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Microsaic Systems plc
Annual Report 2013
 
 
 
 
Microsaic Cover 4pp cover_Microsaic Cover 4pp cover  07/05/2014  10:48  Page 2 Microsaic Systems is the innovative
high-technology company developing
and marketing a new generation of
compact analysis equipment for
chemists.
Highlights 1
Chairman’s statement 2
Strategic report
Company overview and business model 3
Chief Executive’s review 4
Risks and uncertainties 8
Performance measurement 9
Governance
Board of Directors 10
Directors’ report 11
Directors’ remuneration report 14
Corporate governance report 16
Financial statements
Independent auditors’ report 18
Statement of comprehensive income 20
Statement of changes in equity 21
Statement of financial position 22
Statement of cash flows 23
Notes to the financial statements 24
Annual general meeting
Notice of the annual general meeting 40
Notes 42
Corporate information and advisors 44
Microsaic Cover 4pp cover_Microsaic Cover 4pp cover  07/05/2014  10:48  Page 3 2013 Highlights
• Signing of an additional OEM agreement for the sale of
the 4000 MiD
®
as a stand-alone instrument
• Launch of the Microsaic 4000 MiD
®
miniature mass
spectrometer at Pittcon international trade fair
• Launch of the Isolera™ Dalton by Biotage AB, the first
OEM product containing 4000 MiD
®
Post-period update
• Launch of the MiDas™ compact interface module
• Signing of pre-contract OEM agreement for the sale of the
4000 MiD
®
and MiDas™ for use in protein separation
applications
• Appointment of Andrew Darby as Finance Director 
Financial summary
• Revenue up 92% to £1.17 million (2012: £0.61 million)
• Placing of 9,951,443 ordinary shares raising £4.28 million
before costs
• Cash at 31 December 2013 £3.24 million (2012:
£1.79 million)
• Total statutory loss for the year to 31 December 2013
£2.29 million (2012: £1.87 million)
Microsaic Systems plc Annual Report and Financial Statements 2013 1
Highlights
Microsaic_pp01_07_Microsaic_01_07  07/05/2014  10:38  Page 1 I am pleased to present the Company’s
Annual Report & Financial Statements for
the year ended 31 December 2013. 
2013 was a year where Microsaic
achieved a number of key milestones, most
notably the launch of the 4000 MiD
®
.
It also saw the launch of the first OEM
product to contain the 4000 MiD
®
, the
Biotage Isolera™ Dalton. The Company’s
product development program continued
apace with the more recent release of the
MiDas™, which will extend the reach of
Microsaic’s technology into a wider range
of applications and environments.
The 4000 MiD
®
and the MiDas™ together
form the core technologies behind our
successful recent signing of a further
commercial agreement for the detection of
proteins. We are excited by the opportunity
to work with a major global healthcare
equipment company. The opportunities
provided by our ‘chip’ based technologies
and ‘plug and play’ offering will continue
to grow, as we extend the capabilities of
our technology and product range over the
years to come.
Our relationship with Biotage AB has moved forward and
we continue to work closely with them. In addition to this
relationship, we are excited by the size and quality of
companies that continue to approach us to discuss
commercial opportunities. These relate to opportunities for
our single quad technology, but also our in development
triple quad where a number of major global companies are
expressing a keen interest. This product has undergone
successful prototype demonstrations and continues to make
positive progress towards completion. 
Over the last few years there has been a tangible
transformation in the nature of our business. The evolution
from a university spinout into a quoted commercial
enterprise is evident. The Company’s strategy, structure,
culture, and infrastructure have all developed significantly
which has led to a growing level of public and industry
recognitions. 
In the past 12 months there have been two changes to the
Board. Last summer Eric Yeatman stood down from the role
of Chairman. I would like to thank Eric for his invaluable
input during his nine year tenure as Chairman. During this
time the Company has achieved a growing reputation in
pioneering mass spectrometry miniaturisation. We are
pleased that Eric continues to serve as a member of the
Board and brings expertise to bear on the advancement
of our unique technology. 
More recently we announced the resignation of Malcolm
Bateman who has stepped down as Finance Director and
will leave the Company at the end of April 2014 to pursue
his other interests. Malcolm joined Microsaic in 2006 as
Financial Controller and was appointed to the Board in
2011. He played a major part in the 2011 IPO and has
been an important member of the management team over
the past eight years. We would like to thank him for his
contribution in securing Microsaic’s development, and wish
him well in the next stage of his career. We are pleased to
welcome Andrew Darby ACA as our new Finance Director.
I would again like to thank our shareholders for their
support during the last year. Over 2014 we shall continue
to build upon the achievements already made and continue
to capitalise on the opportunities that are becoming
increasingly evident. 
Colin Nicholl
Chairman
29 April 2014
2 Microsaic Systems plc Annual Report and Financial Statements 2013
Chairman’s statement
for the year ended 31 December 2013
Microsaic_pp01_07_Microsaic_01_07  07/05/2014  10:38  Page 2 Microsaic Systems plc develops
microengineered analytical instruments that
are based on the scientific technique of
mass spectrometry (MS). MS is widely
accepted as one of the most reliable
methods for identifying the chemical
make-up of substances and Microsaic is
the first and only company to have
commercialised and patented chip-based
MS technology using silicon
microengineering (MEMS).
The analysis method of choice
Mass spectrometry is an established analytical technique
used in many laboratories which enables the accurate
identification and quantification of trace levels of chemical
or biological compounds by recording their unique
molecular weight. Today, MS is the standard means of
measuring the composition of samples in pharmaceuticals
and biotechnology, but is also widely used in a variety of
other industries including healthcare, environmental, food
and drink, security, petrochemicals and mining.
By miniaturising MS to desk-top size, Microsaic has made
it practical for a much wider range of users and
applications within these fields and opens up new
opportunities for the growing $3 billion MS market.
A step change in laboratory capability
The Company’s first product, the Microsaic 3500 MiD
®
,
was launched in January 2011 and became the world’s
smallest MS system. Users are particularly impressed by the
self-contained nature of the system – no other mass
spectrometer for liquid analysis has eliminated external
pumps and computers – and this gives the MiD
®
a
revolutionary advantage in deployability, ease of use and
cost of ownership. These advantages have been recognised
within the wider industry too. The 3500 MiD
®
gained the
New Product Award from the US Society of Laboratory
Automation and Screening in 2011 and a prestigious
R&D 100 award in 2012 as one of the most technologically
significant products to enter the marketplace globally.
Several articles have been published in scientific journals
citing new discoveries made using the MiD
®
.
Continuing evolution
The Microsaic 4000 MiD
®
has an even smaller footprint
than the 3500 MiD
®
and fits even more comfortably into
a standard laboratory fume hood. Its ‘plug & play’
components also enable users to maintain the system
themselves, resulting in less down-time and greater flexibility
within the laboratory. The 4000 MiD
®
was launched in
March at Pittcon 2013, the world’s largest annual
conference and exposition on laboratory science and
scientific instrumentation. 
We have an on-going R&D programme building on the
achievements already made and focused on increasing the
reach of our core Ionchip
®
technology, which underpins the
MiD
®
. Our product pipeline includes more complex MS
systems which will allow us to address more technically
demanding market areas, such as food and drink, and
environmental safety. 
Tapping into established sales channels through
value-added partnerships
The Company’s strategy is to generate revenue streams by
introducing compact, deployable MS products, based on its
patented chip technologies, into a series of markets and
applications by selling through partnerships with existing
sales channels. Typically these sales channels will be
international suppliers of complementary equipment. 
In 2012 a partnership was formed with Biotage AB, a well
established supplier in the areas of analytical and medicinal
chemistry. Microsaic is providing its 4000 MiD
®
as an
Original Equipment Manufacturer (OEM) as part of an
integrated solution for mass-directed flash purification that
is enabling a leap forward in chemists’ work flow and
productivity.
Further similar relationships are planned with other leading
suppliers of scientific equipment, which will enable the
Company to build up volume sales. Direct sales to end
users in niche application areas will also continue in
parallel.
Quality innovation moving forward
Microsaic Systems was established in 2001 from the highly
regarded Optical and Semiconductor Devices Group at
Imperial College London. It has been based at
headquarters in Woking, UK since September 2004 and
was admitted to AIM, a market of the London Stock
Exchange, in April 2011 (ticker: MSYS).
Microsaic Systems plc Annual Report and Financial Statements 2013 3
Strategic report – Company overview and business model
for the year ended 31 December 2013
Microsaic_pp01_07_Microsaic_01_07  07/05/2014  10:38  Page 3 4 Microsaic Systems plc Annual Report and Financial Statements 2013
Microsaic has enjoyed a highly productive
year in 2013, making notable progress in
our on-going evolution into a successful
commercial business. We continue to
execute our strategy of developing
commercial partnerships, whilst at the
same time growing direct sales to end
users. In parallel, we have continued to
make significant technological advances
that will in time give us the capability
needed for our next generation of
products. This will further broaden the
range of applications that our miniaturised
mass spectrometry (MS) instruments can
address.
Microsaic’s chip-based technology has allowed us to
miniaturise the mass spectrometer – the gold standard for
chemical analysis – far beyond any other product on the
market. This miniaturisation greatly simplifies deployment,
drastically cutting power consumption and other running
costs, and makes MS much more accessible to lab scientists
than it has ever been before. 
Our lead MS instrument, the Microsaic 4000 MiD
®
, was
officially launched in March 2013 at Pittcon, the major
annual international trade fair focused on scientific and
laboratory equipment, which took place in Philadelphia,
USA. The market’s response and subsequent acceptance
of the 4000 MiD
®
has been enthusiastic and through
a combination of direct sales and shipments to our OEM
partner we achieved a near doubling of our revenue for
the full year 2013 to £1.17 million (£0.61 million in 2012). 
Commercial strategy
Our main route to market for our product is as an original
equipment manufacturer (OEM) through partnerships with
companies that have established global sales channels.
These companies also have complementary products that
when combined with our product can deliver synergistic
benefits for the end users. During the year, we strengthened
our relationship with our existing OEM partner, Biotage AB.
In June Biotage AB launched its fully integrated system for
flash chromatography and mass identification which
incorporated our core MS instrument, the 4000 MiD
®
.
Demand for the integrated product, the Isolera™ Dalton,
has been good and shipments of the 4000 MiD
®
to Biotage
are in line with expectations.
We continue to develop relationships with new potential
commercial partners in the pharma, biotech and other
related sectors. In this regard we were pleased to announce
in April 2013 the signing of an OEM agreement for the
global, non-exclusive marketing and sale of the 4000 MiD
®
as a stand-alone instrument for use in direct and rapid MS
analysis. Successful trials have also been completed with
a number of other potential partners and discussions are
advancing with several of these aimed at securing
commercial agreements. 
Strategic report – Chief Executive’s review
for the year ended 31 December 2013
Microsaic_pp01_07_Microsaic_01_07  07/05/2014  10:38  Page 4 Microsaic Systems plc Annual Report and Financial Statements 2013 5
We were pleased to announce on 14 April 2014 the
signing of a pre-contract commercial agreement to provide
the miniature mass spectrometer – the Microsaic 4000
MiD
®
– as an Original Equipment Manufacturer (OEM).
The agreement is for the global, exclusive marketing and
sale of the 4000 MiD
®
, along with the recently released
MiDas™ interface unit, as a stand-alone instrument for use
in protein separation applications. The partner is a major
international healthcare equipment company.
The agreement is focused on the use of the 4000 MiD
®
in conjunction with protein separation, a major application
that is used globally and has increasing market demand.
It follows a period of R&D collaboration in which Microsaic
has successfully adapted and enhanced the 4000 MiD
®
to address this new application. 
We will work towards completion and signing of a full
commercial contract, which is anticipated to include a
commitment to purchase up to 50 units and consumables
of the 4000 MiD
®
in the first year, increasing to over
200 units and consumables from the fourth year onwards.
The initial period of the contract is expected to be
48 months. The selling price is in line with the Board’s
expectations. Shipments under the agreement are
anticipated to commence in Q1 2015.
In addition to OEM agreements for our products in the
major MS application areas, we achieved a number of
direct sales to customers in new and high-value application
areas. Direct contact with users is proving to be valuable as
a means of prioritising future product development and
R&D programmes. A number of key direct sales have
already been achieved and a pipeline has been established
for the coming year.
The 4000 MiD
®
is currently manufactured at our facility in
Woking, but in line with our commercial strategy, and as
sales increase in 2014, we will be outsourcing the
production of the units to an accredited third-party supplier.
New technologies
Our marketing plan for 2013 has been directed towards
positioning Microsaic as a solution provider for chemical
analysis, rather than simply as a mass spectrometer vendor.
In line with this plan, we have been leveraging our technical
expertise to develop next-generation products that we
believe will significantly expand the range of applications
that our innovative MS instruments can address and that
end-users will increasingly demand.
In January 2014, we launched the MiDas™ compact
interface module. The MiDas™ unit has been designed to
extend the use of MS in the laboratory from specialist
analytical chemists to the wider research community.
It connects to the 4000 MiD
®
and offers automated sample
preparation and injection for direct MS analysis in real-time
at the lab bench or in the fume hood.
Our strategy is to commercialise MiDas™ alongside the
4000 MiD
®
through partnerships with well-established
suppliers in the areas of analytical and medicinal chemistry,
and directly to customers in niche application areas.
In June 2013, we presented a working prototype of our
chip-based triple quadrupole mass spectrometer for the first
time, at the American Society of Mass Spectrometry (ASMS).
This new technology can analyse more complex materials,
such as medical (e.g. blood or saliva) or environmental
samples, and is an important achievement that has the
potential to further extend Microsaic’s leading position in
miniaturised MS instrumentation. We recently exhibited our
latest progress with this system at the major trade fair
Pittcon in March 2014, where the reception from delegates
was very encouraging. Negotiations are on-going with
a number of possible key MS instrument partners to develop
the triple quadrupole into a fully commercial product, with
an expected launch date in 2015. 
At the same event, we displayed our concept product, 4500
MiD
®
instrument for the first time. This system is an
extension of the 4000 MiD
®
and has been designed for the
mass identification of larger molecules in sample mixtures,
such as proteins and peptides. We intend to launch this
product in the next twelve months and are already engaged
in discussions with potential OEM partners to develop this
system further for commercialisation in several areas.
Microsaic_pp01_07_Microsaic_01_07  07/05/2014  10:38  Page 5 Financial results
Revenues increased 92% to £1,165,235 in 2013 (2012:
£606,281). OEM sales volumes of the 4000 MiD
®
have
been the principal contributor to this rise, with regular
monthly shipments being made. Sales of consumables are
also rising, and will become more significant over time as
the installed base grows. 
Research and development revenue streams are becoming
a less significant proportion of the total company income,
but continue to make a contribution. Spending on R&D
amounted to £927,379 and was focused on product
enhancements in order to open up new application
opportunities for the MiD
®
and on our triple quadrupole
mass spectrometer.
The total comprehensive loss for the year was £2,285,158
compared to £1,867,069 in the previous year. Excluding
the effects of share-based payments accounting, the
operating expenses for 2013 and 2012 were £1,462,395
and £1,228,084 – the increase arising from business
development and marketing activities and augmenting the
business infrastructure as commercial operations ramp up.
In May, the Company placed 9,951,443 ordinary shares
with new and existing shareholders. This represented a 23%
increase in the Company’s issued share capital. We wish to
thank our investors for supporting this placing, which will
enable the Company to execute its organic revenue growth
plans, as well as allow investment in the development and
production of instruments and technologies. The gross
proceeds raised from the issue amounted to £4.28 million.
Cash in hand at 31 December 2013 was £3.24 million.
As with previous years, the going concern basis has
continued to be adopted in preparing the financial
statements. Following the progress made by the Company
to date and the progress anticipated in the near term, the
Directors have a reasonable expectation that the Company
will have access to adequate funds to continue operations
for at least twelve months. Further details are provided in
the notes to the financial statements.
Enhancing the team
To ensure the Company is equipped with the necessary skills
and personnel to drive continuing revenue growth and to
support the transition into a successful commercial business,
we have made a number of new hires during the year.
We have created a new business development team, whose
objective is to grow direct sales and establish new
commercial relationships and routes to market. Our
customer services team has been enhanced significantly and
the engineering team has been expanded in order to ensure
our OEM and direct customers have the technical support
they require. I am now confident that we have the
commercial and technical personnel in place to support
senior management as we look to drive the growth of the
business in the years ahead.
I am delighted to report the appointment of Andrew Darby
as Finance Director. Andrew Darby has over 17 years of
experience in senior finance, strategic and operational roles
within quoted companies in the information technology
sector. He joins Microsaic from Active Risk Group plc,
formerly an AIM-listed company specialising in enterprise
risk management software solutions. 
In October, we announced the formation of the Company’s
first Scientific Advisory Group. Members of the Group have
impressive credentials across a wide range of areas in
industry and research, and will be able to advise us on
future applications for our chip-based technology.
6 Microsaic Systems plc Annual Report and Financial Statements 2013
Strategic report – Chief Executive’s review (continued)
for the year ended 31 December 2013
Microsaic_pp01_07_Microsaic_01_07  07/05/2014  10:38  Page 6 Outlook 
I am very pleased with the progress that Microsaic made
across all areas of its business in 2013. We have built
a strong foundation around the 4000 MiD
®
though our
OEM partnerships and are confident of signing further
agreements with other interested OEM partners who have
established global sales distribution channels. Sales are
building and we are gaining increasing recognition for the
potential of our innovative MS technologies and new
products within the scientific analytical instrumentation
market, where we believe we have an opportunity to make
MS accessible across a broader range of applications and
to a much larger number of lab scientists than ever before.
We now have the team in place needed to support the
expected growth and development of our business.
We are focused on three business strategies that underpin
our ambitions for 2014 and beyond:
• Developing OEM partnerships with synergistic
companies, which can provide Microsaic with access
to enhanced sales distribution channels alongside our
own direct sales channel.
• Stepping up marketing communications and the
promotion of the core brand values of Microsaic.
• Outsourcing the manufacture of the main product
ensuring high-quality build, reliability and high volume
capacity.
All our activities are aligned to these three priorities. Our
‘plug & play’ usability designs remain unique and the
increasing market acceptance of our chip-based technology
will provide the platform for further growth and
differentiation from competitors. We remain intent on
broadening the application base and enhancing user
experience of the MiD
®
in order to make it the benchtop
analytical tool of choice for chemists. It is my belief that
these strengths, and focused strategy puts Microsaic
Systems in a strong position to capitalise in an evolving
market.
Microsaic Systems plc Annual Report and Financial Statements 2013 7
Microsaic_pp01_07_Microsaic_01_07  07/05/2014  10:38  Page 7 Strategic report – Risks and uncertainties
for the year ended 31 December 2013
8 Microsaic Systems plc Annual Report and Financial Statements 2013
In common with other small companies developing new technologies, the Company is subject to a number of risks and
uncertainties, which principally include:
Risk area Key risks
Company development — The early stage development of the business and its evolution into a successful
trading Company with all the operational requirements that this entails
— Current operating losses depleting the Company’s capital and cash 
— The availability and terms of capital needed for continued business development and
expansion
— Recruitment and retention of personnel and requisite skills to run and build the
business
Customer markets — Market acceptance of the Company’s revolutionary products
— Competing products emerging from other companies
— The ability of the Company to generate sufficient revenue from the sale of its
products
— The economic environment and recessionary effects that may restrict customer
spending on capital equipment 
— Establishing and maintaining a high reputation as a supplier of equipment
Technical — The product’s technical performance and specification meeting customer
requirements
— The reproducibility of the Company’s products as production volumes increase
— The ability to protect Company intellectual property and defend infringement claims
by others
Financial — Sufficient cash flow liquidity
— Credit risk attributable to trade receivables and cash deposits
— Exchange rate risk on currency exposures
The main financial risks arising from the Company’s activities are liquidity risk and credit risk.  The Company seeks to
manage liquidity by ensuring sufficient funds are available to meet expected needs and to invest cash assets safely and
profitably. In order to minimise risk to the Company’s capital, funds are invested with financial institutions with strong credit
ratings. Cash forecasts are updated regularly to ensure that there is sufficient cash available for foreseeable requirements.
The Company has no external financing facilities therefore its interest rate risk is limited to the level of interest received on
its cash surpluses.
There is further explanation of the financial risks in note 23 to the financial statements.
This Annual Report contains certain forward looking statements that have been made by the Directors in good faith based
on the information available at the time of the approval of the Annual Report. By their nature, such forward looking
statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not
occur in the future. Actual results may differ from those expressed in such statements.
Microsaic_pp08_19_Microsaic_pp08_19  07/05/2014  10:36  Page 8 Microsaic Systems plc Annual Report and Financial Statements 2013 9
Strategic report – Performance measurement
for the year ended 31 December 2013
The ongoing performance of the Company is managed and monitored using a number of key performance indicators,
both financial and qualitative.
Whilst there are many financial and operating measures regularly monitored by the Company, the primary financial metrics
are:
Year to Year to
31 December 31 December
2013 2012
£ £
Revenue 1,165,235 606,281
Loss before tax and share based payments (2,331,671) (2,097,800)
Cash used in operating and investing activities (2,552,302) (1,476,565)
Cash and cash equivalents 3,239,283 1,788,579
Revenues comprise sales of products and income from development projects. Product sales now form the majority of the
Company’s revenue. Product launch is a key driver of our product revenue and 2013 saw both the launch of the Microsaic
4000 MiD
®
chip based mass spectrometer and the first OEM product incorporating the 4000 MiD
®
, namely the Isolera™
Dalton from Biotage AB, a fully integrated system for flash chromatography and mass identification.
Maintaining tight control over costs is another key objective in managing the developing business. This is monitored
through monthly management accounts for each cost type and in the overall trading results (which are calculated
excluding share based payments).
The Company is not yet profitable and utilises cash for its operational activities. The forecasting and monitoring of the
Company’s cash resources is therefore critical in terms of the efficient allocation of those resources and in predicting
future cash requirements. A key feature of the Company’s internal management reporting is therefore an emphasis
on operational cash flow forecasts, which are monitored at both management and Board level on a monthly basis. 
In terms of the Company’s wider performance, the progress of its research and development programmes are reviewed
against key qualitative milestones on a monthly basis by the Board. The more detailed aspects of these programmes are
also discussed and monitored through separate project reviews. Research and development programmes which feed into
the Company’s product pipeline are planned and executed against identified objectives and timelines. The Company’s
intellectual property rights provide an indicator of the success of its R&D activities and the protection of its technology from
competitors. Microsaic maintains a large portfolio of patents, of which 52 are granted.
This Strategic Report was approved by the Board of Directors on 29 April 2014 and signed on its behalf.
Colin Jump
Chief Executive Officer
Microsaic_pp08_19_Microsaic_pp08_19  07/05/2014  10:36  Page 9 10 Microsaic Systems plc Annual Report and Financial Statements 2013
Colin Nicholl, Non-executive Chairman
Colin Nicholl joined the Board of the Company in 2005
and has served as Chairman since July 2013, having
previously been Deputy Chairman from 2006 until June
2013. He sits on the Board’s Audit Committee. Colin brings
a wealth of business, financial and city experience to the
Company as a former partner of Cazenove & Co. and
Chief Investment Officer of Cazenove Asset Management.
He is a Non-executive Director of IM Asset Management
and was, until its takeover, Chairman of Membrane
Extraction Technology Limited. Colin has a degree in
mathematics from the University of York, and has actuarial
and company secretarial professional qualifications.
Andrew Holmes, Non-executive Director
Andrew Holmes is Professor of Micro-Electro-Mechanical
Systems at Imperial College London and a co-founder of
the Company. Professor Holmes was educated at
Cambridge University and Imperial College London, where
he has been a member of staff since 1995 and specialises
in research into microfabrication and micropower
technologies. Andrew has been Company Secretary of the
Company since 2004, and sits on the Board’s Audit and
Remuneration Committees.
James Ramage, Non-executive Director
James Ramage was appointed as a Director of the Company
in April 2010. Dr Ramage is also Chairman of Tesla
Engineering, a manufacturer of high value magnetic
components for MRI scanners and other products. He is a
veteran of the analytical instrumentation industry and served
as a Director and Divisional Managing Director of
VG Instruments plc and Fisons plc prior to becoming
Chairman of Tesla. Dr Ramage sits on the Board’s Audit
Committee and chairs the Board’s Remuneration Committee.
Eric Yeatman, Non-executive Director
Eric Yeatman is Professor of Micro-Engineering at Imperial
College London. Professor Yeatman is a co-founder of the
Company and was Chairman of the Board from 2004 to
June 2013. He chairs the Board’s Audit Committee and sits
on the Board’s Remuneration Committee. Eric was
educated at Dalhousie University (Halifax, Canada) and
Imperial College London, where he has been a member of
staff since 1989. He specialises in micro-systems research
and has acted as an advisor to two venture capital funds.
Colin Jump, Chief Executive Officer
Colin Jump has 30 years’ commercial and operational
experience in the analytical instrumentation market.
He joined Microsaic Systems in November 2012 from
Shimadzu, a global manufacturer of scientific research
instruments, where he spent 11 years as its UK Managing
Director. He was previously European Commercial Director
at SGE Europe (1999-2001) and prior to that, spent seven
years in senior management and marketing positions at
Mallinckrodt Baker in the UK and the Netherlands. Between
1983 and 1991 Colin served in sales and marketing
positions at Bayer Diagnostics, Boehringer Mannheim and
Wellcome Diagnostics. He was appointed to the Board on
1 November 2012.
Andrew Darby, Finance Director
Andrew Darby was appointed as Finance Director to the
Company in April 2014. Mr Darby is a graduate of
Cambridge University and a Chartered Accountant with
over 17 years of experience in senior finance, strategic
and operational roles within quoted companies.
He joined Microsaic from Active Risk Group plc, formerly
an AIM-listed company specialising in enterprise risk
management software solutions, where he spent seven
years as Chief Operations Officer and Chief Financial
Officer until its successful sale to Sword Group SE. Prior
to joining Active Risk, Andrew held senior positions with
Misys plc and Generali SpA and qualified as a Chartered
Accountant with Coopers & Lybrand (now
PriceWaterhouseCoopers).
Peter Edwards, Technical Director
Peter Edwards joined the Company as Head of Research
and Development in 2007 and was elected to the Board
of Directors from June 2011. Mr Edwards, a Chartered
Engineer, was awarded a BSc degree in engineering at
Kingston Polytechnic, and between 1987 and 2007 served
in senior positions with Applied Materials Inc., a Fortune
500 company and the global leader in nano-manufacturing
technology solutions and a supplier of semiconductor
manufacturing equipment. Between 2001 and 2005 he
served as Engineering Director and was responsible for
development of Applied Material’s ion implanter products,
before finally serving as Key Product Unit Director.
Board of Directors
for the year ended 31 December 2013
Microsaic_pp08_19_Microsaic_pp08_19  07/05/2014  10:36  Page 10 Microsaic Systems plc Annual Report and Financial Statements 2013 11
Directors’ report
for the year ended 31 December 2013
The Directors present their report for the year ended 31 December 2013.
Principal activity, business review and business risks
The principal activity of the Company continued to be the research, development and commercialisation of scientific
instruments. A review of the business and its prospects is contained within the Strategic Report. 
Results and dividends
The results for the Company are given in the statement of comprehensive income set out on page 20. The Directors do not
recommend the payment of a dividend (2012: nil).
Directors
Since 1 January 2013 the following Directors have held office:
C J Nicholl
C R Jump
M R Bateman (Resigned 15 April 2014)
A H Darby (Appointed 16 April 2014)
P I T Edwards
A S Holmes
J C Ramage
E M Yeatman
Colin Jump, Colin Nicholl and James Ramage were re-appointed at the Annual General Meeting on 15 May 2013.
At the forthcoming Annual General Meeting Peter Edwards and Eric Yeatman will retire by rotation and be proposed for re-
appointment. Following his appointment since the year end, Andrew Darby will also retire at the Annual General Meeting
and be proposed for re-appointment. 
Directors’ interests
The Directors’ interests in the shares of the Company at 31 December 2013 were:
Ordinary shares of 0.25p each Ordinary shares of 0.25p each 
at 31 December 2013 at 31 December 2012
Number % Number %
C J Nicholl 3,030,616 5.77 2,565,500 6.03
C R Jump 23,256 0.04 ––
M R Bateman 36,664 0.07 25,000 0.06
P I T Edwards 31,977 0.06 25,000 0.06
A S Holmes 2,936,656 5.59 2,913,400 6.85
J C Ramage 261,190 0.50 163,480 0.38
E M Yeatman 3,252,723 6.19 3,159,700 7.43
9,573,082 18.22 8,852,080 20.81
Microsaic_pp08_19_Microsaic_pp08_19  07/05/2014  10:36  Page 11 12 Microsaic Systems plc Annual Report and Financial Statements 2013
Directors’ report (continued)
for the year ended 31 December 2013
Significant shareholdings
Shareholders, excluding Directors, having a beneficial interest of 3% or more of the Company’s shares as at 29 April
2014:
Ordinary shares of 0.25p each 
at 29 April 2014
Number %
BlackRock Investment Management 5,035,198 9.59
Fidelity Worldwide Investment 4,684,841 8.92
N W Wray 4,134,032 7.87
R R A Syms 3,735,200 7.11
Herald Investment Trust 2,745,348 5.23
Hargreave Hale 2,537,000 4.83
Octopus Investments 2,442,980 4.65
Amati Global Investors 2,293,000 4.36
A P Finlay 1,935,040 3.69
Employees
The Company regards the expertise and contributions of its employees as crucial to the future success of the business.
The Company engages its employees to understand all aspects of the business and seeks to remunerate its employees fairly.
The Company gives full and fair consideration to applications for employment received regardless of age, gender, colour,
ethnicity, disability, nationality, religious beliefs or sexual orientation. The Board takes account of employees’ interests when
making decisions and suggestions from employees aimed at improving the Company’s performance are encouraged.
Company share ownership plans
The Company operates two Share Ownership Plans for the benefit of its employees and Directors, an Employee Share
Option Scheme (ESOS) and a Share Incentive Plan (SIP).
The ESOS was formed in 2006 to enable the incentivisation of key employees to be aligned to the performance of
the Company. Under the ESOS the Company grants to employees options to acquire the Company’s ordinary shares
subject to:
— vesting periods (normally 5 years for new grants)
— a total exercise period of 10 years from date of grant
— the exercise price normally being the market price of the ordinary shares at the date of grant
— performance conditions, as appropriate 
Options are granted to the maximum amount allowed under the limits of the Enterprise Management Incentive (‘EMI’)
Scheme – these options are called ‘Approved Options’. The EMI scheme is subject to the provisions of Schedule 5 of the
Income Tax (Earnings and Pensions) Act 2003. Any options granted above EMI limits are ‘Unapproved Options’.
The SIP enables all employees (subject to minimum service criteria) the opportunity to take a continuing stake in the
Company. It was approved by HMRC in November 2012 and operated for the first time in 2013. A Plan Trust has been
established for the purposes of acquiring the Company’s shares. In accordance with SIP regulation employees can invest up
to £1,500 from gross pay in any one year which is used to acquire shares known as ‘Partnership Shares’ and held within the
Plan Trust. The Company may issue ‘Matching Shares’ in proportion to the Partnership Shares and also award employees
with ‘Free Shares’. Matching Shares and Free Shares vest on the completion by the participating employee of a further three
years’ service (and certain other events), and can be withdrawn from the plan tax-free after five years’ service.
Health and safety and the environment
The Company is committed to providing a safe environment for its staff and other parties for whom it has a responsibility.
It has set up systems and processes to ensure compliance with health and safety legislation and the Board considers health
and safety matters at its regular monthly meetings.
The Company is also mindful of its corporate responsibilities concerning the impact of its activities on the environment and
seeks to minimise this impact wherever possible.
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Directors’ indemnity and insurance
The Company has granted an indemnity to its Directors under which the Company will indemnify them, subject to the terms
of the deed of indemnity, against all costs, charges, losses, damages and liabilities incurred by them in performance of
their duties.
The Company also maintains insurance for its Directors and Officers against the consequences of actions brought against
them in relation to their duties for the Company.
Payment of creditors
The Company’s policy for payment of suppliers is to agree payment terms in advance of the supply and to adhere to those
payment terms. The trade creditors of the Company at the year end as a proportion of amounts invoiced by suppliers
during the year represent 47 days’ purchases (2012: 48 days).
Related party transactions
The interests of the Directors are shown above and their remuneration is detailed in the Directors’ remuneration report.
There were no other related party transactions.
Directors’ responsibilities
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time
the financial position of the Company, for safeguarding the assets of the Company, for taking reasonable steps for the
prevention and detection of fraud and other irregularities and for the preparation of a Directors’ report which complies
with the requirements of the Companies Act 2006.
The Directors are responsible for preparing the annual report and the financial statements in accordance with the
Companies Act 2006. The Directors have chosen to prepare financial statements for the Company in accordance with
International Financial Reporting Standards (IFRSs) as adopted for use in the European Union.
International Accounting Standard 1 requires that financial statements present fairly for each financial year the Company’s
financial position, financial performance and cash flows. This requires the faithful representation of the effects of
transactions, other events and conditions in accordance with the definitions and recognition criteria for assets, liabilities,
income and expenses set out in the International Accounting Standards Board’s ‘Framework for the preparation and
presentation of financial statements’. In virtually all circumstances, a fair presentation will be achieved by compliance with
all applicable IFRSs. A fair presentation also requires the Directors to:
— consistently select and apply appropriate accounting policies;
— present information, including accounting policies, in a manner that provides relevant, reliable, comparable and
understandable information; and
— provide additional disclosures when compliance with the specific requirements in IFRSs is insufficient to enable users
to understand the impact of particular transactions, other events and conditions on the entity’s financial position and
financial performance. 
Statement of disclosure to auditors
So far as each Director is aware, there is no relevant audit information of which the Company’s auditors are unaware.
Additionally the Directors have taken all the steps that they ought to have taken as Directors in order to make themselves
aware of any relevant audit information and to establish that the Company’s auditors are aware of that information.
Auditors
Saffery Champness have expressed their willingness to remain in office as auditors of the Company, and a resolution for
their re-appointment will be proposed at the forthcoming Annual General Meeting.
This Directors’ Report was approved by the Board of Directors on 29 April 2014 and signed on its behalf.
Andrew Holmes
Company Secretary
Company number 3568010
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This report on the Directors’ remuneration sets out the Company’s policy on the remuneration of Executive and
Non-executive Directors, together with details of Directors’ remuneration packages and service contracts.
Remuneration Committee
The remuneration policy for Executive Directors, determination of their individual remuneration packages and their
performance appraisals have been delegated to the Board’s Remuneration Committee comprising three Non-executive
Directors.
In setting the remuneration levels, the Remuneration Committee considers a number of factors including:
— the basic salaries and benefits available to Executive Directors of comparable companies;
— the need to attract and retain Directors of an appropriate calibre;
— the need to ensure Executive Directors’ commitment to the continued success of the Company by means of incentive
schemes; and
— the need for the remuneration awarded to reflect performance.
Remuneration of the Non-executive Directors
The remuneration of the Non-executive Directors is agreed by the Board following recommendation by the Remuneration
Committee, having a view to rates paid in comparable organisations and appointments. The Non-executive Directors did
not receive any pension, bonus or other benefits from the Company. Since becoming a public limited company, no share
options have been issued to Non-executive Directors. Non-executive Directors may participate in Company share
ownership plans on the same terms as other staff.
Remuneration policy for Executive Directors
The Company’s remuneration policy for Executive Directors is to:
— have regard to the Directors’ experience and the nature and complexity of their work in order to pay a competitive
salary that attracts and retains management of the quality required to serve the business;
— link individual remuneration packages to the Company’s performance through the award of discretionary bonus
schemes; and
— provide employment-related benefits including life assurance and insurance relating to the Directors’ duties.
Directors’ emoluments
Year to Year to
31 December 31 December
Salaries Other Pension 2013 2012
and fees payments contributions Total Total
£££ £ £
C J Nicholl 23,209 –– 23,209 18,010
C R Jump 159,372 15,000 – 174,372 46,562
(1)
M R Bateman 79,128 5,961 4,670 89,759 66,219
P I T Edwards 98,821 10,013 7,395 116,229 103,764
A S Holmes 21,750 –– 21,750 18,800
P R Selway –– – – 3,900
(2)
J C Ramage 19,577 –– 19,577 13,750
E M Yeatman 22,772 –– 22,772 51,500
424,629 30,974 12,065 467,668 322,505
(1) from 1 November 2012
(2) to 30 May 2012
Directors’ remuneration report
for the year ended 31 December 2013
Microsaic_pp08_19_Microsaic_pp08_19  07/05/2014  10:36  Page 14 Share Incentive Plan (SIP)
M R Bateman and J C Ramage participated in the Company SIP in 2013 and were each awarded 1,562 Matching shares
under the terms of the scheme. These interests remained at 31 December 2013 (2012: nil).
Directors’ share options
Share options over the Company’s ordinary shares held by the Directors during the year were:
At At
1 January Lapsed Exercised 31 December
2013 in the year in the year 2013 Exercise price
Number Number Number Number p Exercise period
C J Nicholl 116,000 (116,000) – – 43.10p 24 May 2006 – 24 May 2013
116,000 –– 116,000 43.10p 24 May 2008 – 24 May 2015
116,000 –– 116,000 43.10p 24 May 2009 – 24 May 2016
C R Jump 1,276,191 –– 1,276,191 39.00p 10 Dec 2017 – 9 Dec 2022
M R Bateman 40,600 –– 40,600 129.31p 1 Dec 2010 – 19 Feb 2018
19,333 –– 19,333 25.86p 3 Dec 2012 – 2 Dec 2020
38,667 –– 38,667 25.86p 3 Dec 2013 – 2 Dec 2020
80,000 –– 80,000 42.00p 2 Jul 2015 – 1 Jul 2022
P I T Edwards 191,400 –– 191,400 129.31p 11 Apr 2011 – 19 Feb 2018
77,333 –– 77,333 25.86p 3 Dec 2012 – 2 Dec 2020
154,667 –– 154,667 25.86p 3 Dec 2013 – 2 Dec 2020
40,000 –– 40,000 42.00p 2 Jul 2015 – 1 Jul 2022
2,266,191 (116,000) – 2,150,191
The above share options are subject to service and/or performance conditions. None of the share options held by the
Directors were exercised during the year.
The share price on 1 January 2013 was 39p and on 31 December 2013 was 43.5p, with a high and low over the year of
48p and 38p respectively.
Directors’ service contracts
Details of each Director’s service contract are as follows:
Contract Date Term Notice period
C J Nicholl 24 April 2006 Indefinite 3 months
C R Jump 23 September 2012 Indefinite 6 months
M R Bateman 11 July 2011 Indefinite 3 months
P I T Edwards 30 June 2010 Indefinite 3 months
A S Holmes 1 April 2006 Indefinite 3 months
J C Ramage 21 June 2010 Indefinite 3 months
E M Yeatman 1 April 2006 Indefinite 3 months
Microsaic Systems plc Annual Report and Financial Statements 2013 15
Microsaic_pp08_19_Microsaic_pp08_19  07/05/2014  10:36  Page 15 16 Microsaic Systems plc Annual Report and Financial Statements 2013
Corporate governance report
for the year ended 31 December 2013
As an AIM-listed company, Microsaic Systems plc is not required to comply with the UK Corporate Governance Code
(2010), a set of recommended corporate governance principles for UK public companies issued by the Financial Reporting
Council. However, the Directors support high standards of corporate governance and have established a set of corporate
governance principles which they regard as appropriate for the size, nature and stage of development of the Company
based on the QCA Guidelines. 
The Board
In July 2013 Colin Nicholl became Chairman of the Board in succession to Eric Yeatman, who continues to serve as
a Non-executive Director.
Role of the Board
The Board is responsible, inter alia, for strategy, budget, performance, approval of major capital expenditure and the
framework of internal controls.
Board processes
The Board has established an Audit Committee and a Remuneration Committee with formally delegated responsibilities to
assist with the execution of its responsibilities.
The full Board holds regular meetings on a monthly basis and additional meetings at any other times as may be necessary
to deal with any urgent matters that arise. The agenda for Board meetings is prepared in conjunction with the Chairman
and submissions are circulated in advance. The Company management team prepares regular reports which allow the
Board to assess the Company’s activities and review its performance and the Board has clearly specified the levels of
authority delegated to management. Members of the Company’s management team are regularly involved in Board
discussions and Directors are able to have discussions with other employees where appropriate.
The Board is ultimately responsible for the Company’s system of internal control and for reviewing its effectiveness.
This includes financial, operational and compliance controls and risk-management systems. Internal control systems are
designed to meet the Company’s particular needs and the risks to which it is exposed. The internal control systems are
designed to manage rather than eliminate the risk of failure to achieve business objectives, and by their nature can only
provide reasonable and not absolute assurance against misstatement and loss.
Composition of the Board
The Board currently comprises seven Directors. 
The role of the Chairman is filled by a Non-executive Director.
Directors appointed by the Board are subject to re-election by shareholders at the following Annual General Meeting and
thereafter Directors are subject to re-election at least every three years.
Conflicts of interest
Directors must keep the Board advised of any interest that could potentially conflict with those of the Company.
Where a conflict exists, the Director concerned is not present at the meeting whilst the relevant matter is considered.
Directors’ attendance record
The following table shows the attendance at the meetings of the Board of Directors during 2013:
Meetings
Meetings held attended
Number Number
C J Nicholl 12 12
C R Jump 12 11
M R Bateman 12 11
P I T Edwards 12 12
A S Holmes 12 12
J C Ramage 12 11
E M Yeatman 12 11
Microsaic_pp08_19_Microsaic_pp08_19  07/05/2014  10:36  Page 16 Microsaic Systems plc Annual Report and Financial Statements 2013 17
Audit Committee
The remit of the Audit Committee is documented in its terms of reference which were adopted by the Board of Directors
on 31 March 2011.
The purpose of the Committee is to assist the Board in the effective discharge of its responsibilities for corporate
governance, financial reporting, corporate control and risk management. The Audit Committee normally meets at least
twice a year and, amongst other things, reviews the annual report and accounts and interim statements with the external
auditors. The Committee also approves external auditors’ fees and ensures auditors’ independence as well as focusing
on compliance with legal requirements and accounting standards. The ultimate responsibility for reviewing and approving
the annual financial statements and interim statements remains with the Board.
The members of the Audit Committee for 2013 were E M Yeatman (from July 2013, Committee Chairman), C J Nicholl
(Committee Chairman until June 2013), J C Ramage and A S Holmes. The external auditors, the Chief Executive Officer,
Finance Director and other executives may be invited to the Audit Committee meetings at the discretion of the
Committee. 
The Audit Committee met three times in 2013.
Remuneration Committee
The remit of the Remuneration Committee is documented in its terms of reference which were adopted by the Board of
Directors on 31 March 2011.
The Remuneration Committee meets as required and at least once a year. Its responsibilities include reviewing the
performance of the Executive Directors, setting their remuneration levels, determining the payment of bonuses and other
benefits and considering the grant of options under the Company share option schemes.
The members of the Remuneration Committee for 2013 were J C Ramage (Committee Chairman), C J Nicholl (until June
2013), A S Holmes and E M Yeatman (from July 2013). 
The Remuneration Committee met four times in 2013.
Board nominations
The appointment of replacement or additional Directors is the responsibility of the Board as a whole. 
At this stage, it is not considered appropriate for the Company to have a formally constituted Nominations Committee,
however this will be kept under review.
Communications with shareholders
The Board aims to keep shareholders informed of all major developments concerning the Company. Information is
communicated through the following channels:
— The release of announcements, trading updates and interim financial statements through the Regulatory News Service
of the London Stock Exchange and on the Company’s website,
— The annual report and financial statements are sent to all registered shareholders,
— Notices of all meetings of shareholders are also sent to all registered shareholders.
Microsaic_pp08_19_Microsaic_pp08_19  07/05/2014  10:36  Page 17 18 Microsaic Systems plc Annual Report and Financial Statements 2013
We have audited the financial statements of Microsaic Systems plc for the year ended 31 December 2013 on pages 20
to 39. The financial reporting framework that has been applied in their preparation is applicable law and International
Financial Reporting Standards (IFRSs) as adopted by the European Union as applied in accordance with the provisions
of the Companies Act 2006.
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those
matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by
law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as
a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of Directors and auditors
As explained more fully in the Directors’ responsibilities statement set out on page 13, the Directors are responsible for
the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is
to audit and express an opinion on the financial statements in accordance with applicable law and International Standards
on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards
for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give
reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error.
This includes an assessment of: whether the accounting policies are appropriate to the Company’s circumstances and have
been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the
Directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial
information in the annual report to identify material inconsistencies with the audited financial statements and to identify any
information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us
in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we
consider the implications for our report.
Opinion on financial statements
In our opinion the financial statements:
— give a true and fair view of the state of affairs of the Company as at 31 December 2013 and of its loss for the year
then ended; and 
— have been properly prepared in accordance with IFRSs as adopted by the European Union and as applied in
accordance with the provisions of the Companies Act 2006; and
— have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Strategic report and Directors’ report for the financial period for which the
financial statements are prepared is consistent with the financial statements.
Independent auditors’ report to the members of
Microsaic Systems plc
for the year ended 31 December 2013
Microsaic_pp08_19_Microsaic_pp08_19  07/05/2014  10:36  Page 18 Emphasis of matter – going concern
In forming our opinion, we have considered the adequacy of the disclosures made in note 3 to the financial statements
concerning the Company’s ability to meet its future working capital needs. In view of the significance of this uncertainty
we consider that it should be drawn to your attention but our opinion is not modified in this respect. 
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you
if, in our opinion:
— adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or
— the financial statements are not in agreement with the accounting records and returns; or
— certain disclosures of Directors’ remuneration specified by law are not made; or
— we have not received all the information and explanations we require for our audit.
Lucy Brennan
Senior Statutory Auditor
For and on behalf of Saffery Champness
Chartered Accountants and Statutory Auditors
Lion House 
Red Lion Street
London WC1R 4GB
29 April 2014
Microsaic Systems plc Annual Report and Financial Statements 2013 19
Microsaic_pp08_19_Microsaic_pp08_19  07/05/2014  10:36  Page 19 20 Microsaic Systems plc Annual Report and Financial Statements 2013
Year to Year to
31 December 31 December
2013 2012
Notes £ £
Revenue 5 1,165,235 606,281
Cost of sales (2,042,354) (1,486,490)
Gross loss (877,119) (880,209)
Operating expenses (1,536,398) (1,179,516)
Loss from operations 6 (2,413,517) (2,059,725)
Finance income 7 7,843 10,493
Loss before tax (2,405,674) (2,049,232)
Tax on loss on ordinary activities 8 120,516 182,163
Total comprehensive loss for the year (2,285,158) (1,867,069)
Loss per share attributable to the equity shareholders of the Company
Basic and diluted loss per ordinary share 9 (4.71)p (4.56)p
All operations are continuing operations.
Statement of comprehensive income
for the year ended 31 December 2013
The notes on pages 24 to 39 form part of these financial statements.
Microsaic_pp20_44_Microsaic_pp20-44  07/05/2014  10:35  Page 20 Microsaic Systems plc Annual Report and Financial Statements 2013 21
Share
Share Share option Retained Total
Notes capital premium reserve earnings equity
£££ ££
At 1 January 2012 96,681 3,214,253 647,690 (1,712,505) 2,246,119
Shares issued 9,668 1,537,231 –– 1,546,899
Share issue costs – (100,074) –– (100,074)
Transfer in respect of lapsed share options –– (99,552) 99,552 –
Total comprehensive loss for the year ––– (1,867,069) (1,867,069)
Share based payments – share options –– (48,568) – (48,568)
At 31 December 2012 106,349 4,651,410 499,570 (3,480,022) 1,777,307
Shares issued 16 24,922 4,259,698 –– 4,284,620
Share issue costs – (281,614) –– (281,614)
Transfer in respect of lapsed share options –– (190,761) 190,761 –
Total comprehensive loss for the year ––– (2,285,158) (2,285,158)
Share based payments – share options –– 74,003 – 74,003
At 31 December 2013 131,271 8,629,494 382,812 (5,574,419) 3,569,158
Statement of changes in equity
for the year ended 31 December 2013
The notes on pages 24 to 39 form part of these financial statements.
Microsaic_pp20_44_Microsaic_pp20-44  07/05/2014  10:35  Page 21 22 Microsaic Systems plc Annual Report and Financial Statements 2013
31 December 31 December
2013 2012
Notes £ £
Assets
Non-current assets
Intangible assets 10 131,831 128,885
Property, plant and equipment 11 210,546 84,265
Total non-current assets 342,377 213,150
Current assets
Inventories 12 204,841 190,352
Trade and other receivables 13 415,220 181,529
Corporation tax receivable 80,000 150,000
Cash and cash equivalents 3,239,283 1,788,579
Total current assets 3,939,344 2,310,460
Total assets 4,281,721 2,523,610
Equity and liabilities
Equity
Share capital 16 131,271 106,349
Share premium 17 8,629,494 4,651,410
Share option reserve 17 382,812 499,570
Retained earnings (5,574,419) (3,480,022)
Total equity 3,569,158 1,777,307
Current liabilities
Trade and other payables 14 712,563 746,303
Total equity and liabilities 4,281,721 2,523,610
The financial statements were approved for issue by the Board of Directors on 29 April 2014.
Colin Jump
Chief Executive Officer
Company number 3568010
Statement of financial position
as at 31 December 2013
The notes on pages 24 to 39 form part of these financial statements.
Microsaic_pp20_44_Microsaic_pp20-44  07/05/2014  10:35  Page 22 Microsaic Systems plc Annual Report and Financial Statements 2013 23
Year to Year to
31 December 31 December
2013 2012
Notes £ £
Loss from operations (2,413,517) (2,059,725)
Amortisation of intangible assets 10 56,843 67,169
Depreciation of property, plant and equipment 11 93,261 58,513
Share based payments 74,003 (48,568)
(Increase) in inventories (14,489) (41,227)
(Increase)/Decrease in trade and other receivables (233,691) 129,912
(Decrease)/Increase in trade and other payables (33,740) 298,671
Cash used in operations (2,471,330) (1,595,255)
Taxation received 190,516 222,163
Net cash used in operating activities (2,280,814) (1,373,092)
Cash flows from investing activities
Purchases of intangible assets 10 (59,789) (58,682)
Purchases of property, plant and equipment 11 (219,542) (55,284)
Interest received 7,843 10,493
Net cash used in investing activities (271,488) (103,473)
Cash flows from financing activities
Proceeds from share issues 16 4,284,620 1,546,899
Share issue costs (281,614) (100,074)
Net cash from financing activities 4,003,006 1,446,825
Net increase/(decrease) in cash and cash equivalents 1,450,704 (29,740)
Cash and cash equivalents at the beginning of the year 1,788,579 1,818,319
Cash and cash equivalents at the end of the year 3,239,283 1,788,579
Statement of cash flows
for the year ended 31 December 2013
The notes on pages 24 to 39 form part of these financial statements.
Microsaic_pp20_44_Microsaic_pp20-44  07/05/2014  10:35  Page 23 24 Microsaic Systems plc Annual Report and Financial Statements 2013
1. Accounting policies
The following principal accounting policies have been used consistently in the preparation of these financial
statements. 
Basis of preparation
These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS)
and the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) as adopted by the
European Union, and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS.
These financial statements have been prepared on the historic cost basis except where financial instruments are
required to be carried at fair value under IFRS. 
Revenue recognition
Revenue represents amounts receivable from the sale of goods and services and from development contracts, net
of value added tax and trade discounts.
Revenue from the sale of goods is recognised when the risks and rewards of ownership of the goods passes to the
customer, which is normally upon delivery.
Revenue from rendering services is recognised in the period in which the service is provided. 
Revenue from development contracts is recognised under the percentage-of-completion method.
Income receivable in respect of government grants is included within revenue and is recognised in the same period
as the related costs.
Segmental reporting
The Company currently has one business segment, being the research, development and commercialisation of
scientific instruments. This is undertaken wholly within the United Kingdom and therefore a segmental analysis of
turnover, profits/losses on ordinary activities before tax and net assets has not been presented. The Company is
managed on the basis of its performance as a whole and not by any segments.
Intangible assets
Trademarks and patents are stated at historic cost of registration less accumulated amortisation and any accumulated
impairment losses. Amortisation is calculated to write off the cost in equal annual instalments over five years, which is
considered to be a prudent estimate of their useful economic lives.
Property, plant and equipment
Items of property, plant and equipment are stated at cost of acquisition or production costs less accumulated
depreciation and impairment losses. 
Depreciation is charged to the statement of comprehensive income on a straight-line basis to write-off the carrying
value of each asset to residual value over its estimated useful economic life as follows:
Plant and equipment – 20% to 33.3% on a straight line basis
Fixtures and fittings – 33.3% on a straight line basis
Pensions
The Company operates a defined contribution retirement benefit scheme for its employees. Contributions are charged
to the statement of comprehensive income in the period they are payable.
Notes to the financial statements
for the year ended 31 December 2013
Microsaic_pp20_44_Microsaic_pp20-44  07/05/2014  10:35  Page 24 Microsaic Systems plc Annual Report and Financial Statements 2013 25
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is based on the first-in first-out principle and
includes expenditure incurred in acquiring the inventories and bringing them into their present locations and
condition. The cost of finished goods and work in progress comprises raw materials, direct labour and other direct
costs. Net realisable value is the estimated selling price in the ordinary course of business less applicable selling
expenses.
Taxation
Current taxes are based on the results of the Company and are calculated according to local tax rules, using the tax
rates that have been enacted by the balance sheet date. 
The Company recognises research and development tax credits receivable in cash as a current asset under the
heading corporation tax receivable. Any difference with amounts actually received are dealt with as adjustments
to prior period tax.
Deferred tax is provided in full using the balance sheet liability method for all taxable temporary differences arising
between the tax bases of assets and liabilities and their carrying values for financial reporting purposes. Deferred tax
is measured using currently enacted or substantially enacted tax rates. 
Deferred tax assets are recognised to the extent the temporary difference will reverse in the foreseeable future and that
it is probable that future taxable profit will be available against which the asset can be utilised.
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange
ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of
transaction, or forward contract rate, if applicable. All differences are taken to the statement of comprehensive
income.
Government grants
Grants towards revenue expenditure are released to the statement of comprehensive income as the related
expenditure is incurred.
Financial instruments
The Company has adopted both IAS 32 and IAS 39.
Financial assets and financial liabilities are recognised on the Company’s statement of financial position when the
Company becomes a party to the contractual provisions of the instrument.
Cash and cash equivalents
The fair value of cash and cash equivalents is considered to be their carrying amount due to their short term maturity.
Trade receivables
Trade receivables do not carry interest and are stated at their nominal value as reduced by appropriate allowances for
estimated irrecoverable amounts.
Financial liability and equity
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements
entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after
deducting all of its liabilities.
Bank borrowings
Interest-bearing bank loans and overdrafts are recorded as the proceeds received, net of direct issue costs. Finance
charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an
accrual basis to the statement of comprehensive income using the effective interest method and are added to the
carrying amount of the instrument to the extent that they are not settled in the period in which they arise.
Microsaic_pp20_44_Microsaic_pp20-44  07/05/2014  10:35  Page 25 26 Microsaic Systems plc Annual Report and Financial Statements 2013
Notes to the financial statements (continued)
for the year ended 31 December 2013
1. Accounting policies (continued)
Financial instruments (continued)
Trade payables
Trade payables are not interest bearing and are stated at their nominal value.
Equity instruments
Equity instruments issued by the Company are recorded at the value of the proceeds received net of direct issue costs.
Leases
Assets obtained under hire purchase contracts and finance leases are capitalised and depreciated over their useful
lives. Obligations under such agreements are included in liabilities net of the finance charges allocated to future
periods.
All other leases are considered operating leases, the costs of which are expensed on a straight line basis over the
lease term. Rent free periods and other incentives are spread on a straight line basis over the lease term.
Research and development
Expenditure on research is recognised as an expense in the period in which it is incurred.
Development costs incurred on specific projects are capitalised when all the following conditions are satisfied:
• completion of the intangible asset is technically feasible so that it will be available for use or sale
• the Company intends to complete the intangible asset and use or sell it
• the Company has the ability to use or sell the intangible asset
• the intangible asset will generate probable future economic benefits. Among other things, this requires that there
is a market for the output from the intangible asset or for the intangible asset itself, or, if it is to be used internally,
the asset will be used in generating such benefits
• there are adequate technical, financial and other resources to complete the development and to use or sell the
intangible asset, and
• the expenditure attributable to the intangible asset during its development can be measured reliably
Costs incurred which do not meet the above criteria are expensed as incurred. No development costs have been
capitalised to date.
Share based payments
In accordance with IFRS 2 “Share-based payments”, the Company reflects the economic cost of awarding shares and
share options to directors, employees and advisors by recording an expense in the statement of comprehensive
income equal to the fair value of the benefit awarded, fair value being determined by reference to option pricing
models. The expense is recognised in the statement of comprehensive income over the vesting period of the award.
Microsaic_pp20_44_Microsaic_pp20-44  07/05/2014  10:35  Page 26 Microsaic Systems plc Annual Report and Financial Statements 2013 27
2. Application of new EU endorsed accounting standards, amendments to existing EU endorsed
standards and interpretations
New Standards, amendments and interpretations effective in 2013 and relevant to the Company’s results:
IAS 1 Presentation of Financial Statements
New requirements to group together items within other comprehensive income that may be reclassified to the
profit or loss section of the income statement in order to facilitate the assessment of their impact on the overall
performance of an entity.
Annual Improvements 2009–2011 Cycle: Amendments clarifying the requirements for comparative information
including minimum and additional comparative information required.
New standards, amendments and interpretations effective in 2013 not relevant to the Company’s results
or that do not have a significant impact on the Company’s financial statements, other than additional
disclosures:
IAS 12 Income Taxes 
This standard has been amended to introduce the rebuttable presumption than an investment property will
be recovered in its entirety through sale.
IAS 16 Property, Plant and Equipment
Annual Improvements 2009–2011 Cycle: Amendments to the recognition and classification of servicing
equipment.
IAS 19 Employee Benefits
Amendments to the accounting for current and future obligations resulting from the provision of defined benefit
plans. 
IAS 32 Financial instruments: presentation (revised)
Annual Improvements 2009–2011 Cycle amendments to clarify the tax effect of distribution to holders of equity
instruments.
IAS 34 Interim Financial Reporting (revised)
Annual Improvements 2009–2011 Cycle amendments to improve the disclosures for interim financial reporting
and segment information for total assets and liabilities.
IFRS 1 First Time Adoption of International Financial Reporting Standards (revised)
Standard amended to provide guidance for entities emerging from severe hyperinflation and resuming presentation
of IFRS compliant financial statements, or presenting IFRS compliant financial statements for the first time.
Standard amended to remove the fixed date of 1 January 2004 relating to the retrospective application of the
derecognition requirements of IAS 39, and relief for first-time adopters from calculating day 1 gains on
transactions that occurred before the date of adoption.
Amendments add an exception to the retrospective application of IFRSs to require that first-time adopters apply
the requirements in IFRS 9 Financial Instruments and IAS 20 Accounting for Government Grants and Disclosure
of Government Assistance prospectively to government loans existing at the date of transition to IFRSs.
Annual Improvements 2009–2011 Cycle amendments clarifying the options available to users when repeated
application of IFRS 1 is required and to add relevant disclosure requirements.
Annual Improvements 2009–2011 Cycle amendments to borrowing costs.
Microsaic_pp20_44_Microsaic_pp20-44  07/05/2014  10:35  Page 27 28 Microsaic Systems plc Annual Report and Financial Statements 2013
Notes to the financial statements (continued)
for the year ended 31 December 2013
2. Application of new EU endorsed accounting standards, amendments to existing EU endorsed
standards and interpretations (continued)
IFRS 7 Financial Instruments: Disclosures
Amendments require entities to disclose gross amounts subject to rights of set-off, amounts set off in accordance
with the accounting standards followed, and the related net credit exposure. This information will help investors
understand the extent to which an entity has set off in its balance sheet and the effects of rights of set-off on the
entity’s rights and obligations.
IFRS 13 Fair Value Measurement
New guidance on fair value measurement and disclosure requirements. 
IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine
Clarifies the requirements for accounting for stripping costs associated with waste removal in surface mining.
New Standards, amendments and interpretations not yet effective and relevant to the Company’s results:
None.
New Standards, amendments and interpretations not yet effective and not relevant to the Company’s
results or do not have a significant impact on the Company’s financial statements, other than additional
disclosures:
IAS 27 Consolidated and Separate Financial Statements – Effective for periods beginning on or after 1 January 2014:
Consequential amendments resulting from the issue of IFRS 10, 11 and 12. 
Requirement to account for interests in ‘Investment Entities’ at fair value under IFRS 9, Financial Instruments,
or IAS 39, Financial Instruments: Recognition and Measurement, in the separate financial statements of a
parent.
IAS 28 Investments in Associates – Effective for periods beginning on or after 1 January 2014:
Consequential amendments resulting from the issue of IFRS 10, 11 and 12. 
IAS 32 Financial Instruments: Presentation (revised) – Effective for periods beginning on or after 1 January 2014:
Amendments require entities to disclose gross amounts subject to rights of set-off, amounts set off in accordance
with the accounting standards followed, and the related net credit exposure. This information will help investors
understand the extent to which an entity has set off in its balance sheet and the effects of rights of set-off on the
entity’s rights and obligations.
IAS 36 Impairment of Assets – Effective for periods beginning on or after 1 January 2014:
Amendments to the disclosure requirements regarding the measurement of the recoverable amount for impaired
assets.
IAS 39 Financial Instruments – Effective for periods beginning on or after 1 January 2014:
Amendments to provide an exception to the requirement for discontinuation of hedge accounting in
circumstances where a hedging instrument is required to be novated to a central counterparty as a result of laws
or regulations.
IFRS 10 Consolidated Financial Statements – Effective for periods beginning on or after 1 January 2014:
New standard that replaces the consolidation requirements in SIC-12 Consolidation—Special Purpose Entities
and IAS 27 Consolidated and Separate Financial Statements. The standard builds on existing principles by
identifying the concept of control as the determining factor in whether an entity should be included within the
consolidated financial statements of the parent company and provides additional guidance to assist in the
determination of control where this is difficult to assess. 
Amendments to the transition guidance of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint
Arrangements and IFRS 12 Disclosure of Interests in Other Entities limiting the requirements to provide adjusted
comparative information.
Microsaic_pp20_44_Microsaic_pp20-44  07/05/2014  10:35  Page 28 Microsaic Systems plc Annual Report and Financial Statements 2013 29
IFRS 10 exception to the principle that all subsidiaries must be consolidated; entities meeting the definition of
‘Investment Entities’ must be accounted for at fair value under IFRS 9, Financial Instruments, or IAS 39 Financial
Instruments: Recognition and Measurement.
IFRS 11 Joint Arrangements – Effective for periods beginning on or after 1 January 2014:
New standard that deals with the accounting for joint arrangements and focuses on the rights and obligations
of the arrangement, rather than its legal form. The standard requires a single method for accounting for
interests in jointly controlled entities.
Amendments to the transition guidance of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements
and IFRS 12 Disclosure of Interests in Other Entities limiting the requirements to provide adjusted comparative
information. 
IFRS 12 Disclosure of Interest in Other Entities – Effective for periods beginning on or after 1 January 2014:
New and comprehensive standard on disclosure requirements for all forms of interests in other entities, including
joint arrangements, associates, special purpose vehicles and other off balance sheet vehicles. 
Amendments to the transition guidance of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint
Arrangements and IFRS 12 Disclosure of Interests in Other Entities limiting the requirements to provide adjusted
comparative information.
New disclosures required for Investment Entities (as defined in IFRS 10).
3. Going concern
The financial statements have been prepared on a going concern basis, which assumes that sufficient funds will
be available for the Company to continue in operational existence for at least 12 months from the date of signing.
The Company’s business activities together with the factors likely to affect its future development, performance and
position are set out in the strategic review sections within the annual report. 
The Company has been developing its technologies for the market place and as such has been absorbing funds.
The Company is now in the commercialisation phase of its development, and the financing of operations in the future
will be from employment of existing cash reserves and revenue from product sales. 
The Directors have prepared trading and cash flow projections that extend beyond 12 months from the date of this
report. These include increasing revenue levels which the Directors believe will be derived from the sale of its products
and are supported by market feedback that has been received. There is no certainty that the expected level of sales
will be achieved and if there were a significant shortfall it may be necessary for the Company to secure alternative
sources of funding to enable it to remain a going concern. Whilst the Company has been successful securing funding
in the past, this is no guarantee that it will be possible in the future. However, the Directors have a reasonable
expectation that the Company will have access to sufficient funding to continue operations for at least twelve months
from the signing of this report and therefore they continue to adopt the going concern basis for the preparation of the
financial statements. 
Microsaic_pp20_44_Microsaic_pp20-44  07/05/2014  10:35  Page 29 30 Microsaic Systems plc Annual Report and Financial Statements 2013
Notes to the financial statements (continued)
for the year ended 31 December 2013
4. Critical accounting estimates and judgements
Accounting estimates and judgements are continually evaluated and are based on past experience and other factors,
including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates could, by
definition, differ from the actual outcome. 
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts
of assets and liabilities within the next financial year are summarised below:
Going concern
The financial statements have been prepared on a going concern basis, which assumes that sufficient funds will
be available for the Company to continue in operational existence for at least 12 months. More details are provided
in note 3.
Revenue recognition 
The revenue recognised from development contracts reflects management’s best estimate about the contract’s
outcome and stage of completion. The Company’s management assesses the contracts at each balance sheet date,
including the costs to completion, which are subject to estimation uncertainty. 
Amortisation of trademarks and patents 
Capitalised costs relating to trademarks and patents are amortised over their estimated useful lives. As the product
development programme is still ongoing and the lifetime of the Company’s intellectual property is difficult to
determine, the Directors have applied a prudent estimate of 5 years. This assumption is reviewed at each balance
sheet date and amended if required.
Share based payments 
The calculation of the share based payments expense utilises assumptions and estimates (for example volatility, future
exercise rates) which may differ from actual results. Details of the assumptions are set out in note 22.
Research and development tax credits
The Company recognises research and development tax credits receivable in cash as a current asset under the
heading corporation tax receivable. These credits are subject to acceptance by HM Revenue & Customs and the
resulting cash receipt from HM Revenue & Customs may be greater or less than this amount.
5. Revenue
Throughout 2013 the Company operated in one business segment, that of research, development and commercialisation
of scientific instruments. All of the Company’s assets are held in the UK and all of its capital expenditure arises in the UK.
The revenue of the Company for the year has been derived from its principal activity undertaken in the United Kingdom.
An analysis of revenue by geographic market has not been presented as many of the Company’s products are sold
through international distribution channels and it is not possible to determine their final destinations. The Directors
consider that an analysis of revenue by geographic market using distributor locations would be misleading.
Government grants
Included within the Company’s revenue for the year ended 31 December 2013 is £157,841 (2012: £294,580) from
UK Government grants and European grant funded projects.
In 2013 the Company was awarded a grant of up to €308,000 under the European Commission’s 7th Framework
Programme as part of a consortium for a research project. Revenue of £26,879 has been recognised to date as the
Company believes it has fulfilled its practical and administrative obligations under this project and is committed to
fulfilling its future obligations, which are subject to European Commission reviews annually and final project sign-off
in 2015.
Microsaic_pp20_44_Microsaic_pp20-44  07/05/2014  10:35  Page 30 In 2010 the Company was awarded a grant of up to €964,000 under the European Commission’s 7th Framework
Programme as part of a consortium for a research project. Revenue of £704,649 has been recognised to date as the
Company believes it has fulfilled its practical and administrative obligations under this project and is committed to
fulfilling its future obligations, which are subject to European Commission reviews annually and final project sign-off
in 2014.
6. Expenses by nature
Year to Year to
31 December 31 December
2013 2012
£ £
Loss from operations is stated after charging/(crediting)
Amortisation of intangible assets 56,843 67,169
Depreciation of property, plant and equipment 93,261 58,513
Pension costs 60,998 54,755
Share based payments – equity settled 74,003 (48,568)
Operating lease rentals – land and buildings 78,225 66,225
Exchange (gain)/loss (1,785) 2,618
Research and development expenditure 927,379 1,298,129
Directors’ emoluments 467,668 322,505
Year to Year to
31 December 31 December
2013 2012
£ £
Services provided by the Company’s auditors
Fees payable to the Company’s auditors for the audit of the financial statements 13,000 12,000
Fees payable to the Company’s auditors for other services
– Tax compliance 5,000 4,000
– Other – 1,250
18,000 17,250
7. Finance income
Year to Year to
31 December 31 December
2013 2012
£ £
Bank interest 7,843 7,313
Other interest – 3,180
7,843 10,493
Microsaic Systems plc Annual Report and Financial Statements 2013 31
Microsaic_pp20_44_Microsaic_pp20-44  07/05/2014  10:35  Page 31 8. Tax on loss on ordinary activities
Year to Year to
31 December 31 December
2013 2012
£ £
Domestic current period tax
UK corporation tax (80,000) (150,000)
Adjustment for prior periods (40,516) (32,163)
Current tax credit (120,516) (182,163)
Deferred tax – –
Tax on loss on ordinary activities (120,516) (182,163)
Factors affecting the current tax credit for the period
Loss before tax (2,405,674) (2,049,232)
Loss before tax multiplied by standard rate of UK corporation tax 
of 20% (2012: 20%) (481,135) (409,846)
Effects of:
Non deductible expenses 18,875 (7,207)
Depreciation 18,652 11,703
Capital allowances (47,592) (13,111)
Research and development expenditure 13,523 (4,833)
Tax losses carried forward 397,677 273,294
Previous period research and development adjustment (40,516) (32,163)
Current tax credit (120,516) (182,163)
The Company has estimated tax losses of £7,746,000 (2012: £5,758,000) available for carry forward against future
trading profits. A deferred tax asset in respect of these losses has only been recognised to the extent of the deferred
tax liability in respect of accelerated capital allowances (see note 15). 
9. Basic and diluted loss per ordinary share
Year to Year to
31 December 31 December
2013 2012
Loss after tax attributable to equity shareholders £(2,285,158) £(1,867,069)
Weighted average number of ordinary 0.25p shares for the purpose of 
basic and diluted loss per share 48,481,309 40,935,477
Basic and diluted loss per ordinary share (4.71)p (4.56)p
Potential ordinary shares are not treated as dilutive as the Company is loss making, therefore the weighted average
number of ordinary shares for the purposes of the basic and diluted loss per share are the same.
32 Microsaic Systems plc Annual Report and Financial Statements 2013
Notes to the financial statements (continued)
for the year ended 31 December 2013
Microsaic_pp20_44_Microsaic_pp20-44  07/05/2014  10:35  Page 32 10. Intangible assets
Intangible assets comprise patents and trademarks owned by the Company. The cost is amortised on a straight line
basis over a five year period as this has been judged as their estimated useful life. 
£
Cost
At 1 January 2013 342,164
Additions 59,789
Disposals (29,050)
At 31 December 2013 372,903
Amortisation
At 1 January 2013 213,279
Charge for the year 56,843
Disposals (29,050)
At 31 December 2013 241,072
Net book value
At 31 December 2013 131,831
At 31 December 2012 128,885
11. Property, plant and equipment
Plant and Fixtures and
equipment fittings Total
£££
Cost
At 1 January 2013 556,103 123,494 679,597
Additions 120,221 99,321 219,542
Disposals (32,101) – (32,101)
At 31 December 2013 644,223 222,815 867,038
Depreciation
At 1 January 2013 476,970 118,362 595,332
Charge for the year 13,063 80,198 93,261
Disposals (32,101) – (32,101)
At 31 December 2013 457,932 198,560 656,492
Net book value
At 31 December 2013 186,291 24,255 210,546
At 31 December 2012 79,133 5,132 84,265
The gross carrying amount of fully depreciated assets still in use at 31 December 2013 is £441,931.
Microsaic Systems plc Annual Report and Financial Statements 2013 33
Microsaic_pp20_44_Microsaic_pp20-44  07/05/2014  10:35  Page 33 12. Inventories 
Year to Year to
31 December 31 December
2013 2012
£ £
Raw materials 203,538 109,133
Work in progress 1,303 66,371
Finished goods – 14,848
204,841 190,352
13. Trade and other receivables
Year to Year to
31 December 31 December
2013 2012
£ £
Amounts falling due within one year
Trade receivables 178,132 24,000
Other receivables 126,988 127,499
Other taxes and social security 110,100 30,030
415,220 181,529
14. Trade and other payables
Year to Year to
31 December 31 December
2013 2012
£ £
Amounts falling due within one year
Trade payables 346,323 286,339
Other taxes and social security 57,029 53,756
Other payables 39,449 9,840
Accruals and deferred income 269,762 396,368
712,563 746,303
15. Provisions
Deferred tax
£
Balance at 1 January and 31 December 2013 –
Deferred taxation provided in the financial statements
31 December 31 December
2013 2012
£ £
Accelerated capital allowances 36,321 15,602
Tax losses carried forward (36,321) (15,602)
––
A deferred tax asset in respect of tax losses has only been recognised to the extent of the deferred tax liability in
respect of accelerated capital allowances.
34 Microsaic Systems plc Annual Report and Financial Statements 2013
Notes to the financial statements (continued)
for the year ended 31 December 2013
Microsaic_pp20_44_Microsaic_pp20-44  07/05/2014  10:35  Page 34 16. Share capital
Number £
Allotted, called up and fully paid ordinary shares of 0.25p each
Ordinary shares as at 31 December 2012 42,539,748 106,349
Ordinary shares issued for cash in the year 9,968,628 24,922
Ordinary shares as at 31 December 2013 52,508,376 131,271
Following adoption of new articles of association in April 2011, the Company does not have a stated authorised share
capital. The Company has one class of share, ordinary shares of 0.25p each, with each share carrying one vote and
equal rights to discretionary dividends.
The Company issued the following ordinary shares of 0.25p each for cash in the year:
Shares Issue Cash
issued price consideration
Number p£
Placing – May 2013 9,951,443 43 4,279,120
Share Incentive Plan – June 2013 17,185 32 5,500
9,968,628 4,284,620
17. Reserves
The share premium account represents the excess over the nominal value for shares allotted, less issue costs. 
The share option reserve represents accumulated charges made under IFRS 2 in respect of share based payments.
Where share options expire unexercised at the end of their exercise period, the amounts within the share option
reserve relating to those options are transferred to retained earnings.
18. Operating lease commitments
At the year end the Company had future minimum lease payments under non-cancellable operating leases which fall
due as follows: 
31 December 31 December
2013 2012
£ £
Land and buildings
Within one year 97,400 47,557
Between one and two years 164,768 –
262,168 47,557
19. Capital commitments
At the balance sheet date the Company had the following capital commitments. 
31 December 31 December
2013 2012
£ £
Contracted for but not provided in the financial statements – –
Microsaic Systems plc Annual Report and Financial Statements 2013 35
Microsaic_pp20_44_Microsaic_pp20-44  07/05/2014  10:35  Page 35 36 Microsaic Systems plc Annual Report and Financial Statements 2013
Notes to the financial statements (continued)
for the year ended 31 December 2013
20. Directors’ emoluments
Year to Year to
31 December 31 December
2013 2012
£ £
Salaries and fees 424,629 282,357
Other payments 30,974 29,025
Pension costs 12,065 11,123
467,668 322,505
During the year, no options were exercised by or granted to the Directors. 
In the year to 31 December 2013 two Directors accrued benefits under money purchase retirement benefit schemes
(2012: two).
Further information is provided in the Directors’ remuneration report.
21. Employees 
Year to Year to
31 December 31 December
2013 2012
Number Number
The average monthly numbers of employees
Directors 7 7
Other staff 28 24
35 31
Year to Year to
31 December 31 December
2013 2012
£ £
Employment costs (including Directors)
Wages and salaries 1,556,991 1,329,969
Social security costs 180,818 151,302
Pension costs 60,998 54,755
Employment related share based payments 74,003 (48,568)
1,882,810 1,487,458
The employment related share based payments credit of £48,568 for 2012 is due to the write back of prior year share
based payment charges totalling £81,901 following the exit of staff members from the Company’s share option
schemes. 
Microsaic_pp20_44_Microsaic_pp20-44  07/05/2014  10:35  Page 36 22. Share-based payments
Share option schemes
The Company operates approved and unapproved share option schemes as a means of encouraging ownership and
aligning interests of staff and shareholders.
Year to 31 December 2013 Year to 31 December 2012
Weighted Weighted
Number of average Number of average
options exercise price options exercise price
Outstanding at the beginning of the year 3,312,388 53.5p 1,944,025 59.4p
Granted during the year –– 1,984,863 41.2p
Cancelled during the year (541,397) 88.3p (616,500) 32.4p
Exercised during the year –– ––
Outstanding at 31 December 2,770,991 46.8p 3,312,388 53.5p
Exercisable at 31 December 904,800 60.8p 1,174,757 81.5p
The estimated fair values of the share options were calculated by applying the Black Scholes model. The period
of exercise for all options granted is between 1 and 10 years from date of grant and the vesting periods last up to
five years from the date of grant. The model inputs were:
Risk Gross
Share free Expected dividend
Date of grant price rate volatility yield
May 2006 *107.50p 5.25% 35% –
February 2008 *129.31p 5.25% 35% –
December 2010 *25.86p 1.50% 75% –
April 2011 32.00p 0.50% 50% –
June 2012 40.00p 0.50% 33% –
July 2012 42.00p 0.50% 33% –
December 2012 39.00p 1.00% 33% –
* The share prices and corresponding option exercise prices for grants made up to 2010 have been adjusted for a bonus issue and share
sub-division that took place in April 2011.
Number Number
Latest of options of options
Exercise exercise Estimated 31 December 31 December
Date of grant price date fair value 2013 2012
Director and employee share options:
May 2006 43.10p May 2013 79.5p – 116,000
May 2006 43.10p May 2015 79.5p 116,000 116,000
May 2006 43.10p May 2016 79.5p 116,000 116,000
February 2008 129.31p Feb 2018 26.6p 266,800 266,800
December 2010 25.86p Dec 2020 11.0p 406,000 406,000
July 2012 42.00p Jul 2022 12.1p 590,000 590,000
December 2012 39.00p Dec 2022 13.6p 1,276,191 1,276,191
Advisor share options:
May 2006 100.67p May 2013 54.8p – 250,560
April 2011 100.67p May 2013 1.1p – 136,165
June 2012 100.67p May 2013 1.6p – 38,672
2,770,991 3,312,388
Microsaic Systems plc Annual Report and Financial Statements 2013 37
Microsaic_pp20_44_Microsaic_pp20-44  07/05/2014  10:35  Page 37 22. Share-based payments (continued)
Share Incentive plan (SIP)
All employees are eligible to participate in the Company’s HM Revenue and Customs approved SIP after 12 months’
service. The SIP operated for the first time in 2013. Participating employees made a cash contribution to the plan from
their gross pay which was used by the Plan Trust to purchase Partnership Shares. The Company issued one Matching
Share for each two Partnership Shares. The Matching shares vest on the completion by the participating employee of a
further three years’ service and can be withdrawn from the plan tax-free after five years’ service.
There were 4 participants in the scheme at 31 December 2013. During the year the Company issued 11,457
ordinary shares as Partnership shares into the SIP for consideration of £5,500. 5,728 ordinary shares were issued as
Matching shares with a market value of £2,750. At the year end the SIP held 17,185 ordinary shares (2012: nil) on
behalf of the scheme participants. The fair value of the Matching Shares is taken as the Company share price at the
time of the granting, and this is charged to the statement of income over the three year vesting period. The charge for
2013 was £458 (2012: nil).
23. Financial instruments
The Company’s financial instruments comprise cash and various trade receivables and trade payables that arise
directly from its operations. No trading in financial instruments is undertaken.
The main risks arising from the Company’s financial instruments are liquidity, currency and interest rate. The Board
oversees the management of these risks, which are summarised below.
Liquidity risk
The Company is financing its operations from equity funding provided by shareholders and revenues generated by the
business. The Company seeks to manage liquidity risk to ensure sufficient funds are available to meet requirements. 
The Company invests its cash reserves in bank and money market deposits as a liquid resource to fund its operations.
The Company’s strategy for managing cash is to maximise interest income at low risk whilst ensuring availability to
match the profile of the Company’s cash flows.
Interest rate risk
The Company does not face any significant interest rate risk as it has no borrowings.
Surplus funds are invested to maintain a balance between accessibility of funds and competitive rates of return whilst
investing funds safely.
Credit risk
The Company manages its credit risk in cash and cash equivalents by spreading surplus funds between creditworthy
financial institutions. 
The Company is also exposed to credit risk attributable to trade and other receivables. The maximum credit risk
in respect of the financial assets at each period end is represented by the balance outstanding on trade and other
receivables. The Company has limited exposure to credit risk, as the majority of its trade and other receivables are
due from major international corporations and institutions. 
Foreign currency risk
The Company is based in the United Kingdom and the majority of its transactions are denominated in pounds sterling.
The Company has no long term commitments to purchase goods or services in foreign currencies. Purchases
denominated in foreign currency are expensed at the exchange rate prevailing at the date of the transaction, and
comprise an immaterial proportion of the Company’s total expenditure. 
The only assets and liabilities denominated in foreign currencies relate to trade receivables and trade payables with
overseas counterparties together with small balances of US dollar and Euro currencies to settle these liabilities.
The risks and sums involved are considered to be immaterial.
38 Microsaic Systems plc Annual Report and Financial Statements 2013
Notes to the financial statements (continued)
for the year ended 31 December 2013
Microsaic_pp20_44_Microsaic_pp20-44  07/05/2014  10:35  Page 38 Where a significant transaction in a foreign currency is anticipated with a high degree of certainty, the Company takes
out a forward exchange contract to mitigate the risk of currency fluctuation. No such instruments were held at
31 December 2013.
Fair values
The Directors consider that there is no material difference between the book value and the fair value of the financial
instruments at 31 December 2013 and 31 December 2012.
Capital management
The Company’s capital base comprises equity attributable to shareholders, particularly as represented by cash. As the
Company’s focus has been on establishing itself as a successful supplier of scientific instruments, the primary objective
in managing cash spend has been to achieve progress on product development and commercialisation in a cost
efficient manner and in managing liquidity risk to ensure the Company continues as a going concern.
24. Related party transactions
The remuneration paid to the Directors is shown in note 20 to the financial statements and in the Directors’ remuneration
report.
There were no other related party transactions.
25. Control
As at 31 December 2013, no individual shareholder had a controlling interest in the Company.
26. Subsequent events
There have been no significant events after the balance sheet date.
Microsaic Systems plc Annual Report and Financial Statements 2013 39
Microsaic_pp20_44_Microsaic_pp20-44  07/05/2014  10:35  Page 39 Microsaic Systems plc
Company number 3568010
Notice is hereby given that the Annual General Meeting of Microsaic Systems plc (the “Company”) shall be held at the
offices of Numis Securities Limited, The London Stock Exchange Building, 10 Paternoster Square, London EC4M 7LT
on 2 June 2014 at 11 a.m. for the purpose of considering and, if thought fit, passing the following resolutions of which
resolutions 1 to 6 inclusive shall be proposed as ordinary resolutions and resolution 7 shall be proposed as a special
resolution.
Ordinary resolutions
1. THAT the Company’s financial statements for the year ended on 31 December 2013, together with the Directors’
report and auditors’ report thereon, be and are hereby received and adopted;
2. THAT upon the recommendation of the Directors, Saffery Champness be and hereby are reappointed as auditors to
the Company, and that the Board be authorised to fix the remuneration of the auditors;
3. THAT Andrew Hamish Darby be and hereby is re-appointed as a Director of the Company, following his appointment
to the Board with effect from 16 April 2014 and his subsequent retirement pursuant to Article 81.1(a) of the articles of
association of the Company (the “Articles”);
4. THAT Peter Ivor Tudor Edwards be and hereby is re-appointed as a Director of the Company, following his retirement
pursuant to Article 81.1(b) of the Articles;
5. THAT Eric Morgan Yeatman be and hereby is re-appointed as a Director of the Company, following his retirement
pursuant to Article 81.1(c) of the Articles;
6. THAT the Directors be and are hereby generally and unconditionally authorised, in accordance with section 551 of
the Companies Act 2006, to exercise all the powers of the Company to allot equity securities (as defined by section
560 of the Companies Act 2006) up to an aggregate nominal value of £43,756.98, representing one third of the
Company’s issued share capital at the date of this document, provided that this authority shall (unless renewed, varied
or extended by the Company in general meeting) expire on the date which is 15 months after the date on which this
resolution is passed or, if earlier, on the conclusion of the next annual general meeting of the Company, save that the
Company may before such expiry make an offer or agreement which would or might require equity securities to be
allotted after such expiry, and the Directors may allot such equity securities in pursuance of such offer or agreement
as if this authority had not expired, and provided further that this authority shall revoke and replace all unexercised
authorities previously granted to the Directors to allot shares but without prejudice to any allotment of shares or grant
of rights already made, offered or agreed to be made pursuant to such authorities;
Special resolution
7. THAT the Directors be and are hereby empowered, pursuant to section 570 of the Companies Act 2006, to allot
equity securities (as defined by section 560 of the Companies Act 2006) for cash as if section 561(1) of the
Companies Act 2006 did not apply to any such allotment, provided that this power shall be limited to:
(a) the allotment of equity securities pursuant to an offer or issue by way of rights, open offer or other pre-emptive
offer:
(i) to the holders of ordinary shares in the capital of the Company and other persons entitled to participate
therein in proportion (as nearly as may be practicable) to their respective holdings; and
(ii) to holders of other equity securities as required by the rights of those securities or as the Directors otherwise
consider necessary, but subject to such exclusions or other arrangements as the Directors may deem
necessary or expedient in relation to treasury shares, fractional entitlements, record dates, legal or practical
problems in or under the laws of any territory or the requirements of any regulatory body or stock exchange;
and
40 Microsaic Systems plc Annual Report and Financial Statements 2013
Notice of the annual general meeting
Microsaic_pp20_44_Microsaic_pp20-44  07/05/2014  10:35  Page 40 (b) the allotment (otherwise than pursuant to resolution 7(a) above) of equity securities up to an aggregate nominal
amount of £26,254.19 representing 20 (twenty) per cent. of the Company’s issued share capital at the date of
this document, and such power shall expire (if it has not previously expired by non-fulfilment of conditions) on the
date which is 15 months after the date on which this resolution is passed or, if earlier, the conclusion of the
Company’s next annual general meeting (unless renewed, varied or revoked by the Company prior to or on such
date) save that the Company may, before such expiry make offers or agreements which would or might require
equity securities to be allotted after such expiry and the Directors may allot equity securities in pursuance of any
such offer or agreement notwithstanding that the power conferred by this resolution has expired. 
provided that this authority revokes and replaces all unexercised powers previously granted to the Directors to allot
equity securities as if section 561(1) of the Companies Act 2006 did not apply but without prejudice to any allotment
of equity securities already made or agreed to be made pursuant to such authorities. 
By order of the Board
Andrew Holmes
Company Secretary
8 May 2014
Explanatory comments on the resolutions proposed at the Annual General Meeting (the “Meeting”) of the
Company to be held at the offices of Numis Securities Limited, The London Stock Exchange Building,
10 Paternoster Square, London EC4M 7LT on 2 June 2014 at 11 a.m.
Resolution 1 – The Company is required by its Articles and by the Companies Act 2006 to lay the Directors’ and auditors’
reports and copies of the annual accounts before the Meeting.
Resolution 2 – This resolution concerns the re-appointment of Saffery Champness (“SC”), recommended by the Directors,
as auditors to the Company. Whilst resolving to reappoint SC as auditors to the Company, the resolution also authorises
the Board to fix the auditors’ remuneration.
Resolutions 3 to 5 – Directors appointed by the Board since the last annual general meeting are required to retire from
office by the Articles of the Company and seek re-appointment at the Meeting. Similarly, a minimum of one third of the
Directors are also required to retire each year and seek re-appointment at the Meeting. Biographies of the Directors are
contained in the Company’s annual report for the year ended 31 December 2013.
Resolutions 6 and 7 – These resolutions concern the authority of the Directors to allot up to one third of the Company’s
existing issued share capital (including up to 20 per cent. as if the statutory pre-emption rights did not apply, so as to raise
funds at short notice).
Please also read the notes below which provide further information in respect of the Meeting.
Registered Office
GMS House
Boundary Road
Woking
Surrey
GU21 5BX
Microsaic Systems plc Annual Report and Financial Statements 2013 41
Microsaic_pp20_44_Microsaic_pp20-44  07/05/2014  10:35  Page 41 The following notes explain your general rights as a shareholder and your rights to attend and vote at the
Meeting or to appoint someone else to vote on your behalf
Notes
Quorum
1. The quorum for the Meeting shall be two shareholders present in person or by proxy. If, within fifteen minutes from the
appointed time for the Meeting, a quorum is not present, then the Meeting will stand adjourned to the same day in the
next week (or if that day is a public holiday to the next working day thereafter) at the same time and place or to such
other day, time or place as the Directors may determine and no notice of such adjournment need be given. At an
adjourned Meeting, shareholders present in person or by proxy will form a quorum.
Website address
2. Information regarding the Meeting, including information required by section 311A of the Companies Act 2006,
is available from www.microsaic.com
Entitlement to attend and vote
3. Only those holders of ordinary shares of 0.25p each in the capital of the Company (“Shares”) registered on the
Company’s register of members at 6 p.m. on 29 May 2014 shall be entitled to attend and vote at the Meeting.
Appointment of proxies
4. Members entitled to attend, speak and vote at the Meeting (in accordance with Note 3 above) are entitled to appoint
one or more proxies to attend, speak and vote in their place. If you wish to appoint a proxy please use the form of proxy
enclosed with this document (the “Form of Proxy”). In the case of joint members, only one need sign the Form of Proxy.
The vote of the senior joint member will be accepted to the exclusion of the votes of the other joint members. For this
purpose, seniority will be determined by the order in which the names of the members appear in the register of members
in respect of the joint shareholding. The completion and return of the Form of Proxy will not stop you attending and
voting in person at the Meeting should you wish to do so. A proxy need not be a member of the Company. You may
appoint more than one proxy provided each proxy is appointed to exercise the rights attached to a different share or
shares held by you. If you choose to appoint multiple proxies use a separate copy of this form (which you may
photocopy) for each proxy, and indicate after the proxy’s name the number of shares in relation to which they are
authorised to act (which, in aggregate, should not exceed the number of Shares held by you). Please also indicate if the
proxy instruction is one of multiple instructions being given. All forms must be signed and returned in the same envelope.
5. You can appoint the Chairman of the Meeting, or any other person, as your proxy. If you wish to appoint someone other
than the Chairman, cross out the words “the Chairman of the Meeting” on the Form of Proxy and insert the full name
of your appointee.
6. You can instruct your proxy how to vote on each resolution by ticking the “For” and “Against” boxes as appropriate (or
entering the number of shares which you are entitled to vote). If you wish to abstain from voting on any resolution please
tick the box which is marked “Vote Withheld”. It should be noted that a vote withheld is not a vote in law and will not be
counted in the calculation of the proportion of votes “For” and “Against” a resolution. 
If you do not indicate on the Form of Proxy how your proxy should vote, he/she can exercise his/her discretion as to
whether, and if how so how, he/she votes on each resolution, as he/she will do in respect of any other business (including
amendments to resolutions) which may properly be conducted at the Meeting.
A member that is a company or other organisation not having a physical presence cannot attend in person but can
appoint someone to represent it. This can be done in one of two ways: either by the appointment of a proxy (described
in Notes 4 to 6 above) or of a corporate representative. Members considering the appointment of a corporate
representative should check their own legal position, the Company’s articles of association and the relevant provision
of the Companies Act 2006
A company incorporated in England and Wales or Northern Ireland should execute the Form of Proxy under its common
seal or otherwise in accordance with Section 44 of the Companies Act 2006 or by signature on its behalf by a duly
authorised officer or attorney whose power of attorney or other authority should be enclosed with the Form of Proxy.
42 Microsaic Systems plc Annual Report and Financial Statements 2013
Notice of the annual general meeting (continued)
Microsaic_pp20_44_Microsaic_pp20-44  07/05/2014  10:35  Page 42 Appointment of proxy using hard copy form
7. The Form of Proxy and any power of attorney (or a notarially certified copy or office copy thereof) under which it is
executed must be received by Capita Asset Services at PXS1, 34 Beckenham Road, Beckenham, BR3 4ZF , United
Kingdom at 11 a.m. on 29 May 2014 in respect of the Meeting. Any Forms of Proxy received before such time will be
deemed to have been received at such time. In the case of an adjournment, the Form of Proxy must be received by
Capita Asset Services no later than 48 hours before the rescheduled Meeting.
On completing the Form of Proxy, sign it and return it to Capita Asset Services at the address shown on the reverse of the
Form of Proxy. As postage has been prepaid no stamp is required. You may, if you prefer, return the Form of Proxy in
a sealed envelope to the address shown above.
Termination of proxy appointments
8. In order to revoke a proxy instruction you will need to inform the Company. Please send a signed hard copy notice clearly
stating your intention to revoke your proxy appointment to Capita Asset Services at PXS1, 34 Beckenham Road,
Beckenham, BR3 4ZF , United Kingdom.
In the case of a member which is a company incorporated in England and Wales or Northern Ireland, the revocation
notice must be executed under its common seal or otherwise in accordance with section 44 of the Companies Act 2006
or by signature on its behalf by an officer or attorney whose power of attorney or other authority should be included with
the revocation notice. 
If you attempt to revoke your proxy appointment but the revocation is received after the time of the Meeting or the taking
of the vote at which the proxy is used, then, subject to the paragraph directly below, your proxy will remain valid.
If you submit more than one valid proxy appointment in respect of the same Shares, the appointment received last before
the latest time for receipt of proxies will take precedence.
Completion of a Form of Proxy will not preclude a member from attending and voting in person. If you have appointed
a proxy and attend the Meeting in person, your proxy appointment will be automatically terminated.
Issued shares and total voting rights
9. The total number of Shares in issue in the capital of the Company at the date of this notice is 52,508,376 ordinary
shares of 0.25p each. 
On a vote by a show of hands, every holder of Shares who (being an individual) is present in person, by proxy or (being
a corporation) is present by a duly authorised representative, not being himself a member, shall have one vote. On a poll
every holder of Shares who is present in person or by proxy shall have one vote for every complete Share held by him
and such proportion of a vote that represents the number of fractions of a Share so held.
Communication
10. Except as provided above, members who have general queries about the Meeting should use the following means
of communication (no other methods of communication will be accepted):
• calling Capita Asset Services’ shareholder helpline (lines are open from 9.00am to 5.00pm Monday to Friday,
excluding public holidays):
(i) From the UK: 0871 664 0300 (calls cost 10p per minute plus network extras);
(ii) From outside the UK: +44 208 639 3399 (calls from outside the UK are charged at applicable international
rates); or
• in writing to Capita Asset Services at The Registry, 34 Beckenham Road, Beckenham, BR3 4TU, United Kingdom.
You may not use any electronic address provided either:
• in this notice of Meeting; or
• any related documents (including the Form of Proxy for this Meeting), to communicate with the Company for any
purposes other than those expressly stated.
Microsaic Systems plc Annual Report and Financial Statements 2013 43
Microsaic_pp20_44_Microsaic_pp20-44  07/05/2014  10:35  Page 43 Directors C J Nicholl Chairman
C R Jump Chief Executive Officer
A H Darby
P I T Edwards
A S Holmes
J C Ramage
E M Yeatman
Company Secretary A S Holmes
Company number 3568010
Company website www.microsaic.com
Registered office GMS House
Boundary Road
Woking
Surrey 
GU21 5BX
Auditors Saffery Champness
Chartered Accountants
Lion House
Red Lion Street
London 
WC1R 4GB
Bankers HSBC Bank plc
95 Gloucester Road
London 
SW7 4SX
Solicitors Dorsey & Whitney (Europe) LLP
199 Bishopsgate
London 
EC2M 3UT
Nominated adviser and broker Numis Securities Limited
The Stock Exchange Building
10 Paternoster Square
London 
EC4M 7LT
Registrars Capita Asset Services
The Registry
34 Beckenham Road
Beckenham 
Kent 
BR3 4TU
Financial PR Citigate Dewe Rogerson Limited
3 London Wall Buildings
London Wall
London 
EC2M 5SY
Corporate information and advisors
44 Microsaic Systems plc Annual Report and Financial Statements 2013
Microsaic_pp20_44_Microsaic_pp20-44  07/05/2014  10:35  Page 44 Linkway Financial Printers
Typeset & Printed in London (UK) 16290
Microsaic Cover 4pp cover_Microsaic Cover 4pp cover  07/05/2014  10:48  Page 4 Microsaic Systems plc
GMS House
Boundary Road
Woking
Surrey  GU21 5BX
UK
T:  +44 (0)1483 751577
F:  +44 (0)1483 757901
E:  info@microsaic.com
W: www.microsaic.com
  
  
 
 
 
 
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