326,539
Operating profit/(loss)
Consulting and Management 428,466 (106,7 40)
Ventures
Operating loss (455,661) (568,903)
Profit on disposal of investments 2,309,28 1 320,1 39
1,853,620 (248,7 64)
2,282,086 (355,504)
Net interest 9 46,384 5,123
Profit/(loss) on ordinary activities
before taxation 2,328,470 (350,3 8 1)
Tax on profit/(loss) on ordinary activities 10 (37 ,850) (2,1 1 3)
Retained profit/(loss) for the year 22 2,290,620 (352,494)
Earnings per share 1 1
Basic (pence per share) 20.43 (3.45)
Diluted (pence per share) 19.45 (3.45)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
Consolidated Statement of Total Recognised 
Gains and Losses
for the year ended 30 April 2004
restated
2004 2003
£ £
Retained profit/(loss) for the year 2,290,620 (352,494)
Currency translation differences (26,647) –
Total gains and losses recognised in the year 2,263,973 (352,494)
Prior year adjustments (Note 1.3) 17 7 ,1 29
Total gains and losses recognised since last Annual Report 2,441,102 26 ANGLE plc
Annual Report & Accounts 2004
Balance Sheets
as at 30 April 2004
Group Company
restated
2004 2003 2004
Notes £ £ £
Fixed assets
Tangible assets 1 3 31,959 4 1,228 –
Investments 1 4 51 6,782 330,88 1 1,044,648
548,7 41 372,109 1,044,648
Current assets
Investments 1 5 2,398,1 77 – –
Debtors – due within one year 1 6 625,503 583,923 –
Debtors – due after one year 1 6 239,5 70 – 8,1 62,331
Cash at bank and in hand 23 8,246,871 92,595 –
1 1,510,121 67 6,5 1 8 8,1 62,331
Creditors: amount falling due
within one year 17 (1,063,1 1 6) (490,1 96) –
Net current assets 10,447 ,005 186,322 8,1 62,331
Total assets less current liabilities 10,995,7 46 558,43 1 9,206,979
Creditors: amounts falling due
after more than one year 1 8 (6,354) (12,259) –
Net assets 10,989,392 546,1 72 9,206,979
Capital and reserves
Called up share capital 1 9 1,669,648 1,027 ,732 1,669,648
Share premium account 2 1 7,5 3 7,3 3 1 – 7,5 3 7,3 3 1
Profit and loss account 2 1 (770,943) (3,034,9 1 6) –
Other reserves 2 1 2,553,356 2,553,356 –
Shareholders’ funds – equity interests 22 10,989,392 546,1 72 9,206,979
The Financial Statements were approved by the Board on 1 6 August 2004 and signed on its behalf by:
H Fullerton A D W Newland
Director Director 27 ANGLE plc
Annual Report & Accounts 2004
Consolidated Cash Flow Statement
for the year ended 30 April 2004
restated
2004 2004 2003 2003
££ ££
Net cash inflow/(outflow) from operating activities 48,592 (596,096)
Returns on investment and servicing of finance
Interest received 10,960 1 1,1 54
Interest paid (7 ,307) (6,03 1)
Net cash inflow from returns on investment and 
servicing of finance 3,653 5,123
Capital expenditure and financial investment
Payments to acquire tangible fixed assets (1 5,21 8) (5,522)
Proceeds on disposal of tangible fixed assets 650 14 9
Purchase of investments (106,31 7) –
Net cash outflow for capital expenditure
and financial investment (120,885) (5,373)
Acquisitions and disposals
Net cash disposed of with subsidiaries – (206)
Net cash outflow from acquisitions and disposals – (206)
Equity dividends paid – –
Net cash outflow before management
of liquid resources and financing (68,640) (596,552)
Financing
Issue of ordinary share capital 8,269,775 7,5 00
Capital element of finance lease contracts (20,212) (24,283)
Net cash inflow/(outflow) from financing 8,249,563 (1 6,783)
Increase/(decrease) in cash in the year 8,1 80,923 (6 1 3,335) 28 ANGLE plc
Annual Report & Accounts 2004
Notes to the Consolidated Cash Flow Statement
for the year ended 30 April 2004
C1 Reconciliation of operating profit/(loss) to net cash inflow/(outflow) from operating activities
restated
2004 2003
£ £
Operating profit/(loss) 2,282,086 (355,504)
(Profit) on “deemed” disposals – (320,1 39)
Depreciation of tangible fixed assets 30,823 48,4 12
Loss/(profit) on disposal of tangible fixed assets 11 8 605
(Increase)/decrease in current asset investments (2,398,1 77) –
(Increase)/decrease in debtors (332,361) (1 4 1,835)
Increase/(decrease) in creditors within one year 466,103 172,365
Net cash inflow/(outflow) from operating activities 48,592 (596,096)
C2 Analysis of net funds
1 May Other non- 30 April 
2003 Cash flow cash changes 2004
£££ £
Net cash:
Cash at bank and in hand 92,595 8,1 80,923 (26,647) 8,246,871
Debt:
Finance leases (30,339) 20,2 12 (6,764) (1 6,891)
Net funds 62,256 8,201,1 35 (33,41 1) 8,229,980
C3 Reconciliation of net cash flow to movements in net funds
2004 2003
£ £
Increase/(decrease) in cash in the year 8,1 80,923 (6 1 3,335)
Cash outflow from reduction in debt 20,212 24,283
New finance leases (6,764) (1 8,272)
Exchange differences (26,647) –
Movement in net funds in the year 8,1 67 ,724 (607 ,324)
Opening net funds 62,256 669,580
Closing net funds 8,229,980 62,256 29 ANGLE plc
Annual Report & Accounts 2004
Notes to the Financial Statements
for the year ended 30 April 2004
1 Accounting policies
1.1 Accounting convention
The Financial Statements are prepared under the historical cost convention.
1.2 Compliance with accounting standards
The Financial Statements are prepared in accordance with the Companies Act 1 985 and applicable United Kingdom accounting
standards.
The Directors have, in accordance with sections 226 and 227 of the Companies Act 1 985, departed from the standard format of
the profit and loss account in presenting the financial statements. Profits and losses on disposals of investments are included in
“Other operating income” within operating profit as these represent a return from a principal class of business activity. Other
material disposals of fixed assets, such as property, that are not part of the main business activities are shown below operating
profit in accordance with the Companies Act 1 985 and Financial Report Standard (FRS)3 – Reporting Financial Performance.
1.3 Change in accounting policies and prior year adjustments
The accounting policies used in preparing the Financial Statements are consistent with those used for the year ended 30 April
2003 with the exception of accounting for investments and its related impact on associate accounting. This is a significant
change in accounting policies.
The Audit Committee requested that a review be undertaken of all significant accounting policies in light of ANGLE’s new listed
status, feedback from institutional investors, and proposed changes to International Accounting Standards (IAS) for AIM listed
companies.
ANGLE plc incurs costs by virtue of its investment activities in developing its portfolio of new ventures. A number of issues 
were identified in relation to the Accounting for Investments. The review therefore focused on this area and encompassed the
examination of existing UK GAAP (Generally Accepted Accounting Practice), industry practice and proposed IAS.
Following completion of the Group’s review, the Board considers that, as these investments are held with a view to the ultimate
realisation of capital gains, equity accounting would not show a true and fair view of the Group’s interest in these investments.
Therefore as permitted by FRS9 – Associates and Joint Ventures, these investments are not equity accounted.
The Board considers the accounting policy change to Accounting for Investments gives a fairer picture of the true position of 
the Group and will assist the user of the Financial Statements to understand the business by significantly enhancing the clarity
of the earnings, the cost of developing new ventures and the profits created by this activity. This change will also align the Group
more closely with industry practice. The dynamics of the business remain unchanged as does the underlying value attributable 
to the portfolio of investments and pipeline of new ventures. The Group does not revalue its investments to market or BVCA value
so no account is taken of any potential uplift in their values. There is no impact on the Group’s cash position arising from these
changes. 
The profit and loss account and balance sheet for the year ended 30 April 2003 have been restated to reflect this change in
accounting policy. The table below summarises the impact of the adoption of investment accounting on the Group’s results in the
current year:
Year ended 30 April 2004 Post-adoption Pre-adoption Difference
Profit and Loss impact:
Associate accounting – (63,469) 63,469
Balance Sheet impact:
Assets:
Investments 5 1 6,782 246,1 84 270,598
Debtors due after more than one year 239,570 269,570 (30,000)
240,598
Movement on reserves:
Profit and loss account – prior year adjustment 177 ,129 30 ANGLE plc
Annual Report & Accounts 2004
1 Accounting policies (cont)
1.4 Basis of consolidation 
Group reconstruction – merger accounting
In order to enable the successful flotation of the Group it was necessary to undertake some restructuring of the Group. The
restructuring of the Group, agreed by all shareholders and completed on 17 February 2004, resulted in all shareholders in the
previous holding company ANGLE Technology Limited being bought out in exchange for shares in the new holding company
ANGLE Limited, subsequently re-registered as ANGLE plc.
This restructuring qualifies as a group reconstruction under FRS6 – Acquisitions and Mergers, and as such was accounted for via
merger accounting. Under merger accounting the results are reported for the Group as if the Group had been in existence in its
current form throughout the current and previous financial years. No purchased goodwill is created in the transaction and the
assets and liabilities of ANGLE Technology Limited are not adjusted to reflect their market value.
Admission to the Alternative Investment Market of the London Stock Exchange (AIM) occurred on 17 March 2004.
Subsidiaries
Unless otherwise stated, subsidiary undertakings are consolidated on the basis of the acquisition method of accounting. Under
this method of accounting the results of trading subsidiaries sold or acquired are included in the profit and loss account up to,
or from the date control passes. Intra-group transactions and balances are eliminated fully on consolidation and the consolidated
accounts reflect external transactions only. The Group uses trading subsidiaries as a medium through which it conducts its
business. 
Associates
The Directors consider that the equity method of accounting would not give a true and fair view of the Group’s activities 
or interest in investments. FRS9 – Associates and Joint Ventures, permits the classification of associated undertakings as
investments where the investments are held exclusively as part of an investment portfolio, with a view to their disposal and 
the ultimate realisation of capital gains.
Goodwill
Goodwill is stated at cost less amortisation. Goodwill is the difference between the cost of acquisition of shares in trading
subsidiaries and trading associates and the aggregate fair value of the entity’s identifiable assets and liabilities at the date of
acquisition. Goodwill is capitalised on the balance sheet and is amortised on a straight-line basis over its estimated useful
economic life. At each balance sheet date, consideration is given on a case-by-case basis to the effect changing circumstances
have on the value of goodwill and in the event that a business is considered to have suffered an impairment in value the carrying
value of goodwill is adjusted by a goodwill write-off to the recoverable amount.
1.5 Fixed asset investments
Fixed asset investments are carried at the lower of pre-transaction carrying amount or cost, less provision for diminution in value.
Carrying values are reviewed on a regular basis by the Directors. Provisions for diminution in value are based upon an assessment
of events or changes in circumstances that indicate an impairment has occurred (see Note 23 on Fair Values). 
In furtherance of its core activity of commercialising technology, the Group invests sums towards the establishment and
development of new Technology Ventures. These expenditures are capitalised as the Group’s cost of investment and take the form
of seed funding to cover management costs and expenses, external market research, professional fees, technology research and
development and IP acquisition costs. Each project is entered into in the expectation of establishing highly valuable technology
ventures in which the Group retains a significant equity stake that has the potential for disposal at a high commercial return.
The Group holds all equity investments exclusively as part of its investment portfolio, with a view to their disposal and the
ultimate realisation of capital gains.
The Directors consider that treating all investments consistently as a single asset class allows a better understanding of the
Group’s activities by removing the accounting variability of associate accounting methods. 
All of the Group’s participating interests are in companies and are referred to as “investments” throughout these 
Financial Statements. 31 ANGLE plc
Annual Report & Accounts 2004
Notes to the Financial Statements (cont)
1 Accounting policies (cont)
1.6 Current asset investments
Short term investments are classified as current assets and are valued at the lower of cost and mid-market value at the balance
sheet date.
1.7 Turnover
Turnover represents amounts receivable for goods and services net of value added tax.
Consulting and Management revenues are recognised in proportion to the stage of completion of each project. The stage of
completion takes into account the milestones achieved in relation to the project deliverables.
1.8 Government grants
Grants receivable in respect of revenue expenditure are released to the profit and loss as the related expenditure is incurred.
1.9 Pensions
The pension costs charged in the Financial Statements represent the contributions payable by the Group during the year in
accordance with FRS17 .
1.10 Research and development
Expenditure on research and development is charged to the profit and loss account in the year in which it is incurred.
1.1 1 Deferred taxation
Deferred taxation is provided in full on timing differences which result in an obligation at the balance sheet date to pay more 
tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law.
Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred
tax assets and liabilities are not discounted.
1.12 Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling 
at the balance sheet date. Transactions denominated in foreign currencies are recorded at the rate ruling at the date of the
transaction. All differences are taken to the profit and loss account.
1.1 3 Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the
cost less estimated residual value of each asset over its expected useful life, as follows:
Computer equipment 33.33% Straight line
Fixtures, fittings & equipment 33.33% Straight line
1.1 4 Leases 
Assets obtained under hire purchase contracts and finance leases, and any other leases that entail taking substantially all the
risks and rewards of ownership of an asset, are capitalised on the balance sheet and depreciated over the shorter of the lease
term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to
future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant
periodic rate of charge on the net obligation outstanding in each period. 32 ANGLE plc
Annual Report & Accounts 2004
2 Turnover and segmental analysis
The Group operates in one principal area of activity – technology commercialisation and has two classes of business –
Consulting and Management and Ventures. The nature of these operations is significantly different and therefore segmentation
by class of business has been provided on the face of the Consolidated Profit and Loss account.
The turnover of the Group for the year has been primarily derived from its Consulting and Management activities. In addition
the Group provides management services to investments in the form of non-executive director services, management, accounting
and administration support for which it receives fees. The geographical analysis, as defined by the country or area in which the
client is based, is as follows:
2004 2003
£ £
Consulting and Management
United Kingdom 1,606,384 1,044,1 69
Other European countries 34,1 69 4 1,1 33
North America 560,358 712,73 8
Middle East 455,642 –
2,656,553 1,798,040
Ventures
United Kingdom 176,695 179,9 1 9
North America 42,562 4,778
219,257 184,697
Total turnover 2,875,8 10 1,982,737
A significant proportion of the costs incurred and assets utilised across the Group support all business classes in all geographic
regions and staff frequently work across different business classes and geographic regions. Therefore, the Directors consider it is
neither meaningful or practical to provide the additional geographical segmental information required by Statement of Standard
Accounting Practice (SSAP)25 – Segmental Reporting, in respect of turnover, operating profit/loss and net assets by country of
origin. Such information would relate to the location of staff when delivering services and as such would not provide additional
relevant information.
Total income
Proceeds of the sale of investments is not shown as part of turnover. Instead the net profit on disposals is shown on the face of
the profit and loss as other operating income, as explained in accounting policy Note 1.2. The total income for the Group for its
core business activities is as follows:
2004 2003
£ £
Consulting and Management 2,656,553 1,798,040
Ventures
Management services 219,257 184,697
Grant income (Note 3) – 6,400
Equity realisations (Note 1 5) 2,398,1 77 –
Total income 5,273,987 1,989,1 37
3 Grant income
2004 2003
£ £
Ventures – 6,400
Grant income relates to income from Government grants in connection with the competitive award made to the Group under 
the Department of Trade and Industry Biotechnology Challenge. The aim of the Biotechnology Challenge is to promote the
establishment of new companies based on the commercialisation of intellectual property of UK universities and research
institutes. 33 ANGLE plc
Annual Report & Accounts 2004
Notes to the Financial Statements (cont)
4 Profit on disposal of investments
2004 2003
£ £
Profit on actual disposal of investments 2,309,28 1 –
Profit on “deemed” disposal of investments – 320,1 39
2,309,28 1 320,1 39
On 5 April 2004, ANGLE Technology Ventures Limited sold its 49.9% interest in Exago Limited for a consideration of 
£2.40 million and a profit in the year of £2.3 1 million. No tax has been provided for in respect of the profit on disposal as 
this transaction is eligible for the substantial shareholding relief exemption.
Proceeds of the disposal were satisfied by the issue to the Group of 6,071,335 new Ordinary Shares in Corpora plc, then
representing 1 8.1% of Corpora’s issued share capital. It is the Group’s intention to dispose of this investment in an orderly and
timely fashion and the Corpora shares are therefore held as a current asset investment (see Notes 1 4 and 1 5).
Profit on “deemed” disposal of investments arises as a result of the distribution of founder shares and the raising of funds
reducing the Group holdings below 50%.
5 Operating costs
2004 2003
£ £
Staff costs – employees (Note 7) 1,97 4,561 1,667 ,289
Staff costs – designated officers (subcontractors) 1,1 68 7,0 5 0
Depreciation 30,823 48,4 12
Auditors’ remuneration – audit services 21,500 1 6,7 50
Auditors’ remuneration – non-audit services 2,500 4,7 50
Bad debts 10,000 –
Research and development 41,883 26,889
Other operating costs 820,570 893,640
2,903,005 2,664,780
Additional auditors’ remuneration was incurred in relation to fees for professional services provided on the Group’s flotation.
This amounted to £1 1 3,350 (2003: £nil) and has been charged directly to the share premium account.
6 Directors’ emoluments
2004 2003
£ £
Emoluments for qualifying services 575,871 290,606
Emoluments disclosed above include the following amounts paid to the highest paid Director:
Emoluments for qualifying services 28 7 ,625 210,936
No Director accrued retirement benefits in the year.
Disclosures relating to individual Directors’ emoluments are given in the Remuneration Report on pages 22 and 23. 34 ANGLE plc
Annual Report & Accounts 2004
7 Employment
Employment costs
The aggregate employment costs of staff (including Directors) for the year was:
2004 2003
£ £
Wages and salaries 1,780,132 1,5 1 6,709
Social security costs 180,942 14 1,7 64
Other pension costs (Note 8) 1 3,487 8,8 1 6
1,97 4,561 1,667 ,289
Number of employees
The average number of employees (including Directors) during the year was:
2004 2003
Number Number
Executives 17 22
Administration 8 7
25 29
8 Pension costs
The Group operates a defined contribution pension scheme for employees in the USA. The assets of the scheme are held
separately from those of the Group in an independently administered fund. The pension cost charge represents contributions
payable by the Group to the fund and amounted to £7 ,487 (2003: £8,1 66). Contributions totalling £386 (2003: £542) were
payable to the fund at the year-end and are included in creditors. The Group made pension cost payments of £6,000 
(2003: £650) directly to a personal pension plan for one employee.
9 Net interest
2004 2003
£ £
Interest receivable 53,690 1 1,1 54
Interest payable
Bank interest 3,536 1,7 44
Lease finance charges 3,770 4,287
7,3 06 6,03 1
Net interest 46,384 5,123 35 ANGLE plc
Annual Report & Accounts 2004
Notes to the Financial Statements (cont)
10 Tax on profit/(loss) on ordinary activities
As a result of the Group’s furtherance of its core activity of establishing and developing technology companies, taxable losses
have been incurred which are available for offset against future taxable profits. The Group is also eligible for and takes advantage
of the substantial shareholdings relief UK corporation tax exemption. This results in the gain from any disposals of UK
investments where the Group has an equity stake greater than 10%, and subject to certain other tests, being free of corporation
tax. A deferred tax asset has not been recognised in respect of these losses as the Group does not anticipate taxable profits to
arise within the forseeable future.
The estimated value of the deferred tax asset not recognised, measured at a standard rate of 30% is £825,000 (2003: £800,000).
2004 2003
£ £
Profit/(loss) on ordinary activities before tax 2,328,470 (350,3 8 1)
Tax on profit/(loss) on ordinary activities at 30% 698,540 (105,1 1 4)
Factors effecting charge:
Capital allowances for period in excess of depreciation (2,348) 5,222
Disallowable expenses 10,264 19 6
Other tax adjustments (89) –
Capital transactions (692,784) (96,042)
Unutilised losses carried forward 24,267 195,73 8
Prior year adjustment – 2,1 1 3
Current tax charge for year 37 ,8 50 2,1 1 3
11 Earnings per share
Earnings per share is calculated by dividing the profit/(loss) attributable to ordinary shareholders by the weighted average
number of ordinary shares during the year.
Share options are regarded as dilutive if the exercise price was below the average fair value. Note 20 provides information on
outstanding options. 
2004 2003
Group £ £
Profit/(loss) for the financial year 2,290,620 (352,494)
Weighted average number of ordinary shares 1 1,209,904 10,24 1,292
Effect of dilutive share options 565,293 Nil
Adjusted weighted average number of ordinary shares 1 1,775,197 10,24 1,292
Earnings per share – basic (p) 20.43 (3.45)
Earnings per share – diluted (p) 19.45 (3.45)
12 Profit of the parent company
As permitted by section 230 of the Companies Act 1 985, the Holding Company’s profit and loss account has not been included in
these financial statements. The profit for the financial period was £nil. 36 ANGLE plc
Annual Report & Accounts 2004
13 Tangible fixed assets
Fixtures,
Computer fittings &
equipment equipment Total
Group £££
Cost
At 1 May 2003 1 37 ,366 60,836 1 98,202
Additions 23,697 – 23,697
Disposals (1 9,06 1) (1,770) (20,83 1)
Exchange movements (1,7 52) (400) (2,1 52)
At 30 April 2004 1 40,250 58,666 198,91 6
Depreciation
At 1 May 2003 102,945 54,029 1 56,97 4
Charge for the year 25,946 4,877 30,823
On disposals (1 8,1 86) (985) (1 9,171)
Exchange movements (1,363) (306) (1,669)
At 30 April 2004 109,342 57 ,615 1 66,957
Net book value
At 30 April 2004 30,908 1,051 31,959
At 30 April 2003 34,42 1 6,807 41,228
Included above are assets held under finance leases as follows:
Fixtures,
Computer fittings &
equipment equipment Total
£££
Net book value
At 30 April 2004 1 3,853 – 1 3,853
At 30 April 2003 28,1 48 1,177 29,325
Depreciation charge for the year
At 30 April 2004 20,360 392 20,7 52
At 30 April 2003 2 1,5 1 3 392 2 1,905
Company
The Company does not hold any tangible fixed assets. 37 ANGLE plc
Annual Report & Accounts 2004
Notes to the Financial Statements (cont)
14 Fixed asset investments
Shares Loans Total
Group investments £££
Cost
At 1 May 2003 – restated (Note 1.3) 303,405 27 ,476 330,881
Additions 156,3 1 7 30,000 1 86,3 1 7
Transfers (conversion of loans to equity) 27 ,476 (27 ,476) –
Disposals (4 1 6) – (4 1 6)
At 30 April 2004 486,782 30,000 5 1 6,782
Loans are normally convertible into equity and are non-interest bearing.
Group investments at the end of the year comprise the following:
Effective holding
Before After
Class of Minority Interest
Principal activity share held % %
Fixed asset investment
Acolyte Biomedica Limited 
(1)(2)(3)
Medical diagnostics systems Ordinary 10.28 10.04
NeuroTargets Limited 
(1)(2)(3)
New drugs targets Ordinary 30.09 29.03
Provexis Limited 
(1)(2)(3)
Nutraceutical products Ordinary 32.02 30.97
Held as current asset investments (Note 15)
Corpora plc 
(1)(2)(3)
Knowledge management systems Ordinary 17 .40 17 .40
(1)
Incorporated in Great Britain.
(2)
The effective Group holdings shown are before the effects of any dilutive share options or warrants within the individual investments.
(3)
Recent financial statements are unavailable and management information is deemed commercially sensitive. Net assets and loss before 
tax figures are therefore unavailable.
Subsidiaries
The following principal subsidiaries have been consolidated into the Group Financial Statements using the acquisition method of
accounting:
Effective holding
Country of Before After
Registration or Minority Interests
Incorporation Class % %
ANGLE Technology Licensing Limited Great Britain Ordinary 100 100
ANGLE Technology Limited* Great Britain Ordinary 100 100
ANGLE Technology Ventures Limited Great Britain Ordinary 100 100
London BioVentures Limited Great Britain Ordinary 100 100
Progeny bioVentures Limited Great Britain Ordinary 96.50 96.50
ANGLE Technology LLC USA Membership Units 100 100
IDR Therapeutics LLC
(1)
USA Membership Units 64.00 64.00
* subsidiary held directly
(1)
The holding is subject to conditions that may result in a 3% reduction. This subsidiary is held for investment purposes. 38 ANGLE plc
Annual Report & Accounts 2004
14 Fixed asset investments (cont)
The principal activity of these businesses for the last relevant financial year was as follows:
Principal activity
ANGLE Technology Licensing Limited Dormant
ANGLE Technology Limited Principal UK trading company – consulting and management services
ANGLE Technology Ventures Limited Establishment and growth of technology companies
London BioVentures Limited Dormant
Progeny bioVentures Limited Establishment and growth of biotech companies in partnership with 
University of Bristol
ANGLE Technology LLC US subsidiary covering all of Group’s business
IDR Therapeutics LLC Re-development of withdrawn pharmaceuticals
Company investments 
At the year end the Company directly owned 100% of the ordinary share capital of the previous holding company ANGLE
Technology Limited. The movement in investments in subsidiary undertakings in the year of £1,044,648 relates to the
acquisition of the whole of the issued share capital in ANGLE Technology Limited at book value.
Shares in
subsidiaries
£
Cost
At 1 May 2003 –
Additions 1,044,648
At 30 April 2004 1,044,648
15 Current asset investments
2004 2003
£ £
Book value
Listed on the London Stock Exchange (AIM) 2,398,1 77 –
Market value
Listed investments at 30 April 2004 2,549,961 –
Current asset investments relates to shares in Corpora plc which have arisen due to the Group’s disposal of Exago Limited 
(Note 4) in a share for share exchange and are held as part of the Group’s overall investment portfolio (Note 1 4). The current
asset classification reflects the Group’s intention to dispose of this investment in an orderly and timely fashion as markets allow.
16 Debtors
Group Company
2004 2003 2004
£ ££
Amounts falling due within one year:
Trade debtors 300,879 23 9,1 77 –
Amounts owed by investments 59,61 4 172,442 –
Other debtors – 10,099 –
Prepayments and accrued income 265,010 150,390 –
Directors’ loans – 1 1,8 1 5 –
625,503 583,923 –
Amounts falling due after more than one year:
Amounts owed by group undertakings – – 8,1 62,33 1
Amounts owed by investments 239,5 70 ––
ANGLE plc provides a centralised treasury function to trading subsidiaries. The amounts due from group undertakings are
interest free, unsecured and have no fixed date of repayment. 39 ANGLE plc
Annual Report & Accounts 2004
Notes to the Financial Statements (cont)
17 Creditors: amounts falling due within one year
Group Company
2004 2003 2004
£££
Net obligations under finance leases 10,538 1 8,080 –
Trade creditors 295,1 52 44,378 –
Corporation tax 37 ,850 – –
Other taxes and social security costs 129,1 53 9 1,637 –
Other creditors 500 35,05 1 –
Accruals and deferred income 589,923 301,050 –
1,063,1 1 6 490,1 96 –
18 Creditors: amounts falling due after more than one year
The Group was committed to making the following payments under finance leases:
Group
2004 2003
£ £
Net obligations under finance leases
Repayable within one year 12,434 2 1,266
Repayable between one and five years 7,4 8 7 1 4,37 5
19,921 35,64 1
Finance charges and interest allocated to future accounting periods (3,029) (5,302)
1 6,892 30,339
Included in liabilities falling due within one year (10,538) (1 8,080)
Net obligations under finance leases due after more than one year 6,354 12,259
Obligations under finance leases are secured on the assets to which they relate.
Company
The Company does not have any obligations under finance leases.
19 Share capital
The share capital of the Company is shown below:
2004
£
Authorised
40,000,000 Ordinary shares of 10p each 4,000,000
Allotted, called up and fully paid
10 Ordinary shares of 10p each – on incorporation 1
10,446,47 4 Ordinary shares of 10p each – share for share exchange 1,044,647
6,250,000 Ordinary shares of 10p each – at placing 625,000
1 6,696,484 Ordinary shares of 10p each 1,669,648
The Company was incorporated on 4 December 2003 with an authorised share capital of £1,000 divided into 1,000 ordinary
shares of £1 each, of which 1 share was issued fully paid.
On 5 February 2004, each of the issued and unissued ordinary shares of £1 each was then sub-divided into 10 Ordinary Shares
of 10p each. On the same date, the authorised share capital was increased to £4,000,000 by the creation of 39,990,000 further
Ordinary Shares of 10p each.
On 1 7 February 2004, the Company entered into an agreement with all the shareholders of ANGLE Technology Limited, and acquired
the whole of the issued share capital of ANGLE Technology Limited, the consideration for which was satisfied by the receipt by the
shareholders of ANGLE Technology Limited of 1 0,446,47 4 new Ordinary Shares in ANGLE Limited credited as fully paid.
On 9 March 2004 the placing for cash of 6,250,000 Ordinary shares of 10p each at a price of £1.44 per share and admission to
trading on the Alternative Investment Market was approved. 40 ANGLE plc
Annual Report & Accounts 2004
20 Share option schemes and warrants
The Company operates Approved and Unapproved Share Option Schemes as a means of encouraging ownership and aligning
interests of staff and external shareholders. Share options are a key part of the remuneration package and are granted at the
discretion of the Remuneration Committee taking into account the need to motivate, retain and recruit high calibre executives. 
On 17 February 2004, having received the appropriate tax clearances, the Company entered into an agreement with all of the
holders of outstanding share options in ANGLE Technology Limited to roll over their options into ANGLE plc. All share option
holders elected to release their options in ANGLE Technology Limited in exchange for the grant to them of 2,301,400 new share
options over the same number of shares, and at the same exercise prices and exercise periods in ANGLE plc. 
On 30 April 2004 the following options over ordinary shares of 10p each in the Company were outstanding.
2004 2003
Option Number of Number of
Year of grant (each year ended 30 April) Exercise period price Options Options
2000 02/03/2003 – 09/03/2007 £1.00 460,31 3 523,000
200 1 1 6/02/2004 – 1 5/02/2008 £2.50 478,800 483,600
2002 3 1/10/2004 – 2 1/01/2009 £2.50 22,000 22,000
2003 27/09/2005 – 26/09/2009 £1.00 450,000 530,000
2004 1 8/07/2006 – 1 4/01/201 1 £1.00 884,687
2004 17/03/2007 – 1 6/03/201 1 £1.44 880,000
3,1 75,800 1,558,600
Options are not exercisable until three years after the date of grant and cease to be exercisable after seven years from the date 
of grant. No options were exercised during the period, the difference from 2003 being share options that had lapsed or been
cancelled. 
Share option agreements in place require the employee to reimburse the Company for the cost of employer’s National Insurance
Contributions and accordingly the Company does not accrue for National Insurance that would otherwise be due on share
option gains. 
On 30 April 2004 3 12,500 options with an exercise price of £1.44 (representing 5% of the value of the Placing Shares at the
Placing Price) over ordinary shares of 10p each in the Company were outstanding to KBC Peel Hunt. The options were issued 
as part consideration for its services in connection with the placing and cease to be exercisable on 10 March 201 1.
21 Statement of movements on reserves
Share
Other premium Profit and 
reserves account loss account
Group £££
At 1 May 2003 – as previously reported 2,553,356 (3,2 12,045)
Prior year adjustment (Note 1.3) 17 7 ,1 2 9
At 1 May 2003 – restated (3,034,9 1 6)
Premium on shares issued during the year 7 ,537 ,33 1
Retained profit for the year 2,290,620
Currency translation differences (26,647)
At 30 April 2004 2,553,356 7 ,537 ,33 1 (770,943)
Share
premium Profit and
account loss account
Company ££
At 4 December 2003 ––
Premium on shares issued during the period 7 ,537 ,33 1
Retained profit for the period –
At 30 April 2004 7,5 3 7,3 3 1 – 41 ANGLE plc
Annual Report & Accounts 2004
Notes to the Financial Statements (cont)
22 Reconciliation of movements in shareholders’ funds
2004 2003
Group £ £
Profit/(loss) for the year – as previously reported (56 1,826)
Prior year adjustment (Note 1.3) 209,332
Profit/(loss) for the year – restated 2,290,620 (352,494)
Conversion of warrants in ANGLE Technology Ltd 1 6,91 6 –
Gross proceeds from issue of shares 9,000,000 2 1,855
Issue expenses (837 ,669) –
Currency translation differences (26,647) –
Net addition to shareholders’ funds 10,443,220 (330,639)
At 1 May 2003 – as previously reported 909,0 1 4
Prior year adjustment (Note 1.3) (32,203)
Opening shareholders’ funds – restated 546,1 72 87 6,8 1 1
Closing shareholders’ funds 10,989,392 546,1 72
2004
Company £
Profit for the period –
Share for share exchange 1,044,648
Gross proceeds from issue of shares 9,000,000
Issue expenses (837 ,669)
Net addition to shareholders’ funds 9,206,979
Opening shareholders’ funds –
Closing shareholders’ funds 9,206,979
23 Financial instruments
The Group’s financial instruments comprise cash, treasury deposits, overdraft, finance leases and various items such as trade
debtors and trade creditors which arise directly from its operations. The Group has taken advantage of the exemption available in
FRS1 3 “Derivatives and other financial instruments” to exclude short term debtors and creditors from the disclosures of financial
assets and liabilities.
In addition the Group holds an investment portfolio comprising loans, listed and unlisted equity investments in technology
based companies (Note 1 4). 
It is the Group’s policy that no trading in financial derivatives shall be undertaken.
The main risks arising from the Group’s financial instruments are adverse interest rate movements, adverse currency rate
movements, liquidity risk and investment risk.
Interest rate risk and profile of financial assets and liabilities
Financial assets of the Group comprise cash at bank and in hand as well as treasury deposits and loan notes. Other financial
assets on which no interest is earned comprise fixed and current asset investments and details are provided in Notes 1 4 and 1 5
respectively. It is the Group’s policy to place surplus cash resources on deposit at both floating and fixed term deposit rates of
interest with the objective of maintaining a balance between accessibility of funds and competitive rates of return. Fixed term
deposits are for varying periods ranging from one to six months, to the extent that cash flow can be reasonably predicted. 42 ANGLE plc
Annual Report & Accounts 2004
23 Financial instruments (cont)
Group – Financial assets
2004 2003
£ £
Floating rate cash deposits – Sterling 8,1 62,332 –
Non-interest bearing cash – Sterling 57 ,5 54 29,329
Non-interest bearing cash – US dollar 26,985 63,266
8,246,871 92,595
Floating rate loan note – Sterling (Note 1 6) 239,5 70 –
8,486,441 92,595
The floating rate cash deposits earn interest at 0.5% below the Bank of England Base rate. The weighted average interest rate 
on cash deposit for the period was 3.5%. The floating rate loan note earns interest at 3% above LIBOR rolled up for the period of
the loan.
Financial liabilities of the Group in the normal course of business comprise overdraft facilities and finance leases (see Note 18
for profile), but not borrowings. It is the Group’s policy to use various financial instruments with floating and fixed rates of
interest with the objective of maintaining a balance between continuity of funding, matching the liability with the use of the
asset, and finding flexible funding options for a reasonable charge. 
The Group utilised overdraft facilities in 2004 and 2003 although had positive cash balances at the year-ends. Following the
placing, the Group let its overdraft facility of £200,000 lapse. The Group believes that it has a good long-standing banking
relationship and that these facilities can be reinstated if required. Finance leases and hire purchase agreements are held under
fixed rate contracts. The Group has no long term borrowings or undrawn committed borrowing facilities. Therefore the Group 
is not exposed to any interest rate risk on its financial liabilities. 
Group – Financial liabilities
2004 2003
£ £
Fixed rate finance leases – Sterling 6,354 12,259
Currency risk
The Group has overseas subsidiaries, the revenues and expenses of which are denominated in sterling and US dollars. As a result, 
the Group’s sterling profit and loss account and balance sheet may be affected by movements in the US dollar: Sterling exchange
rate.
The majority of the Group’s operating revenues and expenses are in sterling and US dollars. Sales are priced in sterling or US
dollars for preference although the Group has a limited amount or revenues and currencies denominated in other currencies. 
A natural hedge exists through the matching of anticipated foreign currency operating expenses with foreign currency revenues.
The excess exposure over and above this natural hedge is managed for all significant foreign currencies using forward currency
contracts or currency swaps. In exceptional circumstances the Board may approve of contracts in excess of twelve months.
Hedging
Other than the natural hedge, the Group did not hedge its financial transactions in 2004 or 2003.
Liquidity risk
The nature of the Group’s activities means it finances its operations through retained earnings, including equity disposals, 
and the issue of new shares to investors. The principal cash requirements are in relation to developing new ventures, funding
investments and meeting working capital requirements. The Group seeks to manage liquidity through planning, forecasting 
careful cash management and managing the investment risk. 
Investment risk
Equity investments are held to achieve capital growth in their value with the intention of subsequent disposal at a profit. The main
risks arising from these equity investments is technological and market price risk. The Group seeks to manage investment risk by using
investment appraisal processes and monitoring procedures with regular reports made to the Board on the status of investments. 43 ANGLE plc
Annual Report & Accounts 2004
Notes to the Financial Statements (cont)
23 Financial instruments (cont)
Fair values of financial assets and liabilities
Except for Group investments, the nature of the Group’s financial instruments means the Directors believe the fair value and the
book value of financial assets and financial liabilities is not materially different. 
Group investments comprise fixed asset and current asset investments. Fixed asset investments have a book value of £5 1 6,782
(2003: £330,881). It is not practicable to estimate with sufficient reliability the fair values of these investments as they consist 
of private companies whose valuations are dependent on the development and bringing to market of innovative technology and
whose value can be affected by market sentiment. The Directors have, however, considered the carrying value of these
investments taking into account available BVCA and market value information and are confident that they will recover more than
the book value as at 30 April 2004. Current asset investments comprises listed investments and Note 1 5 provides information on
their book and fair values.
24 Contingent liabilities
The Group and Company had no contingent liabilities at 30 April 2004 (2003: £55,000).
25 Guarantees and other financial commitments
The Group has obligations under finance leases as shown in Note 1 8. The Group leases office accommodation on leases 
of generally less than one year with monthly rental payments and has a number of retainers with professional advisors. 
In addition the Group had the following financial commitments that it had contracted but not provided for:
2004 2003
Group £ £
Capital investments 354,391 –
Letters of support 40,000 –
Capital investments relates to the Group’s follow on investment in Acolyte Biomedica at its last funding round in February 2004.
The Group has agreed to invest a total of £460,708 over a period of two years in order to maintain its equity holding in the
company. At 30 April 2004, £106,3 17 of this investment has been made, and the balance of £3 1 8,95 1 is due, pending the
meeting of further investment milestones, in two further tranches of the same amount and a final optional tranche of £1 41,7 57 . 
The Group has provided letters of support to certain of its investments at the year end up to an amount of £40,000 (2003: £nil)
and has agreed not to call up debts in relation to services provided until the earlier of the date when new equity investment is
secured, and twelve months from the date of the letter of support. 44 ANGLE plc
Annual Report & Accounts 2004
26 Related party transactions
The Company has relied on the exemptions given in FRS8 not to disclose transactions between itself and its subsidiaries that
have been eliminated on consolidation.
The Group provided executive management and support services to investments as follows:
2004 2003
Group £ £
Acolyte Biomedica Limited 20,933 64,1 10
Corpora plc 2,000 –
Exago Limited 11 8,870 89,84 1
NeuroTargets Limited 12,41 4 2,783
Provexis Limited 39,396 29,305
At the balance sheet date amounts were due from investments as follows:
2004 2003
Group £ £
Acolyte Biomedica Limited 2,799 64,1 10
Corpora plc 2,000 –
Exago Limited 52,294 89,84 1
NeuroTargets Limited 2,529 2,783
Provexis Limited 7,9 2 5 29,305
Directors’ interests – related party interests and transactions
Apart from the interests disclosed in the remuneration report on pages 22 and 23, none of the Directors had any interest at any
time during the year ended 30 April 2004 in the share capital of the Company or its subsidiaries. However, certain directors hold
interests in the shares of investments as follows:
(1) Mr Buck is a non-executive director of Corpora plc and has 303,71 3 Unapproved share options in the company (rolled over
from Exago Ltd) representing 0.9% of the issued share capital at 30 April 2004 (2003: nil share options).
(2) Mr Griffiths purchased 938 shares in NeuroTargets Ltd for £1 5,008 representing 1.4% of the issued share capital at 30 April
2004 (2003: 938 shares).
No Director had a material interest in a contract, other than a service contract, with the Company or its subsidiaries, or
investments during the year. Directors and Advisors
Directors
Hance Fullerton OBE, Chairman
AR
Andrew D W Newland, Chief Executive
C Dawson Buck, Deputy Chief Executive
Ian F Griffiths, Finance Director
David W Quysner, Non-executive Director
AR
Iain G Ross, Non-executive Director
AR
A
- Audit Committee
R
- Remuneration Committee
Secretary
John C L Bailey
Company number 4985 171
Registered office & Business address
Surrey Technology Centre
The Surrey Research Park
Guildford
Surrey GU2 7YG
+44 (0)1 483 295830
www.ANGLEplc.com 
Auditors
Baker Tilly
The Clock House
140 London Road
Guildford
Surrey GU1 1UW
Nominated Advisor and Broker
KBC Peel Hunt Ltd
111 Old Broad Street
London EC2N 1PH
Registrars
CRG Capita
34 Beckenham Road
Beckenham
Kent BR3 4TU
Bankers
National Westminster Bank
PO Box 1
1 Stoke Road
Guildford
Surrey GU1 3ZR
Bank of America
300 East Main Street
Charlottesville
Virginia VA 22902
Solicitors / Lawyers
Pinsents
Dashwood House
69 Old Broad Street
London EC2M 1NR
Holland & Knight
1600 Tysons Boulevard
Suite 700, Mclean
Virginia VA 22 102-4867
Collyer-Bristow
4 Bedford Row
London WC1R 4DF
Financial Public Relations
Buchanan Communications Ltd
107 Cheapside
London EC2V 6DN www.ANGLEplc.com
ANGLE plc
Surrey Technology Centre
The Surrey Research Park
Guildford
GU2 7YG
T: +44 (0)1 483 295830
F: +44 (0)1 483 295836
E: enquiries@ANGLEplc.com
W: www.ANGLEplc.com