Report and Accounts
2004 Contents
Financial Highlights 1
Chairman’s Statement 2-3
Chief Executive’s Statement 4-6
Auditors’ Report 7
Directors’ Report 8-13
Group Profit and Loss Account 14
Balance Sheet 15
Group Cash Flow Statement 16
Accounting Policies 17-18
Notes to the Financial Statements 19-25
Annual General Meeting 26-27
Directors and Advisers 28
Shareholder Travel Privileges 29 Report and Accounts 2004     1  
Financial Highlights years ended 30 September
2004 2003 2002 2001 2000
£’000 £’000 £’000 £’000 £’000
Profit before exceptional item, 
goodwill amortisation and taxation 2,112 2,070 862 159 1,507
Exceptional items (454) – – – (114)
Goodwill amortisation (108) (108) (108) (103) (112)
Profit before taxation 1,550 1,962 754 56 1,281
Profit after taxation 1,197 1,385 486 36 812
Earnings per share 21.1p 25.4p 8.9p 0.7p 15.7p
Earnings per share
(adjusted to exclude exceptional item & goodwill amortisation) 31.0p 27.4p 10.9p 2.6p 20.2p
Dividend per share 10.5p 10.5p 4.0p 2.75p 7.5p
Profit
1
00 01
1,507
862
Earnings per share
2
20.2p
10.9p
Dividend per share
27.4p
31.0p
159
2.6p
03 04 02 00 01 03 04 02 00 01 03 04 02
1. Profit before exceptional item, goodwill amortisation and exceptional item 2. Earnings per share excluding exceptional item & goodwill amortisation
2,070
2,112
7.5p
2.75p
4.0p
10.5p 10.5p Landround plc Report and Accounts 2004     3
Chairman’s Statement
The year ended 30 September 2004
finished well. Trading in the final quarter
was particularly strong and the results 
for the year as a whole were satisfactory
after the disappointing first half. I am
pleased to report that the momentum
achieved in the second half of last year
has been maintained into the current year.
Profit before the exceptional item,
amortisation of goodwill and taxation 
for the year was £2,112,000, a marginal
increase on the equivalent figure 
for the previous year of £2,070,000.
Earnings per share, adjusted to exclude
the exceptional item and goodwill
amortisation, were 31.0p (2003: 27.4p).
The exceptional item, which amounted 
to £454,000, fell entirely within the 
first half and arose from one large
voucher promotion, details of which 
are set out below. I consider it important
to note that we met in full the high
performance standards we set for all 
of our promotions: the promotion was
successful for the client, and all of its
customers who sought to redeem their
vouchers in exchange for travel, were
promptly provided with their travel
choices. What is more, the promotion
overall was profitable for Landround,
albeit at a much reduced margin.
Dividend
The cut in the interim dividend was a
proper response to our first half results.
An increase in the final dividend is an
equally proper response to an improved
second-half performance.
The Directors will, therefore, 
be recommending a final dividend 
of 8.0p per share (2003: 7.0p) at the 
Annual General Meeting. This, together
with the interim dividend of 2.5p (2003:
3.5p), gives a maintained total dividend
for the year of 10.5p (2003: 10.5p).
The dividend will be paid on 28 February
2005 to shareholders on the register on 
7 January 2005.
Management and Staff
The executive team and all Landround’s
staff knew that we had much to 
achieve in the second half. They rose 
to the challenge quite magnificently 
and deserve thanks and praise.
Michael Crompton stood down as
Chairman on 1 April 2004. Full tribute
was paid to him at the time but this
Report and Accounts seems the proper
place finally to thank him for all that 
he did for Landround and to wish him
and his family well. 
Tony Short was appointed Commercial
Director of Landround on 1 April 2004.
His appointment completes the executive
management team at Board level for the
time being. He joined Landround in
November 2003 after a successful career
in sales and general management with
Shell UK, Ciba-Geigy and Dow Group. 
Shareholder Travel Privileges
Our package of Shareholder Travel
Privileges continues to be popular 
with our private shareholders and 
the intention is to extend the current
package. Further details will be
announced at our Annual General
Meeting on 23 February 2005.
Outlook for the Current Year
The year to 30 September 2004 finished
on a positive note and, as I said in my
opening comments, the momentum 
has continued into the current year. 
Sales prospects for Buy and Fly! are
encouraging and, for the first time, we
go into a new year with forward sales
on the books. We are also encouraged
by the prospect of extending our
international market. 
We are looking for greater returns 
from our voucher business as well as
from Buy and Fly! and we expect
another positive contribution from 
Travel Offers Limited.
I am confident of Landround’s prospects
and believe that the Group will resume
its pattern of growth.
Peter Carter
Chairman, 7 December 2004
“
I am confident of Landround’s prospects 
and believe that the Group will resume 
its pattern of growth
” Landround plc Report and Accounts 2004     5
Chief Executive’s Statement
The year ended 30 September 2004 
was a year of ups and downs for
Landround but I consider that, in time, 
it will be seen as something 
of a watershed for the Company.
Landround Marketing
Landround Marketing once again had a
record year in terms of sales, finishing
marginally ahead of last year’s figures.
Significantly, for the first time Buy and
Fly! gross sales exceeded those of
Landround’s traditional voucher products
and it is clear that Buy and Fly! will see
a substantially faster growth rate than
the original Landround proposition.
Buy and Fly! has moved from strength to
strength since the announcement in
January 2004 of the signing of our first
major consumer facing contract with
Morgan Stanley.  The Morgan Stanley Buy
and Fly! MasterCard was launched on
schedule at the end of May 2004 and has
so far exceeded all of Morgan Stanley’s
own expectations.  Importantly, the launch
of the card raised consumer awareness of
the product, which has encouraged yet
more clients to sign up to Buy and Fly! 
We were pleased in the second half of
the year to sign Shop Direct Group to
Buy and Fly! on a trial basis, with a
substantial long term arrangement
currently under discussion.  Scottish
Courage has recommitted to Buy and Fly!
with a further extension of its contract
and intends also to use Buy and Fly!
with one of its four key retail brands. 
In the Republic of Ireland progress 
has been made both in the business 
to business and the consumer market
and we expect the launch of a 
major consumer-facing promotion in 
the first quarter of 2005.
Buy and Fly! continues to appeal to 
the business to business market and 
we have already signed a number of
companies to the Passport to Profit
independent retailers scheme whereby
brand manufacturers will use Buy and
Fly! points to incentivise retailers in the
sales of their particular products.  The
scheme will launch early in 2005.
Vouchers continue to make a significant
contribution to the sales and profits of
Landround Marketing, both in the 
United Kingdom and the Republic of
Ireland.  Following some excellent
promotions with clients such as Virgin
Megastores, Timberland and PC World in
the first half, we were pleased to work
on promotions with Hewlett-Packard,
Liverpool Football Club, Holiday Autos
and Samsung (amongst others in the
UK) and Renault, Coca-Cola and Irish
Sugar in the Republic of Ireland during
the second half.  Additionally, we
continue to blaze new trails in the
newspaper field with further promotions
for Associated Newspapers.
New products have been added to the
portfolio throughout the year, as we have
begun working with partners such as
Pontins and RCI, as well as developing
existing voucher themes.
The Buy and Fly! redemptions range 
has broadened with the signing of 
Iberia Airlines, our eighteenth airline
partner, during the course of the year
and the introduction of some leisure
opportunities alongside the pure travel
redemption options previously offered.
Development continues not only 
through our own efforts but also the
input of our Buy and Fly! clients.
Landround Marketing’s high margins and
rapid cash generation resulted in the
disclosure of a moderate debtors’
balance and substantial cash balances in
the Landround Group’s annual accounts.
As we move towards a greater
contribution to sales and profits from 
Buy and Fly!, the shape of the Group’s
balance sheet will change. Debtors will
increase and cash flow will slow in the
short to medium term. This is an entirely
expected consequence of Landround’s
investment in Buy and Fly! Should any
external funding be required for working
capital, we are confident that bank
finance will be readily forthcoming. 
Landround Travel
The exceptional item of £454,000 arose
from one large voucher promotion, which
“
We have become a substantial route to market for our
travel partners who continue to welcome the trade we
give them in what is a highly competitive market.
Travel remains aspirational and thus a highly effective
tool of sales promotion 
” Landround plc
ended on 30 April 2004. In accordance with our usual
accounting policy, the sale by Landround Marketing was booked
in September 2003 when the client was invoiced but the
unexpected costs fell into the first half of the year just ended.
There were unusual features to this promotion, including most
notably a short redemption period. Management made certain
assumptions as to the pattern of redemption, but for a 
number of reasons these were incorrect and significant costs
occurred.  It is important to stress that the promotion was
profitable overall, the client concerned has since placed further
business, and no further promotions with a short redemption
period will be considered.
In addition to the exceptional item, Landround Travel, which in
the past was expected to break even and in some years provided
a small but welcome contribution to Group profits, has made a
modest loss. 
It has become clear to us that the travel market is changing
and our business – travel promotions – must anticipate and
respond to those changes. There are two areas to consider: 
•
the travel industry is ever more competitive and all travel
activity is subjected to an ever increasing degree of pricing
scrutiny; and
•
the travelling public is becoming more sophisticated. For
example, the decline of the package holiday in favour of
bespoke holidays has been well documented. The availability
of low-cost flights, internet booking and a plethora of mini-
breaks have also influenced travellers’ options. 
However, these trends do not in any way diminish the
attraction of travel promotions. We have become a substantial
route to market for our travel partners who continue to
welcome the trade we give them in what is a highly
competitive market.  Travel remains aspirational and thus a
highly effective tool of sales promotion.  
We continue to ensure that our portfolio of promotions remains
attractive and cost-effective to our clients, while also
maintaining a balance between innovation and familiarity, and
we continue to work closely with our travel partners in order to
ensure that our relationships and arrangements with them
serve their needs as well as ours.
However, if we are to continue to provide quality promotions
and a high level of service, there will be an attendant 
increase in our costs and some erosion of margins. We have
provided for the cost of redemption on Buy and Fly! since its
inception. Since 1 April 2004, we have extended this policy,
albeit at a lesser level, for the redemption cost of all other
flight promotions.
We continue to monitor the performance of all our promotions
on a month by month basis, and where necessary will adjust
the redemption methodology and/or provisioning for the
promotions should it become necessary.
We are proud of the levels of customer service which we
provide to our clients and customers, both in the redemption 
of voucher products and the growing Buy and Fly! collectors’
base.  Once again, we have been awarded ABTA’s Gold Award,
which validates these service levels.
Travel Offers Limited
Travel Offers’ turnover and profits were both down on the
previous year but, that said, the company continues to 
make a welcome contribution to the Group’s cashflow and profit.  
We do not expect substantial growth in the business, 
but it remains a valuable part of the Group with a popular
consumer proposition.
David Lyne
Chief Executive, 7 December 2004
Chief Executive’s Statement continued Report and Accounts 2004    7
Auditors’ Report
We have audited the financial statements on pages 14 to 25.
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. To the fullest 
extent permitted by law, we do not accept or assume responsibility to anyone other than the company and 
the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective Responsibilities of Directors and Auditors
The Directors’ responsibilities for preparing the 
Annual Report and the financial statements in
accordance with applicable law and United Kingdom
Accounting Standards are set out in the Statement of
Directors’ Responsibilities.
Our responsibility is to audit the financial statements 
in accordance with relevant legal and regulatory
requirements and United Kingdom Auditing Standards.
We report to you our opinion as to whether the
financial statements give a true and fair view and are
properly prepared in accordance with the Companies
Act 1985. We also report to you if, in our opinion, the
Directors’ Report is not consistent with the financial
statements, if the company has not kept proper
accounting records, if we have not received all the
information and explanations we require for our audit,
or if information specified by law regarding directors’
remuneration and transactions with the company is 
not disclosed.
We read other information contained in the 
Annual Report, and consider whether it is consistent
with the audited financial statements. This other
information comprises only the Directors’ Report, 
the Chairman’s Statement and the Chief Executive’s
Statement. We consider the implications for our 
report if we become aware of any apparent
misstatements or material inconsistencies with the
financial statements. Our responsibilities do not 
extend to any other information.
Basis of Opinion
We conducted our audit in accordance with 
Auditing Standards issued by the Auditing 
Practices Board. 
An audit includes examination, on a test basis, 
of evidence relevant to the amounts and disclosures 
in the financial statements. It also includes an
assessment of the significant estimates and judgements
made by the Directors in the preparation of the financial
statements, and of whether the accounting policies are
appropriate to the company’s circumstances, consistently
applied and adequately disclosed.
We planned and performed our audit so as to 
obtain all the information and explanations which 
we considered necessary in order to provide us with
sufficient evidence to give reasonable assurance that
the financial statements are free from material
misstatement, whether caused by fraud or other
irregularity or error. In forming our opinion we also
evaluated the overall adequacy of the presentation of
information in the financial statements.
Opinion
In our opinion the financial statements give a true 
and fair view of the state of the company and group’s
affairs at 30 September 2004 and of the group’s profit
for the year then ended and have been properly
prepared in accordance with the Companies Act 1985.
BAKER TILLY
Chartered Accountants 
and Registered Auditors
No 1 Old Hall Street
Liverpool  L3 9SX
21 January 2005 Peter Carter, non-executive Chairman, 
age 58. Joined the Board in 1997 and became
Chairman on 1 April 2004. Qualified as a
chartered accountant in South Africa in 1970. 
He has 25 years experience in merchant banking
corporate finance, starting with Charterhouse in
London and then with BZW, whose Birmingham
office he ran in the 1980s and early 1990s. Since
1992, he has held a number of non-executive
positions and consultancies.  
David Lyne, Chief executive officer, age 40. 
Joined the Board in 1997, appointed CEO 
January 2002.
Clare Dyer, Chief financial officer and company
secretary, age 39. Joined the Board in 2003.
Qualified ACCA in 1994. Appointed CFO 
3 June 2003, previously group financial 
controller since 1999. 
Tony Short, Commercial director, age 40. 
Joined Landround plc in November 2003 
and appointed to the Board on 1 April 2004.
Previously worked for Shell Europe Oil Products
as Regional General Manager and for Ciba
Specialty Chemicals in a number of senior
management functions in the UK, Middle East
and Switzerland.
Andrew Barrett, Executive director, age 59.
Joined the Board in 1999 when Travel Offers Ltd
became part of the group. Previously was
Managing Director of the major sales promotion
company KLP . Before this he was Group
Marketing Director of the Thomas Cook Group.
John Moxon, Senior non-executive director, 
age 63. Joined the Board of Landround plc, 
June 2003. Other appointments: 
Chairman, Falcon Investment Trust, 
Non-executive Director of MICE plc and
Northern AIM Investment Trust.
David Owen, non-executive director, age 53.
LL.B. Barrister (non-practising). Joined the Board
in 1997, on flotation. Former Chief Executive
Dane Group plc and REIT Corporate Finance
Limited. Currently Chairman of Oakbase Plc and
Buckles Holdings, and non-executive director of
Clytha Holdings; Dilldash Holdings and Hugo
Russel Limited.
Landround plc
Clare Dyer   David Owen   David Lyne   Peter Carter
Andrew Barrett   John Moxon   Tony Short
7 6 5
4 3 2 1
23 4 5 6
7 1 Report and Accounts 2004     9
Directors’ Report
The Directors present their report and the audited
consolidated accounts of Landround plc and its
subsidiaries for the year ended 30 September 2004.
Principal Activities and Review of Business Activities
The principal activities of the Company and its
subsidiaries Landround Marketing Limited, Landround
Travel Limited and Travel Offers Limited continue to 
be the sale of travel based promotional products. 
The Chairman’s statement on page 3 contains 
a commentary on the Group’s performance during 
the year and details of current activities and 
proposed developments.
Results and Dividends
The full results for the year are set out in the
consolidated profit and loss account on page 14. 
The profit after taxation was £1,197,000 (2003: £1,385,000).
The Directors recommend the payment of a final dividend
for the year of 8p (2003: 7p) per ordinary share. 
Subject to approval at the Annual General Meeting, 
the final dividend will be paid on 28 February 2005 
to shareholders on the register on 7 January 2005.
Dividends paid and proposed absorb £621,000 
leaving £576,000 to be transferred to reserves.
Charitable Donations
During the year donations for charitable purposes
amounted to £360. There were no contributions 
for political purposes. Directors and their Interests
The Directors who served during the year and their
interests, including their spouses and infant children, 
in the shares of the Company were as follows:
Ordinary shares of 5p each
30 September 30 September
2004 2003
P Carter 
(Chairman) 25,000 –
D Lyne 
(Chief Executive) 17,200 17,200
D Owen – –
A Barrett – –
J Moxon 111,000 23,000
C Dyer 3,000 3,000
T Short – –
M Crompton 
(resigned 1 April 2004) 568,446 913,446
Michael Crompton and his wife, Mrs Janet Crompton,
have sold most of their shares in the Company. Most
recently, it was announced on 5 October 2004 that they
had sold 550,000 shares, which were placed with certain
directors of the Company, the Landround plc Employee
Share Ownership Plan and a number of institutional
investors. Following this disposal, Michael and Janet
Crompton no longer hold a notifiable interest in the
issued share capital of the Company.
In accordance with the Company’s Articles of Association,
David Owen and Tony Short retire by rotation at the
forthcoming Annual General Meeting and, being eligible,
offer themselves for re-election.
The Company maintains insurance in respect of the
Directors and officers against any such liabilities as are
referred to in Section 310 of the Companies Act 1985.
Corporate Governance
The new Combined Code on Corporate Governance,
issued by the Financial Reporting Council in July 2003,
will come into force for Landround plc in the year ending
30 September 2005.
Landround plc, an AIM company, is not required to adopt
the new Code. However, the Board is committed to high
standards of Corporate Governance and, following a
review of the new Code, has resolved to comply with 
its provisions where appropriate. 
The Board already complies with many of the provisions
of the new Code and is reviewing those where it does
not, with a view to implementation in the current year
ending 30 September 2005, when the Board will report
against the 2003 Combined Code.
This statement describes how the relevant principles 
of Governance, as set out in the current Combined Code,
are applied to the Group.
The Board
The Board currently comprises the non-executive
Chairman, four executives and two non-executive
directors, of whom John Moxon is the senior. The Board
regards John Moxon as independent. David Owen
although independent of management, cannot be
regarded as fully independent as he provides advisory
services to the Board from time to time, for which
service he is separately rewarded.
The Board met for nine formal Board meetings in the
year. The former Chairman, Michael Crompton, missed
one meeting during his tenure, otherwise all serving
directors attended all Board meetings. Two further Board
meetings were held to approve certain documents.
Physical attendance at these further meetings was not 
demanded but all directors were provided with copies 
of the documents and a quorum was present when 
the documents were approved.
The Board has established Audit and Remuneration
Committees, each of which has its own defined terms 
of reference. Peter Carter chairs the Audit Committee and
David Owen chairs the Remuneration Committee. Both
committees comprise Peter Carter, John Moxon and David
Owen. As the Board is small, the role of a Nomination
Committee is carried out by the Board as a whole. 
The Audit Committee met twice in the year, when 
all members of the Committee were present. 
The Chairman of the Audit Committee also attended 
the audit planning meeting.
The Remuneration Committee met on six occasions. 
All members of the Committee were present at the two
meetings where physical attendance was requested. 
The other four meetings were held by conference call.
Landround plc The Board is responsible for the leadership of the
Company and the Group. It delegates day-to-day
responsibility to the executive management. The balance
of the Board is such that no one individual or small
group of individuals has unfettered powers of decision.
The Board is responsible for Group strategy, setting 
and monitoring budgets, acquisition and investment
policy and consideration of any other significant 
financial matters. 
Audit Committee (Chairman Peter Carter)
The Audit Committee meets not less than twice a year.
Its function is to review reporting and accounting
procedures and policies in the Group and the conduct of
the audit. At least once a year the Committee will meet
with the auditors without other board members present.
Such a meeting has taken place in respect of the audit
for the year ended 30 September 2004.
Remuneration Committee (Chairman David Owen)
The Remuneration Committee meets as appropriate to
review and determine policy on the remuneration of the
executive directors and specific remuneration packages, 
in particular, any which may include a performance
related element.
Details of Directors’ remuneration are shown in the
Remuneration Committee Report set out overleaf.
Relations with Shareholders
The Board encourages dialogue with all shareholders.
The Chairman, the Chief Executive and the Finance
Director are available for discussions with shareholders
throughout the year and particularly at the time of
results announcements. The senior non-executive director
is also available at any time. 
The AGM is used to communicate with private
shareholders who are encouraged to attend and to
participate. The AGM is held at the Company’s head
office in Chester and all attending shareholders are
invited on a tour of inspection.
Shareholders can gain access to the Annual Accounts,
Interim Reports, announcements and other information
via the Company’s website: www.landround.com.
Internal Control
The Directors are responsible for the Group’s system 
of internal control and for reviewing its effectiveness.
Although no system can provide absolute assurance
against material misstatement or loss, the Group’s
system is designed to provide reasonable assurance
regarding the safeguarding of assets against
unauthorised use or disposition, the maintenance of
proper accounting records and the reliability of financial
information used within the business or for publication.
The Directors have implemented an ongoing process for
identifying, evaluating and managing the significant 
risks faced by the Group. This process is regularly
reviewed by the Directors and is fully compliant with 
the internal control guidance prepared for directors by
the Turnbull Committee.
The Group has an established organisational structure
with clear lines of responsibility, operating procedures
and authority levels. A budget, approved by the Board, 
is set annually and actual performance is monitored
against the budget. Significant variances are examined
and remedial action taken where necessary.
Going Concern
The Directors confirm that they have a reasonable
expectation that the Group has adequate resources to
continue in operational existence for the foreseeable
future. For this reason, they continue to adopt the going
concern basis for preparing the financial statements.
The Combined Code
With the exception of the point referred to below, 
the Directors believe that Landround plc has complied
with the provisions of the Combined Code in a manner
appropriate to its size and structure. The only area of
non-compliance is that the non-executive Directors were
not appointed for specific terms but they will retire by
rotation and may offer themselves for re-election.
Report and Accounts 2004     11 Landround plc
Report of the Remuneration Committee
The Committee seeks to ensure that remuneration packages provided for executive directors and senior managers are
competitive and will attract, retain and motivate within the context of the Group’s remuneration policy.
1. Membership of the Committee is set out above.
2. Directors’ Remuneration
Salary/Fees Benefits Total 2004 Total 2003
£’000  £’000 £’000 £’000
Non Executive Chairman
P Carter 27 – 27 20
Executive
D Lyne (CEO)  167 – 167 311
A Barrett (CEO Travel Offers) 50 2 52 80
C Dyer (FD) 56 – 56 38
T Short
*
40 – 40 –
Non Executive
D Owen 28 – 28 18
J Moxon 21 – 21 7
M Crompton
**
210 12 25
* appointed 1 April 2004   ** resigned 1 April 2004
Benefits incorporate all assessable tax benefits arising from employment by the Company and relate in the main to 
the provision of a company car. 
There have been no payments during the year to any Group Pension Scheme.
3. Landround plc Executive Share Option Scheme
The Landround plc Executive Share Option Scheme was adopted by the Company on 5 October 2000. Options over
ordinary shares in the Company have been granted under the scheme to directors, as follows:
Balance Granted Market Date Vested Market price Exercise Amount Balance
at 1/10/03 during price of grant during at date of realised on at 30/9/04
year at date year vesting exercise
of grant
M Crompton 46,511 - 215p 5/10/00 46,511 380p 380p £76,743 -
D Lyne 46,511 – 215p 5/10/00 46,511 380p 380p £76,743 –
53,489 – 215p 5/10/00 – – – – 53,489
100,000 – 122.5p 24/01/02 – – – – 100,000
– 26,315 380p 18/12/03 – – – – 26,315
C Dyer 46,511 – 215p 5/10/00 46,511 380p 380p £76,743 –
– 26,315 380p 18/12/03 – – – – 26,315
T Short – 50,000 200p 03/08/04 – – – – 50,000
A Barrett 46,511 – 215p 3/06/03 – – – – 46,511 Report and Accounts 2004    13
In addition, options granted on 5 October 2000 to three
directors of the operating companies were exercised on 10
December 2003. In each case, the options were in respect
of 46,511 shares at an exercise price of 215p and were
realised at 380p. Subsequent to this on 18 December
2003 these same operating directors were each issued
with a further 26,315 shares at an exercise price of 380p.
Subject to cessation of employment in special
circumstances (for example, death, injury, disability,
redundancy and retirement) or an earlier take-over of the
Company, the options may not be exercised within three
years of the date of grant. The options are also subject to
a performance target equal to a 30% increase in the
earnings per share of the Company over three financial
years commencing with the financial year in which the
options were granted. The performance target is scaled
down if options are exercised within three years of the
date of the grant in the permitted circumstances. Any
options not exercised within ten years of the date of
grant will lapse. In total, options have been granted
(within the last ten years) over 660,641 ordinary shares,
equivalent to 11.54% of the issued share capital.
4. Landround plc Employee Share Ownership Plan
We adopted the ‘Landround plc Employee Share
Ownership Plan’ in January 2001 in order to extend
share ownership to all of Landround’s employees. 
Capita Registrars, the trustees for the scheme, hold
204,154 shares on behalf of the employees. Under the
terms of the trust the shares will be gifted to the
employees absolutely on completion of three years
further service since the date of gifting. The Company is
accepting the costs of the distribution over three years.
The dividends accrue to the employees.
Directors’ Responsibilities
Company law requires the Directors to prepare financial
statements for each financial year which give a true and
fair view of the state of affairs of the Company and of the
Group and of the profit or loss of the Group for that year.
In preparing those financial statements, the Directors are
required to:
•
select suitable accounting policies and then apply
them consistently;
•
make judgements and estimates that are reasonable
and prudent;
•
state whether applicable accounting standards have been
followed, subject to any material departures disclosed
and explained in the financial statements; and
•
prepare the financial statements on the going concern
basis unless it is inappropriate to presume that the
Company will continue in business.
The Directors are responsible for keeping proper
accounting records which disclose with reasonable
accuracy at any time the financial position of the Group
and enable them to ensure that the financial statements
comply with the Companies Act 1985. 
They are also responsible for safeguarding the assets of
the Group and for taking steps for the prevention and
detection of fraud and other irregularities.
Substantial Shareholdings
As at 4 December 2004 the following substantial
interests (3% or more) in the Company’s ordinary share
capital had been notified to the Company:
no of shares percentage
Foreign & Colonial 1,279,207 22.3%
Framlington Innovative 
Growth Trust 920,882 16.1%
Legal & General 336,000 5.9%
Eden Group 279,668 4.88%
Nortrust Nominees 216,000 3.77%
Landround Employee Share
Ownership Plan 204,154 3.56%
Supplier Payment Policy
The Company adheres to the payment terms that have
been agreed with a supplier. Where payment terms have
not been specifically agreed, it is the Company’s policy
to settle invoices close to the end of the month
following the month of invoicing. Adherence to these
terms is dependent upon suppliers sending accurate and
adequately detailed invoices to the correct address on a
timely basis. The actual number of days taken to pay
suppliers on average was 21 days (2003: 52 days).
Annual General Meeting
A notice convening the Annual General Meeting to be
held on 23 February 2005 at 2pm at the Company’s
head office, The Quadrant, Sealand Road, Chester,
Cheshire CH1 4QR, is enclosed with this report.
Auditors
In accordance with Section 385 of the Companies Act
1985, a resolution proposing the re-appointment of
Baker Tilly as auditors to the Company will be put 
to the Annual General Meeting.
By Order of the Board
Clare Dyer, Secretary, 
21 January 2005 Landround plc
Group Profit and Loss Account for the year ended 30 September 2004
2004 2003
Pre exceptional Exceptional item
item and goodwill and goodwill
amortisation amortisation Total
Notes £’000 £’000 £’000 £’000
Turnover 13,244 13,244 9,891
Cost of sales (7,768) (454) (8,222) (5,195)
Gross profit 5,476 5,022 4,696
Operating expenses
Administrative expenses (3,392) (3,392) (2,654)
2,084 1,630 2,042
Amortisation of goodwill – (108) (108) (108)
Group operating profit 2,084 1,522 1,934
Interest receivable 29 29 28
Interest payable 2 (1) (1) –
Profit on ordinary activities before taxation 1 2,112 1,550 1,962
Taxation on profit on ordinary activities 3 (353) (577)
Profit on ordinary activities after taxation 1,197 1,385
Dividends on equity shares 4 (621) (570)
Retained profit for the financial year
transferred to reserves 14 576 815
Earnings per share 20 21.1p 25.4p
Adjusted earnings per share excluding
goodwill amortisation and exceptional item 20 31.0p 27.4p
Diluted earnings per share 20 20.6p 25.2p
Diluted adjusted earnings per share 20 30.3p 27.1p
A statement of the movement on the profit and loss account appears as note 14 to these financial statements.
No separate Statement of Total Recognised Gains and Losses has been presented as all such gains and losses have been
dealt with in the Profit and Loss Account.
All activities are continuing. Report and Accounts 2004    15
Balance Sheet as at 30 September 2004
Group Group Company Company
2004 2003 2004 2003
Notes £’000 £’000 £’000 £’000
Fixed assets
Intangible assets 5 1,625 1,733 – –
Tangible assets 6 617 564 – –
Investment in subsidiaries 7 – – 230 230
2,242 2,297 230 230
Current assets
Stock 8 103 95 – –
Debtors – due within one year 9 4,559 3,752 5,590 4,479
Debtors – due in over one year 9 2,169 – – –
Cash at bank 890 2,107 1 1
7,721 5,954 5,591 4,480
Current liabilities
Amounts falling due within one year 10 4,175 3,651 563 463
Net current assets 3,546 2,303 5,028 4,017
Total assets less current liabilities 5,788 4,600 5,258 4,247
Long Term creditors 11 12 – – –
Provisions for liabilities and charges 12 49 49 – –
Net assets 5,727 4,551 5,258 4,247
Capital and reserves
Called up share capital 13 286 272 286 272
Share premium account 14 2,888 2,302 2,888 2,302
Capital redemption reserve 14 10 10 10 10
Profit and loss account 14 2,543 1,967 2,074 1,663
Equity shareholders’ funds 15 5,727 4,551 5,258 4,247
The financial statements on pages 14 to 25 were approved by the Board of Directors on 21 January 2005 and signed on
their behalf by:
P Carter Director C Dyer Director Landround plc
Group Cash Flow Statement for the year ended 30 September 2004
2004 2003
Notes £’000 £’000
Cash flow from operating activities 22 (670) 1,812
Returns from investments and servicing of finance 23 28 28
Taxation 23 (396) (537)
Capital expenditure and financial investment 23 (235) (211)
Equity dividends paid (544) (353)
Net cash (outflow)/inflow before financing (1,817) 739
Financing 23 600 –
(Decrease)/increase in cash 24 (1,217) 739 Report and Accounts 2004    17
Accounting Policies for the year ended 30 September 2004
The following accounting policies have been adopted in preparing the Group’s financial statements.
1 Basis of accounting
The financial statements have been prepared in accordance with the Companies Act 1985, as amended, and with
applicable accounting standards under the historical cost convention, no allowance having been made for changes 
in the value of money.
2 Basis of consolidation
The consolidated accounts incorporate the accounts of the Company and all Group undertakings. 
As a consolidated profit and loss account is published, a separate profit and loss account of the parent Company is
omitted from the Group accounts by virtue of the exemption granted by Section 230 of the Companies Act 1985.
3 Turnover
Turnover represents the net total of goods sold during the financial year excluding VAT in accord with application 
note G Revenue Recognition, Amendment to FRS 5, issued by the ASB in November 2003.
The effect of this is to recognise revenue when a client commits to purchase, except in the case of significant, long term
contracts, when the revenue is recognised in equal annual instalments over the lifetime of the contract on the
anniversary of signing the contract.
4 Cost of sales 
Cost of sales comprises the actual costs and estimates of producing vouchers, costs of flights and tours incurred and an
accrual for the potential future cost relating to Buy and Fly! points invoiced to clients and yet to be redeemed. 
The accrual for the potential future liabilities for unredeemed Buy and Fly! points has been made on the basis of the
estimated cost of redeeming Buy and Fly! points issued, using a standard costing method making certain assumptions
concerning redemption levels, destination and date of travel. The likely redemption levels are regularly reappraised in 
the light of historic and current trends.
During the year the Buy and Fly! redemption rate was reduced leading to a decrease in the charge to the Profit and Loss
account of £180,000.
5 Tangible fixed assets and depreciation
Fixed assets are stated at cost less accumulated depreciation. Depreciation has been provided so as to write off the 
cost of tangible fixed assets less estimated residual value, by equal instalments over their estimated useful lives, 
at the following annual rates: 
Short leasehold land and buildings 5%
Plant and machinery (including computers and software) 10/20/33%
Fixtures, fittings and equipment 15%
Cars 25%
6 Leasing 
Rentals on operating leases are charged to the profit and loss account in the periods in which they fall due.
7 Stock 
Stock is stated on a first in, first out basis at the lower of cost and net realisable value. Accounting Policies for the year ended 30 September 2004
8 Taxation
Deferred taxation is provided in full on the liability method on all timing differences which are expected in the
foreseeable future, calculated at the rate at which it is estimated that tax will be payable. 
Corporation tax payable is provided on taxable profits at the current rate.
9 Intangible fixed assets and goodwill 
From 1 October 1998, any purchased goodwill is capitalised and amortised on a straight line basis to the profit and 
loss account, normally over a period of up to 20 years from the date of acquisition. 
Goodwill arising on acquisitions purchased prior to 1 October 1998 was written-off to reserves in accordance with the
accounting standard then in force. As permitted by FRS10 ‘Goodwill and Intangible Assets’, the negative goodwill
previously written off to reserves (£37,000), has not been reinstated in the balance sheet. On disposal or closure of a
previously acquired business, any attributable goodwill will be included in determining the profit or loss on disposal.
10 Hire purchase commitments
Assets acquired under hire purchase agreements are capitalised and liabilities are set up for the capital portions of the
instalments. The interest portions of the instalments are charged to the profit & loss accounts in the periods in which
they fall due.
11 Foreign currency
Assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the Balance Sheet
date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are
taken to the Profit and Loss account.
Landround plc Report and Accounts 2003    19
Notes to the Financial Statements for the year ended 30 September 2004
2004 2003
£’000 £’000
1 Profit on ordinary activities before taxation
The profit on ordinary activities before taxation 
is stated after charging:
Depreciation (note 6) 197 151
Amortisation of goodwill (note 5) 108 108
Operating lease rentals
Hire of plant and machinery 44 46
Property 109 79
Auditors’ remuneration
Audit fees 30 28
Non audit services 5 7
Directors’ remuneration
Fees 88 45
Management remuneration 315 454
Exceptional charge 454 –
The charge was incurred by a voucher promotion with an unusually short redemption period, no further promotions
with a short redemption period will be considered. For further details see the Chief Executive’s report on page 5.
2 Interest payable and similar charges
Hire purchase contracts 1 –
3 Taxation
Taxation based on profit for the year
Corporation tax at 30% 351 603
Adjustments in respect of previous years 2 (26)
353 577
Reconciliation to the current year tax charge
Profit on ordinary activities before taxation 1,550 1,962
Tax on above profit at 30% (2003 30%) 465 589
Goodwill amortisation disallowed 32 32
Tax relief on share options exercised during the year (151) –
Disallowable expenses and other permanent timing differences 5 (18)
351 603
4 Dividends on equity shares
Equity shares
Interim paid 2.5p (2003 3.5p) per ordinary share 163 189
Final proposed 8p (2003 7p) per ordinary share 458 381
621 570 Notes to the Financial Statements for the year ended 30 September 2004
5 Intangible fixed assets – Group goodwill £’000
Cost
At 1 October 2003 and at 30 September 2004 2,164
Amortisation
At 1 October 2003 431
Provided during the year 108
At 30 September 2004 539
Net book amount
At 30 September 2004 1,625
At 30 September 2003 1,733
6 Tangible fixed assets – Group
Land & buildings Plant & Fixtures, fittings
short leasehold machinery & equipment Total
£’000 £’000 £’000 £’000
Cost
At 1 October 2003 75 732 168 975
Additions 5 235 10 250
At 30 September 2004 80 967 178 1,225
Depreciation
At 1 October 2003 11 321 79 411
Charged in year 4 170 23 197
At 30 September 2004 15 491 102 608
Net book amount
At 30 September 2004 65 476 76 617
At 30 September 2003 64 411 89 564
The leasehold property owned by the Group is held on a short term lease with less than 50 years before the lease expires.
The net book amount of fixed assets includes £15,229 (2003 £nil) In respect of assets held under Hire Purchase
arrangements. The depreciation charge for the year relating to these assets was £1,771 (2003 £nil).
7 Fixed assets – investments Company
subsidiary 
undertaking
£’000
At 1 October 2003 and at 30 September 2004 230
Subsidiary undertakings Country of incorporation Equity & votes held Type of business
Landround Marketing Limited England 100% Sale of promotional products
Landround Travel Limited England 100% Travel agent & tour operator
Travel Offers Limited England 100% Sale of hotel directories
Buy and Fly! Limited England 100% Dormant
All investments in subsidiary companies are held by the Company, with the exception of Buy and Fly! Limited which is
owned by Travel Offers Limited.
Landround plc Report and Accounts 2004    21
Notes to the Financial Statements for the year ended 30 September 2004
Group Group Company Company
2004 2003 2004 2003
£’000 £’000 £’000 £’000
8 Stock 
Finished goods 103 95 – –
9 Debtors – due within one year
Trade debtors 4,211 3,347 – –
Amounts owed by subsidiary companies – – 5,438 4,321
Other debtors 147 204 146 149
Prepayments 201 201 6 9
4,559 3,752 5,590 4,479
Debtors – due in over one year
Trade debtors 2,169 – – –
6,728 3,752 5,590 4,479
10 Creditors – amounts falling due within one year
Payments received on account 805 737 – –
Trade creditors 439 444 – –
Corporation tax 249 292 1 6
Other taxation and social security 510 372 103 69
Others creditors 44 25 – 7
Hire purchase 3 – – –
Proposed dividends (note 3) 458 381 458 381
Accruals 1,667 1,400 1 –
4,175 3,651 563 463
11 Creditors – due in over one year
Hire purchase contracts 12 – – –
Deferred taxation
12 Provision for liabilities and charges – Group £’000
At 1 October 2003 and at 30 September 2004 49 Notes to the Financial Statements for the year ended 30 September 2004
2004 2003
£’000 £’000
13 Share capital
Authorised
10,000,000 ordinary shares of 5p each 500 500
Issued and fully paid
At 1 October 2003 (5,447,570 shares) and
at 30 September 2004 (5,726,636 shares) 286 272
As a result of share options exercised by the directors and employees of the Group during the year, the Company allotted
and issued 279,066 shares at 215p each. The aggregate consideration was £599,992.
14 Group reserves
Capital redemption Share premium Profit & loss
reserve account account
£’000 £’000 £’000
At 1 October 2003 10 2,302 1,967
Premium on issue of new
shares in year – 586 –
Retained profit for the year – – 576
At 30 September 2004 10 2,888 2,543
Capital redemption Share premium Profit & loss
reserve account account
£’000 £’000 £’000
Company reserves
At 1 October 2003 10 2,302 1,663
Premium on issue of new
shares in year – 586 –
Retained profit for the year – – 411
At 30 September 2004 10 2,888 2,074
Landround plc Notes to the Financial Statements for the year ended 30 September 2004
2004 2003
£’000 £’000
15 Reconciliation of movement on shareholders’ funds
Profit on ordinary activities after taxation 1,197 1,385
Dividends (621) (570)
New share capital subscribed 14 –
New share premium 586 –
Net addition to shareholders’ funds 1,176 815
Shareholders’ funds at 1 October 2003 4,551 3,736
Closing equity shareholders’ funds at 30 September 2004 5,727 4,551
16 Financial assets and liabilities
The Group’s activities are financed by cash at bank and short-term investments, which comprise cash placed on deposit.
The Group’s treasury policy has as its principal objective the achievement of the maximum rate of return on cash
balances whilst maintaining an acceptable level of risk. Other than mentioned above there are no financial instruments,
derivatives or commodity contracts used.
Given that there are no borrowings within the Group it is considered that the interest rate risk is not significant.
For the purposes of the following disclosures, short-term debtors and creditors have been excluded, as permitted by FRS 13.
The Group’s financial assets comprise cash at bank. At 30 September 2004 the average interest rate earned on the
temporary closing balances was 2%.
17 Commitments under hire purchase contracts Group Group Company Company
Future commitments under hire purchase contracts 2004 2003 2004 2003
are as follows: £’000 £’000 £’000 £’000
Amounts payable within one year 3 – – –
Amounts payable between 2 and 5 years 12 – – –
15 – – –
Report and Accounts 2004    23 Notes to the Financial Statements for the year ended 30 September 2004
18 Guarantees and other financial commitments
At 30 September 2004 the Group and Company had annual commitments under non-cancellable operating leases as follows:
Group Company
Land & buildings Other Land & buildings Other
£’000 £’000 £’000 £’000
Expiry date:
between two and five years – 40 – –
after five years 109 – – –
The Group has given bonds in favour of ABTA, CAA, Commission for Aviation Regulation in the Republic of Ireland totalling
£284,512. These are secured by fixed charges over certain Group bank accounts.
Capital commitments
Amounts contracted for but not provided in the accounts amounted to £nil for the Group (2003 £nil).
2004 2003
19 Staff numbers and costs No. No.
The average number of employees (including Directors) during the 
year was as follows:
Management and administration 69 60
Their aggregate payroll costs were as follows: £’000 £’000
Wages and salaries 1,589 1,526
Social security costs 165 154
1,754 1,680
The Directors’ emoluments total £403,000 (2003 £499,000) of which the highest paid Director was paid £167,000 (2003
£311,000). Full details can be found within the Directors’ Report.
20 Earnings per share
Basic earnings per share on page 14 have been calculated by reference to the earnings of £1,197,000 divided by
5,672,500 being the average weighted number of ordinary shares in issue throughout the year.
Adjusted earnings per share have also been calculated excluding the goodwill amortisation and exceptional item, 
based upon the same number of shares.
Diluted earnings per share is based upon earnings of £1,197,000 divided by 5,800,665 being the number of shares that
would have been in issue if the outstanding options to exercise shares in the Group had been exercised at the average
share price during the year. Diluted adjusted earnings per share have also been calculated excluding the goodwill
amortisation and exceptional item based upon the same number of shares.
21 Profit earned for ordinary shareholders
The profit and loss account of the Company is omitted from the Group accounts by virtue of the exemption granted by
Section 230 of the Companies Act 1985. The profit attributable for ordinary shareholders of the parent company and
included in the accounts of the Group amounted to £1,032,009 (2003 £1,461,349).
Landround plc Report and Accounts 2004    25
Notes to the Financial Statements for the year ended 30 September 2004
2004 2003
22 Reconciliation of operating profit to net cash flow from £’000 £’000
operating activities
Operating profit 1,522 1,934
Depreciation charges 197 151
(Increase)/decrease in stocks (8) 43
Increase in debtors (2,976) (1,624)
Increase in creditors 487 1,200
Amortisation of goodwill 108 108
Net cash (outflow)/inflow from operating activities (670) 1,812
23 Gross cash flows
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE
Interest received 29 28
Interest payable (1) –
28 28
TAXATION
Corporation tax paid 396 537
CAPITAL EXPENDITURE
Payments to acquire tangible fixed assets 235 211
FINANCING
Issue of new shares 600 –
24 Reconciliation of net cash flow to movement in net funds
(Decrease)/increase in cash in the year (1,217) 739
Cash outflow from decrease in lease financing 1 –
Change in net funds arising from cash flows (1,216) 739
New finance leases (16) –
Movement in period (1,232) 739
Net funds at 1 October 2003 2,107 1,368
Net funds at 30 September 2004 875 2,107
25 Analysis of changes in net funds At 1 October 2003 Cash flow At 30 September 2004
£’000 £’000 £’000
Cash at bank 2,107 (1,217) 890
Hire purchase – (15) (15)
2,107 (1,232) 875 Notice of Annual General Meeting
Notice is hereby given that the 2005 Annual General Meeting of Landround plc will be held at 2pm on 23 February 2005 
at The Quadrant, Sealand Road, Chester CHI 4QR for the following purposes:
Ordinary Business
1. To receive and adopt the reports of the Directors and Auditors’ and the Statement of Accounts for the year ended 
30 September 2004.
2. To reappoint Baker Tilly as Auditors.
3. To authorise the Directors to fix the remuneration of the Auditors.
4. To re-elect D Owen as a Director who retires by rotation.
5. To confirm the appointment of T Short as a Director.
Special Business
To consider and if thought fit to pass Resolutions 6, 7, and 8 as to which 6 will be proposed and voted on as an Ordinary
Resolution, and 7 and 8 will be proposed and voted on as Special Resolutions:
6. That the Directors of the Company be and they are hereby generally and unconditionally authorised pursuant to the
provisions of Section 80 of the Companies Act 1985 ("the Act") to exercise all the powers of the Company to allot
relevant securities as defined by such Section provided that:
6.1 the maximum amount of such securities that may be allotted under this authority (within the meaning of that
Section) is £95,444; and 
6.2 this authority shall, unless it is (prior to its expiry) duly revoked or is renewed, expire at the conclusion of the 
Annual General Meeting of the Company held in 2006 or fifteen months from the date of passing this Resolution
(whichever shall occur first) save that the Company may, before such expiry, make an offer or agreement which will
or may require relevant securities to be allotted after such expiry and the Directors of the Company may allot
relevant securities in pursuance of such offer or agreement as if the power conferred hereby had not yet expired, 
and provided also that the authority granted by this Resolution is in substitution for any authority to allot relevant
securities previously granted to the Directors which (to the extent that it remains in force and unexercised) is 
hereby revoked.
7. That, subject and conditional upon the passing of Resolution 6 above, the Directors of the Company be and they are
hereby empowered pursuant to Section 95 of the Act to allot equity securities (within the meaning of Section 94 of the
Act) for cash pursuant to Section 80 of the Act as if Section 89(1) of the Act did not apply to any such allotment,
provided that this power shall be limited to the allotment:
7.1 of equity securities in connection with a rights issue in favour of or general offer to ordinary shareholders where the
equity securities respectively attributable to the interest of all the ordinary shareholders are proportionate (as near
as may be) to the number of ordinary shares held by them (but subject to such exclusion and other arrangements
as the Directors of the Company may deem necessary or expedient in relation to fractional entitlements and any
legal or practical difficulties or the requirements of any regulatory body or stock exchange); and
Landround plc 7.2 otherwise than pursuant to paragraph 7.1 above, of equity securities up to an aggregate nominal value of £14,317, 
and shall expire at the conclusion of the Annual General Meeting of the Company to be held in 2006 or 15 months from the
date of passing this Resolution (whichever shall occur first) save that the Company may before such expiry make an offer or
agreement which would or may require equity securities to be allotted after such expiry and the Directors of the Company
may allot equity securities in pursuance of such offer or agreement as if the power conferred hereby had not expired and
provided also that the authority and power hereby conferred shall be in substitution for any previous authority conferred
upon the Directors of the Company pursuant to Section 95 of the Act prior to the date of passing this Resolution.
8. That the Company be and is hereby generally and unconditionally authorised for the purposes of Section 166 of the Act
to make one or more market purchases (within the meaning of Section 163(3) of the Act) on the Alternative Investment
Market of the London Stock Exchange of ordinary shares of 5p each in the capital of the Company provided that:
8.1 the maximum aggregate number of such shares hereby authorised to be purchased is 572,633 (representing 10 per
cent of the Company’s issued ordinary share capital);
8.2 the minimum price which may be paid for such shares is 5p per share (exclusive of tax and expenses);
8.3 the maximum price (exclusive of tax and expenses) which may be paid for such a share shall not be more than 
5 per cent above the average of the market values for such a share as derived from the Alternative Investment
Market Appendix to the Daily Official List of the London Stock Exchange for the five business days immediately
preceding the date on which such share is purchased;
8.4 unless previously renewed, varied or revoked, the authority hereby conferred shall expire at the conclusion of the 
Annual General Meeting of the Company held in 2006 or 12 months from the date of passing this resolution, if
earlier; and
8.5 the Company may make a contract or contracts to purchase such shares under the authority hereby conferred prior
to the expiry of such authority which will or may be executed wholly or partly after the expiry of such authority
and may make a purchase of such shares in pursuance of any such contract or contracts.
By Order of the Board
Clare Dyer
Secretary
The Quadrant
Sealand Road
Chester
Cheshire CH1 4QR
21 January 2005
Report and Accounts 2004    27 Landround plc
Directors and Advisers
Directors
Chairman (Non-Executive)
Peter Carter CA(SA)
Executive 
David Lyne MA (Oxon) F.Inst. T.T. F.R.S.A.
Clare Dyer FCCA
Andrew Barrett 
Tony Short
Non-Executive
John Moxon
David Owen LL.B Barrister
Company Secretary
Clare Dyer
Advisers
Nominated Adviser and Broker
Evolution Securities
100 Wood Street, 
London EC2V 7AN
Solicitors
Eversheds
Eversheds House, 
70 Great Bridgewater Street, 
Manchester M1 5ES
Auditors
Baker Tilly
No1 Old Hall Street, 
Liverpool L3 9SX
Banker
Lloyds Bank
Pall Mall House, Mercury Court, 
Tithebarn Street, Liverpool L2 2QU
Registrar
Capita Registrars
Northern House, 
Woodsome Park, Fenay Bridge, 
Huddersfield HD8 0LA
Registered Office
The Quadrant, Sealand Road, Chester, 
Cheshire CH1 4QR
Registered in England No. 3372127 Form of Proxy
I/We..............................................................................................................................................................................................
(insert name, block capitals please)
a member/members of Landround plc hereby appoint the Chairman of the Meeting or the following person
......................................................................................................................................................................................................
(insert name, block capitals please)
as my/our proxy to vote for me/us on my/our behalf at the Annual General Meeting of the Company to be held at The
Quadrant, Sealand Road, Chester CH1 4QR on Wednesday 23 February 2005 at 2pm and at any adjournment thereof.
I/We desire that my/our proxy vote on the Resolutions proposed to be submitted as follows:
Signature ......................................................................................................................................................................................
Dated ............................................................................................................................................................................................
Notes
1. A member may appoint a proxy of their own choice. If such an appointment is made, delete the words "the
Chairman of the Meeting" and insert the name of the person appointed proxy in the space provided.
2. If the appointer is a corporation, this form must be under its common seal or under the hand of some officer or
attorney duly authorised in that behalf.
3. In the case of joint holders, the signature of any one holder will be sufficient, but the names of all the joint
holders should be stated.
4. If this form is returned without any indication as to how the person appointed proxy shall vote, they will exercise
their discretion as to how they vote or whether they abstain from voting.
5. To be valid, this form of proxy must be completed and deposited at Capita Registrars Limited, Northern House,
Woodsome Park, Fenay Bridge, Huddersfield HD8 0JQ not later than 48 hours before the time fixed for holding
the Meeting or adjourned Meeting.
Ordinary Business For/Against For Against
1. Adoption of the Directors’ and Auditors’ Reports and the 
Statement of Accounts for the year ended 30 September 2004
2. Reappointment of Baker Tilly as Auditors
3. Directors’ authority to fix remuneration of Auditors
4. Re-election of D Owen as a Director who retires by rotation
5. To confirm the appointment of T Short as a Director
Special Business
6. Directors’ authority to allot securities
7. Directors’ authority to allot securities other than in proportion 
to existing shareholding
8. Directors’ authority to make one or more market purchases of shares second fold
Capita Registrars
Northern House
Woodsome Park
Fenay Bridge
Huddersfield 
HD8 0LA
BUSINESS REPLY SERVICE
Licence No. HF 106
third fold (tuck in)
first fold
1 Shareholder Travel Privileges
The Shareholder Travel Privileges referred to in the Chairman’s Statement are offered on the following bases:
(a) Holders of at least 500 ordinary shares in Landround plc (“the Company”) (or an equivalent number of shares in the
Company following any capitalisation issue, consolidation or sub-division of the share capital of the Company) are
entitled to apply to the Company for any of the following privileges:
(i) 150 Buy and Fly! points per annum, credited to your Buy and Fly! account or sent to you in paper format should
you wish, subject to the conditions referred to in (b);
(ii) any number of vouchers entitling the shareholder to free travel as a foot passenger on all P&O Ferries or
Hoverspeed French routes from the UK and on all Irish Ferries routes to Ireland from the UK as a named passenger
together with up to four other foot passengers travelling free on each occasion on a trip for not more than 120
hours subject to the conditions referred to in (b);
(iii) one voucher per annum entitling the shareholder to £100 off any holiday featured in an ABTA Tour Operator’s
brochure subject to two people travelling for a minimum of seven days and the conditions referred to in (b);
(iv) one Thomson Mediterranean cruise voucher per annum entitling one person to a free seven (consecutive) night
cruise departing from your choice of Majorca, Cyprus or Corfu. A free return flight to the ship’s departure point from
London Gatwick is also included. (Regional departures may be available for an exclusive low supplement). You also
have the opportunity to take family and friends at regular brochure fares. All tips and on board meals are included,
drinks however are excluded as are incidental expenses. This voucher offer is subject to the conditions referred to in
(b); and
(v) one Travel Offers privilege hotel pass and directory per annum entitling the shareholder and one other person to
stay in any of over 400 hotels listed in the directory free of charge subject to the terms on which Travel Offers
Limited issues such passes and directories in the ordinary course of business, which can be seen on Travel Offers
Limited’s website www.travel-offers.co.uk, including that breakfast and dinner are taken and the conditions referred
to in (c).
(b) The privileges referred to in (a)(i), (a)(ii),  (a)(iii) and (a)(iv) are subject to:
(i) redemption through Landround Travel Limited;
(ii) the shareholder being an individual holding ordinary shares in the Company in his own name and solely for his
benefit (or the first-named of two individuals holding ordinary shares in the Company, solely for the benefit of one
or both of them), or the shareholder’s nominee providing written confirmation of the holding;
(iii) the shareholder holding the requisite number of shares on both application and redemption;
(iv) availability;
(v) review at the Company’s next Annual General Meeting;
(vi) any other conditions attaching to such vouchers from time to time;
(vii) the Directors of the Company resolving that the privileges may be or have become;
(a) illegal;
(b) materially prejudicial to shareholders in the Company as a whole;
(c) no longer of material benefit to qualifying shareholders in the Company; or
(d) materially prejudicial to any member of the Company or its subsidiaries; and
(viii) the relevant carrier’s own operating conditions from time to time.
(c) The privileges referred to in (a)(v) are subject to:
(i) the conditions referred to in (b)(ii), (b)(iii), (b)(iv), (b)(v), (b)(vi) and (b)(vii) above;
(ii) the shareholder holding the requisite number of shares on both application and any exercise of rights pursuant to 
the privileges; and
(iii) the relevant hotel proprietor’s own operating conditions from time to time.
If you wish to claim your shareholder privileges simply send in a copy of your share certificate (or confirmation letter from
your nominee holder) showing that you own 500 shares, or more, to “Shareholder Privileges” at the company address or
email shareholderprivileges@landround.com, stating which travel vouchers you require.  Landround plc, The Quadrant, Sealand Road, Chester CH1 4QR
Tel: 01244 370033  Fax: 01244 370911
mail@landround.com  www.landround.com