ANGLE plc
Annual Report & Accounts 2008 ANGLE plc Annual Report & Accounts 2008
About us
ANGLE plc
Founded in 1994, ANGLE is an international
venture management company focusing on
the commercialisation of technology and
the development of technology-based
industry. ANGLE creates, develops and
advises technology businesses on its own
behalf and for its clients. 
Management services
ANGLE has a long term Management
services business. Contracts are typically
three years or longer in duration and 
assist our clients in achieving successful
commercialisation activities, such as 
running incubators and working on 
IP commercialisation. The Management
services business is active in Europe, the 
US and the Middle East. As well as turnover,
profit and cash generation,the Management
services business provides commercialisation
opportunities for ANGLE’s own business and
a strong management team which can be
leveraged in other parts of the business.
Investment Portfolio
ANGLE is an active investor in high growth
companies in the medical and technology
sectors in both the UK and the US. We take
operational responsibility for the companies
as subsidiaries during the development
phase and maintain a substantial
shareholding and close involvement during
the growth phase. ANGLE has significant
holdings in 10 portfolio companies
developing proven technologies targeting
substantial commercial markets. 
Our strategy 
ANGLE’s strategy is to grow its cash generative Management services
business using this as a platform for future expansion. ANGLE is focusing on
the development of its existing portfolio companies to deliver exceptional
cash realisation events. Page 01
Operational Highlights
Management services
� Continued progress in winning significant 
cash generative management contracts:
– London Development Agency potentially 
worth £5.4 million over three years
– Innovation Lincolnshire worth £0.9 million 
over 21 months
� Sold order book for the next three years 
(including the LDA extension) of £8.2 
million at 30 April 2008 (2007: £5.1 million)
Investment Portfolio
� Portfolio continues to mature – average 
age of portfolio companies now more 
than four years.
� Embedded expertise and IP in portfolio 
companies underpins significant future 
value realisation opportunities for 
shareholders.
� Significant progress in the year:
– Aguru Images (capture & recreation 
of photo-realistic images): product 
development completed, successful 
completion of first sales to a major film-
maker;
– Geomerics (enhanced computer game 
graphics): successful market launch of 
“Enlighten” product. £2.0 million of 
investment attracted from new investors 
during the year; and
– Parsortix (prenatal diagnostics): major 
technology breakthrough in the 
separation of foetal cells from maternal 
blood allowing simple, non-invasive testing 
of the unborn baby.
Contents
Highlights 01
Investment Portfolio 02
Management services 03
A helping hand 04
True-to-life 06
Chairman’s Statement 08
Chief Executive’s Statement 10
Financial Review 14
Board of Directors 16
Directors’ Report 18
Corporate Governance Report 20
Remuneration Report 23
Independent Auditor’s Report 25
Consolidated Income Statement 26
Consolidated Balance Sheet 27
Consolidated Cash Flow 
Statement 28
Consolidated Statement of
Changes in Equity 29
Notes to the Consolidated Financial
Statements 30
Company Balance Sheet 50
Notes to the Company Financial
Statements 51
Directors and Advisors 53
Financial Highlights
Group
� Turnover up 15% to £3.9 million (2007: £3.4 
million) 
� Profit before controlled investments and 
tax of £3.4 million (2007: loss £6.1 million)
� Profit before tax of £1.1 million (2007: loss 
£9.3 million)
� Cash balance at £1.0 million materially 
unchanged from the half year (30 April 
2007: £2.6 million)
Management services
� Management services business moves 
back into profitability generating profit of 
£1.1 million (2007: loss £0.4 million) 
Investment Portfolio
� Fair value of portfolio doubled to £7.3 
million (30 April 2007: £3.7 million)
� Cash realisations in the year of £0.5 million 
(2007: £1.1 million)
Overview
Group
� Successful implementation of turnaround 
strategy moves the business back into 
profitability. 
� Significant improvement in performance 
of both the Management services division 
and the Investment portfolio.
� Platform established for ongoing 
sustainability and future growth. Page 02 ANGLE plc Annual Report & Accounts 2008
Life Sciences
Acolyte Biomedica Ltd   Earn-out
Origin
Founded by ANGLE in 2000,
Acolyte was the first ever spin-
out of the Dstl Porton Down. 
Technology and application
Acolyte commercialised an
ultra-rapid medical diagnostic
technology, enabling the
detection and identification 
of pathogens in hours rather
than days.
The first application is the
detection of MRSA, the hospital
super bug. Following early
success with sales, Acolyte 
was sold to 3M Corporation 
for up to $100 million.
Status
ANGLE has so far received 
£0.9 million in cash and has an
earn-out due in March 2010 of
up to £4.7 million.
NeuroTargets
Origin
Founded by ANGLE in 2000,
NeuroTargets is a spin-out of the
University of Bristol. 
Technology and application
Therapeutics for pain and nerve
injury in the areas of neuropathic
and inflammatory pain. 
Status
Good technology progress has
been achieved with success
demonstrated in vivo.
NeuroTargets is currently seeking
a corporate partner.
25% Novocellus Ltd
Origin
Founded by ANGLE in 2004,
Novocellus is a spin-out of the
University of York. 
Technology and application
Novocellus utilises AAP (amino
acid profiling) to determine the
viability of pre-implantation
human embryos for IVF . This
increases the success rate of 
IVF and enables single embryo
transfer. 
Status
Novocellus is in discussions 
with corporate partners for the
finalisation of its clinical trials
process.
82% Parsortix Inc
Origin
Founded by ANGLE in 2006,
Parsortix is based in Philadelphia
and its technology was sourced
from private US and European
laboratories. 
Technology and application
In July 2008, Parsortix announced
a world breakthrough in the
isolation of foetal cells in
maternal blood. Parsortix
separation technology will
enable the non-invasive testing
of the unborn child replacing
current invasive techniques 
such as amniocentesis. 
Status
Parsortix is finalising product
development prior to regulatory
approval. It has engaged in talks
with a number of major multi-
nationals.
68%
Physical Sciences
Aberro Inc
Origin
Founded by ANGLE in 2005,
Aberro is commercialising novel
concepts in software testing. 
Technology and application
Aberro’s technology allows
automated testing of software. 
It requires no scripting, no
programming and no test
writing.
Status
During the year, ANGLE reduced
its exposure by converting some
of its equity into a convertible
loan. The company is seeking to
build sales through a service-led
model.
Aguru Images Inc
Origin
Founded by ANGLE in 2006,
Aguru is commercialising
technologies from New York
University and the University of
Southern California. 
Technology and application
Aguru’s products allow rapid
capture and recreation of
photorealistic surfaces. 
The business consists of a service
lead provision together with a
products sales division as well 
as the plan to develop an 
online library of stock shapes
and textures. 
Status
Aguru has completed its first
contract for a major film maker 
in Los Angeles. This involved the
digital capture of facial images
of actors for import to CGI
imagery used in visual effects.
The company is now seeking to
roll out its sales proposition.
Geomerics Ltd
Origin
Founded by ANGLE in 2005,
Geomerics is a spin-out of the
University of Cambridge. 
Technology and application
Geomerics’ first product
“Enlighten” dramatically
improves the lighting of
computer games making them
much more realistic. Illumination
can now be computed at run
time allowing for fully dynamic
lighting which dramatically
enhances realism. 
Status
Geomerics is expecting
significant sales in the current
year within a large growing
market forecast to be worth 
$46 billion in 2010. Significant
major corporate interest has
already been secured.
Mogility Inc
Origin
Founded by ANGLE in 2007,
Mogility is commercialising US
military technology. 
Technology and application
Mogility provides a technology
platform for agile mobile
telephone applications. 
The company’s technology
platform makes it easy for
anyone to create, modify and
deploy applications running 
on standard data plans or as
SMS text messages. 
Status
Since the year end, ANGLE 
has reduced its stake in favour 
of the management team.
Products have been developed
and several US police forces 
are presently considering
applications. 
100% 47% 49% 75%
Investment Portfolio
ANGLE currently has a portfolio of ten companies. These companies have been
founded and developed by ANGLE. They were selected for their strong IP platform
addressing a large international market. ANGLE’s business model is to be a hands-
on active investor retaining a large equity stake through to exit for investments with
high potential return. In current economic conditions, ANGLE is focusing on
developing value from the existing portfolio rather than setting up new companies. Provexis plc
Origin
Founded by ANGLE in 2000,
Provexis was the first spin-out 
of the Rowett Institute, Europe’s
leading nutrition research
institute. 
Technology and application
Provexis has commercialised 
a natural extract of tomato, 
which has heart-health benefits
reducing strokes and heart
attacks. 
Status
Provexis has partnerships with
Unilever, who are developing a
product for the Flora spread
range and CocaCola, who are
developing a product for the
Minute Maid juice range.
16%
Synature Ltd
Origin
Founded by ANGLE in 2005,
Synature was spun out from the
University of Cambridge. 
Technology and application
Synature is developing internet
personalisation technology to
increase the effectiveness of
internet targeting and product
referral. 
Status
Synature has received third party
investment of £0.4 million from
Amadeus and is presently
developing its product.
London Development Agency
Knowledge Connect is a pan-London, London Development
Agency (LDA) and ERDF funded innovation support Programme to
assist small and medium sized enterprises (SMEs) undertake
collaborative projects with the wider knowledgebase. 
This flagship Programme, a core part of the LDA’s Knowledge Transfer
Strategy, will engage with over 2,800 businesses and involve ANGLE
working intensively with more than 470 businesses across London. 
The Programme is being established to raise the performance and
aspirations of London’s businesses by providing effective support for
research and development, knowledge transfer and innovation
across the Capital.
The Knowledge Connect Programme aims to increase the level 
of business research and development in London by creating new
collaborations between business and the London knowledgebase,
with a focus on enterprises that have not previously worked with 
this sector. 
Worth £5.4 million, the three year initiative will involve ANGLE
providing a combination of 1-2-1 mentoring, specialist identification
and search and business support to enable SMEs to address business
growth opportunities.
The initiative is being delivered by ANGLE and its partner Winning
Moves.
Carbon Trust ANGLE Incubator
ANGLE has managed incubation support services on behalf of the
Carbon Trust since 2004 and was awarded a further three year
management contract in November 2006. 
The objective of the programme is to help qualifying developers 
of low carbon technologies build their businesses. Support includes
help with business and financial plan development, market
investigations, mentoring the team, product development, IP
guidance, preparation for investor rounds or licence negotiations
and raising investment capital. 
ANGLE has provided support to over twenty clean tech companies 
in renewable and alternative energy, industrial process efficiency,
materials, and built infrastructure sectors. These include high growth
SMEs, private start-ups, and University spin-outs which, with ANGLE’s
support, have gone on to raise over £45 million of investment
funding. ANGLE has developed significant knowledge of low-carbon
technologies and routes to commercialisation. 
New Energy Finance identified the Carbon Trust ANGLE incubator in 
its October 2007 Global Clean Energy Incubators Report as one of 
the top performing clean tech incubators worldwide.
Qatar Science and Technology Park
ANGLE continued to successfully implement and manage the Qatar
Science and Technology Park (QSTP) during the year. ANGLE was
appointed in late 2004 by Qatar Fou ndation to lead the prestigious
QSTP project until March 2009. 
ANGLE continued to implement and operate “capacity building
programmes” that ANGLE developed for Qatar Foundation. 
The programmes include the management of a seed investment 
fund, an entrepreneurship programme and a mentoring programme. 
Strong progress has been made during the year. The tenant base 
has now been expanded to 17 organisations and includes the
technology development operations of major corporations and
research institutions. The development work is now substantially
complete and the first tenant companies have established 
operations at QSTP .
55%
Management services
ANGLE offers a fully managed service for 
the delivery of technology commercialisation
programmes on behalf of clients in the private 
and public sectors. 
ANGLE plc Annual Report & Accounts 2008 Page 03
Percentage shareholdings based on
issued share capital as at 30 April 2008. Page 04 ANGLE plc Annual Report & Accounts 2008
A helping hand 
ANGLE has developed world-leading technologies to care for the
unborn baby. ANGLE’s ante-natal healthcare companies offer the
potential for non-invasive health care for the unborn baby for the first
time and increased success for IVF pregnancies. High Potential
Parsortix
Testing the unborn baby’s health
can only be done at present by
invasive procedures to capture
foetal cells for analysis, such as
amniocentesis or chorionic villus
sampling. These procedures present
health risks for both the baby and
the mother and consequently are
only applied where there is an
identified high risk to the baby’s
health.
ANGLE’s US based company,
Parsortix has developed a
breakthrough new procedure to
capture foetal cells from a simple
blood test for the mother. 
The technology is unique and
patent protected worldwide. 
Trials have been completed under
independent review to demonstrate
the successful capture of foetal cells
and discussions are in place with
major diagnostic companies to
launch the procedure as a routine
test for all unborn babies, not just
those in a high risk category.
Early definitive diagnosis for
chromosomal abnormalities
associated with Down’s, Turner, 
and Klinefelter syndromes, as well 
as other disorders due to genetic
abnormalities such as spina bifida,
can help physicians better care for
both the mother and the foetus
during pregnancy. The addressable
market is expected to exceed $1.2
billion per annum in the US alone.
Novocellus 
Novocellus is commercialising a
unique technology for IVF (in vitro
fertilisation) to assess the viability of
a fertilised egg before transfer to the
mother. The process is non-invasive
and works by measuring the amino
acid profile of the culture medium.
For the first time, it will allow the
clinician to select the most viable
egg for transfer and is expected to
increase pregnancy success rates
by at least 30%. 
The intellectual property is
protected and owned by
Novocellus worldwide and a 
final stage of clinical trials is under
development. With projected
increases in IVF and the move 
to single embryo transfer, it is
estimated that Novocellus’ directly
addressable market will exceed 
$1 billion per annum by 2015.
Novocellus is seeking a
collaborative corporate deal.
Page 05 Page 06 ANGLE plc Annual Report & Accounts 2008
True-to-life 
ANGLE has developed world-leading technologies to improve the CGI
for computer games and films, dramatically improving lighting effects
in digital imagery, making them more lifelike and allowing the capture
of facial images and surface textures to enhance realism. High Potential
Aguru Images 
Aguru Images offers products and
services that enable the capture,
editing and application of real-world
textured surfaces for use in 3D
computer-generated imagery. Aguru
is building the world’s largest online
library of stock shapes and textures,
similar to digital photographic
libraries.
Aguru has launched its products into
the visual effects industry for major
films. Sales will be extended into the
computer games, architecture,
interior, fashion and industrial design
industries. Aguru has a world-class
advisory board comprising executives
from Industrial Light & Magic, Digital
Domain, Pixar, DreamWorks, RFX,
Adobe, Autodesk, Electronic Arts, USC,
and NYU, who have won a total of 10
Academy Awards among them.
Geomerics
Geomerics has developed a unique
patent protected technology
platform, with the potential to
revolutionise the growing computer
games market. Its first commercial
product, Enlighten, delivers
dramatically improved lighting effect
capabilities for computer games. 
Rapid computation of light reflection
and refraction in computer animation
is a key factor in the creation of
greater realism in computer games. 
The computer gaming market is
forecast to grow at an average 
11.4% compound annual rate to
$46.5bn by 2010, with strong demand
anticipated from Asia Pacific and
EMEA regions. 
Enlighten was launched at the
Games Developer Conference in
February 2008 and is now being
evaluated by many of the leading
games developers in the world.
Geomerics is a partner in both
Microsoft’s X-Box 360 Tools
programme and Sony’s Play Station 3
tools and middleware programme
and is developing relationships with
many major technology companies
worldwide, who want access to
Geomerics’ unique technology
capability.
Page 07
AGURU DOME™ 2
Left 
Aguru Dome™ 2 delivers the very
highest performance in shape and
material property measurement for
true-to-life computer generated
digital doubles and other real world
materials. Chairman’s Statement
Page 08 ANGLE plc Annual Report & Accounts 2008
I am pleased to report a number of significant achievements and
improved results for the year ended 30 April 2008.
Results
The Group profit before controlled investments and tax was £3.4 million
(2007: loss £6.1 million). Profit before tax was £1.1 million (2007: loss £9.3
million). After careful management and an expensed investment of £2.3
million (2007: £3.1 million) into the existing portfolio, cash at £1.0 million
(2007: £2.6 million) remains materially unchanged from that at the
interims. The fair value of the portfolio doubled to £7.3 million (2007: £3.7
million) and this does not include the fair value of the controlled
investments in the portfolio.
Management services
This business has improved its focus, cost efficiency and profitability. As
well as winning a number of significant new business opportunities, the
division has leveraged its existing strong client relationships to secure
extensions to existing contracts.
The UK has performed particularly strongly but the Company also has a
number of new quotation opportunities in the Middle East to replace the
existing Qatar contract as it approaches successful completion in March
2009. The long term nature of ANGLE’s management contracts provides
the Company with a high level of visibility of future cash generation and
therefore enables costs to be matched against known contract
requirements. The portfolio is maturing well with a substantially enhanced
valuation reported in the year and there is now a reduced
demand on ANGLE’s cash. The Management services business
has, at the same time, become more efficient and more resilient.
Investment Portfolio
Our investment strategy continues to be focused on the existing portfolio.
The core aim is to maximise the development of each business, but also
move towards a position where each operation becomes both less
dependent on financing from ANGLE and more attractive to new third
party investors or acquirers, both from financial and industry sources. 
ANGLE has seen good progress to date in its portfolio companies. Aguru
has won and successfully delivered its first contract to a major film studio;
Geomerics is building a significant prospect list for its computer game
graphics; Parsortix has proved its ability to separate foetal material using
a blood sample from the pregnant mother and has had the results
independently assessed by a leading independent expert in the field.
Each of these operations has proven proprietary technology addressing
large growth markets.
ANGLE’s business model of holding substantial equity stakes and playing
an active role in the management of its investments enables the
Company to help drive value creation and maximise the prospect of
ANGLE receiving a substantial return on its investment at exit.
Bid approach
In April, ANGLE announced that it had received an approach, which
may or may not lead to a formal offer for the Company. The proposed
consideration is in the prospective bidder’s shares. 
The Board is considering the proposal with particular regard to whether
the offer would be likely to result in enhanced value for ANGLE
shareholders taking into account a range of factors. These include the
strategic fit of the two businesses, the impact of a merger upon the
generation of significant realisations from ANGLE’s investment portfolio
and the quality of the prospective bidder’s paper.
Outlook
The portfolio is maturing well with a substantially enhanced valuation
reported in the year and there is now a reduced demand on ANGLE’s
cash. The Management services business has, at the same time, become
more efficient and more resilient. Cash will continue to need careful
management but the Board believes that the opportunity remains for the
portfolio to produce significant shareholder returns from the currently
available resources. 
The substantial efforts involved to achieve these goals reflect the hard
work of ANGLE’s staff and the Board thanks them sincerely for their
continuing efforts.
Garth Selvey
Chairman
9 July 2008
ANGLE plc Annual Report & Accounts 2008 Page 09 Chief Executive’s
Statement
Page 10 ANGLE plc Annual Report & Accounts 2008
The year ended 30 April 2008 has been a year of successful restructuring
for ANGLE and we have established a strong platform for the future.
Costs have been reduced, revenues increased and a tight focus
maintained on the existing portfolio. Taking these actions has placed the
Company in a better position to weather the increasingly tight financial
markets and to successfully achieve our aim of delivering shareholder
value from our combined revenue and capital based business model. 
Both the Management services business and the Investment Portfolio
have moved into profit during the year with the result that the Group
generated a profit before controlled investments and tax of £3.4 million.
This compares to a £6.1 million loss in the year ended 30 April 2007.
During the year, controlled investments into majority owned portfolio
companies amounted to £2.3 million (2007: £3.1 million). After these
investments, which are expensed, profit before tax was £1.1 million,
compared to a loss of £9.3 million in the previous financial year.
Reflecting the maturing portfolio, the level of ongoing expenditure on
controlled investments is now substantially reduced.
Cash generated by the business in the second half of the year met all
the operating costs and investment in the portfolio during that period. 
As a result the cash balance at 30 April 2008 of £1.0 million was materially
unchanged from the cash balance at 31 October 2007 of £1.1 million. ANGLE’s Management services business is a key feature of the
Company’s business model. Its value to ANGLE goes beyond 
its financial contribution to the business.
Management services
ANGLE’s Management services business is a key feature of the
Company’s business model. Its value to ANGLE goes beyond its financial
contribution to the business. The division also provides the Company with
a high quality pool of in-house expertise and talent as well as access to
leading academic, research and science organisations internationally,
raising the profile of the whole Group and providing access to high
quality IP commercialisation opportunities.
The three key aims for this division during the year were to:
� generate a profit and strong cashflow; 
� focus on larger, longer term contracts with a high degree of financial 
visibility; and 
� increase the overall number of contracts.
I am very pleased to report that in the last twelve months the
Management services business has achieved all three of these aims.
Financial performance was strong with turnover rising 14% to £3.8 million
(2007: £3.4 million). As importantly, the quality of earnings from this
business materially improved leading to profit for the year from the
Management services division of £1.1 million (2007: loss £0.4 million).
During the year ANGLE continued to win new management services
contracts. These included significant wins with Innovation Lincolnshire, 
a contract worth £0.9 million over 21 months and with the London
Development Agency’s (LDA) Knowledge Connect Programme now,
subject to contract, increased in value from £3.7 million to £5.4 million
over three years. 
In addition to new UK contracts, the pipeline of potential opportunities
includes further major contracts in the Middle East. As at 30 April 2008,
ANGLE’s sold order book for the next three years (including the expected
LDA extension) was £8.2 million (2007: £5.1 million) and the management
remains extremely active in implementing initiatives to extend this order
book further. 
The improvement in ANGLE’s profile in the market and the increasing
recognition of the added value that the Management services business
delivers is demonstrated in the order book itself. In the last four years the
scale of individual contracts has grown five-fold, with the average value
size per contract now being in excess of £450,000 per annum. Accessing
larger and more significant contracts not only improves profitability but
also enables management time to be used more effectively. 
ANGLE’s reputation in the industry as a high quality provider of
management services is growing. Even discounting the important
benefits that are generated for the venture portfolio, the Board believes
that as a stand alone business the Management services division is an
important and valuable business in its own right. Further, in more
challenging economic conditions, this division provides ANGLE with a
core strength and robustness not seen elsewhere in the IP
commercialisation space. 
Investment Portfolio
In the last twelve months ANGLE has continued to manage its portfolio of
investment companies effectively. The benefits of this focused approach
are also being seen in both the operational and financial performance
of this division. 
A coherent strategy has been deployed across the portfolio with the
intention of maximising ANGLE’s investment return, whilst controlling the
investment risk and cash requirements of the individual companies.
Where additional capital has been required to continue the
development of high quality IP commercialisation opportunities, this has
been made available. We have also continued to work closely with each
of the underlying investment portfolio companies providing expertise
and management support as required. 
A key feature of ANGLE’s portfolio, and indeed a key differentiator for the
business model, is that ANGLE looks to maintain significant stakes in each
portfolio company. This ensures that ANGLE retains a high level of
influence on the development of each opportunity. This is becoming
increasingly important as our portfolio of companies reaches maturity
and exit strategies are being developed. Many of our companies have
developed well beyond the start up phase, with our average portfolio
company now having been in existence for over four years.
As with the Management services division, ANGLE’s strategy for its
investment portfolio is being reflected in strong financial performance.
During the year, a fair value gain in the portfolio was achieved of £3.9
million (2007: loss £2.0 million) and the fair value of the portfolio on the
Balance Sheet doubled to £7.3 million (30 April 2007 £3.7 million). 
It is important to highlight that this Balance Sheet figure does not include
the fair value of the Company’s controlled investments, which to date
have received direct investment of £3.7 million from ANGLE.
During the year, cash of £0.5 million was realised from mature investments
(2007: £1.1 million).
ANGLE plc Annual Report & Accounts 2008 Page 11 ANGLE has reduced its operating costs, met its
investment objectives and moved to profitability. 
Chief Executive’s
Statement
Continued
Page 12 ANGLE plc Annual Report & Accounts 2008
Portfolio progress highlights 
ANGLE’s investment portfolio now contains ten companies. Whilst
progress continues to be made across the portfolio, the most significant
developments during the year have occurred in three of our “High
Potential Return” investments. 
1 Aguru Images
Rapid capture & recreation of photo-realistic images – 75% holding
The company has completed both its product development and also
the successful first commercial sale to a major film maker in Los Angeles.
The contract utilised Aguru’s proprietary devices to measure faces,
materials and objects for visual effects shots on a major feature film. 
Aguru’s advanced capture technologies reduce the time, cost and
complexity of pre-production, production and post-production rendering
for simulations and interactive computer graphics. Aguru has exclusive
rights to highly innovative technologies developed at the University of
Southern California’s Institute for Creative Technologies and New York
University’s Courant Institute as well as other rights. The company’s target
markets include visual effects in motion pictures, computer and video
games, animation, and design – for improved renderings by interior,
fashion, architectural and industrial designers.
Aguru is building the world’s largest online library of stock shapes and
textures, comparable to photographic image libraries. Aguru is also
generating revenue and brand awareness by offering products and
services that enable the capture, editing and application of real-world
textured surfaces for use in 3D computer-generated imagery.
Aguru’s first target market is the visual effects industry of over 500 films
produced each year, where Aguru’s facial image capture provides a
photo-realistic result currently unattainable by other methods. Thereafter
Aguru intends to expand into the computer games market and then sell
products to over 50,000 architecture, interior design, fashion, industrial,
online catalogue and advertising companies.
The company is supported by a world class Advisory Board comprising
executives from Industrial Light & Magic, Digital Domain, Pixar,
DreamWorks, RFX, Adobe, Autodesk, Electronic Arts, University of Southern
California and New York University. 2 Geomerics
Enhanced computer game graphics – 47% holding
In the last twelve months, this company has seen the successful
development and launch of its “Enlighten” product, which dramatically
improves the lighting effect capabilities for computer games. In addition,
£2.0 million of investment was raised from new investors during the period
under review. A number of major customers are evaluating the product
and significant sales are expected in the current year. 
ANGLE founded Geomerics in 2005 to commercialise technology
developed by the University of Cambridge’s Astrophysics Department.
With the assistance of ANGLE’s proven management capabilities,
Geomerics has developed a unique patent protected technology
platform for the computer games industry. Its first commercial product,
“Enlighten”, delivers dramatically improved lighting effect capabilities 
for computer game programmers. 
Rapid computation of light reflection and refraction in computer
animation is a key factor in the creation of greater realism in computer
games.  The computer gaming market is forecast to grow at an average
11.4% compound annual rate to $46.5 billion by 2010, with strong
demand anticipated from Asia Pacific and EMEA regions. Geomerics is
well positioned to benefit from the growth in this market. 
3 Parsortix
Prenatal diagnostics – 68% holding
Parsortix has achieved a world technology break-through by isolating
foetal cells in maternal blood and this has been independently verified
by a leading independent expert in the field. For the first time this allows
completely non-invasive testing of the unborn baby. 
Pregnant women have a very small number of their baby’s cells
circulating in their blood, thought to be at most one foetal cell in every
500 million maternal cells. Parsortix has developed a patent protected
micro fluidic device which, when 1.5 ml of the mother’s blood is flowed
through the device, can for the first time capture these foetal cells for
analysis. 
Early definitive diagnosis for chromosomal abnormalities associated with
Down’s, Turner, and Klinefelter syndromes, as well as other disorders due
to genetic abnormalities such as spina bifida, can help physicians better
care for both the mother and the foetus during pregnancy. It also gives
families earlier information with respect to the health of the unborn child
and is increasingly important as the mother’s average age increases.
At present, diagnosis is only possible through invasive procedures such as
amniocentesis and chorionic villus sampling (CVS). These carry a risk to
both the baby and the mother and as a result are limited only to high risk
pregnancies. Parsortix’s new device allows completely non-invasive
testing of the unborn baby removing the risk and allowing diagnosis to
be extended as a matter of course to all babies not just those known to
be at high risk. The physical separation process used is simple and cost-
effective. It requires no pre-treatment of the sample and no reagents.
Commercially, Parsortix’s unique patented separation technique will
reduce overall medical costs. In the high risk category, there are currently
375,000 tests per annum in the US market alone. With a non-invasive test,
the market is likely to expand to cover lower risk patients with a
theoretical maximum in the US market alone of 2.6 million tests per
annum. Parsortix has the potential to secure a dominant position in this
separation market. The current cost of the amniocentesis procedure in
the US is around $1,200. The Parsortix technique is expected to reduce
this cost by at least 60%. 
A number of multinationals have already expressed interest in Parsortix
and ANGLE is now focused on completing development of the product
and securing regulatory approval. 
Outlook
ANGLE has reduced its operating costs, met its investment objectives 
and moved to profitability.
ANGLE is now structured so that cash generated by the Management
services business, which is already secured through existing long term
management contracts, is expected to more than cover all the
operating costs of the business over the next 12 months. Investment will
continue at a reduced level during the first half. Cash balances are
expected to decline in the first half but to recover in the second half.
ANGLE has built a strong position in the field of IP commercialisation, not
only in the UK, but also Internationally. The Board looks forward to
continuing to leverage the significant opportunities that are present
throughout the business to generate substantial cash returns for
shareholders.
Andrew Newland
Chief Executive
9 July 2008
ANGLE plc Annual Report & Accounts 2008 Page 13 Financial Review
A year of progress
Page 14 ANGLE plc Annual Report & Accounts 2008
The investment portfolio continues to develop and mature with progress
being made to create future growth in capital value for shareholders. 
The Management services business has continued to develop strongly
and we are now seeing this business deliver profits in line with our
expectations. There is a strong sold order book that provides a platform
to develop this activity further, cover other operating costs and to help
realise value from our investments.
The financial results for the year reflect value being created in the
maturing portfolio and the planned reduction in Ventures operating 
costs while we focus on the existing portfolio rather than investing in new
companies. ANGLE’s control through significant equity stakes means
controlled investments’ losses are consolidated into our results, however,
on becoming non-controlled (typically through the issue of new equity 
on fund raising resulting in a deemed disposal) their fair value is
recognised on the Balance Sheet. These are medium term investments
that can take several years to mature, however, measurable progress is
now being seen from the portfolio. In particular, Geomerics announced 
a £2.0 million funding, launched its “Enlighten” product and is expecting
sales soon, Aguru has completed product development and secured
initial sales, and Parsortix has announced a world technology 
break-through.  Turnover (Note 2)
Turnover for the year increased by 15% to £3.9 million (2007: £3.4 million).
Management services revenues account for the majority of this and
have grown by 14% year-on-year; the long term nature of the contracts
provides the Group with a high degree of visibility of revenues, profits and
cash. The Management services order book, including the London
Development Agency Knowledge Connect contract extension,
amounted to £8.2 million (2007: £5.1 million) with revenues relating to the
current year forecast in excess of £4.5 million. The Qatar Science and
Technology Park contract completes in March 2009; the Group is actively
developing new business opportunities to replace this and has a number
of good pipeline opportunities already identified. The Group continues to
supply services to the portfolio companies but to the extent that these
are controlled investments, applicable revenues are removed from
turnover on consolidation.
Change in fair value (Note 11)
The overall fair value gain for the year was £3.9 million (2007: loss £2.0
million), with the fair value gain from Geomerics being the most
significant part of the overall profit.
Operating costs (Note 3)
Staff costs are the Group’s most significant individual cost item, however,
reflecting the restructuring of the business and a change in status of
some controlled investments, costs were reduced by 28% to £3.9 million
(2007: £5.5 million), excluding share based payments.
Other operating costs have also reduced by 40%. The Group remains
committed to maintaining as low and flexible a cost base as possible.
Results for controlled investments are consolidated into the Group
accounts and, in contrast to the treatment of non-controlled investments,
no value is shown on the Balance Sheet. This is described further in the
“Investment portfolio” section. 
A restructuring credit of £0.1 million occurred in the year from the release
of an unutilised provision as a result of improved business performance
requiring a lower level of restructuring charge. The 2007 restructuring
charge of £0.5 million related to the reduction of operating costs and
staffing to focus on the development of the existing portfolio and on the
profitable Management services business.
Retained profit for the year
The Group has generated a profit before controlled investments and tax
of £3.4 million (2007: loss £6.1 million) in line with market expectations. 
The Group has produced a profit after tax of £1.2 million (2007: loss £9.1
million) resulting in a basic and fully diluted profit per share of 4.52p (2007:
loss 34.02p).
ANGLE plc Annual Report & Accounts 2008 Page 15
Investment portfolio (Note 11)
The year to 30 April 2008 was one of significant investment and progress
in the investment portfolio. ANGLE’s investment portfolio at 30 April 2008
comprised shares in one listed company (2007: one) and eight unlisted
companies (2007: seven) together with one earn-out (2007: one).
Controlled investments are consolidated into the results of the Group
and none of their value is reflected in the Balance Sheet. As planned,
there has been significant expenditure of £2.3 million (2007: £3.1 million)
to develop the controlled investments to the point where they can meet
value enhancing milestones and are in a position to move to the next
stage of development, typically with third party funding. Such funding
generally means the investment becomes non-controlled, which
generates a fair value gain and it is no longer consolidated into the
Group’s results.
The fair value of the portfolio, comprising non-controlled investments and
an earn-out, has doubled to £7.3 million (2007: £3.7 million). Non-
controlled investments are held on the Balance Sheet at fair value of £5.4
million (2007: £1.8 million). Acolyte Biomedica was sold to 3M Corporation
in the prior year; there is a potential £4.7 million earn-out in respect of
which a fair value of £1.9 million is held on ANGLE’s Balance Sheet under
“Other receivables” (2007: £1.9 million).
The Provexis plc share price recovered in the first half of the year and
ANGLE took the opportunity to realise some £0.5 million in cash, doubling
the return in less than a year from the support it provided in Provexis’ last
funding round. However, the share price had declined by the year end
resulting in a fair value loss of £0.2 million on our remaining stake.
Cash
The Group ended the year with a cash balance of £1.0 million (2007: £2.6
million), which was materially unchanged from the half year (£1.1 million),
reflecting the fact that ANGLE was cash generative at the operating
level, before expenditure on investments. The long term nature of
ANGLE’s management contracts provides the Group with a high level of
visibility of future cash generation. Cash balances are expected to
decline in the first half as ANGLE continues to invest in its portfolio and
then to recover in the second half.
There were cash realisations in the year of £0.5 million (2007: £1.1 million)
which were reinvested into the portfolio. The maturing portfolio is
becoming more independent from ANGLE and has secured third party
funding and / or is generating sales resulting in a reduced demand on
ANGLE’s cash; the level of ongoing expenditure on controlled
investments is now substantially reduced. The tightening credit market
may produce pressures on valuation for future funding and portfolio
companies are focusing on sales generation, where appropriate, 
to ensure they remain in as strong a position as possible.
The Group is carefully executing its business plan so that business
activities are in line with the available cash resources and cash will
continue to be carefully managed.
Ian Griffiths
Finance Director
9 July 2008
Turnaround strategy has moved business back into profitability. 
The Platform has been established for ongoing sustainability and
realisation of value. Managing growth
Successful commercialisation of intellectual property requires a range
of skills and experience. ANGLE deploys its own Progeny
®
process to
manage risk and maximise return.
Page 16 ANGLE plc Annual Report & Accounts 2008 ANGLE PLC 
Board of Directors
Garth R Selvey
Chairman
Garth Selvey has a BSc in Physics and
Electronics Engineering from the University
of Manchester and has spent thirty six 
years in the computer industry with
technical, product, sales and marketing
roles. He became Managing Director of TIS
Applications Ltd in 1984 and a main board
director of TIS Ltd prior to its acquisition 
by Misys in 1989. He organised the
management buyout of the social housing
division of Misys and became Group Chief
Executive of Comino Group plc when it
floated on AIM in 1997. Comino moved to 
a full listing in 1999 where he remained until
its successful public sale to Civica plc in
February 2006. Garth joined ANGLE as a
non-executive Director in September 2006.
Andrew D W Newland
Chief Executive
Andrew Newland founded ANGLE in 1994
and is Chief Executive. He has an MA in
Engineering Science from the University of
Cambridge, and is a qualified Chartered
Accountant. After working with the
engineering conglomerate, TI plc, he
worked for KPMG from 1982 to1994; from
1985 to 1987 he was based in the US as a
manager providing corporate finance and
business advice to high technology firms 
in the area around Route 128, Boston,
Massachusetts. From 1987 to 1994 he
worked for KPMG in the UK with responsibility
for establishing KPMG’s UK and European
High Technology Practices and High
Technology Consulting Group. Andrew 
has founded and led eleven technology
companies in partnership with world class
research organisations, both in the UK and
the US. 
Ian F Griffiths
Finance Director
Ian Griffiths has a BSc in Mathematics 
with Management Applications from 
Brunel University and is qualified as a
Chartered Accountant. For seven years he
worked for KPMG, initially in accountancy
(1986 to 1990), then in management
consulting (1990 to 1993) within KPMG's High
Technology Practice and High Technology
Consulting Group where he specialised in
financial modelling, business planning,
corporate finance, market development
and strategy work. After a career break, 
Ian joined ANGLE in 1995. As well as leading
the finance function at ANGLE, he has been
closely involved with the development 
and delivery of the UK, US and Middle East
Management services businesses and in
developing new Ventures and supporting
Progeny® Companies.
David W Quysner CBE
Non-executive Director
David Quysner has an MA from the
University of Cambridge. He began his
career at ICFC (now known as 3i) in 1969. 
In 1982, he joined Abingworth Management
Limited, a venture capital fund
management company, and became its
Managing Director in 1994 and its Chairman
in 2001. David was Chairman of the British
Venture Capital Association in 1996 / 97. 
He is currently the Chairman of RCM
Technology Trust plc and Capital for
Enterprise Limited and a Director of
Foresight VCT2 plc, Medical Research
Council Technology and Private Equity 
in 2004.
From left to right
Standing
David Quysner
Ian Griffiths
Seated
Garth Selvey
Andrew Newland
Page 17 Directors’ Report
For the year ended 30 April 2008
Page 18 ANGLE plc Annual Report & Accounts 2008
The Directors present their Annual Report and Financial Statements for the year ended 30 April 2008 for ANGLE plc (the “Company”) and its subsidiaries
(the “Group”). The Annual Report includes two voluntarily prepared statements; the Corporate Governance Report and the Remuneration Report.
The Directors who held office as at the date of approval of this Directors’ Report confirm that, so far as they are each aware, there is no relevant audit
information of which the Company’s auditors are unaware, and each Director has taken all the steps that they ought to have taken as a Director to
make themselves aware of any relevant audit information and to establish that the Company’s auditors are aware of that information.
Principal activities 
The principal activity of the Company is that of a holding company. ANGLE Group is an international ventures and management services business
focusing on the commercialisation of technology and the development of technology-based industry. ANGLE creates, develops and advises
technology businesses on its own behalf and for its clients.
Review of the business and future developments
The Chairman’s Statement, Chief Executive’s Statement, Financial Review and Investment Portfolio and Management services review (on pages 2 to
15) report on the Group’s performance during the past financial year and its prospects.
The information that fulfils the requirements of the Business Review can be found in the Chief Executive’s Statement and Financial Review on pages
10 to 15. These are incorporated into this report by reference.
Results and dividends
The Consolidated Income Statement for the year is set out on page 26. 
The Group made a profit for the year of £1,209,916 (2007: loss £9,107,683), which has been transferred to reserves.
The Directors do not recommend the payment of a dividend for the year (2007: £nil). The Board periodically reviews the Company’s dividend policy
in the context of its financial condition and in the light of any realisations on disposal of equity stakes.
Research and development
Expenditure on research and development incurred by controlled investments that have been consolidated into the Group results as subsidiaries
under the acquisition method of accounting amounted to £357,392 in the year (2007: £748,007). All other investments have continued to undertake
substantial research and development activities during the year.
Property, Plant and Equipment
The changes in property, plant and equipment during the year are explained in Note 12 to the Financial Statements.
Directors and their interests
The following Directors have held office since 1 May 2007:
H Fullerton (Retired 20 September 2007)
I F Griffiths
A D W Newland
D W Quysner
G R Selvey
The Directors’ interests, including beneficial interests, in the ordinary shares and share options of the Company are shown in the Remuneration Report
on pages 23 to 24.
Significant shareholdings
In addition to the Directors’ interests shown on pages 23 to 24, the following shareholders had interests in 3% or more of the Company’s ordinary share
capital at 2 July 2008:
Holding
Name Number of shares %
RAB Capital plc 3,691,707 13.61
Fidelity Investment Managers 2,658,227 9.80
AXA Framlington Investment Management 1,429,325 5.27
Aidan Waine Esq 1,303,207 4.80
Tchenguiz Family Trust 1,067,125 3.93
Metage Capital Limited 976,424 3.60
Trinity Hall 900,000 3.32
Aerion Fund Management 833,357 3.07 Risk management
Details of the Group’s financial risk management objectives and policies are disclosed in Note 15 to these Financial Statements, along with further
information on the Group’s use of financial instruments.
Supplier payment policy
It is Group policy to communicate clearly and agree the terms of payment at the start of business with suppliers and to pay in accordance with the
agreed terms of the contract and other legal obligations. Where no contract terms are specified, then assuming suppliers have met their obligations,
the policy is to pay within 30 days of receipt of a correct invoice. The Group supports and endeavours to follow the Better Payment Practice Group
guidelines. The Group had 44 days’ purchases outstanding for payment at 30 April 2008 (2007: 25 days), based on the average daily amount invoiced
by suppliers during the year. The Company had no trade creditors at 30 April 2008 (2007: £nil).
Charitable and political donations
The Group made no charitable donations during the year (2007: £nil). The Group made no political donations during the year (2007: £nil).
Directors’ responsibilities
The Directors are responsible for preparing the Annual Report and the Financial Statements in accordance with applicable law and International
Financial Reporting Standards (IFRS) for the Group and UK Generally Accepted Accounting Principles (GAAP) for the Company. Company law
requires the Directors to prepare Financial Statements for each financial year which give a true and fair view of the state of affairs of the Company
and of the Group and of the profit or loss of the Group for that period. In preparing those Financial Statements, the Directors are required to:
�
select suitable accounting policies and then apply them consistently;
�
make judgements and estimates that are reasonable and prudent;
�
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the Financial
Statements; and
�
prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position 
of the Company and the Group and to enable them to ensure that the Financial Statements comply with the Companies Act 1985. They are also
responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection 
of fraud and other irregularities. The Directors are also responsible for preparing the Directors’ Report and other information in the Annual Report in
accordance with company law in the UK.
The Directors are responsible for the maintenance and integrity of the Group’s website. Information published on the website is accessible over the
internet in many countries. The Group’s website is based on meeting the legal requirements for the UK and not to meet the different legal
requirements relating to the preparation and dissemination of financial information in other countries. 
Going concern
The Directors have reviewed the projections for the forthcoming 12 month period from the date of signing of these Financial Statements and based
on the level of existing cash, projected income and expenditure, the Directors are satisfied that the Company and Group have adequate resources
to continue in business for the foreseeable future. Accordingly the going concern basis has been used in preparing the Financial Statements.
Auditors
In accordance with Section 385 of the Companies Act 1985, a resolution proposing that Baker Tilly UK Audit LLP be reappointed as auditors of the
Company will be put to the Annual General Meeting.
Annual General Meeting
The Annual General Meeting of the Company will be held at 2:00 pm on 11 September 2008 at ANGLE’s offices, 20 Nugent Road, The Surrey Research
Park, Guildford, GU2 7AF . The notice of meeting is enclosed with this report.
By order of the Board
A D W Newland
9 July 2008
ANGLE plc Annual Report & Accounts 2008 Page 19 Corporate Governance Report
Page 20 ANGLE plc Annual Report & Accounts 2008
Compliance with the Combined Code
The Company’s shares were admitted to trading on the Alternative Investment Market (AIM) of the London Stock Exchange on 17 March 2004. 
AIM listed companies are not required to comply with the disclosures of the Combined Code (2006) of Corporate Governance. However, the Board
supports the principles contained in the Combined Code and is committed to maintaining high standards of Corporate Governance. In respect 
of the year ended 30 April 2008 the Board has sought to comply with the provisions of the Combined Code in so far as it considers them to be
appropriate to a company of this size, nature and structure, and has explained any areas of non-compliance with those provisions. 
Below is a brief description of the Board, its role and its committees followed by details of the Group’s systems of internal control.
Board of Directors
The Board of Directors has overall responsibility for the proper management of the Group. Its aim is to provide leadership and control in order to
ensure the growth and development of a successful business, while representing the interests of the Company’s shareholders.
The Board currently comprises the Chairman, one Non-executive and two Executive Directors and is responsible to shareholders for the governance
of ANGLE plc and for the effective operation and management of the Group. Different Directors hold the roles of Chairman and Chief Executive and
there is a clear division of responsibilities between them. The Chairman is responsible for overseeing the running of the Board, ensuring that no
individual or group dominates the Board’s decision making and ensuring that the Non-executive Directors are properly briefed on matters. The Chief
Executive has responsibility for implementing the strategy of the Board and managing the day-to-day business activities of the Group through his
management of the Executive Directors and senior managers. Individual directors possess a wide variety of skills and experience and biographical
details of the directors are set out on page 17.
The Non-executive Director is considered by the Board to be independent of management and free of any relationship which could materially
interfere with the exercise of his independent judgement. The Board considers that the Non-executive Director is of sufficient calibre to bring the
strength of independence to the Board. The Board has not nominated a Senior Independent Director, as recommended in the Combined Code, as
there is currently only one Non-executive director and in any case it believes issues can be raised through the normal channels of the Chairman,
Chief Executive and Finance Director and where necessary the Non-executive director can be approached directly.
Management supply the Board with appropriate and timely information. All Directors are able to take training and/or independent professional
advice in the furtherance of their duties if necessary. All Directors also have access, at the Company’s expense, to experienced legal advice through
the Company’s legal advisors and other independent professional advisors as required.
The Board has at least eight meetings per year with additional special meetings as required. As well as regularly reviewing trading performance and
significant risks, the Board has a schedule of matters specifically reserved to it for decision, including the review and approval of:
�
Group policy and long term plans and strategy for the profitable development of the business;
�
interim and annual Financial Statements;
�
major investments and divestments;
�
other significant financing matters such as acquisitions and capital item purchases;
�
annual budgets and amendments; and
�
senior executive remuneration and appointments.
In addition certain other responsibilities have been delegated to the Committees of the Board, each of which has clearly defined terms of reference
(available from the Company Secretary).
Board effectiveness and evaluation
The Company supports the concept of an effective Board leading and controlling the Company. The Board therefore undertakes a periodic
evaluation of its performance, its Directors and its Committees, the most recent of which was undertaken in 2007. The review, led by the Chairman,
involves each Board member providing:
�
an evaluation of performance of the Board as a whole against a series of criteria, the summary of which is used as the basis for a collective
discussion;
�
an evaluation of the effectiveness of individual members of the Board, the summary of which is used as the basis for individual discussion between
the Chairman and the Director concerned; and
�
an evaluation of the effectiveness of the Chairman, the summary of which is used as the basis for individual discussion between the head of the
Audit Committee and the Chairman.
The results of the evaluations have led to a number of specific actions to improve certain areas.
Service contracts and letters of appointment
The two Executive Directors Andrew Newland and Ian Griffiths have service contracts with the Company dated 9 March 2004 and effective from 
17 March 2004. The contracts are not set for a specific term, but include a rolling 12-month notice period by the Company or the individual.
The Chairman Garth Selvey has a letter of appointment dated and effective from 7 September 2006. The Non-executive Director David Quysner has
a letter of appointment dated 9 March 2004 and effective from 17 March 2004. These letters are issued in place of service contracts. These
appointments are not set for a specific term and are terminable at will without notice by either party. Election
Under the Company’s Articles of Association, newly appointed Directors are required to resign and seek re-election at the first Annual General
Meeting following their appointment, and all Directors are required to seek re-election at intervals of no more than three years. All Directors were re-
elected by the shareholders at the Annual General Meeting held on 20 September 2007. Accordingly no Directors are seeking re-election this year.
Committees of the Board
The Board maintains Nominations, Audit and Remuneration Committees. All committees operate with written terms of reference. Their minutes are
circulated for review and consideration by the full Board of Directors, supplemented by oral reports on matters of particular significance from the
Committee Chairmen at Board Meetings.
The revised Combined Code recommends there are two Non-executive Directors on the Audit and Remuneration committees. In September 2007
Garth Selvey was appointed as Chairman and has remained on the Audit and Remuneration Committees as the Board believed it was inappropriate
to only have one Member on the Audit and Remuneration Committees. Although this is non-compliant with the Combined Code, as the Chairman is
not considered independent under the provisions of the Code, the Board believed it offered an appropriate solution in both avoiding only having one
Member of the Committees and in reflecting the requirements of the Company.
The following committees assist the full Board in the exercise of its responsibilities by dealing with specific aspects of the Group’s affairs:
Audit Committee
The members of the Committee are the Non-executive Director David Quysner (Chairman of the Audit Committee) and Chairman Garth Selvey, and
it meets at least three times a year to review the interim and annual accounts before they are submitted to the Board. The external auditors, Finance
Director and Chief Executive may attend by invitation. Provision is made to meet with the auditor’s at least once a year without any Executive
Director present.
The Committee has adopted formal terms of reference and considers financial reporting, corporate governance and internal controls. Its review of
financial reporting includes discussion of major accounting issues, policies and compliance with generally accepted accounting standards, review of
key management judgements and estimates, review of our risk assessment and risk management activities and going concern assumptions. It also
reviews the scope and results of the external audit and the independence and objectivity of the auditors and makes recommendations to the Board
on issues surrounding their remuneration, appointment, resignation or removal. The Audit Committee is also responsible for monitoring the provision of
non-audit services provided by the Group’s auditors and assesses the likely impact on the auditor’s independence and objectivity before awarding
them any material contract for additional services.
Remuneration Committee
The members of the Committee are the Chairman Garth Selvey (Chairman of the Remuneration Committee) and the Non-executive Director 
David Quysner, and it meets at least twice a year. None of them has any personal financial interest in the matters to be decided (other than as
shareholders), potential conflicts of interest arising from cross-directorships nor any day-to-day involvement in running the business. The Chief
Executive and Finance Director may attend by invitation but are not present when matters affecting their own remuneration arrangements are
considered.
The Committee has adopted formal terms of reference and the Committee reviews and sets the remuneration and terms and conditions of
employment of the Executive Directors and senior management. It also agrees a policy for the salaries of all staff and has been responsible for the
development of the Company’s remuneration scheme. The decisions of the Committee are formally ratified by the Board. 
Details of Directors’ remuneration and service contracts together with Directors’ interests are shown in the Remuneration Report on pages 23 to 24.
Nominations Committee
The members of the Committee are the Chairman Garth Selvey (Chairman of the Nominations Committee) and the Non-executive Director David
Quysner, and it meets at least twice a year. The Chief Executive and Finance Director may attend by invitation. 
The Committee has adopted formal terms of reference and is responsible for reviewing the structure, size and composition of the Board and for
recommending to the Board suitable candidates for both executive and non-executive Board appointments.
Directors’ attendance
Directors’ attendance at Board and Committee meetings during the year ended 30 April 2008 is set out below.
Hance 
Fullerton David Garth Andrew Ian
(Retired) Quysner Selvey Newland Griffiths
Board 5/5 13/13 13/13 13/13 11/13
Audit 2/2 3/3 3/3 N/A N/A
Remuneration 3/3 5/5 5/5 N/A N/A
Nominations 1/1 2/2 2/2 N/A N/A
Scoring represents individual Directors’ attendance for those meetings when they were members of the Board or Committee.
ANGLE plc Annual Report & Accounts 2008 Page 21 Corporate Governance Report
Continued
Page 22 ANGLE plc Annual Report & Accounts 2008
Internal controls
Internal control systems are designed to meet the particular needs of the Group and the risks to which it is exposed, and by their nature can only
provide reasonable but not absolute assurance against material misstatement or loss. The system of internal control is designed to manage the risk 
of failure to achieve business objectives, rather than to eliminate it. 
An internal audit function is not considered necessary or practical due to the size of the Group and the close day to day control exercised by the
Executive Directors and senior management. The Board will continue to monitor the requirement to have an internal audit function.
The key procedures that the Directors have established with a view to providing an effective system of internal control are as follows:
Management structure
The Board has overall responsibility for the Group and focuses on the overall Group strategy and the interests of shareholders. There is a schedule of
matters specifically reserved for decision by the Board. The Board has an organisational structure with clearly-defined responsibilities and lines of
accountability and each Executive Director has been given responsibility for specific aspects of the Group’s affairs.
Quality and integrity of personnel
The integrity and competence of personnel are ensured through high recruitment standards and subsequent training courses. High quality personnel
are seen as an essential part of the control environment.
Identification of business risks
The Board is responsible for identifying the major business risks faced by the Group and for determining the appropriate course of action to manage
those risks. The Audit Committee also considers and determines relevant action in respect of any control issues raised by the auditors.
Budgets and reporting
Each year the Board approves the annual budget which includes an assessment of key risk areas. Performance is monitored and relevant action
taken throughout the year through regular reporting to the Board of variances from the budget and preparation of updated forecasts for the year
together with information on the key risk areas. Underpinning these budgets is a system of internal financial control, based on authorisation
procedures and tiers of authority.
Investment and divestment appraisal
All material investment and divestment decisions require appraisal, review and Board approval.
During the year the Board reviewed the effectiveness of the Group’s systems of internal controls and has a process for the continuous identification,
evaluation and management of the significant risks the Group faces. Assessment considers the external environment, the industry in which the Group
operates, the internal environment and non-financial risks such as operational and legal risks. The risks identified are ranked based on significance
and likelihood of occurrence. The Board reviews the controls in place to mitigate those risks and improvements are made where required. A number
of improvements have been made in the year and others have been identified and are being progressed. Day-to-day responsibility for effective
internal control and risk monitoring rests with senior management.
Shareholder relations
The Company seeks to maintain and enhance good relations with its shareholders and analysts. The Company’s and Group’s Interim and Annual
Reports are supplemented by regular published updates to investors on commercial progress. All investors have access to up-to-date information 
on the Group via its website, www.ANGLEplc.com, which also provides contact details for investor relations queries, details on the Company’s share
price, share price graphs and share trading activity. The Company also distributes Group announcements electronically. Shareholders and other
interested parties wishing to receive announcements via email are invited to sign up to the “Email alerts” facility on the Company’s website.
The Directors seek to build on a mutual understanding of objectives between the Company and its shareholders, especially considering the specialist
and medium term nature of the business. Institutional shareholders, private client brokers and analysts are in contact with the Directors through a
regular programme of briefing presentations and meetings to discuss issues and give feedback, primarily following the announcement of the interim
and preliminary results, but throughout the year as required. The Board also receives formal feedback through the Company’s stockbroker and
financial PR firms.
All shareholders are invited to make use of the Company’s Annual General Meeting (AGM) to raise any questions regarding the strategy,
management and operations of the Group. The Chairmen of the Nominations, Audit and Remuneration Committees are available to answer any
questions from shareholders at the AGM. Remuneration Report
ANGLE plc Annual Report & Accounts 2008 Page 23
The Company is not required by either the AIM Listing Rules or the Companies Act to produce a remuneration report, but has done so because of its
commitment to maintaining high standards of Corporate Governance. The Company’s remuneration policy is the responsibility of the Remuneration
Committee.
Remuneration policy
The Company’s policy on remuneration is to attract, retain and incentivise the Directors and staff in a manner consistent with the goals of good
corporate governance. In setting the Company’s remuneration policy, the Remuneration Committee considers a number of factors including the
basic salary, incentives and benefits available to Executive Directors, senior managers and staff of comparable companies. Consistent with this policy
the Company’s remuneration packages awarded to Executive Directors and senior management are intended to be competitive, comprise a
significant proportion of performance related remuneration and align employees with shareholders’ interests. 
Basic salary and benefits
Salary levels are reviewed annually. The Committee believes that basic pay should be competitive in the relevant employment market and reflect
individual responsibilities and performance. Medical health insurance and life cover benefits are also provided to employees and in addition US
employees have dental insurance and a defined contribution pension scheme. 
Deferred Annual Bonus Plan
The aim of the Deferred Annual Bonus Plan is to incentivise employees to achieve stretching annual performance targets and to align short term
performance with long term shareholder interests by encouraging employees to defer bonuses into ANGLE plc shares.
Bonus targets under the plan are linked to Group and/or Business Unit profitability, operational performance and individual performance. The
Remuneration Committee establishes the targets which must be achieved by Directors in order to receive a payment and these are reviewed
annually. 
Directors and other senior management are required to compulsorily defer 50% of any earned bonus into ANGLE plc shares for a further three years
subject to continued employment over the period. Additionally individuals have the opportunity to voluntarily defer any of their remaining bonuses
into shares, and receive one free matching share for each voluntarily deferred share at the end of the three year period. 
All employees in the Group (excluding controlled investments) are eligible to participate to some extent in the plan though the bonus potential and
performance targets reflect the seniority and responsibility of the individual. 
Venture Incentive Plan 
Executive Directors, regional chief executives and venture team staff are eligible to participate in the Venture Incentive Plan. The aim of the plan is to
provide a long term incentive linked to the realised cash gains from the Ventures business and is therefore closely aligned with the interests of
shareholders.
The level of cash bonus received by participants is a function of the cash profits realised from the Ventures business and the number of participation
points an individual has earned. The cash profits are determined after recovering all ventures costs and achieving a hurdle rate.
Share options
The Company does not normally intend to grant share options to employees participating in the Deferred Annual Bonus and Venture Incentive Plan.
However, the Remuneration Committee has discretion to grant share options in special circumstances. 
None of the awards under the Deferred Annual Bonus Plan, Venture Incentive Plan or Share Option arrangements are pensionable.
Non-executive Directors receive a fixed fee for their services and the reimbursement of reasonable expenses incurred in attending meetings. The
remuneration of the Non-executive Directors is determined by the Board as a whole within the overall limits stipulated in the Articles of Association.
Non-executive Directors are not eligible to participate in any of the Company’s incentive schemes.
Directors’ interests – shares
The Directors’ interests, including beneficial interests, in the ordinary shares of the Company were as stated below:
Ordinary shares of 10p each 30 April 2008 1 May 2007
I F Griffiths 529,546 529,546
A D W Newland 6,854,686 6,854,686
D W Quysner 20,000 20,000
G R Selvey 20,000 20,000
Hance Fullerton held 81,525 shares at 1 May 2007. He retired as a Director during the year. Directors’ emoluments
The aggregate remuneration received by Directors who served during the year was as follows:
Year ended 30 April 2008 2008 2008 2008 2008 2007
Salary/Fees Benefits
(4)
Bonus
(5)
Pension Total Total
£’000 £’000 £’000 £’000 £’000 £’000
Chairman
H Fullerton
(1)
15 ––– 15 35
G R Selvey
(2)
25 ––– 25 16
Executive
I F Griffiths
(5)
111 1 – – 112 125
A D W Newland
(3)(5)
7 1 – 188 196 278
Non-executive
D W Quysner 25 – – – 25 25
Total 183 2 – 188 373 479
(1) Covers the period to retirement on 30 September 2007.
(2) Covers the full year, however, was a Non-executive Director until 30 September 2007 at which point he became Chairman. The 2007 total covers
the period from appointment on 7 September 2006.
(3) A D W Newland sacrificed salary during the year, as he had in 2007. The Company elected to make contributions to a personal pension.
(4) Benefits include amounts in respect of private medical insurance and permanent health insurance.
(5) No bonuses were awarded to Executive Directors in 2008. In 2007 the Executive Directors waived their entitlement to a bonus.
Directors’ interests – share options
The Directors’ interests in the ordinary share options of the Company were as stated below:
At At Earliest
Date of 1 May 30 April Exercise exercise Expiry
Name grant 2007 Granted Lapsed Cancelled Exercised 2008 price (£) date date
I F Griffiths 16/02/2001 60,000 (60,000) – 2.50 16/02/2004 15/02/2008
27/09/2002 60,000 60,000 1.00 27/09/2005 26/09/2009
18/07/2003 60,000 60,000 1.00 18/07/2006 17/07/2010
17/03/2004 40,000 40,000 1.44 17/03/2007 16/03/2011
29/07/2005 47,619 47,619 1.26 29/07/2008 28/07/2012
27/04/2006 100,000 100,000 0.835 27/04/2009 26/04/2013
21/03/2007 100,000 100,000 0.640 21/03/2010 20/03/2014
467,619 – (60,000) – – 407,619
A D W Newland 16/02/2001 60,000 (60,000) – 2.50 16/02/2004 15/02/2008
17/03/2004 40,000 40,000 1.44 17/03/2007 16/03/2011
29/07/2005 47,619 47,619 1.26 29/07/2008 28/07/2012
30/03/2006 601,056 601,056 0.79 30/03/2009 29/03/2013
748,675 – (60,000) – – 688,675
No options were granted to or exercised or cancelled by the Directors during the year. Options issued on the 16 February 2001 lapsed during the year.
Note 21 provides additional information on share options.
Shareholder return
The market price of the Company’s shares on 30 April 2008 was 36.5p and the range of market price during the period from 1 May 2007 until 
30 April 2008 was between 26.5p (low) and 49p (high).
By order of the Board
Garth Selvey
Remuneration Committee Chairman
9 July 2008
Page 24 ANGLE plc Annual Report & Accounts 2008
Remuneration Report
Continued Independent Auditor’s Report
To the shareholders of ANGLE plc
ANGLE plc Annual Report & Accounts 2008 Page 25
We have audited the Group and parent company Financial Statements on pages 26 to 52.
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 Group Financial Statements in accordance with applicable law and
International Financial Reporting Standards (IFRS) as adopted by the European Union (EU), and for preparing the parent company Financial
Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting
Practice) 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 International Standards on
Auditing (UK and Ireland).
We report to you our opinion as to whether the Financial Statements give a true and fair view and whether the 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 Directors’
Report is consistent with the 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 other information contained in the Annual Report and consider whether it is consistent with the audited Financial Statements. The other
information comprises only the Directors’ Report, Chairman’s Statement, Chief Executive’s Statement, Financial Review, Investment Portfolio and
Management services review, Directors’ Report, Corporate Governance Report and Remuneration Report. We consider the implications for our report
if we become aware of any apparent misstatements or material inconsistencies with the Financial Statements. Our responsibilities do not extend to
any other information.
Basis of opinion
We conducted our audit in accordance with 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 Group’s and 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 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 parent Company Financial Statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice,
of the state of the parent Company’s affairs as at 30 April 2008;
�
the Financial Statements have been properly prepared in accordance with the Companies Act 1985; and
�
the information given in the Directors’ Report is consistent with the Financial Statements.
Baker Tilly UK Audit LLP
Chartered Accountants and Registered Auditors
Guildford
9 July 2008 2008 2007
Note £ £
Turnover 2 3,873,477 3,377,354
Change in fair value 11 3,911,031 (2,036,814)
Operating costs 3
Management services (2,732,866) (3,769,204)
Ventures (1,579,409) (2,994,989)
Controlled investments (2,254,897) (3,126,480)
Share based payments 21 (258,751) (414,741)
Restructuring charges 7 130,359 (540,814)
(6,695,564) (10,846,228)
Operating profit / (loss) 1,088,944 (9,505,688)
Finance income 49,524 202,315
Finance costs (17,751) (5,494)
Net finance income 8 31,773 196,821
Profit / (loss) before tax 1,120,717 (9,308,867)
Profit / (loss) before controlled investments and tax 3,416,059 (6,120,766)
Controlled investments (2,295,342) (3,188,101)
Tax 9 89,199 201,184
Profit / (loss) for the year 1,209,916 (9,107,683)
Earnings / (loss) per share 10
Basic and Diluted (pence per share) 4.52 (34.02)
All attributable to equity shareholders of the parent
Page 26 ANGLE plc Annual Report & Accounts 2008
Consolidated Income Statement
For the year ended 30 April 2008 Consolidated Balance Sheet
As at 30 April 2008
ANGLE plc Annual Report & Accounts 2008 Page 27
2008 2007
Note £ £
ASSETS
Non-current assets
Non-controlled investments 11 4,373,504 –
Other receivables 11,16 1,902,724 1,902,724
Property, plant and equipment 12 71,723 122,863
Intangible assets 13 191,529 389,159
Total non-current assets 6,539,480 2,414,746
Current assets
Non-controlled investments 11 1,042,331 1,812,197
Trade and other receivables 17 628,025 964,293
Cash and cash equivalents 970,197 2,551,168
Total current assets 2,640,553 5,327,658
Total assets 9,180,033 7,742,404
EQUITY AND LIABILITIES
Equity
Issued capital 20 2,713,293 2,713,293
Share premium account 13,701,935 13,701,935
Share based payments reserve 1,522,429 1,713,289
Other reserves 2,553,356 2,553,356
Translation reserve (297,311) (193,813)
Retained earnings (12,617,357) (14,420,638)
ESOT shares (355,453) (370,000)
Total equity 7,220,892 5,697,422
Liabilities
Non-current liabilities
Obligations under finance leases 19 – 4,560
Controlled investments – convertible loans 125,976 –
Total non-current liabilities 125,976 4,560
Current liabilities
Trade and other payables 18 1,828,605 2,022,180
Obligations under finance leases 19 4,560 18,242
Total current liabilities 1,833,165 2,040,422
Total liabilities 1,959,141 2,044,982
Total equity and liabilities 9,180,033 7,742,404
The Financial Statements were approved by the Board and authorised for issue on 9 July 2008 and signed on its behalf by:
G R Selvey A D W Newland
Director Director 2008 2007
£ £
Operating activities
Operating profit / (loss) 1,088,944 (9,505,688)
Depreciation of property, plant and equipment 49,518 63,964
Amortisation of intangible assets 92,574 4,164
Exchange differences (6,551) (121,562)
(Increase) / decrease in trade and other receivables 132,696 283,908
Increase / (decrease) in trade and other payables (84,708) 454,887
Income tax received 118,882 142,506
Change in fair value of non-controlled investments (3,911,031) 2,036,814
Share based payments 258,751 414,741
Net cash from / (used in) operating activities (2,260,925) (6,226,266)
Investing activities
Purchase of property, plant and equipment (19,528) (43,268)
Disposal of property, plant and equipment 1,485 2,756
Purchase of intangible assets (28,722) (10,117)
Purchase of non-controlled investments – (262,500)
Provision of convertible loans (47,000) (90,780)
Proceeds from sale of investments 538,692 1,111,673
Deemed disposal of subsidiaries (20,260) –
Purchase of ESOT shares – (350,000)
Interest paid (2,717) (1,449)
Interest received 49,458 210,384
Net cash from / (used in) investing activities 471,408 566,699
Financing activities
Capital elements of finance lease contracts (18,242) (24,118)
Proceeds from issue of convertible loans 226,788 –
Net cash from / (used in) financing activities 208,546 (24,118)
Net increase / (decrease) in cash and cash equivalents (1,580,971) (5,683,685)
Cash and cash equivalents at start of year 2,551,168 8,234,853
Cash and cash equivalents at end of year 970,197 2,551,168
Page 28 ANGLE plc Annual Report & Accounts 2008
Consolidated Cash Flow Statement
For the year ended 30 April 2008 Consolidated Statement of Changes in Equity
For the year ended 30 April 2008
ANGLE plc Annual Report & Accounts 2008 Page 29
Share based
Issued Share payments Other Translation Retained ESOT Total
capital premium reserve reserves reserve earnings shares equity
££££££££
At 1 May 2006 2,713,293 13,701,935 918,876 2,553,356 (73,159) (5,312,955) (20,000) 14,481,346
For the year to 30 April 2007
Consolidated profit / (loss) (120,654) (9,107,683) (9,228,337)
Share based payments 794,413 794,413
ESOT shares (350,000) (350,000)
At 30 April 2007 2,713,293 13,701,935 1,713,289 2,553,356 (193,813) (14,420,638) (370,000) 5,697,422
For the year to 30 April 2008
Consolidated profit / (loss) (103,498) 1,209,916 1,106,418
Share based payments 288,485 288,485
Released on forfeiture / lapse (145,391) 145,391 –
Utilised on share schemes 14,547 14,547
Deemed disposal of subsidiaries (333,954) 333,954 –
Partial disposal of subsidiaries 114,020 114,020
At 30 April 2008 2,713,293 13,701,935 1,522,429 2,553,356 (297,311) (12,617,357) (355,453) 7,220,892
Share premium
Represents amounts subscribed for share capital in excess of nominal value, net of directly attributable issue costs.
Share based payments reserve
The share based payments reserve account is used for the corresponding entry to the share based payments charged through a) the Income
Statement for staff incentive arrangements in the Group b) the Income Statement for staff incentive arrangements in the controlled investments and
c) the Balance Sheet for acquired intangible assets in the controlled investments comprising intellectual property (IP). These components are
separately identified in the table below.
Transfers are made from this reserve to retained earnings as the related share options are exercised, lapse or expire or as a controlled investment
becomes non-controlled.
Translation reserve
The translation reserve account comprises cumulative exchange differences arising on consolidation from the translation of the Financial Statements
of international operations.
ESOT shares
These relate to shares purchased by the ANGLE Employee Share Ownership Trust and used to assist in meeting the obligations under employee
remuneration schemes.
Share based payments reserve
Controlled Controlled
Group investments investments
employees employees IP Total
££££
At 1 May 2006 904,629 14,247 – 918,876
Acquired intellectual property – – 379,672 379,672
Charge for the year 355,525 59,216 – 414,741
At 30 April 2007 1,260,154 73,463 379,672 1,713,289
Acquired intellectual property – – 28,347 28,347
Deemed disposal of subsidiaries – (70,739) (263,215) (333,954)
Charge for the year 213,759 44,992 – 258,751
Release on forfeiture / lapse (145,391) – – (145,391)
Exchange movements – 397 990 1,387
At 30 April 2008 1,328,522 48,113 145,794 1,522,429 1 Accounting policies
1.1 Basis of preparation
The Annual Report and Accounts have been prepared on the basis of the recognition and measurement requirements of International Financial
Reporting Standards (IFRS) in issue that have been endorsed by the EU for the year ended 30 April 2008. They have also been prepared in accordance
with those parts of the Companies Act 1985 that apply to companies reporting under IFRS.
Standards and Interpretations not applied
At the date of authorisation of these Financial Statements, the following Standards and Interpretations (International Financial Reporting
Interpretation Committee – IFRIC), which have not been applied in these Financial Statements, were in issue but not yet effective:
�
IFRS 8 Operating segments
�
IFRIC 12 Service Concession Arrangements
�
IFRIC 13 Customer Loyalty Programmes
�
IFRIC 14 IAS 19 The limit on a Defined Benefit Asset minimum Funding Requirements and their Interaction
�
IFRIC 15 Agreements for the Construction of Real Estate
�
IFRIC 16 Hedges of a Net Investment in a foreign operation
The Directors anticipate that the adoption of these Standards and Interpretations in future periods will have no material impact on the Financial
Statements of the Group when the relevant Standards and Interpretations come into effect.
IFRS has only been applied to the Consolidated Financial Statements. The Company has elected to keep and prepare its parent company Financial
Statements in accordance with UK GAAP .  The Financial Statements and accounting policies of the Company are presented on pages 50 to 52.
1.2 Accounting convention
These Financial Statements have been prepared under the historical cost convention, as modified by the revaluation of certain financial assets at fair
value, as required by IAS 39. The basis of consolidation is set out below. 
1.3 Presentation of Financial Statements
The financial information, in the form of the primary statements contained in this report, is presented in accordance with International Accounting
Standard (IAS) 1, “Presentation of Financial Statements”. IAS 1 provides no definitive guidance as to the format of the Income Statement, but states
that key items should be disclosed. It also encourages additional line items to be added and the re-ordering of items presented on the face of the
Income Statement when appropriate for a proper understanding of the entity’s financial performance. ANGLE has reviewed the items disclosed
separately on the face of the Income Statement and the components of financial performance considered by management to be significant, or for
which separate disclosure would assist, both in a better understanding of financial performance and in making projections of future results. This has
been done taking into account the materiality, nature and function of components of income and expense.
1.4 Going concern
The Directors have reviewed the projections for the forthcoming 12 month period from the date of signing of these Financial Statements and based
on the level of existing cash, projected income and expenditure, the Directors are satisfied that the Company and Group have adequate resources
to continue in business for the foreseeable future. Accordingly the going concern basis has been used in preparing the Financial Statements.
1.5 Basis of consolidation
Subsidiaries
Subsidiary undertakings are consolidated on the basis of the purchase method of accounting. Under this method of accounting the results of
subsidiaries sold or acquired are included in the Income Statement up to, or from the date control passes. Intra-group transactions and balances are
eliminated fully on consolidation and the consolidated accounts reflect external transactions only.
Subsidiaries are all entities over which the Group has the power to govern the financial and operating policies, generally accompanying a shareholding
of more than half of the voting rights. The existence and effect of potential voting rights are considered when assessing whether the Group controls an
entity . Subsidiaries’ accounting policies are amended where necessary to ensure consistency with the policies adopted by the Group.
Deemed disposals
Where the Group ceases to control an entity by means other than disposal of equity, such as the entity issuing shares to third parties, the entity
ceases to be a subsidiary and is no longer consolidated. Any gain or loss arising on the “deemed disposal” is recognised in the Income Statement. 
Associates
Associates are entities over which the Group has significant influence, but does not control, generally accompanied by a shareholding of between
20% to 50% of the equity or voting rights. The Group has elected to treat such investments in associates as accounted for in accordance with IAS 39
Financial Instruments: Recognition and Measurement, and upon initial recognition these investments are designated as at fair value through the
Income Statement.
Other investments
Other investments are generally investments where the Group owns less than 20% of the equity or voting rights.
In accordance with IAS 39, upon initial recognition such investments are designated as at fair value through the Income Statement.
Page 30 ANGLE plc Annual Report & Accounts 2008
Notes to the Consolidated Financial Statements
For the year ended 30 April 2008 ANGLE plc Annual Report & Accounts 2008 Page 31
1 Accounting policies continued
1.6 Investments
The Directors consider that a substantial measure of the performance of the Group is assessed through changes in fair value arising from the
investment activity of the Group. Consequently the Group classifies all its investments that are not controlled investments as being designated on
initial recognition as financial assets at fair value through the Income Statement.
Treatment of gains and losses arising on fair value
Investments that are not controlled investments are shown on the Balance Sheet at their fair value and any associated changes in fair value are
included in the Income Statement in the period they arise.
Valuation policy
In determining fair value, investments have been valued by the Directors in compliance with the principles of the International Private Equity and
Venture Capital Guidelines, updated and effective 1 January 2005, as recommended by the British Venture Capital Association (BVCA).
Listed investments – the fair values of quoted investments are based on bid prices at the Balance Sheet date.
Unlisted investments – the valuation methodology used most commonly by the Group is the “price of recent investment”, reflecting the early stage
nature of the investments. The following considerations are used when calculating the fair value using the “price of recent investment” guidelines:
�
Where the investment being valued was itself made recently, its cost will generally provide a good indication of fair value; and
�
Where there has been any recent investment by third parties, the price of that investment will provide a basis of the valuation.
Where a fair value cannot be estimated reliably the investment is reported at the carrying value at the previous reporting date unless there is
evidence that the investment has since been impaired.
Earn-outs are a deferred payment conditional on the future performance of the acquired asset and are shown on the balance sheet at fair value.
The Directors consider a number of valuation methodologies including a “balance of probabilities” and discounted cash flow in order to determine a
fair value. The earn-out is revalued based on any new information received relating to progress against plans, levels of sales and any other relevant
factors.
Convertible loan notes
As well as direct investment into Progeny
®
companies the Group uses other financial instruments such as convertible loans.
Under IAS 28 Investments in Associates, financial instruments that are presently exercisable are taken into account in determining control and
significant influence and this may affect the basis of consolidation.
Under IAS 39 convertible loan notes are financial assets and are defined as compound financial instruments consisting of a liability component and
an equity component. At the date of issue there is a requirement to split the instrument between its debt and equity components. 
The debt component is classified under investments as “Loans and receivables” and subsequently carried in the Balance Sheet at cost less any
impairment.
The equity component is classified under investments and subsequently carried in the Balance Sheet at fair value. The right to convert the loan into
equity represents an embedded derivative (the option) and as such needs to be re-measured to fair value at each reporting date with any changes
in fair value of this right taken through the Income Statement.
Convertible loans issued in a different functional currency to the issuing entity are treated the same, however, there may also be an associated
financial instrument [see policy 1.15 below] to manage the risks associated with foreign currency fluctuations.
1.7 Turnover
Turnover represents amounts receivable for goods and services net of value added tax.
Management services revenues are recognised in proportion to the stage of completion of each project. The stage of completion takes into
account the milestones achieved in relation to the project deliverables.
1.8 Employee benefits
Share based payments
Share based incentive arrangements which allow Group employees to acquire shares of the Company are provided to staff. The fair value of options
granted is recognised as a cost of employment with a corresponding increase in equity. In accordance with IFRS 2, Share options granted after 
7 November 2002 which had not vested by 1 May 2005 are valued at the date of grant using an appropriate option pricing model and are charged
to operating costs over the vesting period of the award. The annual charge is modified to take account of options granted to employees who leave
the Group during the performance or vesting period and forfeit their rights to the share options and in the case of non-market related performance
conditions, where it becomes unlikely they will vest. The fair value of options granted to professional advisors as part consideration for services in
connection with fund raising is recognised as an expense against share premium account with a corresponding increase in equity. Such options vest
and are expensed on successful completion of the services. 1 Accounting policies continued
Pension obligations
Pension costs are charged against profits as they fall due and represent the amount of contributions payable to a defined contribution scheme in
the US or to employee personal pension schemes on an individual basis. The Group has no further payment obligations once the contributions have
been paid.
A liability for short term compensated absences, such as holiday, is recognised for the amount the Group may be required to pay as a result of the
unused entitlement that has accumulated at the Balance Sheet date.
Bonus plan
The Group operates a Deferred Annual Bonus Plan for its employees and Directors.
Venture Incentive Plan
The Group operates a Venture Incentive Plan for its employees and Directors involved in the Ventures area of the business. The Group recognises a
liability and an expense for bonuses that are accruing through the creation of value in the Group’s portfolio of equity investments but that have not
yet been realised in cash.
1.9 Income taxes
Full provision is made for deferred tax on all differences resulting from the carrying value of an asset or liability and its tax base. Deferred tax is
determined using tax rates (and laws) that have been enacted or substantially enacted by the Balance Sheet date and are expected to apply
when the related deferred tax liability is settled or deferred tax asset realised.
Deferred tax liabilities are recognised on any increase in the fair value of investments to the extent that substantial shareholdings relief may be
unavailable. Deferred tax assets are only recognised to the extent to which they are expected to be recovered in the near future. IAS 12 Income
taxes requires the separate disclosure of deferred tax assets and liabilities on the Group’s Balance Sheet. 
1.10 Property, plant and equipment 
All property, plant and equipment is stated at historical cost less accumulated depreciation and subject to impairment review. Cost includes
expenditure that is attributable to the acquisition of the items. Depreciation is provided at rates calculated to write off the cost less estimated
residual value of each asset over its expected useful economic life. Assets held under finance leases are depreciated over their expected useful
economic life on the same basis as owned assets, or where shorter, the lease term. Assets are reviewed for impairment when events or changes in
circumstances indicate that the carrying amount may not be recoverable. 
The following rates are used:
Computer equipment 33.33% Straight line
Fixtures, fittings and equipment 33.33% Straight line
Laboratory equipment 20% Straight line
1.11 Intangible assets
Computer software
Under IAS 38 – Intangible Assets, acquired computer software should be capitalised as an intangible asset unless it is an integral part of the related
hardware (such as the operating system) where it remains as an item of property, plant and equipment. 
Internally developed computer software will be capitalised in accordance with the research and development accounting policy. If the software is
developed for in-house use the capitalised amount is reclassified from research and development to computer software.
Amortisation is calculated using the straight line method to allocate the cost of the software over its estimated useful economic life.
Research and development
Research expenditure is written off as incurred. 
Development expenditure is also written off, except where the Directors are satisfied that a new or significantly improved product or process results
and other relevant IAS 38 criteria are met as to the technical, commercial and financial viability of individual projects that would allow such costs to
be capitalised. In such cases, the identifiable expenditure is capitalised and amortised over the period during which benefits are expected.
Patents
Patents have a finite useful life and are stated at cost less accumulated amortisation. Amortisation is calculated using the straight line method to
allocate the cost of patents over their estimated useful economic lives. 
Impairment
Intangible assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recognised for the amount by which the carrying amount exceeds its recoverable amount. The recoverable amount is the
higher of the asset’s fair value less costs to sell and the value in use.
Page 32 ANGLE plc Annual Report & Accounts 2008
Notes to the Consolidated Financial Statements
Continued ANGLE plc Annual Report & Accounts 2008 Page 33
1 Accounting policies continued
1.12 Leases
Assets obtained under hire purchase contracts and finance leases, and any other leases that entail taking substantially all the risks and rewards 
of ownership of an asset, are capitalised on the Balance Sheet and depreciated over the shorter of the lease term and their useful economic lives.
Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the
rental payment is charged to the Income Statement so as to produce a constant periodic rate of charge on the net obligation outstanding in 
each period.
1.13 Employee Share Ownership Trust
The Group has an Employee Share Ownership Trust (ESOT) to assist with the obligations under share option and other employee remuneration
schemes. The ESOT is consolidated as if it were a subsidiary. Shares in the Group held by the ESOT are stated at cost and presented in the Balance
Sheet as a deduction from equity under the heading of “ESOT Shares”. Finance and administration costs relating to the ESOT are charged to
operating costs.
1.14 Foreign currency
The Consolidated Financial Statements are presented in pounds sterling, which is the Company’s functional and presentation currency . The Group
determines the functional currency of each entity and items included in the Financial Statements of each entity are measured using that functional
currency. The functional currencies of the Group’s operations are sterling and US dollars.
Transactions denominated in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. 
Non-monetary assets and liabilities denominated in foreign currencies and held at cost use the exchange rate at the date of the initial transactions.
Non-monetary assets and liabilities denominated in foreign currencies and held at fair value use the exchange rate at the date that the fair value
was determined.
Profits and losses on both the individual transactions during the period and monetary assets and liabilities are dealt with in the Income Statement.
On consolidation, the Income Statements of the foreign subsidiaries are translated at the average exchange rates for the period and the Balance
Sheets at the exchange rates at the Balance Sheet date. The exchange differences arising as a result of translating Income Statements at average
rates and restating opening net assets at closing rates are taken to the translation reserve. On disposal of a foreign operation, the deferred
cumulative amount recognised in equity relating to that particular foreign operation is recognised in the Income Statement.
The Group has elected to apply the exemption in IFRS 1 “First time adoption of International Financial Reporting Standards” which allows the cumulative
translation differences for all foreign operations to be deemed to be zero at the date of transition to IFRS. The Group has similarly elected that the profit or
loss on any subsequent disposal of any foreign operation shall exclude translation differences that arose before the date of transition.
1.15 Financial instruments
Financial assets and liabilities are recognised in the Group’s Balance Sheet when the Group becomes a party to the contractual provisions of the
instrument. 
Derivative financial instruments
The Group uses derivative financial instruments as appropriate to manage the risks associated with foreign currency fluctuations from its activities
and changes in interest rates on borrowings. This is achieved by the use of foreign currency contracts, currency swaps and interest rate swaps. All
derivative financial instruments are held at fair value. The Group does not use derivative financial instruments for speculative purposes.
Derivative financial instruments are recognised initially at fair value on the contract date and subsequently re-measured to fair value at each
reporting date. The fair value of forward exchange contracts is calculated by reference to current forward exchange contracts for contracts with
similar maturity profiles. The fair value of currency swaps and interest rate swaps is determined with reference to future cash flows and current interest
and exchange rates. All changes in the fair value of derivative financial instruments are taken through the Income Statement.
Derivatives embedded in other financial instruments or other non-financial host contracts are treated as separate derivatives when their risks and
characteristics are not closely related to those of the host contract and the host contract is not carried at fair value with unrealised gains or losses
reported in the Income Statement.
Cash and cash equivalents
Cash and short term deposits in the Balance Sheet comprise cash at bank and in hand and short term deposits with an original maturity of three
months or less.
For the purposes of the Cash Flow Statement, cash and cash equivalents comprise cash and short term deposits as defined previously and other
short term highly liquid investments that are readily convertible into cash and are subject to an insignificant risk of changes in value, net of
outstanding short-term borrowings.
Deposits
Deposits in the Balance Sheet comprise longer term deposits with an original maturity of greater than three months.
Bank loans, loan notes and borrowings
All loans and borrowing are initially recognised at the fair value of the consideration received net of issue costs associated with the borrowings. After
initial recognition, these are subsequently measured at amortised cost using the effective interest method, which is the rate that exactly discounts the
estimated future cash flows through the expected life of the liabilities. Amortised cost is calculated by taking into account any issue costs and any
discount or premium on settlement. 1 Accounting policies continued
Other assets
Assets, other than those specifically accounted for under a separate policy, are stated at their cost less impairment losses. They are reviewed at each
Balance Sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is
estimated based on expected discounted future cash flows. Any change in the level of impairment is recognised directly in the Income Statement.
An impairment loss is reversed at subsequent Balance Sheet dates to the extent that the asset’s carrying amount does not exceed its carrying value
had no impairment loss been recognised.
Other liabilities
Liabilities, other than those specifically accounted for under a separate policy, are stated based on the amounts which are considered to be
payable in respect of goods or services received up to the Balance Sheet date.
Provisions
Provisions are recognised when the Group has a present obligation as a result of past events, and it is probable that the Group will be required to
settle that obligation and a reliable estimate of the obligation can be made. The provisions are measured at the Directors’ best estimate of the
amount to settle the obligation at the Balance Sheet date, and are discounted back to present value if the effect is material.
1.16 Segmental reporting
A business segment is a group of assets and operations engaged in providing services that are subject to risks and returns that are different from
those of other business segments. A geographical segment is engaged in providing services within a particular economic environment that is subject
to different risks and returns from other segments in other economic environments.
1.17 Restructuring charges
Restructuring charges are accrued against operating income in the period in which management has committed to a plan and in which the liability
has been incurred and the amount can be reasonably estimated.
1.18 Critical accounting estimates and judgements
The preparation of Financial Statements requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at
the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates
and assumptions are based on management’s best knowledge of the amount, event or actions, actual results ultimately may differ from those
estimates.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities relate to
the valuation of unlisted investments held at fair value, and to the valuation of earn-outs, which are valued on the basis in Note 1.6 above. There is a
risk that should these estimations require significant downward revision, there would be a material adverse impact on the Income Statement for the
year.
2 Turnover and segmental analysis
The Group operates in one principal area of activity – technology wealth creation through the commercialisation of intellectual property and the
development of technology industry. 
The primary business segments are:
�
Management services – provision of Management services to clients including research organisations, corporate and governmental organisations
on a fee-for-service basis. This business segment provides a platform for the Ventures activities.
�
Ventures – activities to establish, develop and create value in technology companies. The Group uses a proprietary Progeny
®
process to develop
these companies, which are referred to as Progeny
®
companies. ANGLE’s unique business model involves ANGLE founding new companies which
it controls during the critical early stages of development, before securing third party funding.
Under IFRS, the accounting for Progeny
®
companies divides into controlled investments and non-controlled investments:
– Controlled investments – Progeny
®
companies where the Group has control, typically as a result of owning in excess of 50% of the equity. 
These are consolidated and the Group’s investment costs are expensed in the Income Statement.
– Non-controlled investments – Progeny
®
companies where the Group does not have control. These investments are held on the Balance Sheet at
fair value, with changes in fair value passing through the Income Statement.
The nature of these operations is significantly different. The primary format and segmentation by class of business has been provided on the face of
the Consolidated Income Statement.
The secondary format would be by geographical format. Segmental revenue by geographical revenue is shown on page 35. Over 90% of segment
assets by geographical location are based in the UK.
The turnover of the Group for the year has been primarily derived from its Management services activities. Some £0.3 million (2007: £0.1 million) of the
fees relate to reimbursable operating expenditure incurred on management contracts.
In addition the Group provides management services to investments in the form of non-executive director services, management, accounting and
administration support for which it receives fees.
Page 34 ANGLE plc Annual Report & Accounts 2008
Notes to the Consolidated Financial Statements
Continued ANGLE plc Annual Report & Accounts 2008 Page 35
The geographical analysis, as defined by the country or area in which the client is based, is as follows:
2008 2007
£ £
Management services
United Kingdom 1,769,444 1,230,739
North America 240,615 365,602
Middle East 1,824,484 1,768,206
3,834,543 3,364,547
Ventures
United Kingdom 26,727 11,865
Controlled investments
North America 12,207 942
Total turnover 3,873,477 3,377,354
3 Operating costs
2008 2007
£ £
Staff costs – employees (Note 5) 4,182,410 5,891,608
Depreciation
– owned assets 38,573 53,019
– leased assets 10,945 10,945
Impairment of intangible fixed assets 88,204 –
Amortisation of intangible assets 4,370 4,164
Auditor’s remuneration 69,900 122,595
Bad debts (25,538) 15,199
Research and development 357,392 748,007
Other operating costs 2,099,667 3,459,877
6,825,923 10,305,414
Restructuring charges (130,359) 540,814
6,695,564 10,846,228
2008 2007
£ £
Auditor’s remuneration
Audit services – statutory audit of parent and consolidated accounts 37,500 40,000
Audit services – statutory audit of subsidiaries 4,000 15,100
Review of interim results 8,000 7,000
Tax compliance services 11,550 8,750
Tax advisory services 8,850 51,745
Total auditor’s remuneration 69,900 122,595
The figures presented are for ANGLE plc and its subsidiaries as if they were a single entity. ANGLE plc has taken the exemption permitted by SI 2005
2417 Reg5 to omit information from its individual accounts.
Audit services were provided by Baker Tilly UK Audit LLP and all other services by Baker Tilly Tax and Advisory Services LLP .
4 Directors’ emoluments
2008 2007
£ £
Emoluments for qualifying services including retirement benefits of £187,775 (2007: £202,640) 372,515 478,608
Emoluments disclosed above include the following amounts paid to the highest paid Director including retirement benefits of £187,775 (2007: £194,640):
Emoluments for qualifying services 195,707 277,620
Disclosures relating to individual Directors’ emoluments are given in the Remuneration Report on page 24. 5 Employment
Employment costs
The aggregate employment costs of staff (including Directors) for the year was:
2008 2007
£ £
Wages and salaries 3,397,196 4,757,160
Social security costs 298,595 477,827
Other pension costs (Note 6) 227,868 241,880
3,923,659 5,476,867
Employee share based payment charge (Note 21) 258,751 414,741
4,182,410 5,891,608
Number of employees
The average number of employees (including Directors) during the year was:
2008 2007
Number Number
Executives 27 42
Administration 13 16
Controlled investments 15 18
55 76
6 Pension costs 
The Group operates a defined contribution pension scheme for employees in the US. The assets of the scheme are held separately from those of the
Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted
to £40,235 (2007: £58,237). Contributions totalling £5,832 (2007: £7,797) were payable to the fund at the year end and are included in trade and other
payables. The Group made UK pension costs payments of £187,775 (2007: £230,193) directly to personal pension plan schemes. Contributions to
personal pension plan schemes of £8,169 (2007: £25,370) were payable at year end and are included in trade and other payables.
7 Restructuring charges
The Restructuring credit of £130,359 relates to a release of an unutilised provision from 2007 as a result of improved business performance meaning
fewer redundancies were required than expected. Restructuring charges in 2007 of £540,814 relate to the reduction of operating costs and staffing
to focus on the development of the existing portfolio and on the profitable Management services business, rather than short term consulting work.
8 Net finance income
2008 2007
£ £
Finance income 49,524 202,315
Finance costs
Bank and other interest 15,199 2,552
Lease finance charges 2,552 2,942
17,751 5,494
Net finance income 31,773 196,821
Page 36 ANGLE plc Annual Report & Accounts 2008
Notes to the Consolidated Financial Statements
Continued ANGLE plc Annual Report & Accounts 2008 Page 37
9 Tax
As a result of the Group’s furtherance of its core activity of establishing and developing technology and biotechnology companies, taxable losses
have been incurred which are available for offset against future taxable profits. The Group is also eligible for, and takes advantage of, the substantial
shareholdings relief UK corporation tax exemption. This results in the gain from any disposals of UK investments where the Group has an equity stake
greater than 10%, and subject to certain other tests, being free of corporation tax. A deferred tax asset has not been recognised in respect of these
losses as the Group does not anticipate taxable profits to arise within the foreseeable future.
2008 2007
£ £
Current tax:
Corporation tax (89,199) (201,184)
Deferred tax:
Origination and reversal of timing differences – –
Tax on profit / (loss) on ordinary activities (89,199) (201,184)
The estimated value of the deferred tax asset not recognised, measured at a standard rate of 28% (2007: 30%) is £3,930,000 (2007: £3,950,000).
2008 2007
£ £
Corporation tax
Profit / (loss) on ordinary activities before tax 1,120,717 (9,308,867)
Tax on profit / (loss) on ordinary activities at 28% (30%) 313,801 (2,792,660)
Factors affecting charge:
Capital allowances for period in excess of depreciation 3,029 4,809
Disallowable expenses 960 7,575
Other tax adjustments (63,870) 28,035
Change in fair value of investments (914,217) 614,265
Share based payments 67,496 121,989
Capital transactions 58,593 –
Unutilised losses carried forward 445,009 1,763,209
Prior year adjustment – 51,594
Current tax charge / (credit) for year (89,199) (201,184)
10 Earnings / (loss) per share
The basic and fully diluted earnings/(loss) per share is calculated on an after tax profit of £1.2 million (2007: loss £9.11 million). Share options are
regarded as dilutive if the exercise price was below the average fair value. Share options are non-dilutive for 2008 because the exercise price was
above the average fair value. Share options are non-dilutive for 2007 because of the loss. Note 21 provides information on outstanding options.
2008 2007
£ £
Profit / (loss) for the financial year 1,209,916 (9,107,683)
Number Number 
of shares of shares
Weighted average number of ordinary shares 27,132,931 27,132,931
Weighted average number of ESOT shares (387,446) (363,085)
Weighted average number of ordinary shares – basic 26,745,485 26,769,846
Effect of potential dilutive share options – –
Adjusted weighted average number of ordinary shares – diluted 26,745,485 26,769,846
Earnings / (loss) per share – basic (p) 4.52 (34.02)*
Earnings / (loss) per share – diluted (p) 4.52 (34.02)*
* Restated for the deduction of Employee Share Ownership Trust (ESOT) shares not previously taken into account. 11 Non-controlled investments and Other receivables 
The Group’s investment portfolio comprises investments in Progeny
®
companies. Progeny
®
companies are businesses established by ANGLE to
commercialise intellectual property using ANGLE’s proprietary Progeny
®
process.
Where the Group has control of a Progeny
®
company (typically owning more than 50% of the equity), these are defined as “controlled investments”
and they are consolidated as subsidiaries. At the point control no longer exists, a deemed profit arises and the “non-controlled investment” is held at
fair value on the Consolidated Balance Sheet. In the year to 30 April 2008 net costs before taxation relating to controlled investments of £2,295,342
were charged to the Income Statement (2007: £3,188,101). 
Where the Group does not control a Progeny
®
company (typically owning less than 50% of the equity), these are held on the Balance Sheet at fair
value, as set out in the table below:
Total
Non-current Current Non-
assets assets controlled
Unquoted Quoted Investments
£££
At 1 May 2006 1,642,051 4,868,077 6,510,128
Investments 90,780 262,500 353,280
Disposals (2,733,647)* (280,750) (3,014,397)
Change in fair value 1,000,816 (3,037,630) (2,036,814)
At 30 April 2007 – 1,812,197 1,812,197
Investments 89,461 – 89,461
Disposals – (538,692) (538,692)
Fair value gain on deemed disposals 4,373,504
#
– 4,373,504
Change in fair value (89,461) (231,174) (320,635)
At 30 April 2008 4,373,504 1,042,331 5,415,835
Investments are made directly and in the form of loans. The loans are normally convertible into equity and are non-interest bearing.
Other receivables
* ANGLE’s Progeny
®
company Acolyte Biomedica was sold to 3M Corporation in February 2007. ANGLE’s share of the proceeds was an initial 
£0.9 million in cash and an earn-out of up to £4.7 million receivable early in 2010. A fair value of £1.9 million of this potential £4.7 million earn-out is
held on ANGLE’s Balance Sheet under the “Other receivables” category.
Change in fair value
#
ANGLE’s accounting policy is that, in accordance with IAS 39 Financial Instruments: Recognition and Measurement, upon initial recognition of an
investment it is designated at fair value through the Income Statement. As a result of 1) securing third party funds and reducing the equity position
in Geomerics Limited; 2) securing third party funds and taking account of the potential voting rights in Synature Limited; and 3) a stock
redemption agreement with Aberro Inc, then these are “deemed” disposals as the status has changed from a subsidiary (controlled investment)
which is consolidated to an associate (non-controlled investment) which is held at fair value.
£
Deemed loss from net assets no longer consolidated (141,838)
Fair value gain on deemed disposal of subsidiaries 4,373,504
Change in fair value of investments (320,635)
Change in fair value 3,911,031
Page 38 ANGLE plc Annual Report & Accounts 2008
Notes to the Consolidated Financial Statements
Continued ANGLE plc Annual Report & Accounts 2008 Page 39
11 Non-controlled investments and Other receivables continued
Group investments at the end of the year comprise the following:
Effective Effective
holding holding
before after
Class of minority minority
share interests interests
Principal activity held % %
Non-current asset investments
Aberro Inc
(1)
Software testing tools Preferred 49.00
Geomerics Limited
(1)
Computational graphics Ordinary 47.31
NeuroTargets Limited
(1)
New drug targets Ordinary 25.08 24.27
Synature Limited
(1)(2)
Internet personalisation Ordinary 55.00
Current asset investments
Provexis plc
(1)
Nutraceutical products Ordinary 16.22 15.94
(1) The effective Group holdings shown are before the effects of any dilutive share options or convertible loans or additional ANGLE holdings from convertible loans within
the individual investments.
(2) The Shareholders Agreement and the potential voting rights associated with a convertible loan within Synature mean that ANGLE no longer has control of Synature.
The aggregate amount of capital and reserves and the results of these investments for the last relevant financial year were as follows:
Date of 
financial Net Profit / (loss)
statements assets for the year
Geomerics Limited 30/04/2007 (303,705) (631,999)
NeuroTargets Limited 30/04/2007 (253,464) (54,536)
Provexis plc 31/03/2007 (306,059) (2,922,255)
Synature Limited 30/04/2007 (318,440) (440,229)
Recent Financial Statements are not always publicly available and management information is deemed commercially sensitive. Net assets and 
profit / (loss) figures are therefore based on publicly available information – results statements or the most recently filed Accounts with Companies
House.
Subsidiaries
The following subsidiaries have been consolidated into the Group Financial Statements using the acquisition method of accounting:
Class of Holding
Company Name Principal activity share held %
Aguru Images Inc
(1) 
Rapid image surface capture Common & Preferred 75.26
Mogility Inc
(1)
Mobile telephony applications Common 100.00
Novocellus Limited
(1)
IVF diagnostics Ordinary 81.89
Parsortix Inc
(1)
Cell separation Common & Preferred 68.12
All “Limited” companies Incorporated in Great Britain. All “Inc” companies incorporated in the US. 
(1) The effective Group holdings shown are before the effects of any dilutive share options or convertible loans or additional ANGLE holdings from convertible loans within
the individual investments. 11 Non-controlled investments and Other receivables continued
Country of
registration or Class of Holding
Principal Subsidiaries incorporation share held %
ANGLE Partnerships Limited* Great Britain Ordinary 100.00
ANGLE Technology Licensing Limited Great Britain Ordinary 100.00
ANGLE Technology Limited* Great Britain Ordinary 100.00
ANGLE Technology Ventures Limited Great Britain Ordinary 100.00
ANGLE Ventures Limited* Great Britain Ordinary 100.00
Progeny bioVentures Limited Great Britain Ordinary 96.50
ANGLE Technology LLC US Membership Units 100.00
ANGLE Technology Ventures LLC US Membership Units 100.00
* subsidiary held directly
The principal activity of these businesses for the last relevant financial year was as follows:
Principal Subsidiaries Principal activity
ANGLE Partnerships Limited Dormant
ANGLE Technology Licensing Limited Dormant
ANGLE Technology Limited Principal UK company – Management services
ANGLE Technology Ventures Limited Establishment and growth of technology companies
ANGLE Ventures Limited Establishment and growth of technology companies
Progeny bioVentures Limited Establishment and growth of biotech companies
ANGLE Technology LLC US subsidiary covering all of Group’s business
ANGLE Technology Ventures LLC US subsidiary for technology ventures
Page 40 ANGLE plc Annual Report & Accounts 2008
Notes to the Consolidated Financial Statements
Continued ANGLE plc Annual Report & Accounts 2008 Page 41
12 Property, plant and equipment
Fixtures,
Computer Laboratory fittings &
equipment equipment equipment Total
££££
Cost
At 1 May 2006 178,651 89,332 64,538 332,521
Additions 31,862 – 11,406 43,268
Disposals (27,563) – (12,013) (39,576)
Exchange movements (3,278) – (556) (3,834)
At 30 April 2007 179,672 89,332 63,375 332,379
Additions 8,134 – 11,394 19,528
Disposals (7,212) – – (7,212)
Deemed disposals (34,004) – (2,594) (36,598)
Exchange movements (140) – (54) (194)
At 30 April 2008 146,450 89,332 72,121 307,903
Depreciation
At 1 May 2006 116,955 12,781 55,371 185,107
Charge for the year 40,092 17,867 6,005 63,964
Disposals (25,025) – (11,795) (36,820)
Exchange movements (2,350) – (385) (2,735)
At 30 April 2007 129,672 30,648 49,196 209,516
Charge for the year 23,548 17,867 8,103 49,518
Disposals (5,544) – – (5,544)
Deemed disposals (15,826) – (1,429) (17,255)
Exchange movements (49) – (6) (55)
At 30 April 2008 131,801 48,515 55,864 236,180
Net book value
At 30 April 2008 14,649 40,817 16,257 71,723
At 30 April 2007 50,000 58,684 14,179 122,863
Included above are assets held under finance leases as follows:
Fixtures,
Computer Laboratory fittings &
equipment equipment equipment Total
££££
Net book value
At 30 April 2008 27,365 27,365
At 30 April 2007 – 38,310 – 38,310
Depreciation charge for the year
At 30 April 2008 10,945 10,945
At 30 April 2007 – 10,945 – 10,945 13 Intangible assets
2008 2007
Intellectual property £ £
Fair V alue
At 1 May 379,672 –
Additions 28,347 379,672
Impairment (88,204) –
Deemed disposals (171,538) –
Exchange movement (2,483) –
At 30 April 145,794 379,672
Intellectual property (IP) was added as a result of acquisitions of £28,347 (2007: £279,356) – see Note 14, and the issue of new shares in exchange for
the assignment or exclusive rights to the IP of £nil (2007: £100,316).
2008 2007
Computer software £ £
Cost
At 1 May 17,547 7,484
Additions 1,751 10,117
Deemed disposals (1,238) –
Exchange movements 2 (54)
At 30 April 18,062 17,547
Amortisation
At 1 May 8,060 3,909
Charge for the year 4,037 4,164
Deemed disposals (546) –
Exchange movements – (13)
At 30 April 11,551 8,060
Net book value
At 30 April 6,511 9,487
2008 2007
Licences £ £
Cost
At 1 May – –
Additions 39,575 –
Exchange movements (18) –
At 30 April 39,557 –
Amortisation
At 1 May – –
Charge for the year 333 –
Exchange movements – –
At 30 April 333 –
Net book value
At 30 April 39,224 –
Total net book value
At 30 April 191,529 389,159
Page 42 ANGLE plc Annual Report & Accounts 2008
Notes to the Consolidated Financial Statements
Continued ANGLE plc Annual Report & Accounts 2008 Page 43
14 Acquisitions
During 2008 and 2007 a number of acquisitions were made by controlled investments in share for share exchanges under the terms of IP Option
Exercise Agreements. The acquisitions were made to secure IP (patents, copyright, know-how) relevant to the controlled investment and as a result
this accounts for substantially all of the fair value of the acquisitions. 
Consideration and cost in respect of the acquisitions:
2008 2007
£ £
Fair value of assets acquired:
Trade and other receivables – 423
Cash and cash equivalents – 3,207
Trade and other payables – (1,230)
– 2,400
Intellectual property 28,347 279,356
28,347 281,756
Satisfied by
Ordinary shares 28,347 281,756
15 Other financial assets and financial liabilities
The Group’s financial instruments comprise cash, treasury deposits, overdraft, finance leases and various items such as trade receivables and trade
payables which arise directly from its operations. 
In addition the Group holds an investment portfolio comprising loans and equity investments (listed and unlisted) in technology based companies
(Note 11). 
It is the Group’s policy that no trading in financial derivatives shall be undertaken.
The main risks arising from the Group’s financial instruments are adverse interest rate movements, adverse currency rate movements, liquidity risk and
investment risk.
Financial assets
Financial assets of the Group comprise cash at bank and in hand as well as treasury deposits and loan notes. Other financial assets on which no
interest is earned comprise non-current and current asset investments and details are provided in Note 11. It is the Group’s policy to place surplus
cash resources on deposit at both floating and fixed term deposit rates of interest with the objective of maintaining a balance between accessibility
of funds and competitive rates of return. Fixed term deposits are for varying periods ranging from one to six months, to the extent that cash flow can
be reasonably predicted.
Financial liabilities
Financial liabilities of the Group in the normal course of business comprise overdraft facilities and finance leases (see Note 19 for profile), but not
borrowings. It is the Group’s policy to use various financial instruments with floating and fixed rates of interest with the objective of maintaining a
balance between continuity of funding, matching the liability with the use of the asset, and finding flexible funding options for a reasonable charge. 
The Group currently does not utilise overdraft facilities. The Group believes that it has a good long-standing banking relationship and that these
facilities can be reinstated if required. Finance leases and hire purchase agreements are held under fixed rate contracts. The Group has no long term
borrowings or undrawn committed borrowing facilities. Therefore the Group is not exposed to any interest rate risk on its financial liabilities. Notes to the Consolidated Financial Statements
Continued
Page 44 ANGLE plc Annual Report & Accounts 2008
15 Other financial assets and financial liabilities continued
Interest rate profile 
The Group’s financial assets and financial liabilities have the following interest rate profile:
Fixed Floating Interest 2008 Fixed Floating Interest 2007
rate
(1)
rate
(2)
free Total rate
(1)
rate
(2)
free Total
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Financial assets:
Investments (non-current) – – 4,374 4,374 ––––
Investments (current) – – 1,042 1,042 – – 1,812 1,812
Property, plant and equipment – – 72 72 – – 123 123
Intangible assets – – 191 191 – – 389 389
Other receivables (non-current) – – 1,903 1,903 – – 1,903 1,903
Trade and other receivables (current) – – 628 628 – 75 889 964
Cash and cash equivalents – 640 330 970 27 2,492 32 2,551
Total financial assets – 640 8,540 9,180 27 2,567 5,148 7,742
Financial liabilities:
Trade and other payables – – 1,828 1,828 28 – 1,994 2,022
Loans and borrowings 76 – 50 126 ––––
Obligations under finance leases (non-current) – – – – 5–– 5
Obligations under finance leases (current) 5 – – 5 18–– 18
Total financial liabilities 81 – 1,878 1,959 51 – 1,994 2,045
(1) Fixed rate assets attracted interest of 4.4% in 2007. Fixed rate liabilities attracted interest of between 8% and 14% during the year (2007: 10.9% to 15.0%).
(2) Floating rate cash deposits in Sterling earn interest at 0.5% below the Bank of England Base rate (2007: 0.5%). The weighted average interest rate on Sterling cash
deposit for this period was 4.5% (2007: 4.4%). The weighted average interest rate on US dollar cash deposit for this period was 2.2% (2007: 2.5%). 
With the exception of non-current investments, other receivables (non-current) and loans and borrowings, all amounts have maturity dates of less
than 12 months. 
Foreign currency risk
The Group has overseas subsidiaries, the revenues and expenses of which are denominated in Sterling and US dollars. As a result, the Group’s Sterling
Income Statement and Balance Sheet may be affected by movements in the US dollar : Sterling exchange rate.
The majority of the Group’s operating revenues and expenses is in Sterling and US dollars. Sales are priced in Sterling or US dollars for preference
although the Group has a limited amount of revenues and expenses denominated in other currencies. A natural hedge exists through the matching
of anticipated foreign currency operating expenses with foreign currency revenues. The excess exposure over and above this natural hedge is
managed for all significant foreign currencies using forward currency contracts or currency swaps. In exceptional circumstances the Board may
approve of contracts in excess of twelve months.
Sensitivity analysis
The impact of a 5% variation in the US dollar rates on the profit / (loss) for the year is as follows:
2008 2007
£ £
Profit / (loss) – 5% strengthening (107,727) (132,825)
Profit / (loss) – 5% weakening 97,468 120,175
Hedging
Other than the natural hedge, the Group did not hedge its financial transactions in 2008 or 2007. 15 Other financial assets and financial liabilities continued
Currency profile
The Group’s financial assets and financial liabilities have the following currency profile:
2008 2007
Sterling US dollar Total Sterling US dollar Total
£’000 £’000 £’000 £’000 £’000 £’000
Financial assets:
Investments (non-current) 4,374 – 4,374 –––
Investments (current) 1,042 – 1,042 1,812 – 1,812
Property, plant and equipment 53 19 72 103 20 123
Intangible assets 97 94 191 286 103 389
Other receivables (non-current) 1,903 – 1,903 1,903 – 1,903
Trade and other receivables (current) 454 174 628 909 55 964
Cash and cash equivalents 887 83 970 2,442 109 2,551
Total financial assets 8,810 370 9,180 7,455 287 7,742
Financial liabilities:
Trade and other payables 1,490 338 1,828 1,804 218 2,022
Loans and borrowings – 126 126
Obligations under finance leases (non-current) – – – 5– 5
Obligations under finance leases (current) 5 – 5 18 – 18
Total financial liabilities 1,495 464 1,959 1,827 218 2,045
Liquidity risk
The principal risk to which the Group is exposed is liquidity risk. The nature of the Group’s activities means it finances its operations through retained
earnings, including equity disposals, and the issue of new shares to investors. The principal cash requirements are in relation to developing new
ventures, funding investments and meeting working capital requirements. The Group seeks to manage liquidity through planning, forecasting, careful
cash management and managing the investment risk. 
Early stage companies typically experience significant negative cash flows, which ANGLE covers initially until sufficient progress is made to attract
further funding. Investments may be unable to obtain financing due to lack of operational progress or market conditions and the Group may feel it
necessary to provide additional investment and/or management time to support these companies further. Adverse market conditions may also
delay liquidity events, thereby requiring additional investment, and ANGLE may also find it difficult to raise additional capital under these conditions.
Investment risk
Equity investments are held to achieve capital growth in their value with the intention of subsequent disposal at a profit. The main risks arising from
these equity investments are technological risk and market price risk. The Group seeks to manage investment risk by using investment appraisal
processes and monitoring procedures with regular reports made to the Board on the status of investments. The Group’s Progeny
®
model is built on
robust risk management processes combined with experienced management.
Fair values of financial assets and liabilities
Other than as disclosed, the Directors believe that the fair value and the book value of financial assets and financial liabilities is not materially
different. Trade payables and receivables have a remaining life of less than one year so their value on the Balance Sheet is considered to be a fair
approximation of fair value. The valuation policy for investments and other receivables (non-current) is detailed in Note 1.6. 
16 Other receivables
2008 2007
£ £
Non-current assets:
Other receivables 1,902,724 1,902,724
Other receivables relates to the value ascribed to the earn-out from the sale of Acolyte Biomedica to 3M. Further details are provided in Note 11.
ANGLE plc Annual Report & Accounts 2008 Page 45 Notes to the Consolidated Financial Statements
Continued
Page 46 ANGLE plc Annual Report & Accounts 2008
17 Trade and other receivables
2008 2007
£ £
Current assets:
Trade receivables 347,474 297,921
Taxation 44,960 222,130
Other receivables 1,609 92,846
Prepayments and accrued income 233,982 351,396
628,025 964,293
18 Trade and other payables
2008 2007
£ £
Current liabilities:
Trade payables 304,877 333,696
Other taxes and social security costs 93,148 115,040
Other payables – 9,690
Accruals and deferred income 1,430,580 1,563,754
1,828,605 2,022,180
19 Obligations under finance leases 
2008 2007
£ £
Non-current liabilities:
Obligations under finance leases – 4,560
Current liabilities:
Obligations under finance leases 4,560 18,242
Net obligations under finance leases 4,560 22,802
The Group was committed to making the following payments under finance leases:
2008 2007
£ £
Net obligations under finance leases
Repayable within one year 5,199 20,794
Repayable between one and five years – 5,199
5,199 25,993
Finance charges and interest allocated to future accounting periods (639) (3,191)
4,560 22,802
Obligations under finance leases are secured on the assets to which they relate. The fair value of the lease obligations approximates their carrying
amount.
20 Share capital
The share capital of the Company is shown below:
2008 2007
£ £
Authorised
50,000,000 (2007: 50,000,000) Ordinary shares of 10p each 5,000,000 5,000,000
Allotted, called up and fully paid
27,132,931 (2007: 27,132,931) Ordinary shares of 10p each 2,713,293 2,713,293
The Company has one class of ordinary shares which carry no right to fixed income.
There were no changes to share capital in 2008 or 2007.  21 Share based payments
The key disclosures that enable the user of the Financial Statements to understand the nature and extent of share based payment charges through
the Income Statement relate to ANGLE plc and not to the controlled investments.
Company – Share Option Schemes
The Company operates Approved and Unapproved Share Option Schemes as a means of encouraging ownership and aligning interests of staff 
and external shareholders. Share options were a key part of the remuneration package and were granted at the discretion of the Remuneration
Committee taking into account the need to motivate, retain and recruit high calibre executives. In 2007 the Company introduced a new
remuneration scheme involving deferred shares and options are expected to only be used in exceptional circumstances going forward. 
Options are not exercisable until three years after the date of grant and cease to be exercisable after seven years from the date of grant. Options are
forfeited if the employee leaves the Group unless the conditions under which they leave are such that they are considered to be a “good leaver”; in
this case their options remain exercisable for a limited period of time. Share option agreements in place require the employee to reimburse the
Company for the cost of employer’s National Insurance Contributions, and other equivalent taxes, and accordingly the Company does not accrue for
such taxes that would otherwise be due on share option gains. 
The movement in the number of employee share options is set out below:
2008 2008 2007 2007
Number Weighted Number Weighted
of share average of share average
options exercise options exercise
# price (p) # price (p)
Outstanding at 1 May 4,533,434 119.8 4,924,017 121.1
During the year
Granted –– 410,000 68.2
Exercised –– ––
Lapsed (511,200) 192.2 (519,313) 121.8
Forfeited (393,247) 119.7 (281,270) 127.5
Outstanding at 30 April 3,628,987 107.6 4,533,434 119.8
Capable of being exercised at 30 April 1,777,214 119.2 2,340,887 137.1
Options are issued at market price, with the exception of tranche 10 (see table below) which were issued at the placing price. The options
outstanding at 30 April 2008 had a weighted average remaining contractual life of three years and nine months (2007: four years and four months). 
The Company uses the “Black-Scholes” model to determine the fair-value of the Company’s share options. The Group has elected to apply the
share-based payment exemption under IFRS 1. The Company has not applied IFRS 2 to those options granted before 7 November 2002.
Assumptions
The following assumptions are used in the model to determine the fair value of share options at the respective date of grant:
Ordinary Share price Life of
Date of Exercise shares under at date of Expected Risk free options Expected
Tranche grant price (£) option grant (£) volatility interest rate (years) dividends
Employee options
1 18 July 2003 1.000 708,000 1.000 30.41% 4.11% 6 Nil
2 14 January 2004 1.000 174,687 1.000 31.37% 4.56% 6 Nil
3 17 March 2004 1.440 850,000 1.440 31.35% 4.56% 6 Nil
4 19 July 2004 1.280 109,375 1.280 30.78% 5.01% 6 Nil
5 01 October 2004 1.215 77,778 1.215 30.03% 4.80% 6 Nil
6 08 October 2004 1.215 41,152 1.215 29.99% 4.72% 6 Nil
7 24 January 2005 1.385 30,000 1.385 29.39% 4.49% 6 Nil
8 01 Febuary 2005 1.425 35,008 1.425 29.37% 4.48% 6 Nil
9 29 July 2005 1.260 537,338 1.260 29.24% 4.24% 6 Nil
10 30 March 2006 0.790 601,056 0.840 30.00% 4.39% 5 Nil
11 27 April 2006 0.835 550,000 0.835 30.00% 4.63% 5 Nil
12 19 September 2006 0.855 80,000 0.855 35.00% 4.75% 5 Nil
13 21 March 2007 0.640 330,000 0.640 35.00% 5.01% 5 Nil
Advisor options (part-payment for services)
1 17 March 2004 1.440 312,500 1.440 31.33% 4.52% 5 Nil
Expected volatility is derived from observation of the volatility of quoted shares in similar sectors to the Company.
The expected life used in the model is based on management’s best estimate taking into account the effects of non-transferability, exercise
restrictions and behavioural conditions.
ANGLE plc Annual Report & Accounts 2008 Page 47 Notes to the Consolidated Financial Statements
Continued
Page 48 ANGLE plc Annual Report & Accounts 2008
21 Share based payments continued
On 30 April 2008, 312,500 options with an exercise price of £1.44 (representing 5% of the value of the Placing Shares at the Placing Price) over
ordinary shares of 10p each in the Company were outstanding to KBC Peel Hunt (2007: 312,500 at £1.44). The options were issued as part
consideration for its services in connection with the flotation and placing in March 2004, vested immediately and cease to be exercisable on 
10 March 2011.
Company – Deferred Annual Bonus Scheme
Bonuses under the Deferred Annual Bonus (DAB) scheme are paid partly in cash and partly in deferred shares. The cash element is accrued in the
year it relates to and is included in wages and salaries. The deferred shares, comprising Mandatory and Matching shares, are deferred for three years
at which point they vest. Awards are forfeited if the employee leaves the Group before the awards vest, unless the conditions under which they leave
are such that they are considered to be a “good leaver”; in which case their award vests but may be pro-rated.
The movement in the number of DAB scheme shares is set out below:
2008 2008
Number Weighted
of DAB average
shares award
# price (p)
Interests under DAB Scheme at 1 May ––
During the year
Awarded 213,195 28
Forfeited (9,202) 28
Interests under DAB Scheme at 30 April 203,993 28
Capable of being exercised at 30 April –
Awards are made at market price. The awards outstanding at 30 April 2008 had a weighted average remaining contractual life of two years and
three months. 
The share based payment charge for the Company Share Option Schemes and DAB scheme was £213,759 (2007: £355,525).
Controlled investments
Controlled investments individually operate Unapproved, or equivalent, share option schemes and restricted share schemes as a means of attracting
start-up management, encouraging ownership and aligning interests of staff with shareholders. Share options are a key part of the remuneration
package and are granted at the discretion of the individual controlled entity boards taking into account the need to recruit, motivate and retain
high calibre executives. 
Controlled investments unapproved share option schemes typically have a management option pool of 15% of the issued share capital. Options are
typically 1) granted at market value 2) have vesting and/or performance conditions and 3) lapse after a period of 10 years from the date of grant.
There are no legal or constructive obligations to repurchase or settle options in cash.
Market prices do not exist for such early stage controlled investments and, in the absence of market prices, fair value is estimated using a valuation
technique to value the instrument on the measurement date in an arm’s length transaction between knowledgeable, willing parties.
The share based payment charge for controlled investments was £44,992 (2007: £59,216).
22 Contingent liabilities
The Group had no contingent liabilities at 30 April 2008 (2007: £nil). 
23 Guarantees and other financial commitments
The Group has obligations under finance leases as shown in Note 19. The Group leases office accommodation on leases of generally less than one
year with monthly rental payments and has a number of retainers with professional advisors. 
The Group intends to continue to support its investments where appropriate, however, this is typically on a discretionary draw-down basis with no
formal legal commitment. 24 Related party transactions
The Group provided executive management and support services to, and incurred expenditure on behalf of, portfolio companies as follows:
2008 2007
£ £
Acolyte Biomedica Limited – 7,554
Geomerics Limited 18,180 –
NeuroTargets Limited 3,763 4,311
Synature Limited 4,785 –
At the Balance Sheet date amounts were due from investments as follows:
2008 2007
£ £
NeuroTargets Limited 15,098 4,311
Synature Limited 30,465 –
At the Balance Sheet date amounts were due to investments as follows:
2008 2007
£ £
Geomerics Limited 28,085 –
Directors’ interests – related party interests and transactions
Apart from the interests disclosed in the Remuneration Report on pages 23 to 24, none of the Directors had any interest at any time during the year
ended 30 April 2008 in the share capital of the Company or its subsidiaries. However, Ian Griffiths holds an interest in an investment as a result of
purchasing 938 shares in NeuroTargets Limited for £15,008 representing 1.1% of the issued share capital at 30 April 2008 (2007: 938 shares representing
1.1%).
No Director had a material interest in a contract, other than a service contract, with the Company or its subsidiaries, or investments during the year.
ANGLE plc Annual Report & Accounts 2008 Page 49 Company Balance Sheet
As at 30 April 2008
Page 50 ANGLE plc Annual Report & Accounts 2008
2008 2007
Restated*
Notes £ £
Fixed assets
Investments C2 2,356,750 2,142,991
Current assets
Debtors – due after one year C3 15,532,391 15,528,111
Cash at bank and in hand – 4,280
15,532,391 15,532,391
Net assets 17,889,141 17,675,382
Capital and reserves
Called up share capital C4 2,713,293 2,713,293
Share premium account C4 13,701,935 13,701,935
Share based payment reserve C4 1,473,913 1,260,154
Shareholders’ funds – equity interests 17,889,141 17,675,382
The Financial Statements were approved by the Board and authorised for issue on 9 July 2008 and signed on its behalf by:
G R Selvey A D W Newland
Director Director
* The Balance Sheet for 2007 has been restated as required by UITF 41, to take account of an increase in the cost of investment and equity for share options granted to
employees of subsidiary undertakings in prior years arising from the adoption of FRS 20 – Share Based Payments – see notes on C1, C2 and C4. C1 Accounting policies
C1.1 Accounting convention and compliance with accounting standards
The Financial Statements have been prepared under the historical cost convention, in accordance with the Companies Act 1985 and applicable
United Kingdom accounting standards. A summary of the more important accounting policies which have been applied consistently throughout the
year are set out below.
As permitted by Section 230 of the Companies Act 1985, the holding Company’s Profit and Loss Account has not been included in these Financial
Statements. The profit for the financial year was £nil (2007: £nil).
As permitted by FRS 1 Cash Flow Statements, no Cash Flow Statement for the Company has been included on the grounds that the Group includes
the Company in its own published Consolidated Financial Statements.
The Company has taken advantage of the exemption in FRS 25 – Financial Instruments: Disclosure and Presentation, not to prepare a financial
instruments note as the information is available in the published Financial Statements of the Group. 
Restatement
The Company is required to adopt UITF 41 – Scope of FRS 20 and has retrospectively applied this from 1 May 2006. The effect of this adoption is to
reflect the fair value of share options awarded to employees of the Company’s subsidiaries in the accounts of the Company. As a result the cost of
investment in subsidiaries is increased by the fair value of the share based awards since the adoption of FRS 20. The corresponding entry is reflected
in equity.
C1.2 Fixed Asset Investments
Fixed asset investments are held at cost less any provision for impairment.
C1.3 Share based payments
The Share option and Deferred Annual Bonus schemes allow Group employees to acquire shares of the Company, subject to certain criteria. 
In accordance with FRS 20 Share-based payments, the fair value of options granted and deferred shares awarded is recognised as an expense of
employment and the cost is borne by the appropriate subsidiary receiving the benefit of the employees’ services. The fair value is treated as a capital
contribution and added to the cost of the Company’s investments in its subsidiary undertakings and a corresponding credit is made to reserves. The
accounting treatment required by FRS 20 is consistent with that applied under IFRS 2 in the Group’s consolidated financial statements.
C2 Investments
2008 2007
Restated*
Shares in subsidiaries £ £
At 1 May 2006 as originally reported 1,044,650
Prior year adjustment 742,816
At 1 May as restated 2,142,991 1,787,466
Additions 213,759 355,525
At 30 April 2,356,750 2,142,991
Additions represent share based payment transactions.
At the year end the Company directly owned 100% of the ordinary share capital of the previous holding company ANGLE Technology Limited.
£1,044,648 relates to the acquisition of the whole of the issued share capital in ANGLE Technology Limited at book value in preparation for the
flotation on AIM in March 2004.
Details of the Company’s subsidiary undertakings at 30 April 2008 are shown in Note 11 to the Consolidated Financial Statements along with other interests
held indirectly through subsidiary undertakings. ANGLE Technology Limited, ANGLE Partnerships Limited and ANGLE Ventures Limited are held directly .
* The prior year adjustment relates to share-based payments charge required by FRS 20 for share options and share awards to employees of
subsidiary undertakings in prior years increasing the value of the Company’s investments in its subsidiary undertakings.
ANGLE plc Annual Report & Accounts 2008 Page 51
Notes to the Company Financial Statements
For the year ended 30 April 2008 Notes to the Consolidated Financial Statements
Continued
Page 52 ANGLE plc Annual Report & Accounts 2008
C3 Debtors falling due after more than one year
£
Amounts owed by Group undertakings
At 1 May 2007 15,528,111
Additions 4,280
At 30 April 2008 15,532,391
ANGLE plc provides a centralised treasury function to trading subsidiaries. The amounts due from Group undertakings are interest free, unsecured
and have no fixed date of repayment.
C4 Share capital and reserves
Share based
payment Share Share
reserve capital premium
£££
At 1 May 2007 as originally reported – 2,713,293 13,863,748
Prior year adjustment – share based payments 1,260,154 – (161,813)
At 30 April 2007 as restated 1,260,154 2,713,293 13,701,935
Share based payments 213,759
At 30 April 2008 1,473,913 2,713,293 13,701,935
The prior year adjustment relates to the adoption of FRS 20 – Share based payments and relates to the charge for share scheme awards to
employees of subsidiary undertakings.
Details of the Company’s authorised share capital and changes in its issued share capital and share premium account can be found in the
Consolidated Statement of Changes in Equity on page 29 and Note 20 to the Consolidated Financial Statements on page 46.
Details of the Company’s share options and warrants can be found in Note 21 to the Consolidated Financial Statements on pages 47 to 48.
On 30 April 2008 the following employee options over ordinary shares of 10p each in the Company were outstanding:
2008 2007
Option Number of Number of
Year of grant (each year ended 30 April) Exercise period price options options
2001 16/02/2004 – 15/02/2008 £2.50 – 337,200
2002 31/10/2004 – 21/01/2009 £2.50 16,000 16,000
2003 27/09/2005 – 26/09/2009 £1.00 259,000 375,000
2004 18/07/2006 – 14/01/2011 £1.00 721,687 842,687
2004 17/03/2007 – 16/03/2011 £1.44 630,000 770,000
2005 19/07/2007 – 01/02/2012 £1.215-£1.425 150,527 185,615
2006 29/07/2008 – 28/07/2012 £1.26 440,717 495,876
2006 30/03/2009 – 26/04/2013 £0.79-£0.835 1,051,056 1,101,056
2007 19/09/2009 – 18/09/2013 £0.86 30,000 80,000
2007 21/03/2010 – 20/03/2014 £0.64 330,000 330,000
3,628,987 4,533,434
On 30 April 2008, 312,500 options with an exercise price of £1.44 (representing 5% of the value of the Placing Shares at the Placing Price) over
ordinary shares of 10p each in the Company were outstanding to KBC Peel Hunt (2007: 312,500 at £1.44). The options were issued as part
consideration for its services in connection with the flotation and placing in March 2004, vested immediately and cease to be exercisable on 
10 March 2011.
C5 Administrative expenses
Administrative expenses, including auditor’s remuneration, are borne by other Group companies.
C6 Directors’ emoluments and employee information
The only employees of the Company are the executive Directors; the remuneration of the Directors is borne by Group subsidiary undertakings. 
Full details of their remuneration can be found in the Directors’ Remuneration Report on pages 23 to 24.
C7 Related party transactions
The Company has relied on the exemptions given in FRS 8 not to disclose transactions between itself and its subsidiaries that have been eliminated
on consolidation. Directors Garth R Selvey, Chairman
ANR
Andrew D W Newland, Chief Executive
Ian F Griffiths, Finance Director 
David W Quysner CBE, Non-executive Director
ANR
A
– Audit Committee
N
– Nomination Committee
R
– Remuneration Committee
Secretary Ian F Griffiths
Company number 4985171
Registered office & 20 Nugent Road
Business address The Surrey Research Park
Guildford
Surrey GU2 7AF
+44 (0)1483 295830
www.ANGLEplc.com
Auditors Baker Tilly UK Audit LLP
The Clock House
140 London Road
Guildford
Surrey GU1 1UW
Nominated Advisor Collins Stewart Limited
and Broker 88 Wood Street
London EC2V 7QR
Registrars CRG Capita
34 Beckenham Road
Beckenham
Kent BR3 4TU
Bankers National Westminster Bank Bank of America
PO Box 1 300 East Main Street
1 Stoke Road Charlottesville
Guildford Virginia VA 22902
Surrey GU1 3ZR
Solicitors Pinsent Masons LLP Holland & Knight
CityPoint 1600 Tysons Boulevard
One Ropemaker Street Suite 700, Mclean
London EC2Y 9AH Virginia VA 22102-4867
Financial Public Relations Buchanan Communications Limited
45 Moorfields
London EC2Y 9AE
ANGLE plc Annual Report & Accounts 2008 Page 53
Directors and Advisors
Design and production
www.ckdcorp.co.uk
Telephone 020 7566 0190
Photography
Ben Rice
Dominique Labrosse
Print
www.spinoffset.co.uk
Printed on revive 50:50.this paper comes 
from sustainable forests and is fully 
recyclable and biodegradeable. Made 
from 50% recovered waste and 50% virgin 
fibre. The manufacturers of the paper and 
the printer are accredited with ISO 14001
environmental management system. ANGLE plc
20 Nugent Road
The Surrey Research Park
Guildford, Surrey GU2 7AF
T +44 (0)1483 295830
F +44 (0)1483 295836
E enquiries@angleplc.com
www.ANGLEplc.com ANGLE plc Annual Report & Accounts 2008