Ashley House plc
Report and 
accounts 2008
Building
relationships...
Ashley House plc
The Priory
Stomp Road
Burnham
Buckinghamshire
SL1 7LW
T elephone: +44 (0)1628 600340
Fax: +44 (0)1628 600345
www.ashleyhouseplc.com 1991
Ashley House
develops first 
GP surgery
Ashley House is one of the UK’ s leading primary care
infrastructure companies, with unrivalled experience 
in delivering projects efficiently, cost effectively and 
on a sustainable, long term basis.
In essence we are business and property partners 
to the primary and community healthcare sector. 
Our approach is based on building active partnerships 
with everyone connected with primary healthcare. 
These relationships are at the core of our success and 
our ability to continue building strong and lasting value 
for stakeholders. 
Contents
01 Highlights
02 Strategy in action
04 Our marketplace
06 Chairman’ s statement
08 Chief Executive Officer’ s statement
12 Board of directors
13 Report of the directors
16 Consolidated income statement
17 Consolidated balance sheet
18 Consolidated statement 
of changes in equity
19 Consolidated cash flow statement
20 Principal accounting policies
26 Notes to the financial statements
39 IFRS transition note
42 Remuneration committee report
44 Statement of directors’ responsibilities
45 Report of the independent auditor 
to the group
46 Company balance sheet
47 Company principal accounting policies
49 Notes to the company financial
statements
52 Report of the independent auditor 
to the company
53 Company information
2000
Ofex Listing
2004
Ashley House
Properties
formed
Ashley House
timeline
Report and accounts 2008 Ashley House plc 53
Company information
Company registration number
2563627
Registered office
The Priory
Stomp Road
Burnham
Buckinghamshire SL1 7LW
Directors
Sir W Wells Non-Executive Chairman
S G Minion Executive Deputy Chairman
J Holmes Chief Executive Officer
B L Walker Finance Director 
J Arnold-Forster Non-Executive Director
J Coghlan Non-Executive Director
A C Cook Non-Executive Director
G J Frost Non-Executive Director
A Gibson Non-Executive Director
Secretary
S Ronaldson
Nominated Advisor and Broker
Numis Securities Limited
The London Stock Exchange Building
10 Paternoster square
London EC4M 7LT
Bankers
Lloyds TSB Bank PLC
High Street
Slough
Berkshire SL1 1DH
Solicitors
Hammonds
2 Park Lane
Leeds LS3 1ES
Auditor
Grant Thornton UK LLP
1 Westminster Way
Oxford OX2 0PZ
This report has been printed in the UK. It has been produced with the 
approach to measure and meet environmental standards and improve 
a company’ s environmental performance, where the main areas targeted 
for continual reduction arise from the use of solvents, energy consumption 
and waste generation. 
This paper is manufactured using a paper that is 75% recycled with the 
remainder being made from environmentally-friendly Elemental Chlorine 
Free (ECF) wood pulp sourced from well-managed sustainable forests. The 
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If you have finished reading this report and no longer wish to retain it please 
pass it on to other interested readers, return it to Ashley House plc or dispose 
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Designed and produced by The College
www.thecollege.uk.com Report and accounts 2008 Ashley House plc 01
Highlights
• Pre-tax profit up 24% to £5.1m 
(2007: £4.1m pre non-recurring items)
• EPS up 13% to 12.9p per share 
(2007: 11.4p pre non-recurring items)
• Final dividend up 23% to 3.7p (2007: 3p)
making 6p per share for the year (2007: 5p)
• Acquisition of 7 NHS LIFT company
interests from Babcock & Brown with 
an identified pipeline of work over the 
next three years of £300m in total
development cost
• First revenues from Health Parks division
• First Clinical Services joint venture 
signed with 60 GP practices servicing
480,000 patients
5.1
4.1
2.2
0.7
05 06 07 08
Pre-tax profit (£m)
(2007 excluding exceptionals)
+24%
12.9
11.4
8.0
5.7
05 06 07 08 05
Earnings per share (p)
(2007 excluding exceptionals)
+13%
6
5
4
06 07 08
Dividend per share (p)
+20%
2006
Ashley House
Clinical Services
formed
2007
AH Medical
Properties plc
admitted to 
PLUS markets
2008
Ashley House plc
acquires private
sector interests 
in 7 NHS
LIFTCo’ s
2007 
Ashley House plc
admitted to AIM
0 02 Ashley House plc Report and accounts 2008 
We have a clearly defined strategy for growth, 
which encompasses our traditional business 
through new developments in our market.
A summary of our activity in each of our key
areas is set out below.
Strategy in action...
Management services Design & construction
Traditional third party developer
8 schemes completed during the year. Solid pipeline
of work covering next 2-3 years, incorporating
schemes for AH Medical Properties plc, for owner
occupier GP partners and PCT s.
NHS LIFT
From the original strategic alliance, design work 
on 7 new schemes during the year. In June 2008,
achieved major acquisition of private sector
interests in 7 NHS LIFT companies. Secures
significant continued pipeline of work over 
next 3-4 years.
Asset management 
Progress of portfolio which has been resilient to
downturn in commercial property values. The
refinance in October 2007 locked in further finance
for AH Medical Properties at attractive long term fixed
rates. Continued expansion of the portfolio planned.
Health Parks
Successful creation of joint venture on the
Scarborough scheme produced revenue for Ashley
House. Platform for more schemes being put into
place which should feed design & construction 
and asset management revenues in the future.
Clinical Services
New joint venture with IPC creates a strong 
regional presence to win contracts for services.
Partnership encompasses 60 GP practices
comprising around 300 GPs covering 480,000
patients in West Sussex.
Our 
coverage 1
2
3
4
Report and accounts 2008 Ashley House plc 03
Ashley House offices
HQ: Burnham, Bucks
Colchester , Essex
London
Monmouthshire, Wales
Newcastle
Worthing
Projects completed this year
Buckinghamshire, Stoke Poges
East Y orkshire, Beverley
Hampshire, Havant
Leicestershire, Syston
Middlesex, T wickenham
Northants, Higham Ferrers 
Sussex, Brighton, Carden Hill
Sussex, Brighton, Old Steine 4
Health Park
First site in Scarborough
– GP surgery , Pharmacy , Dentist
– Care Home, Extra Care 
– Mental Health 
– Private T reatment Centre
– Sheltered Housing
Next 2 sites under negotiation
NHS LIFT
London
5
6
7
National coverage
Completed projects
and NHS LIFT
companies acquired 
NHS LIFT interests
1 Dudley Infracare LIFT Limited
SHA area: West Midlands
PCTs covered: Dudley PCT 
2 Healthcare Improvement Partnership
(Wolverhampton City & Walsall) Limited
SHA area: West Midlands
PCTs covered: Wolverhampton City PCT ,
Walsall T eaching PCT 
3 Oxford Infracare LIFT Limited
SHA area: South Central
PCTs covered: Oxfordshire PCT
4 Bristol Infracare LIFT Ltd
SHA area: South West
PCTs covered: Bristol PCT 
5 BHH LIFT Company Limited
SHA area: London
PCTs covered: Brent T eaching PCT , 
Harrow PCT , Hillingdon PCT 
6 Bexley, Bromley and Greenwich 
LIFT Company Limited
SHA area: London
PCTs covered: Bromley PCT , Bexley Care Trust, 
Greenwich T eaching PCT 
7 East London LIFT Company Limited
SHA area: London
PCTs covered: City & Hackney T eaching PCT 
Newham PCT , T ower Hamlets PCT 04 Ashley House plc Report and accounts 2008 
Primary Care
> There are approx. 8,300 GP surgeries and medical
centres in England
Primary Care Trusts (PCT s) as NHS bodies are providers and
commissioners of care and are responsible for approximately
80% of the total NHS Budget.
Primary Care is generally defined as the typical first point
of contact with the health service covering GP practices,
Dentists, Opticians, etc. These services are best provided
in local community based locations.
Secondary or Acute Care is defined as provided in Hospitals
where specialist expertise and equipment is required.
Increasingly, more “straightforward” diagnosis and procedures
and services can be provided in better equipped and specified
local Primary Care centres. This is usually far more cost
effective for the health service and welcomed by patients
who benefit from greater service provision locally.
Since the NHS Plan 2000, there has been an emphasis
on upgrading and reconfiguring the Primary Care Estate
to deliver more services closer to the patient.
This devolvement of services to Primary Care is re-inforced
by Lord Darzi’ s reports in 2007 and 2008.
Our marketplace...
of total NHS budget 
is controlled by Primary Care
80%
GP surgeries and medical centres in England
8,300
UK Primary 
Care market
2001
NHS LIFT conceived
major public initiative
to deliver upgrade to 
Primary Care estate
2000
NHS Plan highlights
need for major
upgrades of Primary
Care centres
Darzi Review
> Our NHS Our Future
“…the Government should invest new resource to bring 
at least 100 new GP practices, including up to 900 GPs, 
nurses and healthcare assistants into the 25% of PCT s with 
the poorest provision…”
“We should invest new resources to enable PCT s to develop
150 GP led health centres, situated in easily accessible 
locations and offering a range of services to all members 
of the local population…” Report and accounts 2008 Ashley House plc 05
NHS Local Improvement Finance Trust (LIFT)
> There are 47 NHS LIFT Companies in England
> Of the 152 Primary Care Trusts in England 
94 have an involvement in NHS LIFT
NHS LIFT was established by the Department of Health 
as a method of delivering a significant upgrade and
reconfiguration of the Primary Care estate. The initiative
provided that the successful private sector bidder along with
members of the local health economy and a national body
(Partnerships for Health now Community Health Partnerships
(CHP)) would incorporate a joint venture company (LIFTCo)
which would have a 20 year exclusive agreement to deliver 
all PCT led Primary Care premises developments in a defined
geographical area. Each LIFTCo is in essence a private public
partnership for delivering Primary Care Premises in the 
relevant locality.
NHS LIFT ownership
1 Private sector 60%
2 Local PCT s (& health social care) 20%
3 Community Health Partnership 20%
1 
2
3
NHS LIFT has so far delivered £1.3bn 
of Primary Care and Community Schemes 
in the first 6 years since its inception
£1.3bn
NHS LIFT buildings
under construction
48
NHS LIFT buildings
open to patients
149
2006
NHS White Paper 
Our Health, Our Care, Our Say . 
Greater devolvement of services 
to Primary Care 
2007
Lord Darzi
Interim report
100 new GP
surgeries, 
150 polyclinics
2008
Lord Darzi
Final report
reinforces
growing role 
of Primary Care
Each LIFTCo was incorporated so that the private sector
partners would own 60 per cent, the local PCT s together 
with other members of the local health and social care 
economy would own 20 per cent and CHP would own the
remaining 20 per cent.
A snapshot of NHS LIFT schemes across England
“ In 2009/10 the NHS Budget will
exceed £100bn …” 
Lord Darzi
NHS Local Improvement Finance Trust (LIFT)
– improving and developing primary 
and community care facilities
Buildings open to patients
Buildings under construction Source: Information provided by the Department of Health 06 Ashley House plc Report and accounts 2008 
Chairman’ s statement
Results
I am pleased to report another year of growth for the group
with pre-tax profit up 24% to £5.1m (2007: £4.1m pre 
non-recurring items*). Earnings per share rose to 12.9p up 
13% (2007: 11.4p pre non-recurring items). As a result the
Board propose a final dividend of 3.7p (2007: 3p) per share
bringing the total for the year to 6p per share (2007: 5p), 
an annual increase of 20%.
Acquisition
Shortly after our financial year end, on 19 May 2008, 
we announced that we had agreed to acquire from 
Babcock & Brown their interests in 7 NHS LIFT companies. 
This acquisition further establishes Ashley House at the
forefront of the Primary Care Infrastructure sector. Under the
agreement, the Company is now responsible for the delivery 
of the Primary Care estate for 7 NHS LIFT companies which
include 14 Primary Care Trusts. These NHS LIFT Companies 
are in East London; Bexley Bromley & Greenwich; Brent Harrow 
& Hillingdon; Wolverhampton & Walsall; Dudley; Bristol, and
Oxford. Both Babcock & Brown and Ashley House believe that
we are best placed to provide the specialist services to the LIFT
companies due to the extensive specialist in-house experience
of the Ashley House team. Babcock & Brown remain a key
partner in the NHS LIFT process and continue to provide
financial advice and investment to the LIFT companies.
As a result of the transaction, Babcock & Brown have become 
a major shareholder in Ashley House plc holding 20% of the
issued share capital of the Company and I am delighted to
welcome Giles Frost and Cameron Cook of Babcock & Brown
onto our board as Non-Executive Directors.
Further details of the acquisition are set out in note 25 
of the accounts.
Primary and Community Care
The extension and modernisation of primary and community
care is a corner stone of the Government’ s Health Policy and, 
as a result, activity to achieve this end is ongoing. Although
there is a continuing debate as to whether this should be
achieved through the construction of polyclinics or the
enhancement /expansion of existing GP premises and
Partnering 
for success
As a result of the NHS LIFT acquisition together with
real progress in our new business areas, we look
forward to the coming years with confidence. 
community clinics, it is common ground with all the relevant
stakeholders that primary and community care must be
improved and its scope enhanced in order to provide the 
patient with a choice of appropriate care. Your company 
is well placed to provide the necessary upgrade required 
by the estate to ensure that there is a more efficient and 
higher quality of service for patients.
An integral part of the Company’ s policy is to work in close
partnership with all the relevant parties with an interest 
in delivering primary and community care. In NHS LIFT 
we work with the Primary Care Trusts, Local Authorities and
Community Health Partnerships; in traditional procurement 
we work with GPs in delivering their new facilities; in Clinical
Service management we work with groups of GPs and other
relevant providers to bid for services being out-sourced. 
It is this pragmatic and partnering approach that allows us 
to grow our presence in a changing and expanding market.
New Companies Act Articles
We are conducting a review of the articles in order to ensure
compliance with the new Companies Act and shall report 
and recommend the appropriate changes in the near future. 
In the interim we are proposing to alter the Article on potential
conflicts of interest at this AGM to ensure that there can be 
no doubt as to our continuing compliance in this respect 
with particular reference to on going relationships with 
partner organisations.
Outlook
As a result of the NHS LIFT acquisition together with real
progress in our new business areas, we look forward to the
coming years with confidence. The integrated business and
property related services we provide are in demand and we
have strong partnerships with our customers and end-users.
Whilst the economic background looks challenging, there 
is increasing activity in our markets and our strategy and 
focus should enable the business to continue its growth. 
Sir William Wells
Chairman
1 July 2008
* In to year to 30 April 2007Non-recurring items relate to transaction costs of £1.6m
and a profit on disposal of £0.1m. Case study
IPC: 
Partnering 
for success
Innovative partnership with GP
consortium, optimising primary 
care services in West Sussex
We have this year formed a strategic
partnership with Innovations in Primary
Care Ltd. (IPC), a West Sussex-based GP
consortium serving 480,000 patients. 
The partnership is designed to facilitate
delivery of a broad range of primary care
services, and equip IPC with sufficient
scale and expertise to secure NHS contracts. 
Having reviewed the market at the end 
of 2007, IPC selected Ashley House as its
strategic partner based on a shared vision
of innovation, in-depth knowledge of the
sector and its commitment to a genuine
partnership approach. 
“ We reviewed all of the key players in this market 
but none could compete with the depth of industry
knowledge, expertise and quality of Ashley House’ s
people. Ashley House quickly recognised the investment
made by GPs and their staff in establishing IPC, 
and pledged to invest a comparable level of resource 
in developing complementary services.”
Dr Tim Kimber, a board member and shareholder of IPC
Report and accounts 2008 Ashley House plc 07
Key statistics
Project status: Strategic partnership
Location: Covering the majority 
of West Sussex
Description: IPC is a limited company
owned and run by West Sussex GPs 
and their staff 
Service provision: Primary Care services
Left to right:
Dr. Bruce Allan, GP and Chairman, IPC Plus Ltd.
Jane Kimber, Regional Director, AHCS
Dr. Andy Thompson, GP and Chairman, IPC Ltd. 
Charles Mallo, Director and CEO, AHCS Ltd.
60 GP practices comprising around
300 GPs covering 480,000 patients
480,000
* 08 Ashley House plc Report and accounts 2008 
Chief Executive Officer’ s statement
Business review
Over the year the business has progressed well. The margin
achieved has been high due to contribution from health parks,
asset management and the additional design work carried 
out, all of which is higher margin activity. Revenue is down 
as a consequence of fewer projects on site during the year, 
as reported at the interim stage. We anticipate this trend to 
be reversed in the coming year with more projects coming on
site, where the design process was done last year. This is likely
to lead to a significant increase in revenue with lower margin
but overall profits should continue to increase.
Design and contracting
Performance has been generally strong with a significant
contribution from design work for the NHS LIFT companies 
in particular. Our traditionally procured work has been steady
with fewer projects on site but we have a strong pipeline in the
process of being delivered as evidenced by the healthy level 
of design work undertaken this year. 
We were pleased to deliver completed schemes in Beverley,
Havant, Higham Ferrers, Richmond, Syston, Stoke Poges, and
Brighton. We have also recently commenced construction of
our first 3 NHS LIFT schemes in Harrow where we are delivering
three Neighbourhood Resource Centres for Harrow Council.
We continue to steadily increase our resources to deliver 
the pipeline which is very strong over the coming 2-3 years. 
The pipeline has been considerably enhanced by the acquisition
of NHS LIFT interests, which have an identified pipeline of work
with £300m of total development cost over the next 3 years. 
As the main private sector partner now in 7 NHS LIFT companies,
we are working ever closer with the 14 PCT s involved with these
NHS LIFT companies to help deliver the enhanced Primary Care
estate that is needed to bring about the necessary reform and
change in Primary Care delivery. 
Management services
We were pleased to derive our first revenues from our Health
Park business following the successful creation of our first joint
venture with AH Medical Properties to develop the Scarborough
scheme. We are in advanced negotiations with occupiers for 
the primary care centre, treatment centre, various smaller health
facilities and a care home on the site. Further projects are under
negotiation on the South Coast and in the South Midlands.
As expected, Asset Management revenues grew well with 
the progress of AH Medical Properties plc. The portfolio has
performed well with rent reviews achieving positive uplifts, 
and c. 95% of the income paid directly or indirectly by the NHS.
Although capital values may shift, this portfolio is performing
well at the asset level and there is scope for it to continue 
its growth.
In April we announced the signing of our first Clinical Services
joint venture – a very significant endorsement of our partnering
approach. This is with the Innovations in Primary Care group
(IPC) in Worthing who comprise 60 GP practices caring for c.
480,000 patients and we are bidding with them to deliver 
a wide range of primary and community services in the area.
Long-term 
environmental
solutions
We have achieved our key performance targets 
of NHS LIFT contributing to the year’ s results,
Health Parks generating revenues, and establishing
the first Clinical Services joint venture. “ We are very proud to have been closely involved with 
this project, which reflects the future strategic clinical
direction of primary care for the 21st century.” 
Naz Khan from the surgery in Warmdene Road 
and Jonathan Halford form Carden Avenue 
A 21st Century Medical Centre:
County Oak Medical Centre, 
Carden Hill, Brighton, Sussex
Our close working relationships with 
local school and community groups have
created a state of the art, eco friendly,
healthcare centre.
Youngsters from Carden Primary School,
Brighton, didn’t have to go far to visit 
a ‘green’ building during the school’ s 
Eco Week. Several groups of pupils,
representing all school years 1-6, were
invited by Ashley House on guided 
tour of the new eco-friendly surgery. 
The new two-storey surgery for 15,000
patients of two local practices has been
designed and built to be energy efficient
and meet targets for carbon footprints 
of new buildings. Eco-friendly features
include solar panels to help provide
heating and hot water, sensor activated
lights to save electricity automatically
switch on and off, and light tubes to
bring natural daylight and ventilation 
into the centre of the building.
Key statistics
Building size: 1538 sq. metres
Project status: Completed
Location: Patcham, Brighton
Description: 6 GP practices
8 district nurses, 4 health visitors 
Service provision: Pharmacy, minor
surgery, phlebotomy, midwife,
physiotherapy, counselling, 
education rooms
*
Report and accounts 2008 Ashley House plc 09
patients served 
15,000
Case study
Brighton: 
Designing 
for long-term
environmental
solutions 10 Ashley House plc Report and accounts 2008 
Long term relationship with lead 
GP and investment in new medical
centre leads to development of higher
quality local Primary Care
As lead GP at The Groves Surgery, 
New Malden, Surrey, Jeremy Harris 
is one of a new breed of entrepreneurial
GPs that Ashley House has had the
pleasure of dealing with during its 
17 years in the Primary Care market.
Key points
> A true community project whereby
Ashley House delivered not only 
a new multiservice Primary Care 
facility but also new school facilities
> Both Primary Care and School 
buildings were designed and built 
by Ashley House
> The Primary Care centre is owned 
by AH Medical Properties and managed
by Ashley House
> AH Clinical Services are working with
the GPs in joint ventures for the on site
pharmacy and in bidding for providing
clinical services for the local PCT
“ The new surgery has provided appropriate space 
& layout for efficient patient care. Ashley House offers 
a sympathetic design ear and say what they will do and
do it. Ashley House do not disappear when the project 
is finished and have a wealth of experience of dealing
with the PCT. They look for opportunities for the 
practice as well as themselves.” 
Jeremy Harris, Lead GP and Ruth Wey, Practice Manager, 
The Groves Surgery, New Malden, Surrey
Key statistics
Building size: 980 sq. metres
Project status: Completed project 
Location: New Malden, Surrey
Description: 7 GP partner 
training practice 
Service provision: medical, maternity 
and contraceptive services. Minor surgery,
travel clinic, baby clinic and health
promotion clinics. District nurses, 
health visitors, psychologists, dieticians 
and midwives. 
Since the new surgery opened the
patient list has grown by over 25%
+25%
Case study
New Malden:
Building 
relationships 
for the future
The brief 
Premises occupied by a training 
practice with provision of space for
private consultancy and a pharmacy. 
The solution 
An innovative and carefully negotiated
agreement was made with the local
school and County Council. From which
both the purpose built surgery, inclusive
of provision of private space and a
pharmacy, and also a new sports, music
and drama hall for the school were built.
The practice now consists of 12 GPs, 
7 of which are partners. As well as being
a partner training practice it offers a 
full range of medical, maternity and
contraceptive services including minor
surgery, travel clinic, baby clinic and
health promotion clinics. 
* Report and accounts 2008 Ashley House plc 11
Chief Executive Officer’ s statement 
continued
Current trading and outlook
We have enjoyed a good start to the new financial year and 
are very focused on the delivery of the substantial pipeline of
work. Growth will be fuelled from more schemes in the design
and construction business as well as the new business areas
becoming more significant contributors.
We continue to grow as a key player in a primary and
community care market that has strong fundamentals, 
with a very experienced team delivering the business and
property services our partners increasingly require.
J Holmes
Chief Executive Officer
1 July 2008
Key performance targets
We have achieved our key performance targets of NHS LIFT
contributing to the year’ s results, Health Parks generating
revenues, and establishing the first Clinical Services joint
venture. Investors in People status was achieved during the 
year and we successfully moved to our new Head Office giving
us the space we need for our continued expansion. We are
currently working towards ISO 9001 accreditation.
Management, staff and social responsibility
As the business grows and the demands on key management
expand, there has been a recognition of a need to reshape our
board’ s executive team. Nigel Croxford, Richard Warner and
Gail Mosley have all now stepped off the main board and 
I would like to record my thanks to them all for their major
contribution in building the business. They will all remain 
key members of the management team with Richard and 
Nigel in particular playing enhanced roles on our Executive
Management Group. This change will allow them more time 
to focus on the delivery of our NHS LIFT pipeline.
The team has grown through the year and we now have 
64 people across 7 offices including new colleagues from the
Infracare group who we welcome as part of the NHS LIFT
acquisition from Babcock & Brown. Our team are vital to the
continuing growth of the business and we thank everyone 
for their continuing hard work.
As a business we are proud of our role in improving people’ s
access to healthcare. In designing the facilities we also take
account of environmental issues to minimise impact ranging
from location (proximity to patients and access to public
transport), to materials and technologies used reducing
environmental cost of construction and on-going use.
A substantial
pipeline of
work 12 Ashley House plc Report and accounts 2008 
Board of directors
Sir William Wells 
(1)(2)(3)
Non-executive Chairman
Aged 67 – Sir William brings a wealth of experience to the board
having held numerous positions in both the public and private
sectors in a career that has spanned more than 40 years. From
1964 Sir William worked as a Property Consultant becoming
Partner at Chesterton and Sons in 1966, Managing Partner in 
1984 and Chairman of the business following incorporation 
in 1991 until his retirement in 1997. His board level experience
commenced in 1972 and since that time he has held positions 
in many well known organisations. Sir William began a parallel
career in the public sector in 1968 as a Governor of the Royal Free
Hospital in Grays Inn Road and has continued unbroken in the 
NHS to date, together with other posts in health, education and
science including: Chairman of the NHS Appointments Commission
(2001-2007); Chairman of the Commercial Advisory Board to the
Department of Health (2003-current); Member of the King’ s Fund
Executive and Management Committees.
Stephen Minion
Executive Deputy Chairman
Aged 61 – a chartered engineer with a long career in the design
and development of commercial property. Following the award 
of his BSc degree he initially joined the London Borough of Harrow,
leaving three years later on gaining Chartered Engineer status 
to join GeorgeWimpey & Co., where he learnt his main ‘stock 
in trade’ as a property developer, leaving in 1978 to start his own
company. In 1991 he founded Ashley House with colleagues 
who have since retired. His specialist area of responsibility centres
around the overall delivery of the company’ s core product and 
the initial development of new services.
Jonathan Holmes 
(2)(3)
Chief Executive
Aged 40 – prior to joining Ashley House in 1998 he followed 
a career in sales and marketing with an emphasis on setting up
new ventures. In the 1990s he worked in the City for Thomson
Financial Services and latterly the capital markets and Eurobond
regulator ISMA. At Ashley House he is responsible to all stakeholders,
shareholders, employees, clients and trading partners, for ensuring
the continued commercial success of the business.
Bruce Walker 
(3)
Finance Director
Aged 42 – has a background in property and corporate finance
with Johnson Fry and then Brown Shipley, followed by three years
as corporate and finance director of FairBriar PLC, an Official List
quoted company engaged in residential property development and
serviced apartment ownership and management. He joined the
board in June 2004 and has assisted in the establishment of AHMP
and the growth of its portfolio. He is also a Non-executive Director
of Old Vic Productions plc, an unlisted theatre production company.
Andrew Gibson MBE 
(1)(2)
Non-executive Director
Aged 58 – his first career was as a high-ranking army officer
specialising in logistics. From there he went on to become one 
of the top performing chief executives within the NHS gaining the
coveted three-star rating in every year it was published, initially as
Chief Executive of City Hospitals Sunderland and latterly as Chief
Executive of Newcastle PCT before stepping down at the end 
of 2005. He now holds a number of posts acting as a consultant 
to both the public and private sectors with approximately half 
of his time spent with Ashley House, which he joined in January
2006, where he is helping to lead the company’ s expansion 
into Clinical Services.
Jake Arnold-Forster
Non-executive Director
Aged 44 – Jake is the CEO of Dr Foster Intelligence (‘Dr Foster’), 
a fast growing and highly successful 50:50 Joint Venture involving
the Health and Social Care Information Centre (a special health
authority of the NHS) and Dr Foster, a commercial provider 
of healthcare information. The JV aims to improve the quality 
and efficiency of health and social care through better use 
of information.
John Coghlan 
(3)
Non-executive Director
Aged 49 – John is Chairman of Inchcape Shipping Services and 
a Non-Executive Director of DX Group, both private equity-owned
businesses. He is a Director of Yell plc, where he is the Chairman 
of the Audit Committee. John is former Deputy Chief Executive and
Group Finance Director of Exel plc, where he spent eleven years up
to the time of its takeover by Deutsche Post in 2006. Prior to joining
the Board of Exel/Ocean Group plc in 1995, he spent seven years
with T omkins plc in various financial roles, having joined them after
eight years with Arthur Andersen, where he qualified as a
Chartered Accountant.
Cameron Cook
Non-executive Director
Aged 36 – Cameron Cook is a principal financier with Babcock 
& Brown where he has been employed since 2001 working
primarily in the PPP/PFI sector with a particular focus on NHS LIFT .
He has worked on the development activity and financial closures
for 23 separate LIFT primary and social care centres up to the end 
of March 2008, and is actively involved in all Babcock & Brown LIFT
areas. Prior to joining Babcock & Brown he trained as a Chartered
Accountant with Ernst & Young, where he qualified as an ACA in
1998 and worked within the project finance team of the corporate
finance practice. He is a Director in the Bexley Bromley &Greenwich
LIFT group of companies, of Infracare (Midlands) Limited, of
Infracare (South West) Limited and also of Integrated Health
Partners Limited.
Giles Frost
Non-executive Director
Aged 45 – Giles Frost is joint head of the European public
infrastructure business unit at Babcock & Brown. He has been
employed at Babcock & Brown since 2000 and has been involved 
in the development, investment in and management of projects 
in the public infrastructure sector throughout this time. Prior to
joining Babcock & Brown he was a solicitor and partner in the law
firm Wilde Sapte (now Denton Wilde Sapte). Giles is also a director
of Babcock & Brown Public Partnerships Limited, a London Stock
Exchange listed investment company which invests principally in
infrastructure projects developed within the public sector around
the world.
(1) Appointments committee
(2) Remuneration Committee
(3) Audit Committee The directors present their report together with the audited financial statements for the year ended 30 April 2008.
Principal activity
The principal activity of the group is the supply of project management and consultancy services, primarily allied to the provision 
of medical facilities delivering NHS-led primary care. 
Business review
The consolidated income statement for the year is set out on page 16. A review of developments affecting the group during the year 
and of its prospects for the future appears in the Chairman’ s statement and the Chief Executive Officer’ s statement.
The group is required by Companies Act 1985 to set out in this report a fair review of the business of the group during the financial year
ended 30 April 2008 and the position of the group at the end of the year along with principal risks and uncertainties facing the group. 
This information is included within the Chairman and Chief Executive Officer’ s Statements on pages 6 to 11. Details of any significant
developments since April 2008 are detailed in Note 25.
The directors paid an interim dividend of 2.3 pence per share on 14 January 2008 amounting to £633,000 (2.0 pence per share on 
26 January 2007, £475,000). The directors propose a final dividend of 3.7 pence per share amounting to £1,607,000 (3.0 pence per 
share on 24 August 2007, £826,000).
Directors
The present membership of the board is set out below. Except as noted, the directors served throughout the year.
Sir W Wells Non-executive Chairman
S G Minion
J Holmes
B L Walker
N K Croxford (Resigned 19 May 2008)
G Mosley (Resigned 19 May 2008)
R E L Warner (Resigned 19 May 2008)
J Arnold-Forster Non-executive Director (Appointed 9 July 2007)
J Coghlan Non-executive Director (Appointed 19 September 2007)
A C Cook Non-executive Director (Appointed 12 June 2008)
G J Frost Non-executive Director (Appointed 12 June 2008)
A Gibson Non-executive Director
J H Gunn Non-executive Director (Resigned 9 July 2007)
The newly appointed directors, J Arnold-Forster, J Coghlan, A C Cook and G J Frost offer themselves for election and J Holmes retires 
by rotation and being eligible offers himself for re-election.
Directors’ and officers’ liability insurance
The company has, as permitted by S310(3) of the Companies Act 1985, maintained insurance cover on behalf of the Directors and
Company Secretary indemnifying them against certain liabilities which may be incurred by them in relation to the company.
Supplier payment policy
The company’ s policy is to settle terms of payment with suppliers when agreeing the terms of each transaction, to ensure that suppliers 
are made aware of the terms of payment, and to abide by the terms of payment. Trade payables at the year-end amount to 32 days 
(2007: 31) of average supplies for the year.
Employee involvement
The group keeps its employees informed of matters affecting them as employees through regular briefings. The company has been
accredited Investors In People status.
Report and accounts 2008 Ashley House plc 13
Report of the directors Report of the directors
continued
14 Ashley House plc Report and accounts 2008 
Substantial shareholdings
As at 27 June 2008, the company had confirmed notification, in accordance with Sections 198 to 209 of the Companies Act 1985, 
of the following interests in the ordinary share capital of the company:
Number Percentage
Babcock & Brown 8,680,000 20.0%
Aviva plc 4,832,589 11.1%
S G Minion 3,774,825 8.7%
Blackrock Investment Management 2,557,930 5.9%
Guinness Peat Group 2,190,338 5.0%
G Mosley 2,125,518 4.9%
Walker Crips Stockbrokers 1,802,600 4.2%
Brewin Dolphin 1,446,505 3.3%
Close Investments 1,283,800 3.0%
Financial risk management objectives and policies
The group is exposed to a variety of financial risks which result from both its operating and investing activities. The board is responsible 
for co-ordinating the group’ s risk management and focuses on actively securing the group’ s short to medium term cash flows. Long term
financial investments are managed to generate lasting returns.
The group does not actively engage in the trading of financial assets and has no financial derivatives. The most significant financial risks 
to which the group is exposed are described below:
Credit risk
The group’ s principal financial assets are cash, trade receivables and amounts recoverable on contracts. The amount of trade receivables
presented in the balance sheet are net of any allowance for doubtful trade receivables, estimated by the directors. Amounts recoverable 
on contracts are presented net of provisions deemed necessary by the directors. The group’ s largest customers are AH Medical Properties
plc and its subsidiary, Medical Properties Limited.
The group has adopted a strict credit vetting policy based on track record payment history and externally available credit data.
Interest rate risk
The group finances its operations through retained profits and has minimal borrowings. The group has net borrowings of £1,330,000
relating to the debt held within the joint venture company AH Scarborough Health Park Limited (Scarborough) as at 30 April 2008. 
This loan is variable at 1.75% over Lloyds TSB Base Rate and exposes the group to any increase in the base rate. However the group’s
strong cash inflows means that the borrowing could be repaid within a short timescale. The group operates a policy of seeking to optimise
deposit interest earned, paying due regard to credit risk and ensuring the business has sufficient available cash to operate effectively.
Liquidity risk
The group seeks to manage risks to ensure sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely 
and profitably.
The use of instant access deposits ensures sufficient working capital is available at all times.
Corporate governance
The board supports the principles of good governance. The group is committed to high standards of corporate governance and has
adopted procedures to institute good governance insofar as they are practical and appropriate for a business of this size at this stage 
in its development. The board has a remuneration committee, an audit committee and an appointments committee, in each case
comprising a majority of non-executive directors and chaired by a non-executive director. Report and accounts 2008 Ashley House plc 15
Going concern
After making enquiries and reviewing forecasts, the directors have, at the time of approving the financial statements, concluded that 
it is appropriate to continue to adopt the going concern basis in preparing these financial statements.
Application of principles of good governance
Board effectiveness
The group supports the concept of an effective board, leading and controlling the group. The board is responsible for approving group
policy and strategy. It meets regularly and has a schedule of matters specifically reserved to it for decision. Management supplies the 
board with appropriate and timely information and the directors are free to seek any further information that they consider necessary. 
All directors have access to advice from the Company Secretary and independent professionals at the group’ s expense. 
Auditor
Grant Thornton UK LLP offer themselves for reappointment as auditor in accordance with Section 385 of the Companies Act 1985.
On behalf of the Board
J Holmes
Chief Executive Officer
1 July 2008 2008 2007
Note £000 £000
Revenue 1 19,793 25,644
Cost of sales (10,533) (18,307)
Gross profit 9,260 7,337
Administrative expenses 2 (4,338) (3,228)
Depreciation and impairment (176) (112)
Profit on sale of asset – 137
Non recurring transaction costs – (1,551)
Operating expenses (4,514) (4,754)
Operating profit 2 4,746 2,583
Investment income 4 326 142
Finance costs 5 – (15)
Profit before taxation 5,072 2,710
Income tax on profit 6 (1,510) (1,325)
Profit for the financial year 3,562 1,385
Basic earnings per share 7 12.93p 5.76p
Diluted earnings per share 7 11.56p 5.00p
All of the activities of the group are classed as continuing.
The accompanying accounting policies and notes form an integral part of these financial statements.
16 Ashley House plc Report and accounts 2008 
Consolidated income statement
for the year ended 30 April 2008 Consolidated balance sheet
as at 30 April 2008
Report and accounts 2008 Ashley House plc 17
2008 2007
Note £000 £000
Non-current assets
Goodwill 8 270 270
Property, plant and equipment 9 291 200
Available for sale investments 10 1,321 1,850
1,882 2,320
Current assets
Work in Progress 11 1,259 –
Trade and other receivables 12 9,670 7,392
Deferred tax asset 17 827 890
Cash and cash equivalents 13 6,869 6,073
18,625 14,355
T otal assets 20,507 16,675
Current liabilities
Trade and other payables 14 (4,478) (3,875)
Bank borrowing 26 (1,330) –
Current income tax 15 (1,253) (837)
(7,061) (4,712)
Net current assets 11,564 9,643
Net assets 13,446 11,963
Equity
Share capital 18 275 275
Share premium 8,040 8,040
Share-based payments reserve 2,221 2,311
Retained earnings 2,910 1,337
T otal equity 13,446 11,963
The financial statements were approved by the board of directors and authorised for issue on the 1 July 2008.
They were signed on its behalf by:
J Holmes
Chief Executive Officer Consolidated statement of changes in equity
Share 
based 
Share Share payment Retained
capital premium reserve earnings Total
£000 £000 £000 £000 £000
At 1 May 2007 275 8,040 2,311 1,337 11,963
Profit on ordinary activities after tax – – – 3,562 3,562
Fair value movement on available for sale investment – – – (529) (529)
T otal recognised income and expense 275 8,040 2,311 4,370 14,996
Movement on deferred tax – – (90) – (90)
Dividends paid – – – (1,460) (1,460)
At 30 April 2008 275 8,040 2,221 2,910 13,446
At 1 May 2006 224 2,771 165 436 3,596
Profit on ordinary activities after tax – – – 1,385 1,385
Issue of share capital 51 5,269 – – 5,320
Movement on deferred tax – – 890 – 890
Share-based payment reserve – – 1,256 – 1,256
Dividends paid – – – (1,374) (1,374)
Valuation gain taken to equity – – – 890 890
At 30 April 2007 275 8,040 2,311 1,337 11,963
The accompanying accounting policies and notes form an integral part of these financial statements.
18 Ashley House plc Report and accounts 2008  Report and accounts 2008 Ashley House plc 19
2008 2007
£000 £000
Operating activities
Profit on ordinary activities before taxation 5,072 2,710
Adjustments for:
Gain on sale of investment – (52)
Share base payment adjustment – 1,256
Depreciation and impairment 176 181
Loss/(profit) on disposal of property, plant and equipment 23 (137)
Interest expense – 15
Interest income (326) (142)
Operating cash flows before movements in working capital 4,945 3,831
(Increase)/decrease in work in progress (2,518) 15
(Increase) in trade and other receivables (2,349) (639)
Increase/(decrease) in trade and other payables 603 (818)
Cash generated by operations 681 2,389
Interest paid – (14)
Income taxes paid (1,121) (937)
Net cash (used)/from operating activities (440) 1,438
Investing activities
Proceeds on sale of property, plant and equipment – 1,337
Purchase of property, plant and equipment (290) (87)
Purchase of available for sale investments (–) (1,850)
Investment income 22 –
Interest received 304 137
Net cash from/(used) in investing activities 36 (463)
Financing activities
Increase in bank loan 2,660 –
Issue of share capital – 4,970
Dividends paid (1,460) (1,374)
Net cash from financing activities 1,200 3,596
Net increase in cash and cash equivalents 796 4,571
Cash and cash equivalents at beginning of the year 6,073 1,502
Cash and cash equivalents at the end of the year 6,869 6,073
The accompanying accounting policies and notes form an integral part of these financial statements.
Consolidated cash flow statement
for the year ended 30 April 2008 Principal accounting policies
Basis of accounting
Ashley House plc is a company incorporated in the United Kingdom under the Companies Act 1985. The address of the registered 
office is given on the Company Information page. The nature of the group’ s operations and its principle activities are set out in the 
Chief Executive Officer’ s Statement on pages 8 to 11.
The group’ s financial statements consolidate those of the company and its subsidiaries (together referred to as the group).
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these group
financial statements and in reporting an opening IFRS balance sheet as at 1 May 2006 for the purposes of the transition to IFRS as
adopted by the European Union.
The disclosures required by IFRS 1 concerning the transition from UK GAAP to IFRSs are provided in note 27 to the financial statements.
Basis of preparation
The financial statements have been prepared on the going concern basis, under the historical cost convention, except for the revaluation
of certain financial instruments, which are carried at fair value.
The board regularly review the group’ s resources to ensure they are sufficient to continue trading for the foreseeable future. It is therefore
considered appropriate to use the going concern basis to compile these financial statements.
These financial statements are presented in pounds sterling because that is the functional currency of the parent company and the
presentational currency of the group. 
Accounting estimates and judgements
The preparation of financial statements in conforming with adopted IFRS requires management to make judgements, estimates and
assumptions that affect the application of policies and reported amounts of assets, liabilities, income, expenses and contingent liabilities.
The estimates and assumptions are based on historical experience and other factors considered reasonable at the time, but actual results
may differ from those estimates. Revisions to these estimates are made in the period in which they are recognised.
Estimates and assumptions mainly relate to the useful life of non-current assets, the discounted cashflow used in impairment testing, 
the percentage of the total contract value recognised of the design stage and the establishing of provisions for litigation, taxes, trade
receivables provisions, share-based payments and estimated costs to complete on long term contracts.
The critical accounting polices that we disclose, will not necessarily result in material changes to our financial statements in any given
period, but rather contain a potential for material change. The main accounting and valuation policies used by the group are outlined 
in the following notes. The group considers the following accounting policies should be considered significant accounting policies.
T o complete provisions for taxation, estimates have been applied. These estimates involve assessing the probability that deferred tax 
assets resulting from deductible temporary differences and the tax losses can be utilised to offset taxable income.
Impairment of goodwill is based on management expectation for the related asset to continue to be revenue generating in the future. 
Management assess the impairment value of goodwill using discounted cash flows.
Expenses relating to share-based payments are based on an estimated expected turnover rate of employees as well as future share price
volatility, dividend yield and risk free rate of return. Since the trading results have been steady for the past few years and there is a positive
financial outlook the charge to the profit and loss is uniformly expensed until the options vest.
When evaluating the financial position of each ongoing project at year-end the costs to complete the project are estimated when
deciding if the project is expected to be loss making in the future.
20 Ashley House plc Report and accounts 2008  Report and accounts 2008 Ashley House plc 21
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 April each year. 
Intra-group transactions, balances, income and expenses are eliminated fully on consolidation.
Control is achieved where Ashley House plc has the power to govern the financial and operating policies of an investee entity so as 
to obtain benefits from its activities.
The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences 
until the date that control ceases. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary 
to ensure consistency with the accounting policies adopted by the group.
Business combinations are dealt with by the purchase method. On acquisition, the assets and liabilities and contingent liabilities 
of a subsidiary are measured at the fair values at the date of acquisition. 
On initial recognition 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 (i.e. discount on acquisition) 
is credited to profit or loss in the period of acquisition.
The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective
date of acquisition or up to the effective date of disposal, as appropriate.
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.
Investment in joint ventures
Investments in joint ventures and associated undertakings are carried in the consolidated balance sheet at the group’ s share of their net
assets at the date of acquisition and of their post-acquisition retained profits or losses together with any goodwill arising on the
acquisition, net of any impairments. The investor’ s share of the results is included within the consolidated income statement.
The income statement also shows the group’ s share of the joint venture’ s turnover and the balance sheet shows the gross assets and
liabilities in amplification of the net investment in joint ventures.
When the group’ s share of losses in an associate or joint venture equals or exceeds its interest in the undertaking, the group continues 
to recognise those losses until an irrevocable event occurs that marks the investor’ s irreversible withdrawal from its investee as an
associate or joint venture.
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course 
of the group’ s activities. Revenue is shown, net of value-added tax, estimated returns, rebates and discounts and after eliminated sales
within the group. Revenue from long term contracts is detailed below.
Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage 
of completion of the contract activity at the balance sheet date.
This is normally assessed by Ashley House plc’ s management by taking into consideration all the information at the balance sheet date.
Ashley House plc’ s construction contracts usually define milestone payments for the project work to be carried out. The maximum
amount of revenue to be recognised for each milestone is determined by estimating relative contract fair values of each project phase.
Variations in contract work, claims and incentive payments are included to the extent that they have been agreed with the customer.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract 
costs incurred and where it is probable that they will be recoverable. 
Contract costs are recognised as expenses in the period in which they are incurred.
When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately. Principal accounting policies
continued
Design fees
Design fees are amounts receivable for design and architectural works carried out in the design stage of long term contracts. Revenue 
is only recognised where there is reasonable certainty that the fees are recoverable.
Asset Management
Asset management fees relate to the provision of services to manage the property assets of AH Medical Properties plc and the income 
is recognised evenly throughout the period based upon the value of the managed assets.
Goodwill
Goodwill arising on consolidation represents the excess of the cost of acquisition over the group’ s interest in the fair value of the
identifiable asset and liabilities of a subsidiary at the date of acquisition. 
Goodwill is recognised as an asset and reviewed for impairment at least annually. Any impairment is recognised immediately in the
income statement and is not subsequently reversed.
Goodwill arising on acquisitions before the date of transition to IFRS has been retained at the previous UK GAAP carrying value, 
subject to being tested for impairment at that date and at least annually thereafter.
On disposal of a subsidiary, the attributable net book value of goodwill is included in the determination of the profit or loss on disposal.
Property, plant and equipment
Property, plant and equipment is stated at the lower of cost or net present value, net of depreciation and any recognised impairment 
loss. Depreciation is calculated to write down the cost or valuation less estimated residual value of all property, plant and equipment,
other than freehold land, on the straight-line basis over their expected useful economic lives.
The periods generally applicable are:
• office equipment, furniture and fixtures 4 years
• motor vehicles 4 years
• mobile surgeries 4 years
The residual value and the useful life of each asset are reviewed at least at each financial year-end and, if expectations differ from 
previous estimates, the change(s) are accounted for as a change in an accounting estimate.
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the
carrying amount of the asset and is recognised in income.
Leased assets
Leases where the third party 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 period of the lease.
Associated costs, such as maintenance and insurance are expensed as incurred.
Lease incentives received are recognised in the income statement on a straight-line basis as an integral part of the total lease expense.
Impairment
At each balance sheet date, the group reviews the carrying amounts of its assets to determine whether there is any indication that those
assets have suffered an impairment loss. 
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss 
(if any). 
Recoverable amount is the higher of fair value less costs to sell and value in use. 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.
Where the asset does not generate cash flows that are independent from other assets, the group estimates the recoverable amount 
of the cash-generating unit to which the asset belongs.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount 
of the asset (cash-generating unit) is reduced to its recoverable amount. 
22 Ashley House plc Report and accounts 2008  Report and accounts 2008 Ashley House plc 23
An impairment loss is recognised as an expense immediately, unless the relevant asset is carried at a revalued amount, in which case the
impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised
estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have
been determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. 
A reversal of an impairment loss is recognised as income immediately, unless the relevant asset is carried at a revalued amount, in which
case the reversal of the impairment loss is treated as a revaluation increase.
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal levels of activity. 
Costs associated with long-term contracts are included in inventories to the extent that they cannot be matched with contract work
recognised in revenue. 
Long-term contract balances included in inventories are stated at cost, after provision has been made for any foreseeable losses and the
deduction of applicable payments on account. 
No element of profit is included in the carrying value of work in progress. Full provision is made for losses on all contracts in the year 
in which the loss is first foreseen.
Financial instruments
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.
Financial instruments are recorded initially at fair value net of transaction costs. Income and expenditure arising on financial instruments 
is recognised on the accruals basis, and credited or charged to the income statement in the financial period to which it relates.
Trade receivables
Trade receivables do not carry any interest and are stated at amortised cost using the effective interest method, less provision for
impairment. Impairment of trade receivables are recorded when there are indicators that suggest that the debts are not fully recoverable,
or the fair value is impaired at the balance sheet date.
Investments
Investments are recognised and derecognised on a trade date where a purchase or sale of an investment is under a contract whose terms
require delivery of the investment within the timeframe established by the market concerned, and are initially measured at cost, including
transaction costs.
Investments are classified as available-for-sale, and are measured at subsequent reporting dates at fair value. 
Where securities are held for trading purposes, gains and losses arising from changes in fair value are included in net profit or loss for 
the period. 
For available-for-sale investments, gains and losses arising from changes in fair value are recognised directly in equity, until the security 
is disposed of or is determined to be impaired, at which time the cumulative gain or loss previously recognised in equity is included in 
the net profit or loss for the period.
Financial liabilities and equity
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 
An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Trade payables
Trade payables are not interest bearing and are stated at their amortised cost using the effective interest method.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Principal accounting policies
continued
Interest-bearing borrowings
Interest-bearing borrowings are initially recognised at fair value less attributable costs. In subsequent years, the carrying amount is stated
at amortised cost obtained using the effective interest rate method.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral
part of the group’ s cash management are included as a component of cash and cash equivalents for the purpose only of the statement 
of cash flows.
Income taxes
The charge for current income tax is based on the results for the period as adjusted for items that are non-assessable or disallowed. It is
calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.
Deferred income tax is the income tax expected to be payable or recoverable on differences between the carrying amounts of assets and
liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using
the balance sheet liability method. 
Deferred income tax is provided in full and is recognised on temporary differences between the carrying amounts of assets and liabilities
in the financial statements and the corresponding tax bases used in the computation of taxable profit.
Deferred income tax liabilities are generally recognised on all taxable temporary differences and deferred tax assets are recognised to the
extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. 
Such assets and liabilities are not recognised if the temporary difference arises from goodwill (or any discount on acquisition) or from the
initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit
nor the accounting profit.
Deferred income tax is measured on an undiscounted basis at the tax rates that are expected to apply in the period when the liability 
is settled or the asset is realised, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Deferred income tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity,
in which case the deferred tax is also dealt with in equity.
Deferred income tax liabilities are recognised on taxable temporary differences arising on investments in subsidiaries, except where the
group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the
foreseeable future.
Deferred income tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the 
group intends to settle its current tax assets and liabilities on a net basis.
Dividends
Dividends are recognised as a liability in the period in which they are declared.
Segmental reporting
A segment is a distinguishable component of the group that is engaged in generating income and expenses (business segment) which 
is subject to risks and rewards that are different from those of other segments. The design and construction business segment is
considered to be the primary reporting segment. The secondary reporting segment is considered to be management services.
Equity and dividend payments
Share capital is determined using the nominal value of shares that have been issued. Additional paid-in capital includes any premiums
received on the initial issuing of share capital. Any transaction costs associated with the issuing of shares are deducted from additional
paid-in capital, net of any related income tax benefits.
Equity settled share-based employee remuneration is also credited to additional paid-in capital until related stock options are exercised.
The share-based payment reserve is the reserve for the cumulative IFRS 2 adjustments and related deferred tax. The share premium 
reserve is the surplus of the amount paid over the nominal value of new shares issued.
24 Ashley House plc Report and accounts 2008  Report and accounts 2008 Ashley House plc 25
Share-based payments
The group issues share options to its employees. The group has applied the requirements of IFRS 2 Share-based Payments. In accordance
with the transitional provisions, IFRS 2 has been applied to all grants of equity instruments after 7 November 2002 that were unvested 
as of 1 May 2006.
The group issues equity-settled share-based payments to employees. Equity-settled share-based payments are measured at fair value 
at the date of grant.
Options and warrants are valued using the binomial tree method.
The fair value determined at the grant date of the equity-settled, share-based payments is expensed on a straight-line basis over the
vesting period, based on the group’ s estimate of shares that will eventually vest, updated at each balance sheet date.
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, unless specifically required or permitted within the scope of IFRS reporting to be included in the cost of an asset.
Any difference between the amount of cost recognised and cash payments made is treated as a liability or prepayment as appropriate.
Non-recurring costs
Non-recurring costs are disclosed separately in the income statement within the period in which they are incurred.
Standards and interpretations not yet applied
The following new standards and interpretations, which are yet to become mandatory, have not yet been applied to the group’ s 
financial statements:
• IAS 1 Presentation of Financial Statements (revised 2007) (effective 1 January 2009)
• IAS 23 Borrowing Costs (revised 2007) (effective 1 January 2009)
• IAS 27 Consolidated and Separate Financial Statements (revised 2008) (effective 1 July 2009)
• Amendments to IFRS 2 Share-based Payment – Vesting Conditions and Cancellations (effective 1 January 2009)
• IFRS 3 Business Combinations (revised 2008) (effective 1 July 2009)
• Amendment to IAS 32 Financial Instruments: Presentation and IAS 1 Presentation of Financial Statements – Puttable Financial
Instruments and Obligations arising on Liquidation (effective 1 July 2009)
• Improvements to IFRSs (effective 1 January 2009 other than certain amendments effective 1 July 2009)
• IFRS 8 Operating segments (effective 1 January 2009)
The introduction of these standards and interpretations is not expected to have a material effect on the financial statements. Notes to the financial statements
for the year ended 30 April 2008
1 Revenue and business segments 
The group operates entirely in project management and consultancy in the United Kingdom. 
Business segments
These divisions are the basis on which the group reports its primary segment information.
Principal activities are as follows:
• design & construction
• management services
Segment information about these businesses is presented below.
Design Management 
& construction services Consolidated
2008 £000 £000 £000
Revenue
T otal revenue 18,287 1,506 19,793
There are no inter-segment sales, so all revenue is from external customers.
Result
Segment result 6,485 1,004 7,489
Unallocated corporate expenses (2,743)
Profit from operations 4,746
Investment income 326
Profit before income tax 5,072
Income tax (1,510)
Profit after income tax 3,562
Design Management 
& construction services Consolidated
Other information £000 £000 £000
Balance sheet
Assets
Segment assets 9,210 30 9,240
Unallocated corporate assets 11,267
Consolidated total assets 20,507
Liabilities
Segment liabilities (3,311) (34) (3,345)
Unallocated corporate liabilities (3,716)
Consolidated total liabilities (7,061)
26 Ashley House plc Report and accounts 2008  Report and accounts 2008 Ashley House plc 27
1 Revenue and business segments (continued)
Design Management 
& construction services Consolidated
2007 £000 £000 £000
Revenue
T otal revenue 25,165 479 25,644
There are no inter-segment sales, so all revenue is from external customers.
Result
Segment result 6,011 334 6,345
Unallocated corporate expenses 3,762
Profit from operations 2,583
Investment income 142
Finance costs (15)
Profit before income tax 2,710
Income tax (1,325)
Profit after income tax 1,385
Design Management 
& construction services Consolidated
Other information £000 £000 £000
Balance sheet
Assets
Segment assets 7,198 1 7,199
Unallocated corporate assets 8,586
Consolidated total assets 15,785
Liabilities
Segment liabilities (2,852) (32) (2,884)
Unallocated corporate liabilities (1,828)
Consolidated total liabilities (4,712)
Ashley House plc has a significant customer, AH Medical Properties plc group. During the year Ashley House plc made total sales 
of £10,826,000 (2007: £18,446,000) with £1,768,000 due at the year end (2007: £3,185,000).
Supplies are made to AH Medical Properties plc group relating to the design and construction of medical centres. In every case, the rent 
for the building which drives the value of the scheme, is set by the District Valuer acting for the Primary Care Trust (NHS). Transactions
between Ashley House plc and AH Medical Properties plc are entered into on the basis of market equivalent pricing and are ratified by 
the independent Non Executive Directors of AH Medical Properties plc, who are not connected to Ashley House plc. Supplies are also 
made relating to the management of the property portfolio. 2 Profit before taxation
2008 2007
£000 £000
Profit before taxation is arrived at after charging:
Rental of premises – operating leases 104 121
Rental of motor vehicles – operating leases 18 18
Staff costs (see note 3) 2,964 2,315
Auditor’ s remuneration (see below) 140 130
Auditor’ s remuneration:
– fees payable to company’ s auditor for the audit of the company’ s annual accounts 30 26
– the audit of the company’ s subsidiaries pursuant to legislation 8 5
– taxation services 15 10
– corporate financial advise 87 89
140 130
In 2007, part of the auditor’ s remuneration in respect of corporate finance transactions was offset against the share premium account.
3 Directors and employees
Staff costs during the year for the group were as follows:
2008 2007
£000 £000
Wages and salaries 2,709 2,088
Social security costs 255 227
2,964 2,315
The average number of employees of the group during the year ended 30 April 2008 was 60 (2007: 49).
Directors’ emoluments amounted to £943,000 (2007: £866,000). Further details of emoluments paid to directors, including details 
of the highest paid director, are contained in the Report of the directors. No pension contributions were made in respect of any of the
directors during the year ended 30 April 2008 (2007: £Nil).
4 Investment income
2008 2007
£000 £000
Dividends receivable from group investments 22 –
Interest receivable 304 142
326 142
5 Finance costs
2008 2007
£000 £000
Convertible loans – (15)
– (15)
The convertible loans were redeemed during 2007.
Notes to the financial statements
continued
28 Ashley House plc Report and accounts 2008  Report and accounts 2008 Ashley House plc 29
6 Income tax on profit on ordinary activities
The tax assessed for the year differs from the standard rate of corporation tax in the UK of 28% (2007: 30%). The differences are 
explained as follows:
2008 2007
£000 £000
Profit on ordinary activities before tax 5,072 2,710
Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 28% (2007: 30%) 1,420 813
Expenses not deductible for tax purposes 143 591
Depreciation for the period in excess of capital allowances 5 14
Chargeable gains – 53
Revenue that is exempt from taxation (7) (41)
Relief for share options exercised – (63)
Adjustments to tax charge in respect of prior periods (24) (27)
Deferred taxation (27) (15)
Current tax charge for year 1,510 1,325
Comprising:
2008 2007
£000 £000
Current income tax 1,537 1,340
Deferred tax (27) (15)
1,510 1,325
In 2007, a charge of £1.08m in respect of the Babcock & Brown warrant was treated as disallowable for tax purposes.
7 Earnings per ordinary share
The calculation of the basic earnings per share is based on the profit attributable to ordinary shareholders divided by the weighted average
number of shares in issue during the year.
2008 2007
Weighted Weighted
average Per share average Per share 
Profit number of amount Profit number of amount
£000 shares pence £000 shares pence
Basic earnings per share
Profit attributable to ordinary shareholders 3,562 27,544,379 12.93 1,385 24,124,075 5.76
Dilutive effect of securities
Options 981,732 (0.44) 1,114,318 (0.22)
Warrants 2,291,974 (0.93) 2,713,100 (0.54)
Diluted earnings per share 3,562 30,818,085 11.56 1,385 27,951,493 5.00
The average share price during the year was 148.5p, which meant that the dilutive securities shown in the table above were those which
have exercise prices of 30p, 40p, 85p, 98p, 108p and 120p per share.
The directors propose the payment of a dividend of £1,607,000 (3.7 pence per share) in the financial year 2009 in relation to the 
current year.
As the distribution of dividends by Ashley House plc requires approval at the Shareholders’ meeting, no liability in this respect is recognised
in 2008 consolidated group accounts. No income tax consequences are expected to arise as a result of this transaction at the level of 
Ashley House plc.
The calculation of normalised earnings per share of 11.4p on operating profit for the year to 30 April 2007, excluding non recurring
transaction costs, assumes that the non recurring costs are not allowable for tax and is therefore based upon a post tax profit of Profit 
for the year plus the non recurring costs. Notes to the financial statements
continued
7 Earnings per ordinary share (continued)
2007
Weighted 
average Per share 
Profit number of amount 
£000 shares pence
Basic earnings per share
Profit before tax 2,710
Add Non recurring transaction costs 1,551
Deduct Profit on sale of asset (137)
4,124
Assumed taxation (1,373)
Profit attributable to ordinary shareholders 2,751 24,124,075 11.40
Dilutive effect of securities
Options 1,114,318 (0.45)
Warrants 2,713,100 (1.11)
Diluted earnings per share 2,751 27,951,493 9.84
8 Goodwill 
£000
Cost
As at 1 May 2007 and 30 April 2008 270
Impairment
As at 1 May 2007 and 30 April 2008 –
Net book value as at 30 April 2008 270
Net book value as at 30 April 2007 270
Ashley House plc management’ s key assumptions in assessing the impairment of goodwill as at 30 April 2008 is that stable profit margins
will continue on contracts completed by the Wales office.
The key assessment of the goodwill value relates to the value of the design work undertaken by the Welsh Office as compared to their
overheads. During the year, the Welsh Office was responsible for design fees billed and accrued for in excess of £2 million.
9 Property, plant and equipment
The carrying amounts of property, plant and equipment for the periods presented in the group’ s consolidated financial statements 
as at 30 April 2008 are reconciled as follows:
Office 
equipment, 
furniture Motor Mobile 
and fixtures vehicles surgeries T otal
£000 £000 £000 £000
Cost
As at 1 May 2007 238 30 305 573
Additions 279 11 – 290
Disposals (135) (10) – (145)
As at 30 April 2008 377 31 305 718
Accumulated depreciation and impairment
As at 1 May 2007 160 15 198 373
Charge for the year 80 10 86 176
Disposals (113) (9) – (122)
As at 30 April 2008 127 16 284 427
Net book amount at 30 April 2008 255 15 21 291
30 Ashley House plc Report and accounts 2008  Report and accounts 2008 Ashley House plc 31
9 Property, plant and equipment (continued)
Office 
equipment, 
Freehold furniture Motor Mobile
property and fixtures vehicles surgeries T otal
£000 £000 £000 £000 £000
Cost
As at 1 May 2006 1,200 211 21 254 1,686 
Additions – 27 9 51 87
Disposals (1,200) – – – (1,200)
As at 30 April 2007 – 238 30 305 573
Accumulated depreciation and impairment
As at 1 May 2006 – 127 9 123 259
Charge for the year 7 33 6 75 121
Disposals (7) – – – (7)
As at 30 April 2007 – 160 15 198 373
Net book amount at 30 April 2007 – 78 15 107 200
10 Available for sale investments
All assets are stated at fair value:
Listed 
Investments
£000
As at 1 May 2007 1,850
Impairment loss (529)
As at 30 April 2008 1,321
At 30 April 2008 the investment in AH Medical Properties plc had a market value of £1,322,000 (2007: £1,540,000).
Nature of work Class of share capital held Proportion held
AH Medical Properties plc (Incorporated in England) Investment Property Ordinary shares of 0.01p each 6.8%
11 Jointly controlled entities
AH Scarborough Health Park Limited is the only jointly controlled entity within the Group. Its financial statements have been incorporated
into Ashley House plc’ s group’ s consolidated financial statements using proportionate consolidation. The aggregate amounts relating to 
this joint venture that have been included in the group’ s financial statements are as follows:
2008 2007
£000 £000
Work in progress (Land) 1,259 –
Loans and other creditors (1,330) –
(71) –
Share capital – –
Retained loss (71) –
Shareholders equity (71) – Notes to the financial statements
continued
12 Trade and other receivables
2008 2007
£000 £000
Trade receivables 3,812 6,095
Amounts recoverable on contracts 4,839 132
Retentions held on contracts 579 920
Other receivables 84 38
Prepayments and accrued income 356 207
9,670 7,392
Trade and other receivables at the balance sheet date comprise amounts receivable from project management and consultancy services.
The directors consider that the carrying amount of trade and other receivables approximates their fair value due to their short-term nature.
The following table provides analysis of trade and other receivables that were past due at 30 April 2008 but not impaired. The group believe
that the balances are ultimately recoverable based on a review of past payment history and the current financial status of the customers.
2008 2007
Trade receivables 30 Apr 2008 £000 £000
Past due up to 30 days 45 871
Past due 31 – 90 days 23 379
Past due over 90 days 1,054 779
Loans and receivables past due 1,124 2,026
13 Cash and cash equivalents
2008 2007
£000 £000
Bank balances 6,869 6,073
Cash and cash equivalents (which are presented as a single class of assets on the face of the balance sheet) comprise cash held by the
group and short-term bank deposits with an original maturity of three months or less. 
The carrying amount of these assets approximates their fair value.
The cash balances held by the group at the bank are either held within current accounts and earn interest of 0.25% (2007: 0.25%) 
under base from Lloyds TSB plc or on one to three month deposit with Lloyds TSB plc and HBOS plc.
14 Trade and other payables
2008 2007
£000 £000
Trade payables 832 1,541
Social security and other taxes 477 511
Other payables 44 54
Accrued expenses 3,125 1,769
4,478 3,875
Trade and other payables principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period 
taken for trade purchases is 32 days (2007: 31 days).
The directors consider that the carrying amount of trade payables approximates to their fair value due to their short-term non-interest
bearing nature.
15 Current tax liabilities
Income tax liabilities comprise both corporation and trade tax liabilities, calculated or estimated by the group companies.
2008 2007
£000 £000
Current tax liabilities 1,253 837
32 Ashley House plc Report and accounts 2008  Report and accounts 2008 Ashley House plc 33
16 Financial risk management
There is no exchange rate risk, and the fair values of the assets and liabilities of the group are not materially different from their net 
book values.
The group’ s financial instruments comprise cash resources, and various items such as trade receivables 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 main risks
arising from the group’ s financial instruments are credit risk, liquidity risk and interest fluctuation risks. 
The Board reviews and determines policies for managing each of these risks and they are summarised below. These policies have been
consistently applied throughout the period.
All of the group’ s assets and liabilities are held at amortised cost, with the exception of available for sale investments, which are held 
at fair value. The directors are of the opinion that there is no material difference between the book value and the fair value of any of the
group’ s assets or liabilities.
Credit risk
Credit risk is the risk that the counterparty will fail to discharge their obligation.
The group’ s principal financial assets are bank balances and cash and trade and other receivables, which represent the Group’ s maximum
exposure to credit risk in relation to financial assets.
The group’ s credit risk is primarily attributable to its trade receivables of £3,812,000 (2007: £6,095,000). The amounts presented in the
balance sheet are net of allowances for doubtful receivables, estimated by the group’ s management based on prior experience and their
assessment of the current economic environment.
The credit risk associated with cash is limited as the financial institutions involved have high credit-ratings assigned by international credit
rating agencies.
The group’ s short-term cash and cash equivalents are deposited with a high credit rated commercial bank (typically with credit ratings 
of A+ or higher), currently deposits are held with Lloyds TSB and HBOS plc.
The group’ s main customer is Medical Properties Limited, a subsidiary of AH Medical Properties plc. During the year, the group supplied
design, contracting and asset management services to the AHMP group totalling £10,826,000 (2007: £18,446,000) which represented
52% of the group’ s turnover (2007: 72%).
New customers are subject to an initial credit assessment using external credit reference agencies and trade references are confirmed.
These credit limits are reviewed on an on-going basis and subject to senior management oversight. The payment position of past due 
trade receivables is monitored daily and actively managed.
No collateral is held by the group in relation to its financial assets.
Liquidity risk
Amounts recoverable on contracts relate to projects that are largely ongoing as at 30 April 2008. A substantial proportion of the amounts
have not yet been invoiced, however they are expected to be invoiced within the next financial year, at which point the group expect to
collect all the balances in full.
The use of instant access deposits ensures sufficient working capital is available at all times.
The group guarantees a sufficient liquidity at all times by efficient cash management, and by ensuring that only credit-worthy customers
are engaged with.
There was no undrawn committed facility.
The cash outflows required to settle these financial liabilities are the same amounts as presented in the group balance sheet.
Interest rate risk
The only borrowing the group is liable for is the loan to AH Scarborough Health Park Limited from Lloyds TSB for £2.66m, against 
a valuation of £3.75m performed by King Sturge, which has been guaranteed by Ashley House plc. The loan has a +/- 1% sensitivity 
of £13,300. The directors are of the opinion that the interest is unlikely to fluctuate by more than 1% in the coming financial year. Notes to the financial statements
continued
17 Deferred tax asset
Share-based 
payments Provisions Total
Deferred tax assets £000 £000 £000
As at 1 May 2007 890 – 890
Charged to income –27 27
Charged to equity (90) – (90)
As at 30 April 2008 800 27 827
Net deferred tax asset
As at 30 April 2008 827
As at 30 April 2007 890
Deferred tax assets and liabilities have been calculated using the expected future tax rate of 28%. Any changes in the future would affect
these amounts proportionately.
18 Share capital
2008 2007
£000 £000
Authorised
51,000,000 (2007: 51,000,000) Ordinary shares of 1p each 510 510
Allotted, called up and fully paid
27,544,379 (2007: 27,544,379) Ordinary shares of 1p each 275 275
The ordinary shares are entitled to receipt of dividends. Ordinary shares have full voting rights.
Options Price 2008 Issued Exercised 2007
Issued 2004 expire 2014 30p 1,060,000 – – 1,060,000
Issued 2005 exercisable from 2008, expire 2015 85p 100,000 – – 100,000
Issued 2005 exercisable from 2008, expire 2015 98p 105,000 – – 105,000
Issued 2005 exercisable from 2008, expire 2015 108p 210,000 – – 210,000
Issued 2007 exercisable from 2007, expire 2017 150p 1,842,500 – – 1,842,500
Issued 2007 exercisable from 2009, expire 2017 159p 100,000 100,000 – –
Issued 2007 exercisable from 2009, expire 2017 175p 50,000 50,000 – –
Issued 2007 exercisable from 2009, expire 2017 152p 50,000 50,000 – –
T otal options 3,517,500 200,000 – 3,317,500
During the year no options were exercised.
Warrants Price 2008 Issued Exercised 2007
Issued 2004, expire 2009 30p 810,000 – – 810,000
Issued 2004, expire 2009 40p 180,000 – – 180,000
Issued 2007, expire 2010 120p 7,880,000 – – 7,880,000
T otal warrants 8,870,000 – – 8,870,000
34 Ashley House plc Report and accounts 2008  Report and accounts 2008 Ashley House plc 35
18 Share capital (continued)
Between 1 May 2007 and 30 April 2008 the company issued no new shares.
Exercise of an option is subject to continued employment and warrants are subject to time limitation. The fair value per option and 
warrant granted and the assumptions used in the calculation of fair value for awards made after 7 November 2002 are set out in the 
table below.
At 30 April 2008 options and warrants over unissued ordinary 1p shares were as follows:
Option, Options, Closing 
warrant price warrant share price Exercise Expected Risk free Dividend Fair value 
per share periods at grant price volatility interest rate yield per share
Date of grant Number (pence) ending (pence) (pence) % % % (pence)
2004 1,060,000 30 2014 30 30 19.97 5.25 5 5
2004 810,000* 30 2009 30 30 19.97 5.25 5 5
2004 180,000* 40 2009 40 40 19.97 5.25 5 5
2006 100,000 85 2016 85 85 19.97 5.25 5 13
2006 105,000 98 2016 98 98 19.97 5.25 5 9
2006 210,000 108 2016 108 108 19.97 5.25 5 10
2007 55,000 150 2017 150 150 19.97 5.25 5 24
2007 12,500 150 2017 150 150 19.97 5.25 5 19
2007 1,120,000 150 2017 150 150 19.97 5.25 5 22
2007 120,000 150 2017 150 150 19.97 5.25 5 14
2007 330,000 150 2017 150 150 19.97 5.25 5 11
2007 142,500 150 2017 150 150 19.97 5.25 5 8
2007 50,000 150 2017 150 150 19.97 5.25 5 6
2007 7,880,000*# 120 2010 120 120 19.97 5.25 5 14
2007 100,000 159 2017 159 159 17.68 5.25 3.5 5
2007 50,000 175 2017 175 175 17.68 5.25 3.5 4
2007 50,000 152 2017 152 152 17.68 5.25 3.5 4
* These are warrants, all others are options.
# In connection with the acquisition of NHS LIFT interests from Babcock & Brown, the warrant over 7,880,000 shares was exercised on 11 June 2008.
The market price of the group’ s shares at 30 April 2008 was 148.5p (2007: 166.0p) and the range during the year was between 129.0p
and 174.0p (2007: 101.4p and 189.0p). The weighted average exercise price of the options and warrants is 137.0p.
The vesting period of an option is assumed to be commensurate with the exercise period and this varies between being immediately
exercisable and five years.
Expected volatility is a measure of the amount by which a share price is expected to fluctuate during a period. The volatility of the
company’ s share price was calculated using the basic Hull-White Model.
The risk free rate is the yield on deposits held by the company. 
The dividend yield of 3.5% is based on the dividends paid during the period. 
Options and warrants are valued using the binomial tree method.
19 Capital commitments
The group did not have any capital commitments at 30 April 2008 or 30 April 2007. Notes to the financial statements
continued
20 Commitments under operating leases
The group’ s future minimum operating lease payments are as follows:
2008 2007
£000 £000
Less than one year 196 20
Between one and five years 686 38
Five years or more 144 36
1,026 94
Lease payments recognised as an expense during the year amount to £196,000 (2007: £94,000). No sub-lease income is expected 
as all assets held under lease agreements are used exclusively by the group.
Operating lease agreements do not contain any contingent rent clauses. None of the operating lease agreements contain renewal 
or purchase options or any restrictions. The leases may be renewed when due.
21 Contingent liabilities
Under the terms of a loan by Lloyds TSB to AH Scarborough Health Park Limited for £2.6m, Ashley House plc has provided a corporate
guarantee for the whole of the loan amount secured on the land, valued by King Sturge at £3.8m.
22 Related party transactions
During the year the group received invoices from Directors or their companies totalling £6,000 (2007: £20,000) from Scheidegg Limited, 
a company in which J H Gunn has an interest and £168,000 (2007: £71,000) from Layland Walker Limited, a company controlled by 
B Walker in respect of consultancy services and rent contribution for the London office. At 30 April 2008 the balance due to Layland 
Walker Limited was £nil (2007: £10,000). In addition, the company made payments of £82,000 (2007: £67,000) to Gibson Freake Edge, 
a partnership of which A Gibson is a partner in respect of consultancy services. At 30 April 2008 the balance due to Gibson Freake Edge
was £11,000 (2007: £6,000).
Remuneration of key management personnel 
Information about the remuneration of individual directors is provided in the report of the directors.
23 Capital management
The business model operated by Ashley House plc means that it is not very capital intensive. Construction projects are not typically owned
and there is little difference between payment and income on contracting. There is therefore a relatively modest requirement for working
capital in the design and construction function.
Investment has been made and is on-going in new areas of activity such as management services and also to support activities such 
as asset management for example with the capital investment in 6.8% of AH Medical Properties plc.
Equity capital is regarded as a scarce and valued resource. Investment in new ventures and in the business is made with an eye to returns
over a reasonable and relevant period taking account of the nature of the investment.
Debt is employed in the financing of the business from time to time but typically where there is asset backing to support it.
24 Dividends
The directors approved on 3 December 2007 the payment of an interim dividend of 2.3 pence per share on 26 January 2008. 
Subsequent to the year end but prior to the approval of the financial statements, the directors have recommended the payment 
of a dividend of 3.7 pence per share, totalling £1,607,000.
36 Ashley House plc Report and accounts 2008  Report and accounts 2008 Ashley House plc 37
25 Events after the balance sheet date
On 19 May 2008 the company announced that it had agreed to acquire the interests in seven NHS Local Improvement Finance Trusts
(“LIFT”) companies from Babcock & Brown. The acquisition was completed on 12 June 2008 and comprised controlling interests in
companies which control the management of the private sector shareholder in seven NHS LIFT , other than one company where 
the private sector shareholder is jointly controlled with a joint venture partner.
The total consideration comprised:
At completion:
£14m in cash, financed in part by the exercise of the outstanding Babcock & Brown warrant over 7.88m Ashley House plc shares 
at 120 pence per share, which raised £9.45m; and 8m new Ashley House plc shares, which were worth £12m at 150 pence per share.
Deferred consideration:
Babcock & Brown may be entitled to up to a further £19m payable in cash dependent on the performance of the business acquired. 
The amount payable will be calculated with reference to the number of NHS LIFT schemes that reach financial close and the excess over 
a minimum amount of gross profit achieved by the NHS LIFT business acquired.
The total consideration payable assuming the full deferred consideration targets are achieved would be £45m.
The unaudited pro forma statement of net assets of the group has been prepared to show the effect of the acquisition on the latest
published balance sheet of the group. The information required in order to complete IFRS 3 disclosures was not available to be included
within these financial statements. This pro forma statement of net assets has been prepared for illustrative purposes only and, because of
its nature, may not give a true picture of the financial position of the enlarged group. It has been compiled on the basis described below.
Proportionate Enlarged 
Consolidated Consideration assets and Group
Ashley House plc (based on liabilities Elimination Pro forma 
30 April 2008 £45 million) acquired of investment Net Assets 
Note A Note B Note C Note D
Unaudited pro forma statement of net assets £000 £000 £000 £000 £000
Goodwill and other intangible assets 270 – – 42,803 43,073 
Property plant and equipment 291 – 41 – 333 
Non-current Investments 1,321 45,000 (0) (45,000) 1,322 
Work in progress 1,259 – – – 1,259 
Trade and other receivables 9,670 – 1,193 – 10,861 
Current investments 827 – 0 – 827 
Cash and cash equivalents 6,869 (4,544) 2,039 – 4,364 
Trade and other payables and taxation (5,731) – 61 – (5,670)
Non current liabilities (1,330) (19,000) (1,137) – (21,467)
Net assets 13,446 21,456 2,197 (2,197) 34,902 
Share capital 275 159 35 (35) 434 
Share premium 8,040 21,297 – – 29,337 
Share-based payment reserve 2,221 – – – 2,221 
Retained earnings 2,910 – 2,162 (2,162) 2,910 
T otal equity 13,446 21,456 2,197 (2,197) 34,902 
T otal assets 20,507 40,456 3,273 (2,197) 62,039 
T otal liabilities (7,061) (19,000) (1,076) – (27,137)
Net assets 13,446 21,456 2,197 (2,197) 34,902 
Notes:
A. The statement of net assets of the group is extracted from the audited consolidated balance sheet as at 30 April 2008.
B. The consideration represents the maximum consideration payable in cash and shares in respect of the acquisition.
C. The proportionate assets and liabilities acquired represent the group’ s estimate of its share of the assets and liabilities of the entities in which Ashley House plc is acquiring 
an interest based on the audited financial information of these companies at 30 September 2006, with the exception of IGL, ICL, IPL, LHIL, BBG Lift, BHH Lift, Wolverhampton 
& Walsall Lift, ELLIL and East London Lift which is based on the audited financial information at 31 December 2006.
D. The elimination of investment represents an estimate of the consolidation accounting adjustment that will be required to replace Ashley House plc’ s investment in the relevant
net assets with its share of the underlying assets and liabilities acquired.
E. It has been assumed for the purpose of this pro forma that no fair value adjustments are required.
F . The pro forma statement of net assets does not take into account any trading or other activity save as disclosed above since 30 April 2008. Notes to the financial statements
continued
26 Loans payable
A facility from Lloyds TSB for £2,660,000 was granted in April 2008, for a period of 12 months at a rate of 1.75% over base. This facility 
is provided to AH Scarborough Health Park Limited and is based on 70% of the site value, as valued by King Sturge, at £3,800,000. The
security comprises a first charge over the 3.7 acre site and a guarantee from Ashley House plc. Ashley House plc has a 50% interest in 
the joint venture, AH Scarborough Health Park Limited, as shown in Note 11.
27 Explanation of transition to IFRS
As this is the first year that the group will present its financial statements under IFRS, the following disclosures are required in the year 
of transition. 
The last financial statements under UK GAAP were for the year ended 30 April 2007 and the date of transition to IFRS was 1 May 2006.
38 Ashley House plc Report and accounts 2008  IFRS transition note
for the year ended 30 April 2008
Report and accounts 2008 Ashley House plc 39
Reconciliation of equity at 30 April 2007 (date of last UK GAAP financial statements)
Effect of 
transition 
UK GAAP to IFRS IFRS
Note £000 £000 £000
Non-current assets
Goodwill 1 203 67 270
Property, plant and equipment 200 – 200
Investments 1,850 – 1,850
2,253 67 2,320
Current assets
Trade and other receivables 7,392 – 7,392
Deferred tax asset 2 – 890 890
Cash and cash equivalents 6,073 – 6,073
13,465 890 14,355
T otal assets 15,718 957 16,675
Current liabilities
Trade and other payables 3 (4,682) (30) (4,712)
(4,682) (30) (4,712)
Net current assets 8,783 860 9,643
T otal liabilities (4,682) (30) (4,712)
Net assets 11,306 927 11,963
Equity
Share capital 275 – 275
Share premium 8,040 – 8,040
Share-based payments reserve 2 1,421 890 2,311
Retained earnings 4 1,300 37 1,337
T otal equity 11,036 927 11,963
Notes to the reconciliation of equity at 30 April 2007
1 Reversal of amortisation of goodwill
Under IFRS 3 Goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Under UK GAAP the 
group has been amortising goodwill over its estimated economic life. The group has taken advantage of the transitional provisions 
of IFRS 3 and eliminated the accumulated amortisation at 30 April 2006 against the original gross amount of goodwill. Goodwill is now
subject only to periodic testing for impairment. Amortisation of goodwill charged under UK GAAP for the year ended 30 April 2007 
was £67,000.
2 Deferred tax asset
Under IAS 12 a deferred tax asset is recognised for deductible temporary differences to the extent that it is probable that taxable profits 
will be available against which the deductible temporary difference can be utilised. For equity-settled share-based payments, a deductible
temporary difference arises as a result of Schedule 23 deductions that may become available in the future.
3 Accrual of holiday pay
Under IAS 19, when an employee has rendered service to a company during an accounting period, the company should recognise the
amount of short-term employee benefits, e.g. compensated absences, profit sharing or bonus payable, expected to be paid in exchange 
for that service as a liability, after deducting any amounts already paid. The estimated accrual under IAS19 for holidays not taken at 
1 May 2006 and 30 April 2007 was £15,000 and £30,000 respectively.
4 The net adjustment to retained earnings comprises the following:
£000
Goodwill reversal of amortisation 67
Holiday pay accrual (30)
T otal net adjustment 37 IFRS transition note
continued
Reconciliation of equity at 1 May 2006 (date of transition to IFRS)
Effect of 
transition 
UK GAAP to IFRS IFRS
Note £000 £000 £000
Non-current assets
Goodwill 270 – 270
Property, plant and equipment 1,427 – 1,427
Investments –––
1,697 – 1,697
Current assets
Trade and other receivables 6,753 – 6,753
Inventory 15 – 15
Deferred tax asset 1 –460 460
Cash and cash equivalents 1,502 – 1,502
8,270 460 8,730
T otal assets 9,967 460 10,427
Current liabilities
Trade and other payables 2 (5,455) (15) (5,470)
(5,455) (15) (5,470)
Net current assets 2,815 445 3,260
Non-current liabilities
Deferred tax liabilities 3 (15) 4 (11)
(15) 4 (11)
T otal liabilities (5,470) (11) (5,481)
Net assets 4,497 449 4,946
Equity
Share capital 224 – 224
Share premium 2,771 – 2,771
Share-based payments reserve 1 165 460 625
Revaluation reserves 4 187 (187) –
Retained earnings 5 1,150 176 1,326
T otal equity 4,497 449 4,946
Notes to the reconciliation of equity at 1 May 2006
1 Deferred tax asset
Under IAS 12 a deferred tax asset is recognised for deductible temporary differences to the extent that it is probable that taxable profits 
will be available against which the deductible temporary difference can be utilised. For equity-settled share-based payments, a deductible
temporary difference arises as a result of Schedule 23 deductions that may become available in the future.
2 Accrual of holiday pay
Under IAS 19, when an employee has rendered services to a company during an accounting period, the company should recognise the
amount of short-term employee benefits, e.g. compensated absences, profit sharing or bonus payable, expected to be paid in exchange 
for that service as a liability, after deducting any amounts already paid. The estimated accrual under IAS19 for holidays not taken at 
1 May 2006 was £15,000.
3 Provision for deferred tax
4 Recognition of historic revaluations in retained earnings.
5 The net adjustment to retained earnings comprises the following:
£000
Holiday pay accrual (15)
Deferred taxation 4
T otal net adjustment (11)
40 Ashley House plc Report and accounts 2008  Report and accounts 2008 Ashley House plc 41
Reconciliation of profit or loss for year ended 30 April 2007
Effect of 
transition 
UK GAAP to IFRS IFRS
Note £000 £000 £000
Revenue 25,644 – 25,644
Cost of sales (18,307) – (18,307)
Gross profit 7,337 – 7,337
Administrative expenses 1 (3,213) (15) (3,228)
Depreciation, amortisation and impairment 2 (179) 67 (112)
Profit on sale of asset 137 – 137
Non-recurring transaction costs (1,551) – (1,551)
Operating profit 2,531 52 2,583
Interest income 142 – 142
Finance costs (15) – (15)
Profit on ordinary activities before tax 2,658 52 2,710
T ax on profit on ordinary activities (1,321) (4) (1,325)
Profit on ordinary activities after tax 1,337 48 1,385
Notes to the reconciliation of profit or loss for year ended 30 April 2007
1 Holiday pay accrual is accrued in accordance with IAS 19.
2 Goodwill is no longer amortised, so UK GAAP amortisation in the period has been reversed. Remuneration policy for the executive directors
The group’ s policy on executive directors’ remuneration is to:
• attract and retain high quality executives by paying competitive remuneration packages relevant to each director’ s role, experience 
and the external market. The packages include contributions to private medical insurance; and 
• give incentive to directors to maximise shareholder value through annual bonus schemes.
Service agreements
No director has a service agreement with a notice period that exceeds six months.
Directors’ remuneration
Salaries, Salaries, 
fees and fees and
benefits 2008 benefits 2007
Total Total
£ £
N K Croxford 110,086 99,215
J Holmes 178,428 173,609
S G Minion 178,870 174,488
G Mosley 68,171 71,522
B L Walker 167,348 138,054
R E L Warner 109,999 101,696
Executive 812,901 758,584
J Arnold-Forster (Appointed 9 July 2007) 11,250 –
A D Burton (Retired 25 April 2007) – 26,250
J Coghlan (Appointed 19 September 2007) 13,333 –
A Gibson 66,767 60,367
J H Gunn (Retired 9 July 2007) 6,000 21,000
Sir W Wells (Appointed 25 April 2007) 32,875 –
Non-executive 130,225 107,617
943,126 866,201
The group did not make contributions to any director’ s pension fund during the year.
Directors’ interests 
The directors who held office at the end of the financial year had the following beneficial interests in the ordinary share capital of 
Ashley House plc at 30 April 2008 according to the register of directors’ interests:
Interest at 
1 May 2007,
or date of 
Number of appointment 
shares of Acquired/ if later, in 
1p held at % of issued (disposed of) shares of 
30 April 2008 share capital during year 1p each
N K Croxford 801,530 2.9% – 801,530
A Gibson 50,000 0.2% 25,000 25,000
J Holmes 1,099,604 4.0% – 1,099,604
S G Minion 3,774,825 13.7% 30,000 3,744,825
G Mosley 2,635,518 9.6% – 2,635,518
B L Walker 250,000 0.9% – 250,000
R E L Warner 166,666 0.6% – 166,666
Sir W Wells 60,000 0.2% 60,000 –
Connected persons’ interest in share capital 
M Holmes (parent of J Holmes) holds 709,328 shares.
Following the financial year end, on 11 June 2008, there were 15,880,000 new shares issued as part of the acquisition of NHS LIFT
enterprises from Babcock & Brown. As a result, since that date the above percentages are now different.
Remuneration committee report
42 Ashley House plc Report and accounts 2008  Report and accounts 2008 Ashley House plc 43
Interests in share options
The interests of the directors and persons connected to the directors in options over shares in Ashley House plc are set out below:
Number 
of options
Number at 1 May 2007 
of options Exercise price Number or date of
at 30 April 2008 £ granted appointment
J Arnold-Forster 50,000 1.75 – 50,000
J Coghlan 50,000 1.52 – 50,000
N K Croxford 200,000 0.30 – 200,000
200,000 1.50 – 200,000
J Holmes 330,000 0.30 – 330,000
300,000 1.50 – 300,000
S G Minion 330,000 0.30 – 330,000
300,000 1.50 – 300,000
G Mosley 150,000 0.30 – 150,000
120,000 1.50 – 120,000
A Gibson 100,000 0.85 – 100,000
100,000 1.50 – 100,000
B Walker 300,000 1.50 – 300,000
R E L Warner 20,000 0.30 – 20,000
100,000 1.08 – 100,000
200,000 1.50 – 200,000
W Wells 100,000 1.59 – 100,000
The 30 pence options were granted on 15 August 2004 and are exercisable within ten years from the date of grant. The 85 pence options
were granted on 11 January 2006 and the 108 pence options were granted on 6 February 2006. These options vest in three years and
expire within ten years from the date of grant. The 150 pence options were granted on 16 January 2007. These options vest in five years
and expire within ten years from the date of grant The 159 pence options were granted on 25 April 2007, the 175 pence options were
granted on 5 June 2007 and the 152 pence options were granted on 19 September 2007. These options vest in two years and expire
within ten years from the date of grant.
Interests in warrants 
The interests of the directors and persons connected to the directors in warrants over shares in Ashley House plc at 30 April 2008 were:
Warrants Warrants 
held at Exercise price Warrants held at
30 April 2008 £ exercised 1 May 2007
B L Walker – Director 150,000 0.30 – 150,000
180,000 0.40 – 180,000
The warrants, which were granted on 16 August 2004 at 30 pence, are exercisable within five years from the date of grant. The warrants, 
which were granted on 22 December 2004 at 40 pence, are exercisable within five years from the date of grant.
Market value of shares 
Between 1 May 2007 and 30 April 2008 the shares traded in the range 129 pence to 174 pence. At 30 April 2008 the share price was 
157 pence per share. Statement of directors’ responsibilities
Directors’ responsibilities for the financial statements
The directors are responsible for preparing the financial statements in accordance with applicable law and regulations.
Under the law the directors are required to prepare group financial statements in accordance with International Financial Reporting
Standards (IFRS) as adopted by the European Union and parent company financial statements in accordance with United Kingdom
Generally Accepted Accounting Practice (UK GAAP). The financial statements are required by law to give a true and fair view of the state
of affairs 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 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; and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in
operational existence for the foreseeable future.
The directors are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial
position of the group and enable them to ensure that the accounts comply with the Companies Act 1985. They are also responsible for
safeguarding assets of the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are also responsible for the preparation of the Report of the directors and other information in the annual report.
In so far as the directors are aware:
• there is no relevant audit information of which the group’ s auditor is unaware; and
• the directors have taken all steps deemed necessary to make themselves aware of any relevant audit information and to establish that
the auditor is aware of that information.
The directors confirm that the accounting policies adopted in the preparation of the financial statements are appropriate to the group,
have been consistently applied and are supported by reasonable prudent judgements and estimates. All applicable accounting standards
have been followed.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the group’s
website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from
legislation in other jurisdictions. 
44 Ashley House plc Report and accounts 2008  Report and accounts 2008 Ashley House plc 45
Report of the independent auditor to the members of Ashley House plc
We have audited the group financial statements of Ashley House plc for the year ended 30 April 2008 which comprise the consolidated
income statement, the consolidated balance sheet, the consolidated statement of changes in equity, the group cash flow statement, 
the principal accounting policies and notes 1 to 27. These group financial statements have been prepared under the accounting policies
set out therein. 
We have reported separately on the parent company financial statements of Ashley House plc for the year ended 30 April 2008.
This report is made solely to the company’ s members, as a body, in accordance with Section 235 of the Companies Act 1985. Our audit
work has been undertaken so that we might state to the company’ s members those matters we are required to state to them in an
auditor’ s report and for no other purpose. T o 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
The directors’ responsibilities for preparing the Annual Report and the group financial statements in accordance with United Kingdom 
law and International Financial Reporting Standards (IFRSs) as adopted by the European Union are set out in the Statement of 
directors’ responsibilities.
Our responsibility is to audit the group financial statements in accordance with relevant legal and regulatory requirements and
International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the group financial statements give a true and fair view and whether the group financial
statements have been properly prepared in accordance with the Companies Act 1985. We also report to you whether in our opinion the
information given in the Report of the directors is consistent with the financial statements. The information given in the Report of the
directors includes that specific information presented in the Chairman’ s Statement that is cross referred from the Business Review section
of the Chief Executive Officer’ s Statement.
In addition we report to you if, in our opinion, we have not received all the information and explanations we require for our audit, 
or if information specified by law regarding directors’ remuneration and other transactions is not disclosed. 
We read other information contained in the Annual Report and consider whether it is consistent with the audited group financial
statements. The other information comprises only of the Chairman’ s Statement, the Chief Executive Officer’ s Statement, the Report of 
the Directors, Remuneration Committee Report and Statement of Directors’ Responsibilities. We consider the implications for our report 
if we become aware of any apparent misstatements or material inconsistencies with the group financial statements. Our responsibilities
do not extend to any other information.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. 
An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the group financial statements. 
It also includes an assessment of the significant estimates and judgments made by the directors in the preparation of the group 
financial statements, and of whether the accounting policies are appropriate to the group’ 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 group 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 group financial statements.
Opinion
In our opinion:
• the group financial statements give a true and fair view, in accordance with IFRSs as adopted by the European Union, of the state 
of the group’ s affairs as at 30 April 2008 and of its profit for the year then ended;
• the group financial statements have been properly prepared in accordance with the Companies Act 1985 and 
• the information given in the Report of the directors is consistent with the financial statements.
Grant Thornton UK LLP
Registered Auditor
Chartered Accountants
Oxford
1 July 2008
Report of the independent auditor to the group Company balance sheet
at 30 April 2008
2008 2007
Note £000 £000
Fixed assets
Intangible assets 2 135 203
T angible assets 3 287 194
Investments 4 1,322 1,851
1,744 2,248
Current assets
Debtors 5 10,130 7,510
Cash at bank and in hand 6,874 6,049
17,004 13,559
Creditors: amounts falling due within one year 6 (5,657) (4,649)
Net current assets 11,347 8,910
T otal assets less current liabilities 13,091 11,158
Net assets 13,091 11,158
Capital and reserves
Called up share capital 7 275 275
Share premium account 8 8,040 8,040
Share-based payments reserve 8 1,421 1,421
Profit and loss account 8 3,355 1,422
Shareholders’ funds 13,091 11,158
The financial statements were approved by the board of directors and authorised for issue on 1 July 2008. They were signed on its behalf by:
J Holmes
Chief Executive Officer
The accompanying accounting policies and notes form an integral part of these financial statements.
46 Ashley House plc Report and accounts 2008  Report and accounts 2008 Ashley House plc 47
Basis of preparation
The financial statements have been prepared in accordance with applicable UK accounting standards (UK GAAP) and under the historical
cost convention.
The principal accounting policies of the company are set out below.
Turnover
Turnover is the total of amounts for goods supplied and services provided during the year, excluding value added tax.
In the case of long-term contracts, turnover reflects the contract activity during the year and represents the proportion of total contract
value which costs incurred to date bear to total expected contract costs.
Turnover on long-term contracts is only recognised where there is reasonable certainty that the contract will proceed.
T angible fixed assets and depreciation
T angible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is calculated 
to write down the cost or valuation less estimated residual value of all tangible fixed assets, other than freehold land, on the straight-line
basis over their expected useful economic lives. The periods generally applicable are:
Office equipment, furniture and fixtures 4 years
Motor vehicles 4 years
Mobile surgeries 4 years
Investments
Investments are included at cost less provision for amounts written off.
Work in progress and long-term contracts
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal levels of activity. Costs associated 
with long-term contracts are included in stock to the extent that they cannot be matched with contract work accounted for as turnover.
Long-term contract balances included in stocks are stated at cost, after provision has been made for any foreseeable losses and the
deduction of applicable payments on account. No element of profit is included in the carrying value of work in progress. Full provision 
is made for losses on all contracts in the year in which the loss is first foreseen.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where
transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less tax, with the exception
that deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be
suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences
reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Leased assets
Costs in respect of operating leases are charged on a straight-line basis over the lease term.
Financial instruments
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.
Company principal accounting policies Intangible assets – Goodwill
Goodwill, representing the excess of the fair value of consideration given over the fair values of the identifiable net assets acquired, 
is capitalised and amortised on a straight line basis over its estimated useful economic life.
Share-based payments
The company issues share options to its employees. The company has applied the requirements of FRS 20 Share-based Payments. 
FRS 20 has been applied to all grants of equity instruments after 7 November 2002 that were unvested as of 1 May 2006.
The company issues equity-settled share-based payments to employees. Equity-settled share-based payments are measured at fair value 
at the date of grant.
Options and warrants are valued using the binomial tree method.
The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the 
vesting period, based on the company’ s estimate of shares that will eventually vest, updated at each balance sheet date.
48 Ashley House plc Report and accounts 2008 
Company principal accounting policies Report and accounts 2008 Ashley House plc 49
1 Profit for the financial year
The company has taken advantage of the exemption allowed under section 230(1) of the Companies Act 1985 and has not presented its
own profit and loss account in these financial statements. The company’ s profit for the year after tax was £3,922,000 (2007: £1,458,000).
2008 2007
£000 £000
Auditor’s remuneration:
– fees payable to company’ s auditor for the audit of the company’ s annual accounts 30 26
– the audit of the company’ s subsidiaries 8 5
– taxation services 15 10
– other services – corporate financial advice 87 89
140 130
In 2007, part of the auditor’ s remuneration in respect of corporate finance transactions was offset against the share premium account.
Details of directors remuneration and employee costs are set our in note 3 to the group financial statements.
2 Intangible assets
Goodwill
£000
Cost
At 1 May 2007 and as at 30 April 2008 425
Amortisation
At 1 May 2007 222
Charged in the year 68
At 30 April 2008 290
Net book value as at 30 April 2008 135
Net book value as at 30 April 2007 203
3 T angible assets
Office 
equipment, 
furniture Motor Mobile
and fixtures vehicles surgeries T otal
£000 £000 £000 £000
Cost
At 30 April 2007 221 30 305 556
Additions 275 11 – 286
Disposal (123) (10) – (133)
At 30 April 2008 373 31 305 709
Depreciation
At 30 April 2007 150 15 197 362
Provided in the year 79 10 87 176
Disposal (107) (9) – (116)
At 30 April 2008 122 16 284 422
Net book amount at 30 April 2008 251 15 21 287
Net book amount at 30 April 2007 71 15 108 194
Notes to the company financial statements
for the year ended 30 April 2008 4 Investments
Subsidiary
undertakings Listed
and joint ventures Investments T otal
£000 £000 £000
At 1 May 2007 1 1,850 1,851
Reduction in value – (529) (529)
At 30 April 2008 1 1,321 1,322
Subsidiaries Nature of work Class of share capital held Proportion held
Neil Niblett and Associates Limited Architects Ordinary shares of £1 each 100%
Ashley House Clinical Services Limited Management Services Ordinary shares of £1 each 100%
Phocus Limited Management Services Ordinary shares of £1 each 100%
Joint Ventures
AH Scarborough Health Park Limited Property development Ordinary shares of £1 each 50%
At 30 April 2008 the investment in AH Medical Properties plc had a market value of £1,322,000 (2007: £1,540,000).
Nature of work Class of share capital held Proportion held
AH Medical Properties plc Investment Property Ordinary shares of 0.01p each 6.8%
5 Debtors
2008 2007
£000 £000
Trade debtors 3,732 6,076
Amounts owed by group undertakings 553 146
Amounts recoverable on contracts 5,415 1,052
Other debtors – 29
Prepayments and accrued income 430 207
10,130 7,510
6 Creditors: amounts falling due within one year
2008 2007
£000 £000
Trade creditors 700 1,506
Amounts owed to group undertakings 141 –
Social security and other taxes 500 514
Corporation tax 1,223 836
Other creditors – 54
Accrued expenses 3,093 1,739
5,657 4,649
7 Share capital
Detailed disclosure of the company’ s share capital, options and warrants is included in Note 18 of the consolidated financial statements 
of the group.
8 Reserves
Share-based Share premium Profit and 
payment reserve account loss account T otal
£000 £000 £000 £000
At 1 May 2007 1,421 8,040 1,422 10,883
Profit for the year – – 3,922 3,922
Dividends paid – – (1,460) (1,460)
Share-based payment reserve – – (529) (529)
At 30 April 2008 1,421 8,040 3,355 12,816
During the year, the company paid a final dividend of 3.0 pence per share for the year ended 30 April 2007, an interim dividend 
of 2.3 pence per share and is proposing a final dividend for the year to 30 April 2008 of 3.7 pence per share.
50 Ashley House plc Report and accounts 2008 
Notes to the company financial statements
continued Report and accounts 2008 Ashley House plc 51
9 Capital commitments
The company did not have any capital commitments at 30 April 2008 or 30 April 2007.
10 Commitments under operating leases
Operating lease payments amounting to £196,000 (2007: £94,000) are due within one year. The leases to which these amounts relate
expire as follows:
2008 2007
£000 £000
Less than one year 196 20
Between one and five years 686 38
Five years or more 144 36
1,026 94
11 Contingent liabilities
The company did not have any contingent liabilities at 30 April 2008 or 30 April 2007.
12 Share-based payments
Details of options and warrants over the company’ s shares are set out in note 18 to the group financial statements.
13 Post balance sheet events
Details of the significant post balance sheet events affecting the company are set out in note 25 to the group financial statements. Report of the independent auditor to the company
Report of the independent auditor to the members of Ashley House plc 
We have audited the parent company financial statements of Ashley House plc for the year ended 30 April 2008 which comprise the
principal accounting policies, the balance sheet and notes 1 to 13. These financial statements have been prepared under the accounting
policies set out therein. 
We have reported separately on the group financial statements of Ashley House plc for the year ended 30 April 2008.
This report is made solely to the company’ s members, as a body, in accordance with Section 235 of the Companies Act 1985. Our audit
work has been undertaken so that we might state to the company’ s members those matters we are required to state to them in an
auditor’ s report and for no other purpose. T o 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
The directors’ responsibilities for preparing the Annual Report and the parent company financial statements in accordance with United
Kingdom law and Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out in the Statement of
Directors’ Responsibilities.
Our responsibility is to audit the parent company financial statements in accordance with relevant legal and regulatory requirements and
International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the parent company financial statements give a true and fair view and have been properly
prepared in accordance with the Companies Act 1985. We also report to you whether in our opinion the information given in the report
of the directors is consistent with the parent company financial statements.
In addition we report to you if, in our opinion, the company has not kept proper accounting records, if we have not received all the
information and explanations we require for our audit, or if information specified by law regarding directors’ remuneration and other
transactions is not disclosed.
We read the other information contained in the Annual Report and consider whether it is consistent with the audited parent company
financial statements. This other information comprises only the Chairman’ s Statement, Chief Executive Officer’ s Statement, the Report 
of the Directors, Remuneration Committee Report and Statement of Directors’ responsibilities. We consider the implication for our report
if we become aware of any apparent misstatements or material inconsistencies with the parent company financial statements. Our
responsibilities do not extend to any other information.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board.
An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also
includes an assessment of the significant estimates and judgements made by the directors in the preparation of the financial statements,
and of whether the accounting policies are appropriate to the 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, in accordance with United Kingdom Generally Accepted Accounting Practice, 
of the state of the company’ s affairs as at 30 April 2008 and of its profit for the year then ended;
• the financial statements have been properly prepared in accordance with the Companies Act 1985; and
• the information given in the Report of the directors is consistent with the financial statements.
Grant Thornton UK LLP
Registered Auditor
Chartered Accountants
Oxford
1 July 2008
52 Ashley House plc Report and accounts 2008  1991
Ashley House
develops first 
GP surgery
Ashley House is one of the UK’ s leading primary care
infrastructure companies, with unrivalled experience 
in delivering projects efficiently, cost effectively and 
on a sustainable, long term basis.
In essence we are business and property partners 
to the primary and community healthcare sector. 
Our approach is based on building active partnerships 
with everyone connected with primary healthcare. 
These relationships are at the core of our success and 
our ability to continue building strong and lasting value 
for stakeholders. 
Contents
01 Highlights
02 Strategy in action
04 Our marketplace
06 Chairman’ s statement
08 Chief Executive Officer’ s statement
12 Board of directors
13 Report of the directors
16 Consolidated income statement
17 Consolidated balance sheet
18 Consolidated statement 
of changes in equity
19 Consolidated cash flow statement
20 Principal accounting policies
26 Notes to the financial statements
39 IFRS transition note
42 Remuneration committee report
44 Statement of directors’ responsibilities
45 Report of the independent auditor 
to the group
46 Company balance sheet
47 Company principal accounting policies
49 Notes to the company financial
statements
52 Report of the independent auditor 
to the company
53 Company information
2000
Ofex Listing
2004
Ashley House
Properties
formed
Ashley House
timeline
Report and accounts 2008 Ashley House plc 53
Company information
Company registration number
2563627
Registered office
The Priory
Stomp Road
Burnham
Buckinghamshire SL1 7LW
Directors
Sir W Wells Non-Executive Chairman
S G Minion Executive Deputy Chairman
J Holmes Chief Executive Officer
B L Walker Finance Director 
J Arnold-Forster Non-Executive Director
J Coghlan Non-Executive Director
A C Cook Non-Executive Director
G J Frost Non-Executive Director
A Gibson Non-Executive Director
Secretary
S Ronaldson
Nominated Advisor and Broker
Numis Securities Limited
The London Stock Exchange Building
10 Paternoster square
London EC4M 7LT
Bankers
Lloyds TSB Bank PLC
High Street
Slough
Berkshire SL1 1DH
Solicitors
Hammonds
2 Park Lane
Leeds LS3 1ES
Auditor
Grant Thornton UK LLP
1 Westminster Way
Oxford OX2 0PZ
This report has been printed in the UK. It has been produced with the 
approach to measure and meet environmental standards and improve 
a company’ s environmental performance, where the main areas targeted 
for continual reduction arise from the use of solvents, energy consumption 
and waste generation. 
This paper is manufactured using a paper that is 75% recycled with the 
remainder being made from environmentally-friendly Elemental Chlorine 
Free (ECF) wood pulp sourced from well-managed sustainable forests. The 
paper is also bio-degradable and recyclable. All inks used are vegetable based. 
If you have finished reading this report and no longer wish to retain it please 
pass it on to other interested readers, return it to Ashley House plc or dispose 
of it in your recycled paper waste. Thank you.
Designed and produced by The College
www.thecollege.uk.com Ashley House plc
Report and 
accounts 2008
Building
relationships...
Ashley House plc
The Priory
Stomp Road
Burnham
Buckinghamshire
SL1 7LW
T elephone: +44 (0)1628 600340
Fax: +44 (0)1628 600345
www.ashleyhouseplc.com