2009
Annual Report Hardide
™
 is a family of low temperature CVD 
(chemical vapour deposition) tungsten carbide-based 
coatings which possess a unique combination of 
abrasion, erosion and chemical resistant properties. 
The coating is applied in a furnace where components are heated to approximately 500
o
C 
depending on the substrate and application. A controlled mixture of gases is then pumped into 
the furnace where a chemical reaction takes place; the gases crystallise on the surface of the 
components to produce a smooth, homogeneous layer of binder-free tungsten carbide coating. 
Hardide surface engineering technology is revolutionising the way parts perform under the 
harshest of conditions. Previously, levels of friction, abrasion and aggressive chemical attack 
have led to part failure, downtime and sometimes incalculable cost. Hardide’s unique coatings 
are enabling customers in high wear/high value industries such as oil and gas exploration 
and production, aerospace and valves to optimise part life, achieve market leading product 
performance and make significant cost savings.
Contents
01 Highlights
02 Chairman’s Statement
04 Chief Executive Officer’s Review
08 Financial Review
10 Board of Directors
12 Report of the Directors
16 Report of the Independent Auditor
18 Consolidated Income Statement
19 Consolidated Balance Sheet
20 Consolidated Cash Flow Statement
21 Consolidated Statement of Recognised Income and Expense
22 Notes to the Group Financial Statements
36 Parent Company Balance Sheet
37 Notes to the Parent Company Accounts 2009
Annual Report
Financial Highlights
n Group turnover decreased 43% to £1.21 million (FY 2008: £2.12 million) 
n Loss before tax and exceptional items decreased 16% to £1.46 million (FY 2008: loss £1.74 million)   
n Impairment of fixed assets of Houston facility of £0.36 million treated as an exceptional item
n Decreased loss per share of 0.6 p (FY 2008: loss 1.1 p) 
n Successful raising of £1.57 million (gross) new funds; £1 million in loans converted into new ordinary shares
n Overheads reduced by £600,000 (29%) compared with 2008
Operational Highlights
n Successful transfer of US production to UK with no customer losses following hibernation of Houston facility 
n Management team strengthened with the appointment of Nick King as Business Development Manager
n Successful development of new coating for titanium
n Hardide secures approval and orders from FMC Technologies (NYSE: FTI)
n Hardide secures approval as standard product line and orders from Flowserve Corporation (NYSE: FLS)
n Hardide-A coating developed as a substitute for hard chrome plating 
 
Post Period Events
n Positive indications from key customers of a recovery of demand in 2010
n Further strategic markets and applications review to complete in early 2010  
 
 
01 2009
Annual Report
Chairman’s Statement
Hardide plc’s results for the year to 30 September 
2009 reflect the economic downturn that has 
affected all the sectors in which Hardide’s key 
customers are operating. 
The Group’s position is in common with that of many 
small manufacturers and has been further affected 
by aggressive de-stocking by major customers. This 
caused a sharp fall-off in orders, beginning in Q2 
2009 as announced.
The Group is reporting FY 2009 sales revenue of 
£1.21 million, a decrease of 43% compared with the 
same period last year (FY 2008 £2.12 million). The 
Group PBT for the year narrowed to a loss before 
tax and exceptional items of £1.46 million, a 16% 
reduction from the pre-tax loss of £1.74 million in 
2008.  
The reduction in demand from our customers, who 
service the oil and gas, construction and automotive 
markets was sudden and sharp, and has been 
followed by a prolonged period of very limited 
visibility of future demand. Swift and significant 
management action was necessary to protect 
the Group’s business and restructure it so as to 
withstand better the effects of the manufacturing 
downturn. In March 2009, the Group announced the 
hibernation of the Houston manufacturing facility, 
a redundancy programme in the UK and a plan to 
significantly reduce costs and conserve cash.  These 
were hard decisions but necessary to create longer 
term stability and preserve a solid foundation from 
which the Group can re-build as markets improve.  
In total, these actions delivered an annualised cost 
saving of £650,000, which resulted in an EBITDA 
loss for the year of £1.12 million, broadly similar 
to the FY 2008 EBITDA loss of £1.09 million.  The 
hibernation of the Houston facility resulted in an 
exceptional impairment charge of £364,000.
In May 2009, the board announced that it was 
undertaking a review of its strategic options to further 
ensure the future of the Group. This culminated in 
fund-raising that was completed in July 2009 and 
raised £1,566,200 of new funds with a further £1 
million of loans being converted into new ordinary 
shares at the placing price. The new money covered 
working capital needs, the further development of 
Hardide’s patented diamond coating technology 
and the continued development of the US market. 
The board acknowledges and thanks the major 
shareholders for their continued faith and support, 
and their further investment in the Group.
In light of the new market conditions, in late Q4 
2009, the management team, supported by the 
board, began a further strategic review to revisit 
previous analysis and assumptions of key markets 
and applications with the highest potential for the 
Hardide technology. This is an in-depth process 
and due for completion in early 2010. Initial findings 
support the current strategic plan but the review is 
expected to lead to a plan to deliver short-term sales 
revenue and a diversified and robust business.
While the Group’s growth has been badly affected 
by the wider economic climate, the board remains 
confident in the technology, its potential for new 
applications with existing customers and in new 
markets, and in the recovery of demand.  Post-
period, the Group has received positive indications 
from key customers that demand will rise over the 
course of the next calendar year. 
I would like to thank all staff, shareholders and 
members of the board for their support and 
continuing confidence in the Group during this 
difficult year. Thanks are also due to David Mott, who 
retired from the board in March 2009, for his sound 
advice and guidance as a Non-Executive Director 
since the earliest days of Hardide.
Robert Goddard 
Chairman 
14 December 2009
02 2009
Annual Report
03
Hardide Coatings has made a significant technological breakthrough 
by successfully developing a new Hardide coating process specifically 
for titanium.  The company has successfully coated its first titanium 
components for customers in the UK and US, and components 
manufactured from titanium can now benefit from the unique wear, 
abrasion and chemical resistant properties of Hardide.
The ability to coat titanium with Hardide will open up a range of new 
possibilities for engineering design. 
Hardide press release issued March 2009
“
” 2009
Annual Report
Chief Executive Officer’s Review
The fierce slowdown of global trade and economic 
activity at the end of 2008 triggered huge 
uncertainties in our key customers’ primary markets 
i.e. the oil and gas, construction and automotive 
industries. 
This quickly filtered through the supply chain and in 
Q2 2009, Hardide experienced a rapid deterioration 
in demand as customers radically reined in 
expenditure.  
In March 2009, it was necessary to implement 
a Group-wide cost reduction plan to re-align 
the business to the new market conditions.  
This included the hibernation of the Houston 
manufacturing facility and the temporary move 
of all US production to the UK, a UK redundancy 
programme and a re-evaluation of all discretionary 
expenditure. It was extremely disappointing 
to have to take this action at a time when the 
Hardide technology continues to gain recognition 
as an ‘enabling’ technology by blue chip 
customers operating in multi-billion dollar markets.  
Nevertheless, the sales cycle remains frustratingly 
slow due to the unique nature of the technology and 
the need for stringent and prolonged testing in the 
majority of its current applications. By the end of 
March 2009, all US sampling and production had 
been moved seamlessly to the UK with no loss of 
customers. 
UK: Hardide Coatings Limited
The UK operating company, Hardide Coatings 
Limited, delivered FY 2009 revenue of £1.09 million, 
down 45% from £1.97 million in 2008. The UK 
business was particularly hard hit by depressed 
activity within the oil and gas sector. Lower oil and 
gas prices caused the operating companies to 
reduce expenditure dramatically, cancel projects 
or request price concessions. This squeeze saw 
discretionary drilling being put on hold as the oil 
price in mid-2009 sat at around half the level of July 
2008, when it had peaked at US$147. Together 
with the customer de-stocking issue, this market 
softening was the major contributory factor to the 
2009 revenue drop. No customers reduced orders 
due to dissatisfaction with the Hardide technology or 
service.
The UK business reported a pre-tax loss of 
£324,000, compared with a pre-tax loss of 
£133,000 in the same period last year. While lower 
revenue was not completely off-set by lower costs, 
overheads in the UK were reduced by 38%, mainly 
due to a reduced headcount and a spending 
moratorium.
In February 2009, the management team was 
strengthened by the appointment of Nick King as 
Business Development Manager for UK and Europe.  
He joined from Praxair Surface Technologies Ltd., 
bringing more than 30 years of experience and 
contacts within the surface treatment market. He has 
made a strong impact on the management team, 
helping to shape the future direction of sales and 
market development.
Throughout the year, the operations and engineering 
teams have concentrated on improving delivery 
performance and plant efficiency, using any 
spare capacity to improve general housekeeping 
throughout the shop floor and customer-facing 
areas. This has resulted in increased yields and 
loading capacities, improved plant efficiency via 
Total Productive Management, more robust coating 
practices and standardised methods, and a more 
streamlined enquiry process with full traceability.  
‘On-time’ delivery has improved by 9% while late 
orders have reduced by 37% and the average time 
period for a late order has been reduced by 50%.  
Improved design of furnace tooling for one high 
volume application has led to an increase in yield 
of 150%. Overall the plant has recorded a 17% 
reduction in reworks due to improved process and 
plant efficiencies.  
The Airbus three-year test programme that the UK 
company entered into and reported last year is 
advancing, with samples now undergoing extensive 
corrosion, wear and metallographic testing. Interim 
results are encouraging.
04 2009
Annual Report
05
US: Hardide Coatings, Inc.
The Houston facility reported sales revenue of 
$182,000 in the six months to 31 March 2009 when 
the plant was hibernated, and a FY 2009 loss of 
$1.80 million after accounting for an impairment 
charge. The US business had continued to 
experience an extended sales cycle which, when 
combined with the effects of the depressed oilfield 
services market, meant that it was not possible to 
sustain manufacture in the region without putting the 
entire Group at risk.  
The sales, operations and engineering teams 
worked closely to ensure a seamless transition of 
customers, samples and production parts to the UK.  
This worked well and all customers were retained.  
Lead and sample times have been maintained, 
and in some cases improved, despite shipping. 
The plant remains in place in Houston and will be 
re-opened when the UK reaches capacity and/or 
when US sales are sufficient to support the re-start 
of operations.
Meanwhile, the US continues to play an important 
role, both in current sales and future business 
growth. Two significant new customers, FMC 
Technologies and Flowserve Corporation, were 
gained in H2 2009 in our key sectors of oil and gas, 
and valves respectively. Furthermore, the Group is 
in extensive test programmes with two blue chip 
strategic customers in the region, both customers 
forming cornerstones of our diversification strategy.
Markets
Customer and sector diversification remains a priority 
for the Group. The global economic downturn has 
slowed our progress in achieving this strategic goal 
but we are working to develop new revenue streams 
from existing customers and enter new markets 
with proven applications. Developing these strategic 
relationships with key global customers will position 
us to meet their needs as economic conditions 
improve and embed our technology across a wider 
portfolio of applications.
Our core commercial markets of oil and gas, valves 
and pumps have all been affected by the global 
economy but remain large and profitable. We are 
confident that they will remain central to the Group’s 
growth. The management team is undertaking a 
strategic review to identify and qualify additional 
markets and applications which have the highest 
potential to deliver short term financial returns and 
build a pipeline for a diversified business. This is due 
for completion in early 2010. 2009
Annual Report
Chief Executive Officer’s Review continued
Health, Safety and Environment
Hardide plc is committed to the highest standards of 
health, safety and environmental policy and practice.  
The Group recorded no lost time accidents during 
the reporting period and achieved a record 350 days 
without an entry into the accident book.  
The Group has continued to develop and improve 
its quality systems and methods throughout the 
year. A stage 2 AS9100 audit is planned for the 
new calendar year. If successful, this will replace 
the current ISO 9001 standard and support the 
continued progress of Hardide in the aerospace 
market.
Technology, Research & Development 
The Applications Development Committee (ADC) led 
by Dr Yuri Zhuk, Technical Director, has continued 
to make good progress throughout the year. The 
committee was formed last year to evaluate, 
prioritise, manage and monitor the development 
of new applications in both the UK and US. The 
ADC works on a rotation of no more than twelve 
key applications that are scored for technical and 
commercial potential before being selected for 
development and testing. Last year, the development 
of variant coatings for diamonds and titanium were 
identified as key projects for R&D resources.  
In March 2009, the Group was pleased to announce 
that it had successfully developed a process to 
enable the Hardide coating of titanium. Tests are now 
underway in the UK and US with blue chip customer 
partners. This is a significant breakthrough for the 
coating of a high-performance metal commonly used 
in the aerospace, defence, motorsport and general 
industrial applications.  
Testing is continuing on the new variant coating for 
diamond with three customer partners in the UK 
and US. This application is for a new and patented 
tungsten carbide Hardide coating that offers an 
unprecedented combination of adhesive and 
protective properties. Improved tool performance 
and durability is expected to offer impressive cost 
savings to customers. The results are promising 
although scale-up and commercialisation will require 
capital investment.
06
Hardide Coatings has secured its 
first order from leading global energy 
services supplier FMC Technologies 
(NYSE:FTI) following approval of its 
proprietary tungsten carbide-based 
metal coating. 
Hardide worked closely with FMC 
to engineer an innovative design 
and technological solution.  We are 
pleased to add FMC Technologies, 
a technologically innovative and 
leading energy services company, to 
our portfolio of blue chip oil and gas 
customers.
Customer approved press release issued 
May 2009 
“
” 2009
Annual Report
During the year, a new coating, Hardide-A was 
developed as a substitute for hard chrome plating 
which is under threat from EU REACH and other 
similar environmental regulations worldwide. Hard 
chrome plating is widely used in the aerospace 
sector and many blue chip companies including 
the major aircraft manufacturers have launched 
programs to identify and develop new coatings to 
replace hard chrome. Hardide-A matches the key 
characteristics of hard chrome plating including 
hardness and thickness, and outperforms the 
material in some key protective properties. Hardide-A 
is currently under test and evaluation with two 
leading European high-tech companies.
Outlook
Our outlook at the start of the new financial year 
is cautious but stable. In the short term, a key 
determining factor in the timing of our return to 
revenue growth is the timing of the economic 
recovery. When this happens, in particular when oil 
and gas exploration and production expenditure 
returns, as it is beginning to, we are well placed to 
respond rapidly and effectively. We have retained the 
critical infrastructure, people, skills and knowledge-
base to be able to scale up as soon as the markets 
improve. As we enter the new financial year, we 
are seeing signs of stability returning to our key 
customers’ markets and with that, confidence in 
their own operations and in demand for the Hardide 
technology.
I would like to thank our customers for their 
confidence and support, and our employees for their 
commitment during a turbulent year. We have gone 
through a period of retrenchment and consolidation 
but the Group has used the downtime wisely and 
enters the new financial year ready to manage the 
resumption of demand.
Dr Graham Hine 
Chief Executive Officer 
14 December 2009
07 2009
Annual Report
Financial Review
While the 2008/09 financial year started 
encouragingly for the Group, in Q2 we began to 
be affected badly by reduced demand in our end 
markets and savage inventory cuts by our largest 
customers. 
Our response was to reduce production resources 
in the UK to more closely align with demand, and 
to reduce overheads (both staff and non-staff) to a 
size more appropriate to the Group’s needs, at the 
same time ensuring that we retained the capacity, 
expertise and resources to deal with resumption in 
demand from our existing customers and convert 
opportunities for new applications and customers  
In spite of these actions, gross margins in the UK 
fell by 16%, although with production salaries 
excluded variable costs of sales remained stable. 
Overheads in the UK operation were reduced by 
£492,000 (38%) to £794,000, and the timing of 
our cost reductions means that there should be a 
significant flow through into the current financial year. 
Overall, Hardide Coatings Limited recorded a pre-tax 
loss of £324,000 against a loss of £133,000 in the 
prior year. 
We also took the decision to hibernate our facility 
in Houston and transfer all production to the UK.  
Hardide Coatings Inc remains as a legal entity in the 
US and all the assets and fixtures at the plant have 
been left in-situ so that production can be resumed 
when conditions allow. The hibernation has resulted 
in an exceptional impairment charge against the 
fixed assets in Houston of $540,000 (£364,000). This 
reflects their current status as non-revenue earning, 
rather than any actual change in their effectiveness 
or capacity.
Hardide Coatings Inc made a pre-tax loss of 
£834,000 (2008: £1,194,000) before inclusion of the 
impairment charge. As with the UK, the timing of the 
suspension of operations in March, and the presence 
of costs which tailed through into the second half of 
the year, means that substantial cost reductions will 
flow through into the current financial year. 
A capital reorganisation of the Group was 
undertaken in the second half of the year, including 
raising £1,566,200. The conversion of £1,000,000 of 
existing loans into equity resulted in a one-off credit 
to finance costs of £78,000 as these loans had 
been treated as combined instruments since their 
inception in 2007. 
Overall, the actions we have taken, although painful, 
have substantially reduced the break even point of 
the Group and resulted in a much more sustainable 
business going forwards. 
Peter Davenport 
Finance Director 
14 December 2009
08 2009
Annual Report
09
Hardide Coatings’ unique tungsten carbide-based coating has been approved 
for use on a new line of coated metal ball and seats, and has secured first 
orders from leading provider of flow control products and services, Flowserve 
Corporation (NYSE: FLS).
Hardide coated balls and seats were still operational after more than 70,000 
cycles in slurry where Stellite failed in 29,000 cycles. This is a prime example 
where Hardide has worked closely with a customer to engineer and prove a 
coating solution which gives their product competitive edge both technically 
and commercially.
Customer approved press release issued July 2009
“
” 2009
Annual Report
Board of Directors 
Robert John Goddard (58) 
Non-Executive Chairman 
Robert Goddard was appointed as non-executive chairman in January 2008. A 
chartered engineer, he was on the executive board of Burmah Castrol plc and previously 
managed its worldwide fuels business and a substantial portion of its chemicals 
business. He subsequently joined Amberley Group PLC where he was Chief Executive, 
responsible for turning round and selling on its four speciality chemical subsidiaries.  
Recently he has undertaken a variety of advisory and turnaround assignments. He is 
also chairman of a group developing a waste-to-energy business.
Dr (Richard) Graham Hine (55) 
Chief Executive Officer
Graham Hine was appointed as chief executive officer in June 2008. He joined Hardide 
from P2i Limited where he was chairman and chief executive of the Ministry of Defence 
technology spin-out from Porton Down. At P2i he oversaw the creation of the world’s 
leading hydrophobic surface enhancement company. Dr Hine began his career at Philips 
PLC and has subsequently held a number of director-level business development and 
general management roles. He has more than twelve years of experience in chairman 
and CEO positions where he significantly grew shareholder value in technology-based 
companies in the advanced materials and sensor industries.   
Peter Neil Davenport (43) 
Finance Director
Peter Davenport was appointed finance director of Hardide plc in March 2006. He 
joined Hardide in June 2005 as financial controller bringing ten years of financial 
management experience. Mr Davenport was previously financial controller at the UK 
subsidiary of NYSE-listed global coatings company Valspar Corporation. He is an 
associate of the Chartered Institute of Management Accountants.
10 2009
Annual Report
Dr Yuri Nikolaevich Zhuk (48) 
Technical Director
Yuri Zhuk is a co-founder of Hardide Coatings Limited and is responsible for 
the company’s technology, research & development, patenting and applications 
development programmes. Previously, he co-founded Tetra Consult Ltd, a Moscow-
based technology consultancy company where he specialised in international 
technology commercialisation and transfer delivering projects for companies including 
ICI, GM, Johnson & Johnson and Samsung. Dr Zhuk holds an MBA from the Open 
University.  
 
 
 
Hugh Carlisle Smith (63) 
Non-Executive Director
Hugh Smith joined the board of Hardide plc in March 2005 having been on the board 
of Hardide Coatings Limited since May 2003. He was formerly a senior export manager 
at British Leyland before helping to found Allmakes Limited, one of the UK’s largest 
independent suppliers of Land Rover spare parts and where he was chairman until 
October 2006. He holds a number of non-executive directorships. 
William Yale Zakroff (59) 
Non-Executive Director
William Zakroff joined the board of Hardide plc in June 2007. Based in Houston, Texas, 
he is the founder and CEO of Marinus Power LLC, a marine renewable energy firm, 
and is co-founder and a Director of SyncWave Systems Inc. Mr. Zakroff also continues 
to provide international business development and general management consulting 
services under Zakroff Group LP and is on the Advisory Board of Ingenero Inc. Prior 
to founding Zakroff Group in 1984, he held various management positions within the 
advanced materials group of the General Electric Company (US).
11 2009
Annual Report
Results
The group loss for the period, after taxation, amounted to £1,789,000 (2008: £1,703,000 loss). 
Directors
The present membership of the Board is set out on pages 10 and 11. Changes to membership of the board 
during the year are shown below, as well as the beneficial interests of the directors and their families in the shares 
of the company.
   30 September 2009 30 September 2008  
 Appointed Resigned Number of shares Number of shares
Robert Goddard 28 January 2008  3,468,333 135,000
David Mott 14 March 2005 17 March 2009 - -
Hugh Smith 14 March 2005  30,679,567 4,012,900
William Zakroff 26 June 2007  1,691,667 25,000
Graham Hine 2 June 2008  10,000,000 -
Yuri Zhuk 14 March 2005  6,031,132 4,364,465
Peter Davenport 21 March 2006  2,226,667 560,000
David Mott is a director of Oxford Capital Partners which holds 4,441,667 ordinary shares (2008: 4,441,667).
No director had, during or at the end of the year, a material interest in any contract which was significant in 
relation to the company’s business except as disclosed in Note 19 to the financial statements.
Directors’ interests in share options
The company has share option schemes under the terms of which directors are able to subscribe for ordinary shares 
in the company. Details of the directors’ interests in share options are shown in note 18 to the group accounts.  
Directors’ responsibilities for the financial statements
The directors are responsible for preparing the annual report and the financial statements in accordance with 
applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the 
directors have elected to prepare the financial statements in accordance with International Financial Reporting 
Standards (IFRS). Under company law the directors must not approve the financial statements unless they are 
satisfied that they give a true and fair view of the state of affairs of the group and of the company and of the profit 
or loss of the group for that period. In preparing these financial statements, the directors are required to:-
n select suitable accounting policies and then apply them consistently;
n make judgments and accounting estimates that are reasonable and prudent;
n prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group 
will continue in business; and
n state whether applicable International Financial Reporting Standards have been followed, subject to any 
material departures disclosed and explained in the financial statements.
Report of the Directors 
12 2009
Annual Report
13
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain 
the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position 
of the group and company and enable them to ensure that the financial statements comply with the Companies 
Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking 
reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the directors are aware:
n there is no relevant audit information of which the company’s auditor is unaware, and
n the directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit 
information and to establish that the auditors are aware of that information.
The directors are responsible for the maintenance and integrity of corporate and financial information included 
on the Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of 
financial statements may differ from legislation in other jurisdictions.
Financial risk management objectives and policies
The Group uses various financial instruments including finance leases, equity and loans, and cash and various 
items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these 
financial instruments is to raise finance for the Group’s operations. The existence of these financial instruments 
exposes the Group to a number of financial risks. The main risks are currency risk and interest rate risk. The 
directors review and agree policies for managing each of these risks. Further disclosure is provided in Note 20.
Substantial shareholders
At 9th November 2009 the following shareholders had a disclosable interest in 3% or more of the nominal value of 
the company’s shares:
Name Shareholding %
R Boyce & Associates 246,312,225 29.5
A Badenoch & Associates 240,066,667 28.8
J M Finn Nominees Ltd 80,340,882 9.6
Hargreave Hale Nominees Ltd 55,461,000 6.6
William Samuel Clive Richards Esq 26,320,000 3.2
Allianz SE 26,139,332 3.1
  2009
Annual Report
Payment policy and practice
It is the company’s policy that payments to suppliers are made in accordance with those terms and conditions 
agreed between the company and its suppliers, provided that all trading terms and conditions have been complied 
with. At 30 September 2009 the group had an average of 37 days outstanding in trade creditors (2008: 34 days).
Corporate Governance
The board has the following committees: 
 
Remuneration
The Remuneration Committee comprises Hugh Smith (Chairman) and William Zakroff. During the financial year 
the Remuneration Committee met on a number of occasions. The remit of the committee is to determine the 
remuneration packages of the executive directors, approve any share option proposals for other employees 
(such proposals normally being put forward by the CEO), and undertake investigations regarding any potential 
disciplinary matters regarding Board members. There has been no requirement to undertake any disciplinary 
investigations in the financial year 2008-9. 
The committee uses independent research to help to decide a fair level of remuneration for executive Directors.  
In the case of the CEO the package is made up of a combination of salary, bonuses, share options and other 
benefits. The level of bonuses is determined based on a combination of sales achieved and profitability.  No 
bonus was paid out to the CEO in the financial years 2008 or 2009.
In the case of the Finance Director and Technical Director, their packages are made up of a combination of salary, 
other benefits and share options.
Audit 
The Audit Committee comprises William Zakroff (Chairman) and Hugh Smith, both non-executive directors of the 
company.  
The Committee oversees the monitoring of the Group’s internal controls, accounting policies and financial 
reporting and provides a forum through which the external auditors report. It also reviews the scope and results 
of the external audit; the independence and objectivity of the auditors; and makes recommendations to the 
Board on issues surrounding the auditors’ remuneration, appointment, resignation and removal.  The Committee 
is authorised by the Board to seek and obtain any information it requires from any officer or employee of the 
Company and to obtain external legal or other independent professional advice.
During the year the company’s auditor Critchleys Chartered Accountants, provided payroll services to the 
company and its UK subsidiary, Hardide Coatings Limited, until August 2009 when the company transferred its 
payroll service to another provider. It is the Committee’s view that this does not compromise the independence 
and objectivity of the auditor for the year in question.   
The Audit Committee has reviewed the effectiveness of the system of internal control throughout the year and up 
to the date that the financial statements were signed, and this review did not identify any significant findings or 
weaknesses.
The Committee has reviewed and discussed the Company’s audited financial statements with management, 
which has primary responsibility for the financial statements. Critchleys Chartered Accountants, the Company’s 
independent auditor, is responsible for expressing an opinion on the conformity of the Company’s audited financial 
statements with generally accepted accounting principles. Based on the considerations referred to above, the 
Committee recommended to the Board of Directors that the audited financial statements be included in the 
Company’s Annual Report.
Report of the Directors continued 
14 2009
Annual Report
Auditor
A resolution to reappoint Critchleys as auditor will be proposed at the Annual General Meeting.
Business Review
The board regularly reviews both the financial position of the Group and non-financial performance information.  
Financial information includes monthly balance sheets and profit and loss accounts for the group, company 
and subsidiaries, together with analysis of movements in cash, trade debtors and fixed assets. Non-financial 
information reviewed by the board includes reports and key performance indicators including furnace 
performance, delivery performance, research and development activity, sales activity and health and safety. During 
the year, the Company has made good progress in developing a number of non-financial KPIs which are enabling 
us to monitor, benchmark and improve our performance across a range of environmental, production, operations, 
sales and human resource measures.
On behalf of the board, 
Graham Hine 
Director 
14 December 2009
15 2009
Annual Report
Report of the Independent Auditor 
We have audited the financial statements of Hardide Plc for the year ended 30 September 2009 which comprise 
the Consolidated Income Statement, the Consolidated and Company Balance Sheets, the Consolidated Cash 
Flow Statement, the Consolidated Statement of Recognised Income and Expense and the related notes. The 
financial reporting framework that has been applied in the preparation of the Group financial statements is 
applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union. The 
financial reporting framework that has been applied in the preparation of parent company financial statements 
is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting 
Practice).
This report is made solely to the company’s members, as a body, in accordance with Sections 495 and 496 
of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s 
members those matters we are required to state to them in an auditors’ report and for no other purpose. To the 
fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and 
the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.  
Respective responsibilities of directors and auditor
As explained more fully in the Directors’ Responsibilities Statement (set out on page 12) the directors are 
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair 
view. Our responsibility is to audit the financial statements in accordance with applicable law and International 
Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s 
(APB’s) Ethical Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to 
give reasonable assurance that the financial statements are free from material misstatement, whether caused by 
fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the group’s 
and the parent company’s circumstances and have been consistently applied and adequately disclosed; the 
reasonableness of significant accounting estimates made by the directors; and the overall presentation of the 
financial statements.
16 2009
Annual Report
Opinion
In our opinion:
n the financial statements give a true and fair view of the state of the group’s and of the parent company’s affairs 
as at 30 September 2009 and of the group’s loss for the year then ended;
n the group financial statements have been properly prepared in accordance with IFRSs as adopted by the 
European Union;
n the parent company financial statements have been properly prepared in accordance with United Kingdom 
Generally Accepted Accounting Practice;
n the financial statements have been prepared in accordance with the requirements of the Companies Act 2006; 
and, as regards the group financial statements, Article 4 of the IAS Regulation. 
Emphasis of matter - going concern 
In forming our opinion on the financial statements, which is not qualified, we have considered the adequacy of 
the disclosures made in note 1 concerning the group’s ability to continue as a going concern should the group 
not fulfil its current plan for revenue, costs and cash flow. These matters indicate the existence of a material 
uncertainty which may cast significant doubt over the company’s ability to continue as a going concern. The 
directors are confident that the plan will either be realised or that fresh funding will be available. The financial 
statements do not include the adjustments that would result if the group was unable to continue as a going 
concern.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion:
n the information given in the Directors’ Report for the financial year for which the financial statements are 
prepared is consistent with the financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following: matters where the Companies Act 2006 requires us to 
report to you if, in our opinion:
n adequate accounting records have not been kept by the parent company, or returns adequate for our audit 
have not been received from branches not visited by us; or
n the parent company financial statements are not in agreement with the accounting records or returns; or
n certain disclosures of directors’ remuneration specified by law are not made; or
n we have not received all the information and explanations we require for our audit.
 
Kevin Byrne 
Senior Statutory Auditor 
for and on behalf of 
Critchleys Statutory Auditor 
Abingdon 
14 December 2009 
17 2009
Annual Report
 Note 2009 2008
  £ ’000 £ ’000
Revenue 2 1,209 2,123
Cost of sales  (854) (1,132)
   
Gross profit  355 991
Administrative expenses  (1,477) (2,081)
Impairment of intangibles  (2) 
Depreciation and amortisation  (330) (500)
Exceptional item: Impairment of fixed assets  (364) -
   
Operating loss 3 (1,818) (1,590)
Finance income 4 14 37
Finance costs 5 (13) (187)
Disposal of fixed asset  (7) -
   
Loss on ordinary activities before taxation  (1,824) (1,740)
Taxation 7 35 37
   
Loss on ordinary activities after taxation  (1,789) (1,703)
Loss per share: Basic 8 (0.6)p (1.1)p
Loss per share: Diluted 8 (0.2)p (0.8)p
 
All operations are continuing.
The accompanying accounting policies and notes form an integral part of these financial statements.
18
Consolidated Income Statement 
for the year ended 30 September 2009  2009
Annual Report
Consolidated Balance Sheet 
at 30 September 2009 
  Note 2009 2008
   £ ‘000 £ ‘000
Assets   
   
Non-current assets   
 Goodwill 9 69 69
 Intangible assets 10 2 4
 Property, plant & equipment 11 796 1,366
Total non-current assets  867 1,439
   
Current assets   
 Inventories 12 26 44
 Trade and other receivables 12 208 325
 Other current financial assets 12 101 160
 Cash and cash equivalents 12 932 995
Total current assets  1,267 1,524
   
Total assets  2,134 2,963
   
Liabilities   
   
Current liabilities   
 Trade and other payables 13 259 356
 Financial liabilities 13 118 110
 Total current liabilities  377 466
   
Net current assets  890 1,058
   
Non-current liabilities   
 Financial liabilities 14 748 1,162
Total non-current liabilities  748 1,162
   
Total liabilities  1,125 1,628
   
Net assets  1,009 1,335
   
Equity attributable to equity holders of the parent   
 Share capital 16 2,541 1,896
 Share premium 17 5,259 4,102
 Retained earnings 17 (6,481) (4,705)
 Share-based payments reserve 17 274 347
 Translation reserve 17 (584) (305)
Total equity  1,009 1,335
The financial statements were approved and authorised by the board on 14 December 2009.
Graham Hine 
Director
19 2009
Annual Report
20
Consolidated Cash Flow Statement 
for the year ended 30 September 2009 
 Note 2009 2008
  £ ‘000 £ ‘000
Cash flows from operating activities   
 Operating loss  (1,818) (1,590)
 Impairment of intangibles  2 3
 Depreciation  330 497
 Impairment of fixed assets  364 -
 Share option charge  64 50
 Decrease in inventories  18 55
 Decrease in receivables  181 310
 Decrease in payables  (97) (155)
 Exchange rate variance  (377) (391)
Cash generated from operations  (1,333) (1,221)
   
 Finance income  14 37
 Finance costs  (75) (108)
 Tax received / (paid)  36 26
   
Net cash generated from operating activities  (1,358) (1,226)
   
Cash flows from investing activities   
 Purchase of property, plant and equipment  (30) (127)
   
Net cash used in investing activities  (30) (127)
   
Cash flows from financing activities   
 Net proceeds from issue of ordinary share capital  802 1,173
 Finance lease inception  - -
 Finance lease repayment  (110) (145)
 New loans raised  633 225
   
Net cash used in financing activities  1,325 1,253
   
Net increase / (decrease) in cash and cash equivalents  (63) (140)
   
Cash and cash equivalents at the beginning of the year  995 1,135
   
Cash and cash equivalents at the end of the year  932 995 2009
Annual Report
Consolidated Statement of
Recognised Income and Expense
for the year ended 30 September 2009
  Note 2009 2008
   £ ‘000 £ ‘000
Exchange differences on translation of foreign operations  (279) 335
   
Net income recognised directly in equity  (279) 335
   
Loss for the year  (1,789) (1,703)
   
Total recognised income and expense for the year  (2,068) (2,038)
21 2009
Annual Report
1. Accounting policies
Accounting convention 
The group previously reported its financial statements under UK Generally Accepted Accounting Practice (GAAP).  
From 1 October 2007 the group is required to prepare its financial statements in accordance with International 
Financial Reporting Standards (IFRS), International Accounting Standards (IAS) and Interpretations (IFRIC).    
First time adoption of IFRS 
The Group’s transition date to IFRS was 1 October 2006, which is the beginning of the comparative period for the 
year ended 30 September 2007. The Group has applied IFRS1 for the first time adoption of IFRS and has elected 
to use the following exemptions:
n Business combinations – business combinations that took place prior to 1 October 2006 have not been 
restated;
n Share-based payment – the Group has applied the requirements of IFRS2 Share-based payments to all grants 
of equity instruments after 7 November 2002 that were unvested as of 1 October 2006.
Standards, interpretations and amendments to published standards not yet effective 
Certain new standards, amendments and interpretations to existing standards have been published that are 
mandatory for the Group’s accounting periods beginning on or after 1 October 2008 or later periods and which 
the Group has decided not to adopt early. These are:
n IFRS 8, Operating Segments (effective for accounting periods beginning on or after 1 January 2009). This 
standard sets out requirements for the disclosure of information about an entity’s operating segments and also 
about the entity’s products and services, the geographical areas in which it operates, and its major customers. 
It replaces IAS 14, Segmental Reporting. As this is a disclosure standard, it will not have any impact on the 
results or net assets of the Group.
n IAS 1, Presentation of Financial Statements – a revised approach (effective for accounting periods beginning on 
or after 1 January 2009. As this is a disclosure standard, it will not have any impact on the results or net assets 
of the Group.
The following principal accounting policies have been applied:
Basis of preparation 
The financial statements have been prepared on the going concern basis, under the historical cost convention. 
These financial statements are presented in pounds sterling because that is the currency of the primary economic 
environment in which the Group operates.
Going Concern 
The directors believe that the Company and the Group have adequate resources to continue in operational 
existence for the foreseeable future. This belief is based on the Group’s current business plan and in particular 
its plan for revenues, costs and cash flows, as well as the availability of fresh funding. In particular, the group’s 
aggressive attack on costs will mean overheads continue to fall into the current year and result in a much lower 
break-even point. The plan for the current year is based on a conservative view of recovery in the group’s markets 
and customers and this plan does not show a need for further funding. Initial performance against that plan would 
seem to indicate that it is robust and achievable.  
Basis of consolidation 
The consolidated financial statements incorporate the financial statements of the Company and entities controlled 
by the Company (its subsidiaries) made up to 30 September each year. 
Control is achieved where Hardide plc has the power to govern the financial and operating policies of an investee 
entity so as to obtain benefits from its activities.
Notes to the Group Financial Statements
22 2009
Annual Report
23
The financial statements of subsidiaries are included in the consolidated financial statements from the date that 
control commences until the date that control ceases.
Transactions between and balances with Group companies are eliminated together with unrealised gains on 
inter-company transactions. Where necessary, adjustments are made to the financial statements of subsidiaries to 
bring the accounting policies used into line with those used by the Group.
Acquisitions are accounted for by the purchase method. The cost of an acquisition is measured as the fair value 
at the date of exchange of the consideration provided plus any costs directly attributable to the acquisition. On 
acquisition, the assets and liabilities and contingent liabilities of the acquired business that meet the conditions 
for recognition under IFRS 3 are measured at their fair values at the date of acquisition. Any excess of the cost of 
acquisition over the fair values of the identifiable net assets acquired is recognised as goodwill. Any deficiency of 
the cost of acquisition below the fair values of the identifiable net assets acquired is credited to profit or loss in the 
period of acquisition.
Revenue recognition 
Revenue represents the invoiced amount of goods sold and services provided during the period, excluding 
value added tax and other sales taxes, trade discounts, and intra-Group sales. Revenue is recognised when 
performance has occurred and a right to consideration has been obtained. This is normally when goods have 
been despatched or services provided to the customer, title and risk of loss have been transferred and collection 
of related receivables is probable.
Research and development 
Expenditure on research and development costs is charged to the income statement in the period in which it is 
incurred unless such costs should be capitalised under the requirements of the applicable standard, which is only 
when the future economic benefits expected to arise are deemed probable and the costs can be reliably measured. 
Intangible assets: Goodwill 
Goodwill represents the excess of the cost of acquisition over the Company’s interest in the fair value of the 
identifiable assets and liabilities of a subsidiary at the date of acquisition. Goodwill is recognised as an asset and 
reviewed for impairment at least annually. 
Goodwill arising on acquisitions before the date of transition to IFRS (1 October 2006) has been retained at the 
previous UK GAAP amounts subject to being tested for impairment at that date and at least annually thereafter.  
 
On disposal of a subsidiary the attributable amount of goodwill is included in the determination of the profit or loss 
on disposal.
Intangible assets: Development costs 
Capitalised development costs are amortised on a straight line basis over their useful economic lives once the 
product is available for use.
Intangible assets: Other  
Separable intangible assets are recognised separately from goodwill on all acquisitions after the date of transition, 
are initially measured at fair value and amortised over their useful economic lives. Purchased intangible assets are 
capitalised at cost and amortised over their useful economic lives.
Impairment of intangible assets 
Goodwill is allocated to cash-generating units for the purposes of impairment testing. The recoverable amount 
of the cash-generating unit to which the goodwill relates is tested annually for impairment or when events or 
changes in circumstances indicate that it might be impaired. Any impairment is recognised immediately in the 
income statement and is not subsequently reversed.
Intangible assets other than goodwill are tested for impairment when a trigger event occurs. Useful lives are also 
examined on an annual basis and adjustments, where applicable, are made on a prospective basis. 2009
Annual Report
1. Accounting policies continued 
Recoverable amount is the higher of fair value less costs to sell, and value in use. In assessing value in use, 
the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects 
current market assessments of the time value of money and the risks specific to the asset for which the estimates 
of future cash flows have not been adjusted. An impairment loss is recognised to the extent that the carrying 
value exceeds the recoverable amount. 
An impairment loss is recognised as an expense immediately, unless the relevant asset is carried at a revalued 
amount, in which case the impairment loss is treated as a revaluation decrease. A reversal of an impairment loss 
is recognised as income immediately, unless the asset is carried at a revalued amount, in which case the reversal 
of the impairment loss is treated as a revaluation increase.
Property, plant and equipment 
Property, plant and equipment are stated at cost less accumulated depreciation and any recognised impairment 
loss.
Depreciation is provided on the cost of assets less any residual value over their estimated useful lives, using the 
straight line method, as follows:
 Plant & machinery 2 to 10 years 
 Leasehold improvements Over remaining term of lease 
 Fixtures & fittings 4 years 
 Computer equipment 4 years
Depreciation is not charged on assets under construction. 
Borrowing costs related to the purchase of fixed assets are not capitalised.
The carrying values of property, plant and equipment and investments measured using a cost basis, are reviewed 
for impairment only when events indicate the carrying value may be impaired.
Investments 
Investments held as fixed assets are stated at cost less any provision for impairment.
Inventories 
Inventories are valued at the lower of cost and net realisable value. The costs incurred in bringing each product to 
its present location and condition are accounted for as follows:
 Raw materials Cost of purchase on a first in, first out basis
 Work in progress and Cost of raw materials and direct labour and a proportion of manufacturing   
 finished goods overheads based on the normal level of activity
 Net realisable value is based on the estimated selling price less estimated costs to completion and estimated 
costs necessary to make the sale.
Leases 
Finance leases, which transfer to the group substantially all the risks and benefits incidental to ownership of the 
leased item, are included in the balance sheet at fair value or, if lower, at the present value of the minimum lease 
payments. Depreciation is charged over the useful economic life of the assets. Lease payments are apportioned 
between the finance charges and the reduction of the lease liability so as to achieve a constant rate of interest on 
the remaining balance of the liability.
Leases where the lessor retains substantially all the risks and rewards of ownership are classified as operating 
leases. Rentals payable under operating leases are charged to the income statement on a straight line basis over 
the term of the lease.
Notes to the Group Financial Statements continued
24 2009
Annual Report
25
Financial Instruments 
The Group does not enter into hedging or speculative derivative contracts.
Financial assets and liabilities are recognised on the Group’s balance sheet when the Group becomes a party to 
the contractual provisions of the instrument.
Income and expenditure arising on financial instruments is recognised on the accruals basis, and credited or 
charged to the profit and loss account in the financial period to which it relates.
Financial liabilities and equity 
Financial liabilities and equity instruments are classified according to the substance of the contractual 
arrangements entered into.  
A financial liability exists where there is a contractual obligation to deliver cash or another financial asset to 
another entity, or to exchange financial assets or financial liabilities under potentially unfavourable conditions.  In 
addition, contracts which result in the entity delivering a variable number of its own equity instruments are financial 
liabilities. Shares containing such obligations are classified as financial liabilities.
Finance costs and gains or losses relating to financial liabilities are included in the income statement. The carrying 
amount of the liability is increased by the finance cost and reduced by payments made in respect of that liability.  
An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting 
all of its liabilities. Dividends and distributions relating to equity instruments are debited directly to reserves.
Equity instruments issued are recorded at the proceeds received, net of direct issue costs
Compound instruments 
Compound instruments comprise both a liability and an equity component. The elements of a compound 
instrument are classified in accordance with their contractual provisions. At the date of issue, the liability 
component is recorded at fair value, which is estimated using the prevailing market interest rate for a similar debt 
instrument without the equity feature. Thereafter, the liability component is accounted for as a financial liability in 
accordance with the accounting policy set out above.  The residual is the equity component, which is accounted 
for as an equity instrument.
Cash and cash equivalents 
Cash and cash equivalents include cash at bank and in hand, and short-term deposits with an original maturity 
period of three months or less.
Trade and other receivables and payables 
Trade and other receivables are stated at amounts receivable less any provision for recoverability. Trade payables 
are stated at their nominal value.
Foreign currencies 
The company’s functional and presentation currency is Sterling. Transactions denominated in foreign currencies 
are translated into sterling at the rates ruling at the date of the transactions. 
Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at 
the rates of exchange ruling at that date. Gains and losses arising on translation are recognised in the income 
statement.
On consolidation, the assets and liabilities of the Group’s overseas operations are translated into Sterling at 
the exchange rate at the date of the balance sheet. Income and expense items are translated at the average 
exchange rates for the period. Exchange differences arising are classified as equity and are transferred to the 
translation reserve. 
Exchange gains and losses arising on the translation of the Group’s net investment in foreign entities are also 
classified as equity. 2009
Annual Report
1. Accounting policies continued 
Share-based payments 
The fair value of equity-settled share payments is determined at the date of grant and is recognised on a straight 
line basis over the vesting period based on the Group’s estimate of options that will eventually vest.
Fair value is measured by use of a Black-Scholes pricing model.
Retirement benefits 
The Group operates a stakeholder scheme for its employees, but does not make any contributions to it.
Short-term employee benefit costs 
The undiscounted amount of short-term benefits attributable to services that have been rendered in the period 
are recognised as an expense. Any difference between the amount of cost recognised and the cash payments 
made is treated as a liability or prepayment as appropriate.
Taxation 
The charge for current tax is based on the results for the period as adjusted for items that are non-assessable 
or disallowed, and is calculated using tax rates that have been enacted or substantively enacted by the balance 
sheet date
Deferred tax assets and liabilities are recognised where the carrying amount of an asset or liability in the balance 
sheet differs from its tax base. Recognition of deferred tax assets is restricted to those instances where it is 
probable that taxable profit will be available against which the difference can be utilised. Deferred tax liabilities 
are recognised for taxable temporary differences. Such assets and liabilities are not recognised if the temporary 
difference arises from the amortisation of goodwill or the initial recognition of other assets and liabilities in a 
transaction that is not a business combination and affects neither the tax profit nor the accounting profit.   
The amount of the asset or liability is determined using tax rates that have been enacted or substantially enacted 
at the balance sheet date, and are expected to apply when the deferred tax assets or liabilities are settled or 
recovered. Deferred tax balances are not discounted.
Deferred tax is charged or credited in the income statement except where it relates to items charged or credited 
to equity, in which case the deferred tax is dealt with there.
Borrowings 
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement 
of the liability for at least twelve months after the balance sheet date. All borrowing costs are recognised in the 
income statement in the period in which they are incurred.
Provisions 
Provisions are made when the group has a present obligation as a result of past events, it is more likely than 
not that an outflow of economic benefits will be required to settle the obligation, and the amount can be reliably 
estimated. Provisions are discounted to present value where the impact is significant, using a discount rate that 
reflects current market assessments of the time value of money and the risks specific to the obligation.
Notes to the Group Financial Statements continued
26 2009
Annual Report
27
2. Segmental analysis 
The structure and management of the Group is on a geographical basis, and this is the primary segment. 
Information about these segments is presented below:
Year ended 30 September 2009
 UK USA Corporate Consolidated
 £ ‘000 £ ‘000 £ ‘000 £ ‘000
Revenue    
External sales 1,086 123 - 1,209
Inter-segment sales - - - -
Total revenue 1,086 123  1,209
    
Segment result (308) (1,190) (320) (1,818)
Unallocated expenses - - - -
Operating profit (308) (1,190) (320) (1,818)
    
Finance income 3 - 11 14
Finance costs (19) (1) 7 (13)
Disposal of fixed asset - (7) - (7)
    
Profit before tax (324) (1,198) (302) (1,824)
    
Taxation - - 35 35
    
Profit after tax (324) (1,198) (267) (1,789)
    
 UK USA Corporate Eliminations  Consolidated
 £ ‘000 £ ‘000 £ ‘000 £ ‘000 £ ‘000
Balance sheet    
Assets 858 288 2,409 (1,421) 2,134
Liabilities 614 4,767 779 (5,035) 1,125
Net assets/(liabilities) 244 (4,479) 1,630 3,614 1,009
    
 UK USA Corporate  Consolidated
 £ ‘000 £ ‘000 £ ’000  £ ‘000
Other information    
Cost incurred to acquire assets 8 22 -  30
Impairment of intangibles 2 - -  2
Depreciation and amortisation 215 115 -  330
Impairment of tangible fixed assets - 364 -  364
Other significant non-cash expenses   
Share-based payments 3 - 61  64
Intercompany management charges 93 24 (117)  - 2009
Annual Report
The Group currently has a single class of business, so no secondary analysis is presented. Turnover by 
geographical destination is as follows:
 UK Europe N America Rest of World  Total
 £ ‘000 £ ‘000 £ ‘000 £ ‘000 £ ‘000
External sales    
2009 935 28 245 1 1,209
2008 1,823 20 268 12 2,123
 
 
3. Operating profit
This is stated after charging:
   2009 2008
   £ ‘000 £ ‘000
Impairment of intangible fixed assets 2 3
Depreciation of tangible fixed assets 330 497
Impairment of tangible fixed assets 364 3
 fees payable to the company’s current auditor for  
 the audit of the company’s annual accounts 10 12
 other services 1 1
 fees payable to the company’s previous auditor for  
 the audit of the company’s 2007 annual accounts - 4
Cost of inventory recognised as an expense 188 282
Research and development 145 151
Operating lease rentals
 plant and machinery 19 19
 property 212 184
Share option expense 64 50
4. Finance income
   2009 2008
   £ ‘000 £ ‘000
Interest on bank deposits 14 37
5. Finance costs
   2009 2008
   £ ‘000 £ ‘000
Interest on loans 54 78
Interest on finance leases 18 29
Finance charges on combined instruments (62) 79
Other interest payable 3 1
 13 187
 
The credit against combined instruments relates to the dissolution of combined instruments before maturity, for 
which notional interest had previously been charged to profit.
Notes to the Group Financial Statements continued
28 2009
Annual Report
29
6. Employees
The average number of employees, including executive directors but not including non-executive directors, during 
the year comprised:
 2009 2008
 Number Number
Technical 11 9
Production 10 13
Sales and marketing 3 5
Management and admin 8 10
 32 37
Staff costs, including executive and non-executive directors, during the year amounted to:
 2009 2008
 £ ‘000 £ ‘000
Wages and salaries 1,172 1,467
Social security costs 115 148
Share option expense 64 50
 1,351 1,665
The amounts received by each director during the year was as follows:
 2009
 £ ‘000
Dr Graham Hine (Chief Executive)  Salary 120
  Car allowance 10
Dr Yuri Zhuk (Technical Director)  Salary 68
  Car allowance 9
Peter Davenport (Finance Director)  Salary 57
   
Robert Goddard (Non-Executive Chairman)  Fees 30
David Mott (Non-Executive Director) To March 2009 Fees 6
Hugh Smith (Non-Executive Director)  Salary 13
William Zakroff (Non-Executive Director)  Fees 13
Total directors’ remuneration   326
No bonuses were paid to directors during the year. 2009
Annual Report
7. Taxation
 2009 2008
 £ ‘000 £ ‘000
UK corporation tax on the loss for the year - -
R&D tax credit 35 36
Adjustment in respect of prior year R&D tax credits - 1
Adjustment in respect of prior year UK corporation tax - -
 35 37
The group has unutilised tax losses in the UK of approximately £7.8m (2008: £6.0m).  
8. Earnings per ordinary share
 2009 2008
 £ ‘000 £ ‘000
Loss on ordinary activities after tax (1,789) (1,703)
Basic earnings per ordinary share
Weighted average number of ordinary shares in issue 318,522,236 157,433,902
Earnings per share (0.6)p (1.1)p
Fully diluted earnings per ordinary share
Number of ordinary shares in issue 834,042,238 189,642,236
Outstanding share options 88,703,334 24,308,332
Convertible loans 190,666,666 5,000,000
Total  1,113,412,238 218,950,568
Earnings per share (0.2)p (0.8)p
9. Goodwill
 £ ‘000
Cost at 1 October 2008 and 30 September 2009 69
Net book value at 1 October 2008 and 30 September 2009 69
Goodwill relates to the acquisition of Isle Hardide Limited by Hardide Coatings Limited.
10. Intangible assets
 £ ‘000
Cost at 1 October 2008 and 30 September 2009 9
Net book value at 1 October 2008 4
Impairment charge 2
Net book value at 30 September 2009 2
Notes to the Group Financial Statements continued
30 2009
Annual Report
31
11. Property, plant and equipment
 Leasehold Plant, vehicles Computer  
 buildings  and fixtures equipment Total
 £ ‘000 £ ‘000 £ ‘000 £ ‘000
Cost at 1 October 2008 221 2,812 167 3,200
Additions - 29 1 30
Disposals - (21) - (21)
Exchange differences 2 94 6 102
Cost at 30 September 2009 223 2,914 174 3,311
    
Depreciation at 1 October 2008 116 1,602 116 1,834
Provided in the year 19 289 22 330
Disposals - (11) - (11)
Impairment 3 336 25 364
Exchange differences - (1) (1) (2)
Depreciation at 30 September 2009 138 2,215 162 2,515
    
Net book value at 1 October 2008 105 1,210 51 1,366
Net book value at 30 September 2009 85 699 12 796
The net book value of plant & machinery includes £387,000 (2008: £446,000) in respect of assets held under 
finance leases. Depreciation on these assets amounted to £59,000 (2008: £59,000). Following the hibernation of 
Hardide Coatings Inc’s facility in Houston, an exceptional impairment charge of £364,000 was incurred to reflect 
the current status of the assets there as non-revenue earning.
12. Current assets 2009 2008
  £ ‘000 £ ‘000
Inventories 
 Raw materials and consumables 26 44
 Work in progress - -
  26 44
Trade and other receivables 
 Trade receivables 148 263
 Other receivables 60 62
  208 325
Other current financial assets 
 Prepayments 50 100
 Accrued income 35 49
 Recoverable VAT 16 11
  101 160
Cash and cash equivalents 
 Sterling 917 933
 Euro - -
 US Dollar 15 62
  932 995 2009
Annual Report
13. Current liabilities
 2009 2008
 £ ‘000 £ ‘000
Trade and other payables
 Trade payables 139 182
 Taxation and social security costs 35 97
 Accruals 85 77
  259 356
Current financial liabilities relate to finance leases.
 14. Non-current other financial liabilities
 2009 2008
 £ ‘000 £ ‘000
Finance leases 55 173
Loans 693 989
 748 1,162
All non-current financial liabilities are denominated in sterling. The amount shown above is the book value of the 
debt. The loans have been classified as combined instruments under IAS 32.  The loans are discounted using an 
appropriate internal rate of return, as shown below. The table below shows the total amounts repayable and their 
profile. Details of the movements of loans are given in note 16.  
Maturity profile:  Loans   Finance leases
 2009 2008 2009 2008 
 £ ‘000 £ ‘000 £ ‘000 £ ‘000
In one year or less -  - 128  110
In more than one but not more than two years -  1,000 57  118
In more than two but not more than five years 858  225 -  55
 858  1,225 185  283
Interest on the finance leases is fixed at a weighted average interest rate of 7.9%.  
Repayment and interest rate information on the loans is as follows: 
£225,000 Repayable June 2013 Fixed rate 8% payable annually IRR 11%  
£633,000 Repayable August 2014 Fixed rate 8% payable annually IRR 15%
15. Total commitments under operating leases
 Land and buildings Plant
 2009 2008 2009 2008 
 £ ‘000 £ ‘000 £ ‘000 £ ‘000
In one year or less -  - 1  2
In two to five years 163  - 41  58
In more than five years 1,101  1,382 -  -
 1,264  1,382 42  60
Notes to the Group Financial Statements continued
32 2009
Annual Report
33
16. Share capital
   2009  2008
 Number Value Number Value 
 000 £ ‘000 000 £ ‘000
Authorised ordinary shares of 1p each - - 250,000 2,500
Allotted ordinary shares of 1p each - - 189,642 1,896
Authorised ordinary shares of 0.1p each 1,750,000 1,750 - -
Authorised deferred shares of 0.9p each 250,000 2,250 - -
Allotted ordinary shares of 0.1p each 834,042 834 - -
Allotted deferred shares of 0.9p each 189,642 1,707 - -
On 20th July 2009 the share capital of Hardide plc was reorganised following resolutions passed at a General 
Meeting of Hardide plc on 17th July 2009. The authorised share capital of 250 million 1p ordinary shares was 
subdivided into 250 million 0.1p ordinary shares and 250 million 0.9p deferred shares. The authorised share 
capital was increased by the addition of a further 1,500 million 0.1p ordinary shares. 311,066,667 ordinary 0.1p 
shares were placed with shareholders at a price of 0.3p, raising £933,200 before expenses.  
On the same date £1,000,000 of loans were converted into 0.1p ordinary shares at a price of 0.3p per share, 
resulting in the issue of 333,333,334 shares in consideration.
On 5th August 2009 Hardide plc issued £633,000 8% unsecured convertible loan notes of £1 each repayable in 
August 2014, with a conversion price of one ordinary share per 0.45p of loan note. The conversion price of the 
existing £225,000 8% unsecured convertible loan notes of £1 each maturing in June 2013 was amended from 
one ordinary share per 4.5p of loan note to one ordinary share per 0.45p of loan note. These notes are convertible 
at any time prior to repayment, and are shown as long-term liabilities in the balance sheet.
17. Analysis of changes in equity
 Share Share Share-based Foreign Retained Total
 Capital Premium  Payments Translation Earnings Equity
At 1 October 2008 1,896 4,102 347 (305) (4,705) 1,335
Issue of new shares 645 1,157    1,802
Employee share options   60  13 73
Combined instruments   (133)   (133)
Exchange translation    (279)  (279)
Loss for the year     (1,789) (1,789)
At 30 September 2009 2,541 5,259 274 (584) (6,481) 1,009
The increase in share capital relates to the issue of a total of 644,400,001 ordinary 0.1p shares for 0.3p as 
detailed in note 16 above. The increase in share premium relates to these issues less the associated costs.  
The movement in the share-based payment reserve comprises employee share options, including the 
acceleration of vesting on cancellation of options on 17th July, and the net effect of the issue of convertible loan 
notes on 5th August and the extinguishing of existing combined instruments. 2009
Annual Report
18. Share-based payment
  Number Weighted average
   exercise price
Outstanding at 1 October 2008 24,308,332 5p
Exercisable at 1 October 2008 8,333,334 9p
Granted during year 500,000 3p
Cancelled during year  11,959,999 3p
Forfeited during year 4,514,999 3p
Options granted under new scheme 80,370,000 0.45p
Outstanding at 30 September 2009 88,703,334 0.45p
Exercisable at 30 September 2009 8,333,334 0.45p
On 17th July 2009 the directors and employees of the group were granted new share options priced at 0.45p 
each. All outstanding employee share options at that date were cancelled. The vesting criteria are a combination 
of time-based (maximum 30%) and performance-based. 
The current directors’ interests in share options, all of which are priced at 0.45p, are as follows:
 Number
Robert Goddard (Chairman) 6,681,000
Graham Hine (Chief Executive) 31,081,000
Yuri Zhuk (Technical Director) 8,351,000
Peter Davenport (Finance Director) 8,351,000
The company entered into a loan arrangement in September 2007 which involved the granting of 8,333,334 
options with an exercise price of 12p expiring in September 2010. In June 2008 these options were repriced to 
9p and the expiry date extended to September 2011. In July 2009 these options were repriced to 0.45p and the 
expiry date extended to July 2012.
The fair values of the July 2009 employee options granted were measured by the use of a Black-Scholes pricing 
model. The assumptions used in the model are as follows: Volatility of 85%; dividend yield of nil; risk-free interest 
rate of 3%; and an average weighted expected life of options of 3.5 years.
19. Related party transactions
Hardide Coatings Ltd spent £5,234 (2008: £4,709) with BCB Environmental Management Ltd for waste disposal, 
of which £1,448 (2008: Nil) remained outstanding at the year end. Robert Goddard is chairman of both Hardide 
plc, the parent company of Hardide Coatings Ltd, and AWP Environmental Ltd, the parent company of BCB 
Environmental Management Ltd.
Hardide Coatings Inc spent $600 (2008: Nil) with Zakroff Group LP for the provision of administrative services 
following the hibernation of the Houston operation. William Zakroff is a non-executive director of Hardide plc, and 
is the owner of Zakroff Group LP .  
Notes to the Group Financial Statements continued
34 2009
Annual Report
35
20. Financial Instruments – Risk Management
In common with other businesses, the group is exposed to risks that arise from its use of financial instruments.  
The group uses financial instruments comprising borrowings, cash, liquid resources and various items such 
as trade debtors and creditors that arise directly from its operations. Exposure to credit, liquidity and market 
risks arises in the normal course of the Group’s business. The Group does not enter into derivative financial 
instruments.
Credit risk 
The Group’s credit risk is primarily attributable to its credit sales. The Group has significant concentration of sales 
to a few key customers, however, since the ultimate customers for the Group’s products are predominantly blue-
chip multinational companies, the board believes that this is not a significant risk. Credit risk also arises from cash 
and deposits with banks. These risks are reviewed regularly by the board. 
Liquidity risk 
The Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs 
and to invest cash assets safely and profitably. The interest rate exposure of the Group as at 30 September 2009 
and the maturity profile of the carrying value of the Group’s financial liabilities are shown in note 14. The group’s 
policy is to ensure that it has sufficient cash to allow it to meet its liabilities. The board receives forecast cash 
flows on a monthly basis and uses these as the basis for forward planning.
Market risk 
The Group is exposed to translation and transaction foreign exchange risk arising because the group has 
operations in more than one country. As such, the group’s net assets arising from such overseas operations 
are exposed to currency risk resulting in gains or losses on retranslation into sterling. Foreign exchange risk 
also arises when group companies enter into transactions denominated in a currency other than their functional 
currency.  
Fair value 
The directors consider that the fair values of the financial instruments of the Group are not significantly different 
from their book value. 2009
Annual Report
 Note 2009 2008
  £ ‘000  £ ‘000
   
Assets   
Non-current assets   
 Investments 3 1,100 1,100
 Amounts owed by group undertakings 4 4,698 -
 Provision 4 (4,698) -
Total non-current assets  1,100 1,100
Current assets   
 Trade and other receivables 5 404 4,009
 Cash and cash equivalents  905 830
Total current assets  1,309 4,839
   
Total assets  2,409 5,939
   
Liabilities   
Current liabilities   
 Trade and other payables 6 86 84
Total current liabilities  86 84
   
Net current assets  1,223 4,755
   
Non-current liabilities   
 Financial liabilities 7 693 989
Total non-current liabilities  693 989
   
Total liabilities  779 1,073
   
Net assets  1,630 4,866
   
Equity   
 Share capital 8 2,541 1,896
 Share premium 9 5,259 4,102
 Retained earnings 9 (6,431) (1,465)
 Share-based payments reserve 9 261 333
Total equity  1,630 4,866
Under section 408 of the Companies Act 2006 the company has not included its own profit and loss account in 
these financial statements. The parent company’s loss for the year was £4,964,000 (2008: loss of £416,000).   
The accompanying notes form an integral part of these financial statements.
The financial statements were approved and authorised for issue by the Board on 14 December 2009.
Graham Hine 
Director
36
Parent Company Balance Sheet
at 30 September 2009 
Prepared in accordance with UK Generally Accepted Accounting Policies  2009
Annual Report
37
Basis of preparation 
The accounts have been prepared under the historical cost convention and in accordance with applicable United 
Kingdom Generally Accepted Accounting Practice and the Companies Act 2006.
1. Summary of significant accounting policies
Foreign currency translation 
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at 
the balance sheet date. Transactions in foreign currencies are translated at the rate of exchange ruling at the date 
of transaction. Any differences are dealt with through the profit and loss account.
Research and development 
Research and development expenditure is charged to the profit and loss account in the period in which it is 
incurred.
Investments 
Investments are stated at cost.
Financial instruments 
The company does not enter into hedging or speculative derivative contracts. The company uses financial 
instruments primarily to manage exposures in fluctuations in foreign currency exchange rates and interest rates.  
Income and expenditure arising on financial instruments is recognised on the accruals basis, and credited or 
charged to the profit and loss account in the financial period to which it relates. Financial assets are recognised 
in the balance sheet at the lower of cost and net realisable value. Provision is made for diminution in value where 
appropriate.
Classification as equity or financial liability 
Financial liabilities and equity instruments are classified according to the substance of the contractual 
arrangements entered into. A financial liability exists where there is a contractual obligation to deliver cash or 
another financial asset to another entity, or to exchange financial assets or financial liabilities under potentially 
unfavourable conditions. In addition, contracts which result in the entity delivering a variable number of its own 
equity instruments are financial liabilities. Shares containing such obligations are classified as financial liabilities.  
Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. The 
carrying amount of the liability is increased by the finance cost and reduced by payments made in respect of 
that liability. Finance costs are calculated so as to produce a constant rate of charge on the outstanding liability. 
An equity instrument is any contract that evidences a residual interest in the assets of the group / company after 
deducting all of its liabilities. Dividends and distributions relating to equity instruments are debited directly to 
reserves.
Compound instruments 
Compound instruments comprise both a liability and an equity component. The elements of a compound 
instrument are classified in accordance with their contractual provisions. At the date of issue, the liability 
component is recorded at fair value, which is estimated using the prevailing market interest rate for a similar debt 
instrument without the equity feature. Thereafter, the liability component is accounted for as a financial liability in 
accordance with the accounting policy set out above. The residual is the equity component, which is accounted 
for as an equity instrument.
Pensions 
The company operates a stakeholder pension scheme for its employees, but does not make any contributions to it.
Share-Based Payments 
In accordance with FRS 20, the fair value of equity-settled share payments is determined at the date of grant and 
is recognised on a straight line basis over the vesting period based on the company’s estimate of options that will 
eventually vest. The fair value of share options is measured by the Black-Scholes pricing model.
Notes to the Parent Company Accounts 2009
Annual Report
2. Employees
The average number of employees, including executive directors, during the year comprised:
 2009 2008
 Number Number
Management and admin 4 4
Sales and marketing 1 2
Technical 2 1
Staff costs, including executive and non-executive directors, during the year amounted to:
 2009 2008
 £ ‘000 £ ‘000
Wages and salaries 382 443
Social security costs 41 44
Share option expense 61 23
 484 510
Details of individual directors’ remuneration are included in note 6 to the Group financial statements.
3. Investments
 £ ‘000
Investments in subsidiaries at 1 October 2008 and 30 September 2009 1,100
At 30 September 2009 the company held 100% of the share capital of the following subsidiaries: 
 Class of share Amount Country  Nature of business
Hardide Coatings Limited Ordinary 100% UK Surface engineering
Hardide Coatings Incorporated Ordinary 100% USA Surface engineering
4. Amounts owed by group undertakings
The amounts owed by Hardide Coatings Inc amounting to £4,698,000 (2008 £3,647,000) has been classified as 
a non-current asset. Due to the hibernation of the Houston facility in March 2009, a provision has been made for 
the full amount owed because of doubts about its recoverability. This provision has been charged to the profit and 
loss account in the year.   
5. Trade and other receivables 
 2009 2008
 £ ‘000  £ ‘000
Amounts owed by group undertakings 337 3,935
Prepayments and accrued income 16 27
Taxation recoverable 51 47
Other debtors - -
 404 4,009
The amount shown in receivables as owed by group undertakings in 2009 relates only to debt owed by Hardide 
Coatings Limited. It is the directors’ belief that this will be fully recoverable in the short term. The amount for 2008 
was made up of £288,000 owed by Hardide Coatings Limited and £3,647,000 owed by Hardide Coatings Inc.
38
Notes to the Parent Company Accounts continued 2009
Annual Report
39
6. Trade and other payables 2009 2008 
 £ ‘000  £ ‘000
Trade creditors 31 37
Social security and other taxes 12 12
Accruals and deferred income 43 35
 86 84
 
7. Financial liabilities 2009 2008
 £ ‘000  £ ‘000
Loans 693 989
Loans are repayable as follows:  
In one year or less - -
In more than one but not more than two years - 788
In more than two but not more than five years 693 201
The above loans have been classified as combined instruments under FRS25.  The amounts shown have been 
discounted by an appropriate internal rate of return. The actual amounts repayable are as follows:
 2009 2008
 £ ‘000  £ ‘000
In more than one but not more than two years - 1,000
In more than two but not more than five years 858 225
 
Details of the changes in financial liabilities can be found in note 14 to the group financial statements. 
   
8. Share Capital   2009  2008
 Number Value Number Value 
 000 £ ‘000 000 £ ‘000
Authorised ordinary shares of 1p each - - 250,000 2,500
Allotted ordinary shares of 1p each - - 189,642 1,896
Authorised ordinary shares of 0.1p each 1,750,000 1,750 - -
Authorised deferred shares of 0.9p each 250,000 2,250  
Allotted ordinary shares of 0.1p each 834,042 834 - -
Allotted deferred shares of 0.9p each 189,642 1,707 - -
Details of the movement in share capital can be found in note 16 to the group financial statements. 
 
9. Reserves Share Share Other Retained Total
 Capital Premium Reserve Earnings Equity
At 1 October 2008 1,896 4,102 333 (1,465) 4,866
Issue of new shares 645 1,157   1,802
Employee share options   61 (2) 59
Combined instruments   (133)  (133)
Retained loss for the year    (4,964) (4,964)
At 30 September 2009 2,541 5,259 261 (6,431) 1,630
Details of the movement in reserves can be found in note 17 to the group financial statements.
10. Capital commitments
The company has no capital commitments at 30 September 2009 or 30 September 2008.  2009
Annual Report
11. Contingent liabilities
There were no contingent liabilities at 30 September 2009 or 30 September 2008.  
12. Related party transactions
Hardide Coatings Ltd spent £5,234 (2008: £4,709) with BCB Environmental Management Ltd for waste disposal, 
of which £1,448 (2008: Nil) remained outstanding at the year end.  Robert Goddard is chairman of both Hardide 
plc, the parent company of Hardide Coatings Ltd, and AWP Environmental Ltd, the parent company of BCB 
Environmental Management Ltd.
Hardide Coatings Inc spent $600 (2008: Nil) with Zakroff Group LP for the provision of administrative services 
following the hibernation of the Houston operation.  William Zakroff is a non-executive director of Hardide plc, and is 
the owner of Zakroff Group LP .  
13. Post balance sheet events
There are no post balance sheet events to report. 
14. Cash flow statement
The company is exempt from the requirement to publish a cash flow statement because a cash flow statement 
for the group is included in the group financial statements.
 
15. Share-based payment Number Weighted average  
  exercise price
Outstanding at 1 October 2008 17,603,333 6p
Exercisable at 1 October 2008 8,333,334 9p
Cancelled during year  (9,250,000) 3p
Forfeited during year (20,000) 3p
Granted during year 64,260,000 0.45p
Outstanding at 30 September 2009 72,593,334 0.45p
Exercisable at 30 September 2009 8,333,334 0.45p
On 17th July 2009 the company granted directors and employees new share options priced at 0.45p each.  All 
outstanding employee share options at that date were cancelled. The vesting criteria are a combination of time and 
performance-based. The current directors’ interests in share options, all of which are priced at 0.45p, are as follows:
 Number
Robert Goddard (Chairman) 6,681,000
Graham Hine (Chief Executive) 31,081,000
Yuri Zhuk (Technical Director) 8,351,000
Peter Davenport (Finance Director) 8,351,000
The company entered into a loan arrangement in September 2007 which involved the granting of 8,333,334 
options with an exercise price of 12p expiring in September 2010. In June 2008 these options were repriced to 
9p and the expiry date extended to September 2011. In July 2009 these options were repriced to 0.45p and the 
expiry date extended to July 2012.
The fair values of the July 2009 employee options granted were measured by the use of a Black-Scholes pricing 
model. The assumptions used in the model are as follows: Volatility of 85%; dividend yield of nil; risk-free interest 
rate of 3%; and an average weighted expected life of options of 3.5 years.
40
Notes to the Parent Company Accounts continued Designed by Veuphonic: www.veuphonic.com
Directors
R Goddard 
H Smith 
W Zakroff 
P Davenport 
G Hine 
Y Zhuk  
Secretary
P Davenport  
Auditors
Critchleys Chartered Accountants 
Avalon House 
Marcham Road 
Abingdon 
Oxon 
OX14 1UD
Bankers
The Royal Bank of Scotland 
Oxford Commercial Office 
Willow Court 
Minns Business Park 
7 West Way 
Oxford  
OX2 0JB
Nominated Advisers and Broker
Seymour Pierce Limited 
20 Old Bailey 
London 
EC4M 7EN
Registrars
Capita Registrars Limited 
The Registry 
34 Beckenham Road 
Beckenham 
Kent 
BR3 4TU
Patent Agent
Harrison Goddard Foote 
Belgrave Hall 
Belgrave Street 
Leeds 
LS2 8DD
Registered Office
Knights Quarter  
14 St John’s Lane  
London 
EC1M 4AJ
Head Office
Unit 11 
Wedgwood Road 
Bicester 
Oxfordshire 
OX26 4UL
Directors and Advisers www.hardide.com
Unit 11 
Wedgwood Road 
Bicester 
Oxfordshire 
OX26 4UL 
United Kingdom
Tel: +44 (0) 1869 353830 
Fax: +44 (0) 1869 353831 
Email: info@hardide.com