Nationwide Accident Repair Services plc 
17A Thorney Leys Park 
Witney 
Oxfordshire  
OX28 4GE 
Tel: 01993 701720 
Fax: 01993 701721 
Annual Report and Accounts 2006
Nationwide Accident Repair Services plc Annual Report and Accounts 2006
_cover.indd   1 12/04/2007   09:29:37 Financial Calendar
Preliminary Announcement 15 March 2007
Annual report publication due 12 April 2007
Annual General Meeting 17 May 2007
2007 Interim Announcement September 2007
Corporate Statement
 IFC Corporate Statement
 01 Financial Summary and Highlights 
 02 Chairman’s Statement 
 03 Chief Executive’s Report 
 04 Finance Director’s Review 
 06 Board of Directors 
 07 Directors and Advisers 
 08 Directors’ Report 
 09 Statement of Directors’ Responsibilities 
 10 Remuneration Report 
 11 Report of the Independent Auditor 
 12 Consolidated Income Statement 
 13 Consolidated Balance Sheet 
 14 Consolidated Statement of Changes in Equity 
 14 Company Statement of Changes in Equity 
 15 Company Balance Sheet 
 16 Consolidated Cash Flow Statement 
 17 Company Cash Flow Statement 
 18 Notes to the Accounts
 33 Notice of Annual General Meeting 
 35 Form of proxy
 IBC Financial Calendar
Nationwide Accident Repair Services plc provides automotive accident repair and accident 
administration services to the UK automotive insurance industry. 
The Company, which floated on AiM in July 2006, is the largest dedicated provider of 
accident repair services in the UK and has relationships with a large number of motor 
insurers, including Royal & Sun Alliance, Norwich Union, Equity Red Star and Zurich. 
It also provides its services to fleet operators such as DHL, the Department for Work 
and Pensions and the Post Office. 
Nationwide’s group of accident repair centres is located throughout the United Kingdom. The 
repair centres are modern, well equipped and operate to extremely high service standards. 
Nationwide’s stated goal is to become the accident repair services supplier of choice to 
the UK insurance industry, fleet operators and private individuals. The Company is pursuing 
this goal both through continued organic growth and through acquisitions.
Accident Repair Centres
Accident Repair Centres 
(exclusive to R&SA work)
Nationwide Network Services
Head Office
_cover.indd   2 12/04/2007   09:29:37 01 Nationwide Accident Repair Services plc Annual Report and Accounts 2006
Financial Summary
“ We are pleased with these results, which reflect the importance we place 
on offering customers a first class service and on running our operations 
and systems effectively. We believe that the Group’s national coverage, 
economies of scale and customer service give us a competitive advantage 
when competing for business. We continue to pursue our twin track 
approach of improving our existing businesses whilst carefully exploring 
additional opportunities for growth through acquisition.”
 Michael Marx
 Chairman

  Strong underlying results – profit before tax before  
non-recurring items up 67% to £5.9m.
 
Successful flotation on AiM in July 2006.

  Strong balance sheet with net cash at year end of £6.9m  
(2005: £4.1m).

 Closure of defined benefit pension scheme to future accruals.

 Proposed final dividend of 2.60p per share.

  Acquisition of Aquilo Motor Services in December 2006  
– enhances existing accident management operation.

  Post year end acquisitions of bodyshops in Llandudno 
and Lincoln.
   2006  2005
Sales £151.2m £139.6m
Operating profit after non-recurring items £2.2m £7.8m
Profit before tax after non-recurring items £2.4m £7.3m
Earnings per share after non-recurring items 3.1p 14.5p
Underlying results  
Operating profit before non-recurring items £5.8m £4.0m
Profit before tax before non-recurring items £5.9m £3.5m
Earnings per share before non-recurring items 9.0p 5.5p
Underlying results under FRS 17  
Operating profit before non-recurring items £7.0m £5.3m
Profit before tax before non-recurring items £7.2m £4.6m
Earnings per share before non-recurring items 11.0p 7.2p
Highlights
_1_NAR_ar06_front.indd   2 12/04/2007   09:27:41 Nationwide Accident Repair Services plc 02 Annual Report and Accounts 2006
Introduction
We are pleased to report Nationwide’s maiden 
results following the Company’s successful 
admission to AiM in July 2006. Results for the year 
are very encouraging and demonstrate the progress 
we are making in developing the Group.
Financial Overview 
Sales for the twelve months ended  
31 December 2006 increased by 8% to £151.2m 
(2005: £139.6m), operating profit before  
non-recurring items rose by 42% to £5.8m (2005: 
£4.0m) and profit before tax before non-recurring 
items rose by 67% to £5.9m (2005: £3.5m). 
Operating profit after non-recurring costs relating 
to the flotation and the payment of certain 
contractual bonuses was £2.2m (2005: £7.8m). 
Profit before tax was £2.4m (2005: £7.3m) and 
basic earnings per share were 3.1p (2005: 14.5p). 
Excluding non-recurring items, earnings per share 
were 9.0p (2005: 5.5p), an increase of 64%.
The Company adopts IAS 19, the ‘corridor 
approach’, for its pension obligations. However, 
in order to provide shareholders with financial 
results which are comparable with other companies, 
results under FRS 17 are also shown. Under FRS 
17, operating profit before non-recurring items 
rose by 33% to £7.0m (2005: £5.3m), underlying 
profit before tax improved by 55% to £7.2m 
(2005: £4.6m) and underlying earnings per 
share rose by 53% to 11.0p (2005: 7.2p).
The Group’s cash position remains strong with net 
cash at 31 December 2006 of £6.9m (2005: £4.1m). 
Dividend
As set out in the Company’s AiM Admission 
Document, the Directors intend to pursue a 
progressive dividend policy which broadly reflects 
the growth in underlying earnings over time and 
Group prospects. The Directors are recommending 
the payment of a final dividend of 2.60p per share 
in respect of the year to 31 December 2006. Subject 
to approval at the Annual General Meeting, this 
will be paid on 21 May 2007 to shareholders on the 
register at the close of business on 20 April 2007. 
Ordinarily, over the course of a financial year, final 
dividends are expected to represent two thirds of 
the total annual dividend.
Trading Overview
As our results indicate, trading over the year as 
a whole was very good and reflects the efficiency 
of our operations and systems and the strength 
of our service offering. As expected, the second 
half, which incorporates the holiday months 
of July, August and December, was seasonally 
quieter than the first half but in line with 
management expectations.
Strategy
In the Company’s Admission Document, we 
outlined our aspirations to become the accident 
repair services’ supplier of choice to the UK 
insurance market. We believe that the Group’s 
national coverage, economies of scale and customer 
service give us a competitive advantage when 
competing for business. We continue to pursue 
our twin track approach of improving our existing 
businesses whilst carefully exploring additional 
opportunities for growth through acquisition.
Michael Marx
Chairman, 14 March 2007
Chairman’s Statement
69
Accident  
Repair Centres
£5.9m
Profit before tax 
before non-recurring 
items
£151.2m
Sales
 “ Results for the year 
are very encouraging 
and demonstrate 
the progress we are 
making in developing 
the Group.”
_1_NAR_ar06_front.indd   3 12/04/2007   09:27:43 03 Nationwide Accident Repair Services plc Annual Report and Accounts 2006
Introduction
2006 was a good year for Nationwide with the 
successful admission to trading on AiM in July, 
the acquisition of Aquilo Motor Services in 
December 2006, an increase in our underlying profit 
and the development of our longer term objectives.
Accident Repair Market
The accident repair market in which we operate 
continues to consolidate. This consolidation is 
mainly driven by three factors:

  Insurance companies are finding the cost 
and burden of dealing with hundreds of 
privately owned companies, on differing IT 
platforms and working to differing standards 
and systems, increasingly onerous.

  The economies of scale and the use of 
integrated IT systems are enabling groups 
to operate more effectively and requiring 
less direct management by insurers on a 
case by case basis.

  Advances in vehicle technology and the need to 
repair vehicles in an environmentally responsible 
manner necessitate continued financial 
investment. A significant number of existing 
repairers operating in the sector are not in 
a position to make the required investment.
Our core business is the repair of damaged vehicles 
at our bodyshops throughout the UK. We aim to 
continue to acquire sites as opportunities arise 
and have recently acquired businesses in Llandudno 
(January 2007) and Lincoln (March 2007). 
We also work continuously on opportunities to 
further improve and grow our existing operations. 
Our management information, supported by 
a robust IT platform, enables us to identify and 
implement operational improvement quicker than 
some of our competitors and we continue to 
leverage this advantage.
Network Services
Our Network Services division is a support 
operation that enables fleets and insurers to opt 
for a single point of contact or ‘one stop shop’, 
should they wish to do so. We continue to grow 
in this area and our acquisition of Aquilo Motor 
Services in December 2006 has proved a valuable 
addition to the Group. Based in Northwich, Cheshire 
Aquilo operates a 24 hour contact centre offering 
a comprehensive motor claims management service 
including emergency and roadside assistance 
and engineering services. This acquisition has 
a number of strategic objectives including:

  Increasing our capacity and expertise in the 
call centre handling of drivers involved in an 
accident and given Network Services’ details 
as the first point of contact. This process is 
known in the industry as ‘FNOL’ or first 
notification of loss.

  Enabling us to increase our IT platform’s 
scope (in particular with regard to claims 
handling) making it easier for insurance 
companies and fleet customers to work with us.

  Enabling us, where appropriate, to direct 
work captured by this process into our 
own repair centres thereby increasing 
their efficiency.
Mobile Solutions
Launched in 2005, our Mobile Solutions division, 
a vehicle based service that offers specialist 
glass work, air conditioning and electronic 
diagnostic services, continues to grow.
Summary
In summary, the bodyshop market continues to 
consolidate, our financial performance is in line 
with expectations and our balance sheet is strong. 
We aim to continue to expand our bodyshop 
capacity and improve our efficiency and our 
support division is growing. 
Michael Wilmshurst
Chief Executive, 14 March 2007
 “ ...the bodyshop 
market continues 
to consolidate.”
1. Ayr bodyshop. 2. Technician, Oxford bodyshop. 3. Luton bodyshop. 4. Falkirk bodyshop.
Chief Executive’s Report
1 2
3
4
_1_NAR_ar06_front.indd   4 12/04/2007   09:27:50 Nationwide Accident Repair Services plc 04 Annual Report and Accounts 2006
Operating results
Turnover for the twelve month period increased 
by 8% to £151.2m against £139.6m last year 
and operating profit before non-recurring items 
rose by 42% to £5.8m from £4.0m. Operating 
profit after non-recurring costs relating to the 
flotation and the payment of certain contractual 
bonuses was £2.2m (2005: £7.8m) and profit 
before tax was £2.4m (2005: £7.3m).
The acquisition of the business of Aquilo Motor 
Services in December 2006 contributed turnover 
of £246,000 and a loss of £21,000.
Non-recurring costs
Non-recurring costs of £3,542,000 are included 
in the calculation of operating profit for the year 
and comprise costs in relation to the Company’s 
flotation on AiM in July 2006 and non-recurring 
bonuses payable to the Company’s management.
Pension scheme
The Group operates a defined benefit and defined 
contribution pension scheme. The defined 
benefit scheme was closed for future accruals on 
31 July 2006 with active members transferred 
to a new defined contribution section of 
the scheme.
Under IAS 19 the deficit in the scheme as at 
31 December 2006 was £20.6m (2005: £21.0m) 
or £14.4m (2005: £14.7m) net of deferred tax. 
The Group has reached agreement with the 
trustees to make annual special contributions of 
approximately £2.3m with a view to eradicating 
the scheme specific funding deficit over 7.5 years. 
The first payment was made in 2006.
The Group however adopts the ‘corridor approach’ 
under IAS 19 which amortises all actuarial gains 
and losses above the corridor (10% of the greater 
of assets and liabilities) over the future working 
lifetime of the active membership. As a result of 
adopting this approach an asset is recognised in 
the balance sheet of £3.9m (2005: £2.0m) but 
operating profits are reduced as the actuarial 
loss is reflected through the income statement 
each year.
To assist comparisons to be made to other 
businesses that do not adopt the corridor approach 
details are given of the effect on profits and assets 
if FRS 17 was applied instead. Operating profit 
before non-recurring items under FRS 17 would 
be £7.0m (2005: £5.3m) and profit before tax 
before non-recurring items under FRS 17 would 
be £7.2m (2005: £4.6m). Net assets would fall 
to £5.2m (2005: £4.5m).
Finance Director’s Review
“ …operating profit 
before non-recurring 
items rose by 42% 
to £5.8m…” 
+8%
Turnover (£m)
04 05 06
123.7
139.6
151.2
+42%
Operating profit before  
non-recurring items (£m)
04 05 06
2.5
4.0
5.8
_1_NAR_ar06_front.indd   5 12/04/2007   09:27:52 05 Nationwide Accident Repair Services plc Annual Report and Accounts 2006
Cash flow
The net increase in cash during the year was £2.8m 
(2005: a net decrease of £4.8m) which produced a 
net cash balance at 31 December 2006 of £6.9m. 
The Group continues to invest in new plant and 
equipment and in improvements to its sites. 
In addition, the business of Aquilo Motor Services 
was purchased for £762,000 in December 2006. 
The Company paid contributions to its pension 
fund of £2,860,000 (2005: £2,582,000). No 
dividend was paid in 2006 (2005: £5.0m).
The net increase in cash was achieved by profit 
and the strong control of working capital.
The Group does not have any bank borrowings 
although it does have a committed bank facility 
with the Royal Bank of Scotland for £8.0m until 
31 December 2007.
Tax
The effective tax rate is 41% which is higher than 
the standard rate of tax principally as a result of 
the majority of the flotation costs being disallowed 
for tax purposes. The effective rate in 2005 was 
11% which reflected the gain of £4,750,000 
on the disposal of an investment not subject to 
corporation tax.
The Group has no income tax losses available 
but has capital losses of £4.3m.
Earnings per share
The basic earnings per share is 3.1p (2005: 14.5p). 
Both figures are significantly affected by  
non-recurring items. Excluding non-recurring 
items, earnings per share is 9.0p (2005: 5.5p), 
a growth of 64%. As a result of share options 
being granted on 4 July 2006, the basic earnings 
per share is diluted to 3.0p (2005: 14.5p).
As mentioned above the Group adopts the 
‘corridor approach’ for the treatment of its pension 
liabilities and as such the actuarial loss is recognised 
in the income statement. To enable comparisons 
to be made to other businesses, earnings per share 
is also shown on an FRS 17 basis. If FRS 17 was 
applied the underlying earnings per share would 
be 11.0p (2005: 7.2p), a 53% growth.
Dividends
The Board is proposing a final dividend in 
respect of the results for the year ended 
31 December 2006 of 2.60p per share. Subject 
to approval by shareholders at the Annual General 
Meeting, this will be paid on 21 May 2007 
to shareholders on the Register at the close of 
business on 20 April 2007. The dividend is covered 
3.5 times by underlying earnings. On the basis 
that the final dividend represents two thirds of 
a full year’s dividend then if an interim dividend 
had been payable then the dividend cover would 
be 2.3 times (or 2.8 times on an FRS 17 basis). 
International Financial Reporting 
Standards (IFRS)
The Group and the Company adopted IFRS in 
its accounts for the year to 31 December 2005. 
IAS 33, earnings per share and IFRS 2, share 
based payments have been applied for the 
first time.
David Loftus
Finance Director, 14 March 2007
Finance Director’s Review continued
1. Liverpool bodyshop. 2. Mobile Solutions van ﬂeet. 3. Wirral Reception.
1 2
3
_1_NAR_ar06_front.indd   6 12/04/2007   09:27:59 Nationwide Accident Repair Services plc 06 Annual Report and Accounts 2006
Michael Marx (59)
Non-executive Chairman
Michael was appointed non-executive Chairman 
in June 2006. He is currently executive deputy 
Chairman and Finance Director of Development 
Securities plc. Michael is a Fellow of the Institute 
of Chartered Accountants in England and Wales 
and a Member of the UK Listing Authority 
Advisory Committee. He is also non-executive 
Director of FIBI Bank (UK) PLC and was formerly 
Finance Director and Commercial Director of 
Heron International plc from 1981 to 1994. 
Michael Wilmshurst (47)
Chief Executive
Michael has extensive automotive sector 
experience, with TWR, HR Owen, and European 
Motor Holdings. At HR Owen, aged 31, he was 
head of the luxury division including Rolls Royce, 
Jaguar, Ferrari and Land Rover. He formally 
joined Nationwide in May 2002, having been 
an active member of the team that took the 
Company private.
David Loftus (45)
Finance Director, FCA, MBA, BA (Hons)
David joined Nationwide in January 2003 as 
Finance Director. After qualifying as a Chartered 
Accountant with Spicer & Pegler (now part of 
Deloittes) he spent four years as an audit 
manager. In 1990, he joined Brunel Holdings 
plc (formally BM Group plc) as 
Group Accountant and in 1995 he was 
appointed Finance Director. 
Stephen Thompson (34)
Executive Director
Stephen has extensive multi-site experience in 
the automotive sector. He has worked with Silver 
Shield windscreens and was also a divisional 
director for KwikFit. Prior to that he was a 
Commercial Managing Director for Phones4U Ltd 
(part of the Caudwell Communications Group). 
He joined Nationwide in January 2005 and since 
then he has been responsible for developing 
Network Services (Nationwide) Limited and 
Mobile Solutions.
Board of Directors
_1_NAR_ar06_front.indd   7 12/04/2007   09:28:07 Jeremy Brade (46)
Non-executive Director
Jeremy was appointed non-executive Director 
in May 2002. Jeremy is a Director of J O Hambro 
Capital Management Limited and partner of 
North Atlantic Value LLP where he manages 
European and US private equity investments.
Lady Judge (60)
Non-executive Director 
Barbara was appointed non-executive Director in 
June 2006. Barbara is a lawyer and international 
banker. She is currently Chairman of Private 
Equity Investor plc and Deputy Chairman of Friends 
Provident plc. She was formerly a Commissioner 
of the US Securities and Exchange Commission.
Mark Butcher (48)
Non-executive Director
Mark was appointed non-executive Director in 
May 2002. Mark is a Director of GPG (UK) Holdings 
plc and Senior UK Investment Manager of Guinness 
Peat Group plc, where he manages a significant 
proportion of that company’s investments.
Annual Report and Accounts 2006 Nationwide Accident Repair Services plc 07
Directors and Advisers
Company No. 
966807 incorporated in England and Wales
Directors
Michael Marx
Chairman
Michael Wilmshurst
Chief Executive 
David Loftus 
Finance Director
Stephen Thompson
Executive Director 
Lady Barbara Thomas Judge 
Non-executive Director
Mark Butcher
Non-executive Director
Jeremy Brade 
Non-executive Director
Secretary
Martin Hickman-Ashby
Registered Office
17A Thorney Leys Park 
Witney 
Oxfordshire OX28 4GE
Auditor
Grant Thornton UK LLP
Bankers
The Royal Bank of Scotland plc
HSBC Bank plc
Barclays Bank plc
Solicitors
K&L Gates
110 Cannon Street 
London EC4N 6AR
Osborne Clarke
2 Temple Back East 
Temple Quay 
Bristol BS1 6EG
Financial Advisor and Corporate Stockbroker
Arbuthnot Securities Ltd
Registrars
Capita Registrars
The Registry 
34 Beckenham Road 
Beckenham  
Kent BR3 4TU 
Website Address
www.narsplc.com
Board of Directors continued
_1_NAR_ar06_front.indd   8 12/04/2007   09:28:12 Nationwide Accident Repair Services plc 08 Annual Report and Accounts 2006
The Directors present their report and accounts for the year ended 31 December 2006.
Principal activities and review of the business
As noted in the business review within the Chief Executive’s Report and Finance Director’s Review, the business of the Group is the repair of motor 
vehicles and the provision of accident claim management services.
The strategy for 2006 was to maintain the profitability of the core business, to achieve consistency in margins and to introduce new insurance companies 
to branches where possible. The Directors are pleased with the results for the year and this strategy will be maintained in 2007. 
Principal risks and uncertainties
The Directors regularly review principal risks and uncertainties that affect the Group. These include key customer changes, legislation changes affecting 
vehicle and road safety and vehicle repair methodology.
Post balance sheet events 
Since the year end the Group has acquired bodyshop businesses in Llandudno (January 2007) and Lincoln (March 2007). The consideration for these two 
businesses was £585,000 paid in cash.
Results and dividends
The Group’s sales revenue amounted to £151,192,000 (2005: £139,554,000) and the profit before taxation amounted to £2,370,000 (2005: £7,299,000). 
Taxation was a charge of £978,000 (2005: charge of £789,000) and the net profit for the year was £1,392,000 (2005: £6,510,000). 
No dividend was paid during the year (2005: £5.0m). 
The Directors are proposing a final dividend in respect of the results for the year ended 31 December 2006 of 2.60p per share. Subject to approval by 
shareholders at the Annual General Meeting, this will be paid on 21 May 2007 to shareholders on the Register at the close of business on 20 April 2007.
Non current assets
The movement of non current assets is set out in notes 10, 11 and 12 to the accounts.
Directors and their interests
The Directors who served during the year and their interests in the shares of the Company are shown in the Remuneration Report on page 10. 
Corporate governance 
The Board is committed to the highest principles of corporate governance. As a company quoted on AiM, the Company is not required to comply with 
the requirements of the Combined Code.
The Board consists of three executive and four independent non-executive Directors who take an active role in Board matters and it meets eight times 
in every year. The Board is responsible for maintaining a sound system of internal control to safeguard shareholders’ investment and Group assets.
The Board has appointed an Audit Committee, consisting of the Chairman and M Butcher, a Remuneration Committee consisting of the Chairman and  
J J Brade and a Nominations Committee consisting of the Chairman and Lady Judge.
The Audit Committee meets regularly with the external auditors and with the executive Directors to review the interim and final results, key areas of accounting 
treatment and risk and control procedures. The Committee can meet with the external auditors without any of the executive Directors being present.
The Remuneration Committee and Nominations Committee have not met since formation in June 2006.
Employment of disabled persons
The Group gives full and fair consideration to applications for employment received from disabled persons having regard to their particular aptitudes 
and abilities and wherever possible the Group continues the employment of, and arranges for reasonable adjustments to the working conditions of, 
employees who become disabled persons while employed by the Group. Disabled employees are treated no differently from any other employees as 
regards training, career development and promotion opportunities. The Group operated this policy throughout the year.
Employee involvement
Effective employee relations are seen as key drivers in moving the Group forward. Consequently human resources, quality, health and safety and training 
functions need to establish good communications with individual sites and are therefore organised on a divisional basis. This structure enables staff to obtain 
the help and guidance they may need and keeps them informed of, and effectively involved in, the development of the Group’s business. Regular review 
meetings are held at local, divisional and Group level to ensure that all employees are kept informed of the Group’s objectives. Progress towards those 
objectives is measured and reported back to individual sites. 
Directors’ Report
_1_NAR_ar06_back.indd   2 12/04/2007   09:27:23 09 Nationwide Accident Repair Services plc Annual Report and Accounts 2006
Supplier payment policy
The Group requires its subsidiaries to negotiate clear and satisfactory arrangements for the payment of suppliers, as part of the overall terms and 
conditions of the supply and to make payment accordingly. Trade creditor days at the end of the year were 54 (2005: 47).
Share capital
Full details of the authorised and issued share capital of the Company are set out in note 19 to the accounts.
Summary of key performance indicators
The Directors have monitored the progress of the overall Group/Company strategy and the individual strategic elements by reference to certain financial 
and non-financial key performance indicators.
Key performance indicator 2006 2005 Method of calculation
Gross profit margin (%) 46.5% 46.4% Gross profit margin is the ratio of gross profit to sales expressed as a percentage
Cycle time (key to key) 12.2 days 14.0 days Cycle time measures the days from receipt of the vehicle on site to return to the customer
CSI  84.4% 82.0% A measure of customer satisfaction derived from the results of independent telephone surveys
Financial risk management policies
The details of the Group’s financial risk management objectives and policies are detailed in note 27 to the financial statements.
Auditor
Grant Thornton UK LLP offer themselves for reappointment as auditors in accordance with section 385 of the Companies Act 1985.
On behalf of the Board:
Michael Wilmshurst
Chief Executive, 14 March 2007
The Directors are responsible for preparing the financial statements in accordance with applicable law and International Financial Reporting Standards 
as adopted by the European Union.
Company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the 
Group and Company and of the income of the Group for that period. In preparing these financial statements the Directors are required to:

 select suitable accounting policies and then apply them consistently;

 make judgements and estimates that are reasonable and prudent;

  state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

 prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy, at any time the financial position of the 
Group and enable them to ensure that the financial statements comply with the Companies Act 1985. They are also responsible for safeguarding the 
assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the Directors are aware:

 there is no relevant audit information of which the Company auditor is unaware; and

  the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the 
auditors are aware of that information.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Legislation 
in the United Kingdom governing the preparation and dissemination of financial statements may differ from other legislation in other jurisdictions.
Michael Wilmshurst
Chief Executive, 14 March 2007
Directors’ Report continued
Statement of Directors’ Responsibilities
_1_NAR_ar06_back.indd   3 12/04/2007   09:27:23 Nationwide Accident Repair Services plc 10 Annual Report and Accounts 2006
Remuneration Committee
The Remuneration Committee is chaired by M H Marx and includes one further non-executive Director. Since the 4 July 2006 the Remuneration 
Committee has not met. The Remuneration Committee reviews and determines the remuneration package of the executive Directors of the Group. 
The remuneration policy set by the Remuneration Committee is designed to deliver the Group’s objective of increasing shareholder value by attracting 
and retaining the most capable and committed people.
Directors’ emoluments
The aggregate emoluments of the Directors of the Company who served during the year were:
   Salary and  Annual Non-recurring Pension  
   fees Benefits bonus bonus contribution Total 
   £’000 £’000 £’000 £’000 £’000 £’000
Executive Directors      
M A Wilmshurst  164 1 — — — 165
D J Loftus  130 15 65 400 6 616
S D G Thompson  60 9 22 — 5 96
Non-executive Directors      
M H Marx  15 — — — — 15
Lady Judge  10 — — — — 10
J J Brade  10 — — — — 10
A M Butcher  10 — — — — 10
B A Nixon  — — — — — —
C H B Mills  — — — — — —
   399 25 87 400 11 922
The emoluments of S D G Thompson, M H Marx and Lady Judge are from their date of appointment which was 28 June 2006. B A Nixon and C H B Mills 
resigned on 28 June 2006.
Until 29 June 2006 fees were paid to Troy Solutions Limited via a management services agreement (details are given in note 24). After this date, fees 
were paid to Troy Solutions Limited via a consultancy agreement and fees of £154,000 are incorporated in the amount shown in respect of M A Wilmshurst 
in the above table. M A Wilmshurst is a Director of Troy Solutions Limited.
The above disclosure on Directors’ emoluments forms part of the financial statements as stated in note 5.
Share options
Share options were granted to M A Wilmshurst, D J Loftus and S D G Thompson on 4 July 2006. Details are given in note 19.
Directors’ interests
The interests of the Directors in the share capital of the Company were:
 Ordinary shares
        1 January 
        2006  
       31 December or on  
       2006 appointment
Executive Directors
M A Wilmshurst      1,351,351 —
D J Loftus      54,054 —
S D G Thompson (appointed 28 June 2006)      — —
Non-executive Directors
M H Marx (appointed 28 June 2006)      — —
Lady Judge (appointed 28 June 2006)      55,348 55,348
J J Brade      — —
A M Butcher      — —
B A Nixon (resigned 28 June 2006)      — —
C H B Mills (resigned 28 June 2006)      — —
Remuneration Report
_1_NAR_ar06_back.indd   4 12/04/2007   09:27:23 11 Nationwide Accident Repair Services plc Annual Report and Accounts 2006
We have audited the Group and Parent Company financial statements (the ‘’financial statements’’) of Nationwide Accident Repair Services plc for the year 
ended 31 December 2006 which comprise the consolidated income statement, the consolidated balance sheet, the consolidated and company statements of 
changes in equity, the company balance sheet, the consolidated and company cash flow statements and notes 1 to 27. These financial statements have 
been prepared under the accounting policies set out therein. 
This report is made solely to the Company’s members, as a body, in accordance with Section 235 of the Companies Act 1985. Our audit work has been 
undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditors’ report and for no other 
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members 
as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of Directors and Auditor 
The Directors’ responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and International Financial 
Reporting Standards (IFRSs) as adopted for use by the European Union are set out in the Statement of Directors’ Responsibilities.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on 
Auditing (UK and Ireland).
We report to you our opinion as to whether the financial statements give a true and fair view and whether the financial statements have been properly 
prepared in accordance with the Companies Act 1985 and, as regards the Group financial statements, Article 4 of the IAS Regulation. We also report to 
you whether, in our opinion, the Directors’ report is consistent with the financial statements. The information given in the Directors’ report includes that 
specific information presented in the Chief Executive’s report and Finance Director’s review that is cross referenced from the Business Review section 
and in the Remuneration report cross referenced from the Directors and their interests section of the Directors’ report.
In addition we report to you if, in our opinion, the Company has not kept proper accounting records, if we have not received all the information and 
explanations we require for our audit, or if information specified by law regarding Directors’ remuneration and other transactions is not disclosed. 
We read other information contained in the Annual Report and consider whether it is consistent with the audited financial statements. The other 
information comprises only the Directors’ report, Chairman’s Statement, Chief Executive’s report and Finance Director’s review. We consider the 
implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements. Our 
responsibilities do not extend to any other information.
Basis of opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit 
includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of 
the significant estimates and judgements made by the Directors in the preparation of the financial statements, and of whether the accounting policies are 
appropriate to the Group’s and Company’s circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with 
sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other 
irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.
Opinion 
In our opinion:

  the Group financial statements give a true and fair view, in accordance with IFRSs as adopted by the European Union, of the state of the Group’s 
affairs as at 31 December 2006 and of its profit for the year then ended;

  the Parent Company financial statements give a true and fair view, in accordance with IFRSs as adopted by the European Union as applied in 
accordance with the provisions of the Companies Act 1985, of the state of the Parent Company’s affairs as at 31 December 2006;

  the financial statements have been properly prepared in accordance with the Companies Act 1985 and, as regards the Group financial statements, 
Article 4 of the IAS Regulation; and

 the information given in the Directors’ report is consistent with the financial statements.
Separate opinion in relation to IFRSs
As explained in note 2 to the Group financial statements, the Group in addition to complying with its legal obligation to comply with IFRSs as adopted by 
the European Union, has also complied with the IFRSs as issued by the International Accounting Standards Board.
In our opinion the Group financial statements give a true and fair view, in accordance with IFRSs, of the state of the Group’s affairs as at 31 December 2006 
and of its profit for the year then ended.
Grant Thornton UK LLP
Registered Auditor
Chartered Accountants 
Central Milton Keynes, 14 March 2007
Report of the Independent Auditor
to the members of Nationwide Accident Repair Services plc
_1_NAR_ar06_back.indd   5 12/04/2007   09:27:23 Nationwide Accident Repair Services plc 12 Annual Report and Accounts 2006
        Restated 
       2006 2005 
      Notes £’000 £’000
Sales revenue       151,192 139,554
Cost of sales      (80,905) (74,827)
Gross profit      70,287 64,727
Distribution costs      (37,347) (34,876)
Administrative expenses      (27,063) (25,808)
Share option charge      (120) —
Operating profit before non-recurring items      5,757 4,043
Non-recurring items     4 (3,542) 3,750
Operating profit     4  2,215 7,793
Finance income     6 169 379
Finance costs     6 (14) (873)
Profit for the year before tax      2,370 7,299
Tax expense      7 (978) (789)
Net profit for the year      1,392 6,510
EARNINGS PER SHARE    
Basic     8 3.1p  14.5p
Diluted     8 3.0p 14.5p
The accompanying notes form an integral part of these financial statements.
Consolidated Income Statement
for the year ended 31 December 2006
_1_NAR_ar06_back.indd   6 12/04/2007   09:27:24 13 Nationwide Accident Repair Services plc Annual Report and Accounts 2006
       2006 2005 
      Notes £’000 £’000
ASSETS   
Non-current   
Goodwill     10 5,821 4,648
Property, plant and equipment     12 8,933 9,718
Pension and other employee assets     14 3,867 1,991
       18,621 16,357
Current 
Inventories     15 2,548 2,767
Trade and other receivables     16 20,490 22,162
Cash and cash equivalents     18 6,932 4,114
       29,970 29,043
Total assets      48,591 45,400
EQUITY   
Equity attributable to the shareholders    
Share capital     19 5,609  5,609
Capital redemption reserve      1,000 1,000
Share premium account      11,104 11,104
Revaluation reserve      8  8
Retained earnings      4,226 2,714
Total equity      21,947 20,435
LIABILITIES
Non-current
Provisions     20 508 480
Deferred tax liabilities     17 685 343
       1,193 823
Current
Provisions     20 174 216
Trade and other payables     21 24,710 23,311
Current tax liabilities     22 567 615
       25,451 24,142
Total liabilities      26,644 24,965
Total equity and liabilities      48,591 45,400
The financial statements were approved by the Board of Directors and authorised for issue on 14 March 2007. They were signed on its behalf by:
Michael Wilmshurst
Chief Executive
The accompanying notes form an integral part of these financial statements.
Consolidated Balance Sheet
as at 31 December 2006
_1_NAR_ar06_back.indd   7 12/04/2007   09:27:24 Nationwide Accident Repair Services plc 14 Annual Report and Accounts 2006
    Capital Share    
   Share redemption premium Revaluation Retained 
   capital reserve account reserve earnings Total 
Group  £’000 £’000 £’000 £’000 £’000 £’000
Balance at 1 January 2005  5,609 1,000 11,104 8 1,204 18,925
Income for the period  — — — — 6,510 6,510
Dividend paid (see note 8)  — — — — (5,000) (5,000)
Balance at 31 December 2005  5,609 1,000 11,104 8 2,714 20,435
Share option charge  — — — — 120 120
Income for the period  — — — — 1,392 1,392
Balance at 31 December 2006  5,609 1,000 11,104 8 4,226 21,947
   Share Capital    
   capital redemption Share Revaluation Retained 
   reserve account premium reserve earnings Total 
Company  £’000 £’000 £’000 £’000 £’000 £’000
      
Balance at 1 January 2005  5,609 1,000 11,104 — 7,056 24,769
Income for the period  — — — — 4,966 4,966
Dividend paid (see note 8)  — — — — (5,000) (5,000)
Balance at 31 December 2005  5,609 1,000 11,104 — 7,022 24,735
Share option charge  — — — — 120 120
Income for the period  — — — — 465 465
Balance at 31 December 2006  5,609 1,000 11,104 — 7,607 25,320
The accompanying notes form an integral part of these financial statements. 
Consolidated Statement of Changes in Equity
for the year ended 31 December 2006
Company Statement of Changes in Equity
for the year ended 31 December 2006
_1_NAR_ar06_back.indd   8 12/04/2007   09:27:24 15 Nationwide Accident Repair Services plc Annual Report and Accounts 2006
       2006 2005 
      Notes £’000 £’000
ASSETS   
Non-current   
Investments in subsidiary undertakings     11 37,842 37,842
Property, plant and equipment     12 201 170
Pension and other employee assets     14 3,867 1,991
       41,910 40,003
Current 
Trade and other receivables     16 7,449 4,121
Cash and cash equivalents     18 4,246 4,360
       11,695 8,481
Total assets      53,605 48,484
EQUITY   
Equity attributable to the shareholders    
Share capital     19  5,609  5,609
Capital redemption reserve      1,000 1,000
Share premium account      11,104 11,104
Retained earnings      7,607 7,022
Total equity      25,320 24,735
LIABILITIES
Non-current
Provision     20 7 17
Deferred tax liabilities     17 1,099 535
       1,106 552
Current   
Provisions     20 34 34
Trade and other payables     21 27,021 23,149
Current tax liabilities     22 124 14
       27,179 23,197
Total liabilities      28,285 23,749
Total equity and liabilities      53,605 48,484
The financial statements were approved by the Board of Directors and authorised for issue on 14 March 2007. They were signed on its behalf by:
Michael Wilmshurst
Chief Executive
The accompanying notes form an integral part of these financial statements. 
Company Balance Sheet
as at 31 December 2006
_1_NAR_ar06_back.indd   9 12/04/2007   09:27:24 Nationwide Accident Repair Services plc 16 Annual Report and Accounts 2006
       2006 2005 
      Notes £’000 £’000
OPERATING ACTIVITIES
Result for the year before tax      2,370 7,299
Adjustments      23 6,293 (1,622)
Outflow from pension obligations      (2,860) (2,582)
Outflow from provisions      (156) (215)
Tax paid      (684) (113)
       4,963 2,767
INVESTING ACTIVITIES 
Additions to property, plant and equipment      (1,653) (2,424)
Proceeds from the disposal of property, plant and equipment      101 208
Acquisition of businesses – cost      (762) (4,665)
Acquisition of businesses – debt acquired      — (799)
Interest received      169 379
       (2,145) (7,301)
FINANCING ACTIVITIES       
Dividend paid      — (5,000)
Proceeds from disposal of preference shares      — 4,750
       — (250)
Net increase/(decrease) in cash and cash equivalents      2,818 (4,784)
Cash and cash equivalents at beginning of year      4,114 8,898
Cash and cash equivalents at end of year      6,932 4,114
The accompanying notes form an integral part of these financial statements.
Consolidated Cash Flow Statement
for the year ended 31 December 2006
_1_NAR_ar06_back.indd   10 12/04/2007   09:27:24 17 Nationwide Accident Repair Services plc Annual Report and Accounts 2006
       2006 2005 
      Notes £’000 £’000
OPERATING ACTIVITIES   
Result for the year before tax      1,383 4,982
Adjustments      23 1,513 8,599
Outflow from pension obligations      (2,860) (2,582)
Outflow from provisions      (10) (70)
Tax paid      (150) —
       (124) 10,929
INVESTING ACTIVITIES    
Additions to property, plant and equipment      (174) (154)
Proceeds from the disposal of property, plant and equipment      63 35
Interest received      121 503
       10 384
FINANCING ACTIVITIES   
Dividend paid      — (5,000)
Refinancing of subsidiaries      — (20,000)
Proceeds from disposal of preference shares      — 4,750
       — (20,250)
Net decrease in cash and cash equivalents      (114) (8,937)
Cash and cash equivalents at beginning of year      4,360 13,297
Cash and cash equivalents at end of year      4,246 4,360
The accompanying notes form an integral part of these financial statements.
Company Cash Flow Statement
for the year ended 31 December 2006
_1_NAR_ar06_back.indd   11 12/04/2007   09:27:25 Nationwide Accident Repair Services plc 18 Annual Report and Accounts 2006
1. Nature of operations
Nationwide Accident Repair Services plc and its subsidiaries’ (the Group) principal activity is the provision of support services to the motor insurance 
industry. Currently, this includes the repair of motor vehicles in the Group’s wholly owned sites and the provision of accident claim management services.
The strategy for 2006 was to maintain the profitability of the core business, to achieve consistency in margins and to introduce new insurance companies 
to branches where possible. The Directors are pleased with the results for the year and this strategy will be maintained in 2007.
The following is a list of the principal subsidiary undertakings of which Nationwide Accident Repair Services plc is either directly, or through subsidiary 
undertakings, the beneficial owner of the whole of the equity share capital. All companies are engaged in motor trade activities. All are incorporated 
in England and Wales.
 
Nationwide Crash Repair Centres Limited 

 Network Services (Nationwide) Limited

 Mobile Vehicle Repairs Limited (trading as Mobile Solutions)
2. General information 
The consolidated financial statements of the Group have been prepared in accordance with the International Financial Reporting Standards (IFRS) as 
adopted by the EU and as developed and published by the International Accounting Standards Board (IASB).
3. Summary of accounting policies
Basis of preparation
Earnings per share and IFRS 2, share based payments have been adopted for the first time. The significant accounting policies that have been used in the 
preparation of these consolidated financial statements are summarised below. The consolidated financial statements have been prepared on the historic 
cost basis.
It should be noted that accounting estimates and assumptions are used in preparing the financial statements including the carrying amount of goodwill 
(note 10) and provisions (note 20). Although these estimates are based on management’s best knowledge of current events and actions, actual results 
may ultimately differ from those estimates.
New standards and interpretations currently in issue but not effective for accounting periods commencing on 1 January 2006 and their effects are:
i)  Amendment to IAS 1 Presentation of Financial Statements: Capital Disclosures (effective 1 January 2007). This will extend disclosures relating to the 
Company’s capital.
ii)  IFRS 7 Financial Instruments: Disclosures (effective 1 January 2007 replacing disclosure aspects of IAS 32). This will extend disclosures relating to the 
Company’s financial instruments.
Consolidation 
Subsidiaries are all entities over which the Group has power to control the financial and operating policies. The consolidated financial statements 
incorporate the financial statements of the Parent Company as well as those entities controlled by the Group by full consolidation.
In addition, acquired subsidiaries are subject to the application of the purchase method. This involves the revaluation at fair value of all identifiable assets 
and liabilities, including contingent liabilities of the subsidiary, at the acquisition date, regardless of whether or not they were recorded in the financial 
statements of the subsidiary prior to acquisition. On initial recognition, the assets and liabilities of the subsidiary are included in the consolidated balance 
sheet at their revalued amounts, which are also used as the bases for subsequent measurement in accordance with the Group accounting policies. Goodwill 
represents the excess of acquisition cost over the fair value of the Group’s share of identifiable net assets of the acquired subsidiary at the date of acquisition.
The results of subsidiary undertakings acquired or disposed of during the year are included in the consolidated income statements for their respective 
periods of ownership. Inter-Company trading is eliminated from these accounts where appropriate. As permitted by section 230 of the Companies Act 1985, 
an income statement is not presented for Nationwide Accident Repair Services plc.
Income and expense recognition
Revenue is recognised upon the performance of the service once authority has been given by the customer to undertake this work. Intra-Group sales and 
value added tax are excluded.
Operating expenses (with the exception of the IAS 19 pension adjustment) are recognised in the income statement upon utilisation of the service. Interest 
income and expenditure are reported on an accruals basis.
Goodwill
Goodwill is tested annually for impairment and carried at cost less accumulated impairment losses.
Notes to the Accounts
for the year ended 31 December 2006
_1_NAR_ar06_back.indd   12 12/04/2007   09:27:25 19 Nationwide Accident Repair Services plc Annual Report and Accounts 2006
3. Summary of accounting policies (continued)
Property, plant and equipment
All property, plant and equipment is recognised at cost. 
Buildings, fittings and furniture are carried at acquisition cost less subsequent depreciation and impairment losses. 
The cost of property, plant and equipment is depreciated on a straight line basis taking into account estimated residual values.
The useful lives of property, plant and equipment can be summarised as follows:
Land –  Nil 
Buildings  –  5 to 25 years 
Plant and equipment – 3 to 10 years 
IT equipment – 2 to 5 years
On adopting IFRS, the Group and Company have taken advantage of the transitional rule that allows previously revalued fixed assets to be deemed cost.
Leases
Payments on operating leases are recognised as an expense on a straight line basis.
Impairment testing of goodwill, other intangible assets and property, plant and equipment
The Group’s goodwill, other intangible assets and property, plant and equipment are subject to impairment testing.
For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating 
units). As a result, some assets are tested individually for impairment and some are tested at cash-generating unit level. Goodwill is allocated to those 
cash-generating units that are expected to benefit from synergies of the related business combination and represent the lowest level within the Group 
at which management controls the related cash flows.
Individual assets or cash-generating units that include goodwill with an indefinite useful life or those not yet available for use are tested for impairment 
at least annually. All other individual assets or cash-generating units are tested for impairment whenever events or changes in circumstances indicate that 
the carrying amount may not be recoverable.
An impairment loss is recognised for the amount by which the asset’s or cash-generating unit’s carrying amount exceeds its recoverable amount. The 
recoverable amount is the higher of fair value, reflecting market conditions less costs to sell and value in use, based on an internal discounted cash flow 
evaluation. Impairment losses recognised for cash-generating units, to which goodwill has been allocated, are credited initially to the carrying amount of 
goodwill. Any remaining impairment loss is charged pro rata to the other assets in the cash-generating unit. With the exception of goodwill, all assets are 
subsequently reassessed for indications that an impairment loss previously recognised may no longer exist.
Inventories
Inventories comprise materials and direct labour. At the balance sheet date inventories are carried at the lower of cost and net realisable value. Inventories are 
valued using the weighted average cost. Net realisable value is the estimated selling price in the ordinary course of business less any applicable selling expenses. 
Accounting for income taxes
Current income tax assets and/or liabilities comprise those obligations to, or claims from fiscal authorities relating to the current or prior reporting period, that 
are unpaid at the balance sheet date. They are calculated according to the tax rates and tax laws applicable to the fiscal periods to which they relate, based on 
the taxable income for the year. All changes to current tax assets or liabilities are recognised as a component of tax expense in the income statement.
Deferred income taxes are calculated using the liability method on temporary differences. Deferred tax is generally provided on the difference between 
the carrying amounts of assets and liabilities and their tax bases. However, deferred tax is not provided on the initial recognition of goodwill, nor on the 
initial recognition of an asset or liability unless the related transaction is a business combination or affects tax or accounting profit. Deferred tax on 
temporary differences associated with shares in subsidiaries and joint ventures is not provided if reversal of these temporary differences can be controlled 
by the group and it is probable that reversal will not occur in the foreseeable future. In addition, tax losses available to be carried forward as well as other 
income tax credits to the group are assessed for recognition as deferred tax assets.
Deferred tax liabilities are always provided for in full. Deferred tax assets are recognised to the extent that it is probable that they will be able to be offset 
against future taxable income. Deferred tax assets and liabilities are calculated, without discounting, at tax rates that are expected to apply to their respective 
period of realisation, provided they are enacted or substantively enacted at the balance sheet date.
Most changes in deferred tax assets or liabilities are recognised as a component of tax expense in the income statement. Only changes in deferred tax 
assets or liabilities that relate to a change in value of assets or liabilities that is charged directly to equity (such as the revaluation of land) are charged 
or credited directly to equity.
Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand as well as short term highly liquid investments such as money market instruments and bank 
deposits. Money market instruments are financial assets carried at fair value. 
Trade receivables
Trade receivables do not carry any interest and are stated at their fair value at initial recognition as reduced by appropriate allowances for estimated 
irrecoverable amounts.
Notes to the Accounts continued
for the year ended 31 December 2006
_1_NAR_ar06_back.indd   13 12/04/2007   09:27:25 Nationwide Accident Repair Services plc 20 Annual Report and Accounts 2006
3. Summary of accounting policies (continued)
Equity
Share capital is determined using the nominal value of shares that have been issued.
Share premium includes any premiums received on the initial issuing of the share capital. Any transaction costs associated with the issuing of shares are 
deducted from share premium, net of any related income tax benefits.
The revaluation reserve comprises gains and losses due to the revaluation of property, plant and equipment.
Retained earnings include all current and prior period results as disclosed in the income statement.
The capital redemption reserve was created on the acquisition by the Company of its own shares.
Share based payments
The Group operates two employee share option schemes. The fair value at the date at which the share options are granted is recognised in the income 
statement on a straight line basis over the vesting period, taking into account the number of options that are expected to vest. In valuing the share 
options the Group has utilised the Black-Scholes option pricing model for tranche 1 of the options and the Monte Carlo model for tranche 2 of the 
options with the weighted average share price being factored into the model. The expected life of the options has been assumed to be three years for 
tranche 1 and five years for tranche 2 with the options being exercisable between three and ten years.
The following have been factored into the model:
Exercise prices of £1.11 and £1.165, expected volatility of 25%, dividend yield of 3.00%, equivalent risk free rate of return being the rate of return on 
zero-coupon Government bonds with a term equal to the expected live assumptions.
As the Company is newly listed there is no history for the Company regarding the volatility of its shares, as such the expected volatility detailed above 
has been based on a review of competitors’ volatility and the most appropriate has been utilised.
Pension obligations and short term employee benefits
Pensions to employees are provided through a defined benefit plan as well as a defined contribution plan.
A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive on retirement, usually dependent on one 
or more factors such as age, years of service and salary. The legal obligation for any benefits from this kind of pension plan remains with the Group, even 
if plan assets for funding the defined benefit plan have been acquired. Plan assets may include assets specifically designated to a long term benefit fund 
as well as qualifying insurance policies.
A defined contribution plan is a pension plan under which the Group pays fixed contributions into an independent entity. The Group has no legal or 
constructive obligations to pay further contributions after payment of the fixed contribution.
The asset/liability recognised in the balance sheet for defined benefit pension plans is the present value of the Defined Benefit Obligation (DBO) at the 
balance sheet date less the fair value of the plan assets, together with adjustments for unrecognised actuarial gains or losses and past service costs. The 
DBO is calculated annually by independent actuaries using the projected unit credit method. The present value of the DBO is determined by discounting 
the estimated future cash outflows using interest rates of high quality corporate bonds that are denominated in the currency in which the benefits will 
be paid and that have terms to maturity approximating to the terms of the related pension liability.
Actuarial gains and losses are not recognised as an expense unless the total unrecognised gain or loss exceeds 10% of the greater of the obligation and 
related plan assets. The amount exceeding this 10% is charged or credited to profit or loss over the employees’ expected average remaining working lives. 
Actuarial gains and losses within the 10% corridor are disclosed separately. Past service costs are recognised immediately in the income statement, unless 
the changes to the pension plan are conditional on the employees remaining in service for a specified period of time (the vesting period). In this case, the 
past service costs are amortised on a straight line basis over the vesting period.
The contributions recognised in respect of defined contribution plans are expensed as they fall due. Liabilities and assets may be recognised if underpayment 
or prepayment has occurred and are included in current liabilities or current assets as they are normally of a short term nature.
Financial liabilities
The Group’s financial liabilities include bank loans and overdrafts, trade and other payables liabilities. They are included in balance sheet line items ‘long 
term financial liabilities’ and ‘trade and other payables’. 
Financial liabilities are recognised when the Group becomes a party to the contractual agreements of the instrument. All interest related charges are 
recognised as an expense in ‘finance cost’ in the income statement.
Bank loans are raised for support of long term funding of the Group’s operations. They are recognised at fair values, net of direct issue costs. Finance charges, 
including premiums payable on settlement or redemption and direct issue costs, are charged to profit or loss on an accrual basis 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.
Trade payables are recognised initially at their fair value and subsequently measured at amortised cost less settlement payments.
Dividend distributions to shareholders are included in ‘other short term financial liabilities’ when the dividends are approved by the shareholders’ meeting.
Notes to the Accounts continued
for the year ended 31 December 2006
_1_NAR_ar06_back.indd   14 12/04/2007   09:27:25 21 Nationwide Accident Repair Services plc Annual Report and Accounts 2006
3. Summary of accounting policies (continued)
Other provisions, contingent liabilities and contingent assets
Other provisions are recognised when present obligations will probably lead to an outflow of economic resources from the Group and they can be 
estimated reliably. Timing or amount of the outflow may still be uncertain. A present obligation arises from the presence of a legal or constructive 
commitment that has resulted from past events. Provisions are not recognised for future operating losses.
Provisions are measured at the estimated expenditure required to settle the present obligation, based on the most reliable evidence available at the balance 
sheet date, including the risks and uncertainties associated with the present obligation. Any reimbursement expected to be received in the course of 
settlement of the present obligation is recognised, if virtually certain as a separate asset, not exceeding the amount of the related provision. Where there 
are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as 
a whole. In addition, long term provisions are discounted to their present values, where time value of money is material.
All provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate.
In those cases where the possible outflow of economic resource as a result of present obligations is considered improbable or remote, or the amount 
to be provided for cannot be measured reliably, no liability is recognised in the consolidated balance sheet, unless assumed in the course of a business 
combination. These contingent liabilities are recognised in the course of the allocation of purchase price to the assets and liabilities acquired in the 
business combination. They are subsequently measured at the higher amount of a comparable provision as described above and the amount initially 
recognised, less any amortisation.
Probable inflows of economic benefits to the Group that do not yet meet the recognition criteria of an asset are considered contingent assets.
Investment in subsidiaries
Investments are valued at cost less any impairment and after deducting any dividends paid out of pre-acquisition profits.
4. Operating result 
Operating result is stated after charging/(crediting): 
       2006 2005 
       £’000 £’000
Depreciation       2,407 2,538
Operating lease rentals:
 Land and Buildings      5,719 5,454
 Courtesy Cars      4,536 4,056
 Plant and Machinery      71 66
Auditors’ remuneration:
 Audit services      90 87
 Non-audit services (tax and IFRS assistance)      4 10
 Non-audit services (reporting accountant for flotation)      153 —
Profit on disposal of property, plant and equipment       — (22)
Non-recurring costs
Flotation costs      683 —
Non-recurring bonuses       2,859 1,000
Profit on sale of fixed asset investments      — (4,750)
Total      3,542 (3,750)
The accounts include non-recurring bonuses payable on admission to AiM totalling £2,859,000. Of this amount £2,407,000 was payable to Troy Solutions 
Limited, a Company where M A Wilmshurst is a Director and £400,000 was paid to D J Loftus. The flotation costs relate to the admission to AiM on 4 July 2006. 
The £1,000,000 non-recurring bonus paid in 2005 was included within administration expenses in the 2005 accounts, hence the 2005 comparatives have 
been restated to classify this as a non-recurring item.
Notes to the Accounts continued
for the year ended 31 December 2006
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5. Employee remuneration
The aggregate payroll costs of the Group’s employees are analysed as follows:  
       2006 2005 
       £’000 £’000
Wages and salaries      44,732 42,507
Social security costs      4,287 4,143
Other pension costs (contributions paid)      3,013 2,592
       52,032 49,242
The amount of pension contributions paid to defined contribution scheme      153 11
The average number of employees during the year was made up as follows:
       Number Number
Motor accident repair operations      2,118 2,098
Central and other      68 62
       2,186 2,160
The remuneration of the Directors is disclosed in the Remuneration Report on page 10.
6. Finance income and finance costs 
       2006 2005 
       £’000 £’000
Finance Income  
Interest receivable on bank balances      169 379
Finance Costs  
Pension costs (see note 14):  
Interest on obligation      3,262 3,344
Expected return on assets      (3,248) (2,471)
       14 873
7. Tax expense 
       2006 2005 
       £’000 £’000
Current tax: 
United Kingdom corporation tax at 30% (2005: 30%)      636 591
Adjustments in respect of prior years      — —
       636 591
Deferred tax:  
Movement relating to pension asset (IAS 19)      563 (200)
Timing differences origination and reversal      (221) 398
       978 789
The tax assessed for the period is higher (2005: lower) than the standard rate of corporation tax in the UK of 30% (2005: 30%). The differences are 
explained as follows:
       2006 2005 
       £’000 £’000
Result for the year before tax      2,370 7,299
Income on ordinary activities before tax multiplied by standard rate of UK corporation tax of 30% (2005: 30%)   711 2,190
Effect of:  
Capital item not taxable      — (1,425)
Items not deductible for tax purposes      258 109
Capital allowances in excess of depreciation       (82) (33)
Utilisation of tax losses brought forward      — (450)
Other timing differences      91 398
Total tax charge for the year      978 789
Notes to the Accounts continued
for the year ended 31 December 2006
_1_NAR_ar06_back.indd   16 12/04/2007   09:27:25 23 Nationwide Accident Repair Services plc Annual Report and Accounts 2006
8. Earnings per share and dividends 
Basic earnings per share
The basic earnings per share has been calculated using the net results attributable to the shareholders of the Company of £1,392,000 (2005: £6,510,000). 
The weighted average number of outstanding shares used for the basic earnings per share amounted to 44,872,220 (2005: 44,872,220). This number 
takes into account the share split that became effective on 4 July 2006.
Diluted earnings per share
The diluted earnings per share has been calculated using the net results attributable to the shareholders of the Company of £1,392,000 (2005: £6,510,000). 
The weighted average number of outstanding shares used for the diluted earnings per share amounted to 46,974,453 (2005: 44,872,220) and assumes 
the exercise of all the share options detailed in note 19 since the date they were granted. This number takes into account the share split that became 
effective on 4 July 2006.
Underlying earnings per share
The underlying earnings per share has been calculated as follows: 
       2006 2005 
       £’000 £’000
Profit before tax (as stated)      2,370 7,299
Non-recurring items      3,542 (3,750)
       5,912 3,549
Tax expense (as stated)      (978) (789)
Tax effect on non-recurring items      (888) (300)
       4,046 2,460
Adjusted earnings per share      9.0p 5.5p
The weighted average number of outstanding shares used for the underlying earnings per share amounted to 44,872,220 (2005: 44,872,220). This 
number takes into account the share split that became effective on 4 July 2006.
Underlying earnings per share (FRS 17 basis)
The underlying earnings per share on an FRS 17 basis has been calculated as follows: 
       2006 2005 
       £’000 £’000
Operating profit before non-recurring items under FRS 17 ( note 14)      7,026 5,269
Finance income      169 379
Finance costs under FRS 17      (7) (1,004)
Underlying profit before tax under FRS 17      7,188 4,644
Tax expense as stated      (978) (789)
Deferred tax IAS 19 reversed      563 (200)
Deferred tax under FRS 17      (946) (129)
Tax effect on non-recurring items      (888) (300)
       4,939 3,226
Adjusted earnings per share      11.0p 7.2p
The weighted average number of outstanding shares used for the underlying earnings per share amounted to 44,872,220 (2005: 44,872,220). This 
number takes into account the share split that became effective on 4 July 2006.
Dividends
During 2006, the Company paid dividends of £nil (2005: £5.0m) to its equity shareholders. 
The Board is proposing a final dividend in respect of the results for the year ended 31 December 2006 of 2.60p per share.
9. Acquisition
On 13 December 2006, Nationwide Accident Repair Services plc acquired certain assets and liabilities of Aquilo Motor Services Limited. 
The total cost of the acquisition includes the components stated below. The purchase price was settled in cash.
        £’000
Purchase price       750
Due diligence costs including legal fees       12
Total cost       762
Fair value of assets acquired (net liabilities)       (411)
Goodwill       1,173
Notes to the Accounts continued
for the year ended 31 December 2006
_1_NAR_ar06_back.indd   17 12/04/2007   09:27:25 Nationwide Accident Repair Services plc 24 Annual Report and Accounts 2006
9. Acquisition (continued)
      At Fair value  
      acquisition adjustments Total 
     Notes £’000 £’000 £’000
Non-current assets    
Intangible assets    (a) — — —
Property, plant and equipment    (b) 333 (263) 70
Current assets    
Trade and other receivables     1,268 — 1,268
Current liabilities    
Trade and other payables     (1,749) — (1,749)
Net assets/(liabilities)     (148) (263) (411)
Notes:
(a)  On acquisition, the value of other intangible assets was considered and no value was attributed. The Directors have considered the value of intangible 
assets and determined that this was immaterial and that the goodwill arising related to expected synergies with the existing business but which are 
not separately recognised under IFRS.
(b) Provisional fair values were placed on all property, plant and equipment at the date of acquisition.
It is not possible to determine the revenue and profit for the period of this acquisition for the period 1 January 2006 to 13 December 2006, as the 
information cannot reliably be extracted from the accounting records. The result included in the Group accounts in relation to the acquisition was a loss 
of £21,000.
10. Goodwill
 Group
       2006 2005 
       £’000 £’000
Cost or valuation:
1 January       4,708 60
Additions      1,173 4,648
31 December       5,881 4,708
Impairment  
1 January       60 60
Charge in the period to administration expenses      — —
31 December       60 60
Net book value at 31 December      5,821 4,648
Net book value comprises:
Business of Gemini Accident Repair Centres acquired in July 2005      4,648 4,648
Business of Aquilo Motor Services acquired in December 2006      1,173 —
       5,821 4,648
Business of Gemini Accident Repair Centres
The carrying amount of goodwill is allocated to the cash-generating units acquired. The recoverable amounts for the cash-generating units determined 
above are based on value in use calculations, covering a detailed one year forecast, followed by an extrapolation of expected cash flows using a 2.5% 
growth rate. These cash flows were extrapolated over ten years and discounted using a rate of 5%. A ten year period has been chosen because management’s 
experience and knowledge of the business indicates that equivalent sites have a useful economic life in excess of ten years. Management’s key assumptions 
for these cash-generating units include stable profit margins and resulting cash flows which have been determined based on past experience in this market. 
The Group is not currently aware of any probable changes which would necessitate changes in its key assumptions.
Business of Aquilo Motor Services
The carrying amount of goodwill is allocated to the cash-generating units acquired. The recoverable amounts for the cash-generating units determined 
above are based on value in use calculations, covering a detailed one year forecast, followed by an extrapolation of expected cash flows using a 2.5% 
growth rate. These cash flows were extrapolated over five years and discounted using a rate of 5%. A five year period has been chosen because management’s 
experience and knowledge of the business indicates that equivalent business have a useful economic life in excess of five years. Management’s key assumptions 
for these cash-generating units include stable profit margins and resulting cash flows which have been determined based on past experience in this market. 
The Group is not currently aware of any probable changes which would necessitate changes in its key assumptions.
Notes to the Accounts continued
for the year ended 31 December 2006
_1_NAR_ar06_back.indd   18 12/04/2007   09:27:26 25 Nationwide Accident Repair Services plc Annual Report and Accounts 2006
11. Investments in subsidiary undertakings
 Company
       2006 2005 
       £’000 £’000
Cost or valuation:
1 January       39,456 19,456
Additions      — 20,000
31 December       39,456 39,456
Accumulated provisions:  
1 January       1,614 1,614
Charge for the year      — —
31 December       1,614 1,614
Net book value at 31 December       37,842 37,842
The significant investments comprise:
Subsidiary Country of residence Proportion of shares held
Nationwide Crash Repair Centres Limited England and Wales 100%
Network Services (Nationwide) Limited England and Wales 100%
Mobile Vehicle Repairs Limited England and Wales 100%
Gemini Accident Repair Centres Limited England and Wales 100%
W Harold Perry Limited England and Wales 100%
12. Property, plant and equipment 
       Plant  
       equipment and 
     Land Buildings computers Total 
Group    £’000 £’000 £’000 £’000
Cost:    
1 January 2006    348 4,623 19,967 24,938
Acquisitions    — — 70 70
Additions    — 347 1,306 1,653
Disposals    — — (462) (462)
31 December 2006    348 4,970 20,881 26,199
Accumulated depreciation:    
1 January 2006    — 1,348 13,872 15,220
Disposals    — — (361) (361)
Charge for the year    — 241 2,166 2,407
31 December 2006    — 1,589 15,677 17,266
Net book value at 31 December 2006    348 3,381 5,204 8,933
Cost:
1 January 2005    348 3,473 19,673 23,494
Acquisitions    — 70 983 1,053
Additions    — 1,092 1,332 2,424
Disposals    — (12) (2,021) (2,033)
31 December 2005    348 4,623 19,967 24,938
Accumulated depreciation:    
1 January 2005    — 1,132 13,397 14,529
Disposals    — (12) (1,835) (1,847)
Charge for the year    — 228 2,310 2,538
31 December 2005    — 1,348 13,872 15,220
Net book value at 31 December 2005    348 3,275 6,095 9,718
The net book value of land and buildings comprises:
        Short 
       Total Freehold leasehold 
      £’000 £’000 £’000
Group as at 31 December 2006     3,729 497 3,232
Group as at 31 December 2005     3,623 497 3,126
Notes to the Accounts continued
for the year ended 31 December 2006
_1_NAR_ar06_back.indd   19 12/04/2007   09:27:26 Nationwide Accident Repair Services plc 26 Annual Report and Accounts 2006
12. Property, plant and equipment (continued)
 Plant and equipment
       2006 2005 
Company      £’000 £’000
Cost:  
1 January 2006      399 335
Additions      174 134
Inter-Group transfers      — 30
Disposals      (136) (100)
31 December 2006      437 399
Accumulated depreciation:  
1 January 2006      229 187
Charge for the year      80 113
Inter-Group transfers      — 10
Disposals      (73) (81)
31 December 2006      236 229
Net book value at 31 December 2006      201 170
13. Leases
The total of future minimum lease commitments in respect of non-cancellable operating leases as at 31 December are as follows:
       2006 2005 
Group      £’000 £’000
Land and buildings leases expiring:  
Within one year      150 49
Two – five years inclusive      876 1,723
More than five years      61,218 65,731
       62,244 67,503
Other leases expiring:  
Within one year      3,318 4,221
Two – five years inclusive      1,282 80
More than five years      61 —
       4,661 4,301
The total of future minimum sub-lease payments expected to be received under non-cancellable sub-leases at the balance sheet date is £2,678,500 
(2005: £2,562,000).
       2006 2005 
Company      £’000 £’000
Land and buildings leases expiring:
Within one year      15 —
       15 —
Other leases expiring:  
Within one year      15 11
Two – five years inclusive      32 12
       47 23
14. Pension and other employee assets/obligations
The Group operates a defined benefit scheme and a defined contribution pension scheme in the UK which offers both pensions in retirement and death 
benefits to members. Since 1 January 2002 the defined benefit scheme has been closed to new members. The assets of the schemes are administered by 
trustees independent of the Group. The Company made contributions of £2,860,000 (2005: £2,582,000) to the defined benefit scheme during the year. 
The defined benefit scheme was closed for future accruals on 31 July 2006 with active members transferred to a new defined contribution section of 
the scheme. The Company has agreed with the trustees of the pension scheme to make annual contributions of approximately £2.3 million (increasing 
annually by the Retail Price Index) with a view to eradicating the Scheme Specific Funding deficit over a period of approximately 7.5 years.
The Group has opted to amortise all actuarial gains and losses above the corridor (10% of the greater of assets and liabilities) over the future working 
lifetime of the active membership.
Notes to the Accounts continued
for the year ended 31 December 2006
_1_NAR_ar06_back.indd   20 12/04/2007   09:27:26 27 Nationwide Accident Repair Services plc Annual Report and Accounts 2006
14. Pension and other employee assets/obligations (continued)
A full actuarial valuation of the defined benefit scheme was carried out as at 31 December 2005 and was updated to 31 December 2006 by a qualified 
independent actuary. 
IAS 19
      2006  2005  2004 
      % % %
The major assumptions used by the actuary were (in nominal terms):
Rate of increase in salaries      n/a  3.3  3.5
Rate of increase in pensions – accrued pre 5 April 1997      3.0  3.0  3.0
Rate of increase in pensions – accrued post 5 April 1997      2.85  2.65  2.85
Discount rate     5.4  5.0  5.4
Inflation assumption     2.85  2.65  2.85
The assumptions used in determining the overall expected return of the scheme have been set with reference to yields available on government bonds 
and appropriate risk margins.
The assets in the scheme and the expected rate of return were:
 2006 2005 2004
      
   Long term  Long term  Long term  
   rate of return  Value rate of return Value rate of return Value 
   expected £’000 expected  £’000  expected £’000
Equities  8.1% 34,525 8.0% 29,340 7.50% 18,763
Bonds  4.8% 9,341 4.4% 9,493 5.00% 18,800
Property  8.1% 6,400 8.0% 5,454 — —
Other  3.3% 94 3.0% 232 3.60% 38
Total market value of assets   50,360  44,519  37,601
Present value of defined obligations (funded plans)   (70,928)  (65,552)  (61,984)
Present value of unfunded obligations   (20,568)  (21,033)  (24,383)
Unrecognised actuarial losses   24,435  23,024  27,039
Net asset in balance sheet   3,867  1,991  2,656
Actual return on assets in period   4,719  5,584  3,394
Reconciliation of opening and closing balances of the present value of the defined benefit obligations
      2006 2005 2004 
      £’000 £’000 £’000
Benefit obligation at beginning of year     65,552 61,984 56,822
Service cost     613 1,148 1,160
Interest cost     3,262 3,344 3,125
Contributions by scheme members     212 328 328
Actuarial loss     3,351 323 1,954
Curtailments and settlements     (611) — —
Benefits paid     (1,451) (1,575) (1,405)
Balance at end of year     70,928 65,552 61,984
Reconciliation of opening and closing balances of the fair value of plan assets
      2006 2005 2004 
      £’000 £’000 £’000
Fair value of scheme assets at beginning of year     44,519 37,601 32,735
Expected return on scheme assets     3,248 2,471 2,153
Actuarial gain     972 3,113 1,270
Contributions by employers     2,860 2,581 2,520
Contributions by scheme members     212 328 328
Benefits paid     (1,451) (1,575) (1,405)
Asset at end of year     50,360 44,519 37,601
Notes to the Accounts continued
for the year ended 31 December 2006
_1_NAR_ar06_back.indd   21 12/04/2007   09:27:26 Nationwide Accident Repair Services plc 28 Annual Report and Accounts 2006
14. Pension and other employee assets/obligations (continued)
The amounts recognised in the income statement are:
       2006 2005 
       £’000 £’000
Current service cost      613 1,148
Interest on obligation      3,262 3,344
Expected return on assets      (3,248) (2,471)
Curtailments and settlements      (611) —
Actuarial loss recognised in year      969 1,226
       985 3,247
Charged to:  
Administration expenses      971 2,374
Finance costs      14 873
       985 3,247
History of scheme assets, obligations and experience adjustments
      2006 2005 2004 
      £’000 £’000 £’000
Present value of defined benefit obligations     (70,928) (65,552) (61,984)
Fair value of scheme assets     50,360 44,519 37,601
Deficit in scheme     (20,568) (21,033) (24,383)
Experience adjustments arising on scheme liabilities     3,351 323 1,954
Experience item as a % of scheme liabilities     5% 0% 3%
Experience adjustments arising on scheme assets     972 3,113 1,270
Experience item as a % of scheme assets     2% 7% 3%
Effect on profitability: comparison between IAS 19 and FRS 17
       2006 2005 
       £’000 £’000
Operating result before non-recurring items as stated      5,757 4,043
Add back actuarial loss recognised under IAS 19      969 1,226
Additional curtailment gain under FRS 17      300 —
Operating result before non-recurring items under FRS 17      7,026 5,269
Non-recurring items      (3,542) 3,750
Operating result under FRS 17      3,484 9,019
Finance income      169 379
Finance costs under FRS 17      (7) (1,004)
Profit before tax under FRS 17      3,646 8,394
Tax expense as stated      (978) (789)
Deferred tax under IAS 19 reversed      563 (200)
Deferred tax under FRS 17       (946) (129)
Profit after tax under FRS 17      2,285 7,276
The profit before tax and non-recurring items under FRS 17 in 2006 was £7,188,000 (2005 £4,644,000).
Effect on total equity: comparison between IAS 19 and FRS 17
       2006 2005 
       £’000 £’000
Total equity as stated under IAS 19      21,947 20,435
Less IAS 19 asset      (3,867) (1,991)
Add back IAS 19 deferred tax provision      1,160 597
FRS 17 deficit      (20,088) (20,796)
Deferred tax asset under FRS 17      6,026 6,239
Total equity under FRS 17      5,178 4,484
Notes to the Accounts continued
for the year ended 31 December 2006
_1_NAR_ar06_back.indd   22 12/04/2007   09:27:26 29 Nationwide Accident Repair Services plc Annual Report and Accounts 2006
15. Inventories
 Group
       2006 2005 
       £’000 £’000
Goods for resale      2,548 2,767
In 2006, total purchases of £44,821,000 of inventories were included in the income statement as an expense (2005: £41,448,000). There were no write 
downs of inventories (2005: £nil).
16. Trade and other receivables
 Company Group
      
     2006 2005 2006 2005 
     £’000 £’000 £’000 £’000
Trade debtors    270 477 16,822 17,189
Bad debt provision    — — (143) (149)
Other debtors    1,145 2,023 189 80
Amounts owed by subsidiary undertakings    5,381 965 — —
Prepayments and accrued income    653 656 3,622 5,042
     7,449 4,121 20,490 22,162
The Directors consider that the carrying amount of trade and other receivables approximates to their fair values.
17. Deferred tax assets and liabilities
       2006 2005 
Group      £’000 £’000
Accelerated capital allowances      460 248
Pension fund asset      (1,160) (597)
Short term timing differences      15 6
Liability      (685) (343)
Balance brought forward      (343) (101)
Prior year adjustment      — 133
Balance brought forward restated      (343) 32
Acquisitions      — (177)
Charge for the year      (342) (198)
Balance carried forward       (685) (343)
Company
Accelerated capital allowances      46 56
Pension fund asset      (1,160) (597)
Short term timing differences      15 6
Liability      (1,099) (535)
The Group and Company have capital losses available to be carried forward and offset against future capital gains of £4.3m (2005: £4.3m).
18. Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand as well as short term highly liquid investments such as money market instruments and bank 
deposits. Money market instruments are financial assets carried at fair value.
Notes to the Accounts continued
for the year ended 31 December 2006
_1_NAR_ar06_back.indd   23 12/04/2007   09:27:26 Nationwide Accident Repair Services plc 30 Annual Report and Accounts 2006
19. Equity
Share Capital
 2006 2005
      
     Shares £’000 Shares £’000
Authorised
Ordinary shares of 12.5p (2005: 25.0p) each    64,000,000 8,000 32,000,000 8,000
Issued and fully paid
Ordinary shares of 12.5p (2005: 25.0p) each    44,872,220 5,609 22,436,110 5,609
On 31 May 2006 each of the ordinary shares of 25.0p each was sub-divided into two ordinary shares of 12.5p each.
Share Options
     Number of  Exercise Exercise  
     Shares price period
M A Wilmshurst   Approved 25,751 £1.165 2009–16
    Unapproved 2,217,860 £1.11 2009–16
D J Loftus   Approved 25,751 £1.165 2009–16
    Unapproved 1,096,055 £1.11 2009–16
S D G Thompson   Approved 25,751 £1.165 2009–16
    Unapproved 871,693 £1.11 2009–16
     4,262,861  
All the above options were issued on 4 July 2006.
20. Provisions
Onerous lease costs:
Group       £’000
At 1 January 2006       696
Charged to the income statement to administration        142
Utilised       (156)
At 31 December 2006       682
Current liability       174
Non-current liability       508
        682
Included in non-current liabilities is an amount of £153,000 payable in more than five years.
Company
At 1 January 2006       51
Charged to the income statement to administration       —
Utilised       (10)
At 31 December 2006       41
Current liability       34
Non-current liability       7
        41
The Group vacated a number of properties over the last five years for which there is an ongoing liability in respect of leases and other costs. The potential 
cost of these onerous contracts has been provided in the accounts. Due consideration has been given to the likelihood of sub-letting these properties, the 
potential outflows of which will occur in the period to December 2018.
21. Trade and other payables
 Company Group
      
     2006 2005 2006 2005 
     £’000 £’000 £’000 £’000
Trade creditors     1,375 763 16,014 12,993
Amounts owed to subsidiary undertakings    22,690 19,865 — —
Taxes and social security costs     230 44 2,808 3,249
Accruals    2,726 2,477 5,888 7,069
     27,021 23,149 24,710 23,311
The Directors consider that the carrying amount of financial liabilities approximates to their fair values.
Notes to the Accounts continued
for the year ended 31 December 2006
_1_NAR_ar06_back.indd   24 12/04/2007   09:27:27 31 Nationwide Accident Repair Services plc Annual Report and Accounts 2006
22. Current tax liabilities
 Company Group
      
     2006 2005 2006 2005 
     £’000 £’000 £’000 £’000
Current tax liabilities    124 14 567 615
23. Cash flow statement
The following non-cash flow adjustments have been made to the pre-tax result for the year to arrive at operating cash flow:
       2006 2005 
Group      £’000 £’000
Adjustments:
Movement in pension fund asset – IAS 19      985 3,247
Share option scheme charge      120 —
Depreciation      2,407 2,538
Changes in inventories      219 (252)
Changes in trade and other receivables      2,949 (1,630)
Changes in trade and other payables      (360) (499)
Changes in provisions       142 125
Profit on sale of property, plant and equipment      — (22)
Finance income      (169) (379)
Profit on sale of fixed asset investments      — (4,750)
Total      6,293 (1,622)
       2006 2005 
Company      £’000 £’000
Adjustments:
Movement in pension fund asset – IAS 19      985 3,247
Share option scheme charge      120 —
Depreciation      80 113
Changes in trade and other receivables      (437) (704)
Changes in trade and other payables      886 11,224
Changes in provisions      — (12)
Profit on sale of property, plant and equipment      — (16)
Finance income      (121) (503)
Profit on sale of fixed asset investments      — (4,750)
Total      1,513 8,599
Notes to the Accounts continued
for the year ended 31 December 2006
_1_NAR_ar06_back.indd   25 12/04/2007   09:27:27 Nationwide Accident Repair Services plc 32 Annual Report and Accounts 2006
24. Related party transactions 
Group
The Group paid £2,722,653 to Troy Solutions Limited in the year for management and consultancy services (2005: £1,350,000). Of this amount £154,000 
is included within Directors’ remuneration as it relates to the amounts payable under a consultancy agreement dated 29 June 2006. The amount also 
includes non-recurring bonuses of £2,407,653 (2005: £1,000,000). Mr M A Wilmshurst is a director of Troy Solutions Limited. In addition, the Group 
paid Troy Solutions Limited £236,372 (2005: £165,925) in relation to the provision of office facilities, customer satisfaction surveys and training services.
The Group paid Guinness Peat Group plc and J O Hambro Capital Management Limited management fees of £62,500 each in 2006 (2005: £125,000 
each). This amount related to the six month period to 30 June 2006. 
Company
The Company paid £2,722,653 to Troy Solutions Limited in the year for management and consultancy services (2005: £1,350,000). Of this amount £154,000 
is included within Directors’ remuneration as it relates to the amounts payable under a consultancy agreement dated 29 June 2006. The amount also 
includes non-recurring bonuses of £2,407,653 (2005: £1,000,000). Mr M A Wilmshurst is a Director of Troy Solutions Limited. In addition, the Company 
paid Troy Solutions Limited £236,372 (2005: £165,925) in relation to the provision of office facilities, customer satisfaction surveys and training services. 
The Company paid Guinness Peat Group plc and J O Hambro Capital Management Limited management fees of £62,500 each in 2006 (2005: £125,000 each). 
This amount related to the six month period to 30 June 2006. 
Transactions with subsidiaries
       Balance  Balance  
       as at as at 
       31 December  31 December  
       2006 2005 
       £’000 £’000
Nationwide Crash Repair Centres Limited      5,381 965
Network Services (Nationwide) Limited      (768) (1,530)
Mobile Vehicle Repairs Limited      — —
W Harold Perry Limited       (696) —
Other non trading subsidiaries      (21,226) (18,335)
       (17,309) (18,900)
During the year, the Company recharged various costs incurred to its subsidiaries including a £4.0m management charge to Nationwide Crash Repair Centres 
Limited. In addition the £762,000 acquisition cost of the business of Aquilo Motor Services was recharged to Network Services (Nationwide) Limited. 
The above balances are all repayable on demand.
25. Post balance sheet events
Since the year end the Group has acquired bodyshop businesses in Llandudno (January 2007) and Lincoln (March 2007). The consideration for these two 
businesses was £585,000 paid in cash.
26. Contingent assets and contingent liabilities 
Various warranty and legal claims were brought against the Group during the year. Where these claims are not quantifiable no provision is made in the 
accounts. At the balance sheet date management’s assessment of the value of contingent assets and liabilities was £nil.
27. Risk management objectives and policies 
Group and Company
The Group and Company is exposed to a variety of financial risks which result from both its operating and investing activities. The Group and Company’s 
risk management is coordinated at its headquarters and is regularly discussed by the Board of Directors. The Group and Company does not engage in the 
trading of financial assets nor does it write options. The most significant financial risks to which the Group and Company is exposed to are described below:
i) Credit risk
The Group and Company’s trade and other receivables are actively monitored to avoid significant concentrations of credit risk.
ii) Cash flow and interest rate risks
The Group and Company is in a cash positive situation and currently earns 4.5% interest on its deposits. This interest earned is dependent on bank rates 
and is not fixed. Other than this the Group and Company is not exposed to interest rate risk on its financial assets and financial liabilities.
Notes to the Accounts continued
for the year ended 31 December 2006
_1_NAR_ar06_back.indd   26 12/04/2007   09:27:27 33 Nationwide Accident Repair Services plc Annual Report and Accounts 2006
NOTICE IS HEREBY GIVEN that the Annual General Meeting of the Company will be held at the offices of K&L Gates, 110 Cannon Street, London EC4N 6AR 
on 17 May 2007 at 10.00 a.m. for the following purposes:
1. To receive the Directors’ report and accounts, for the year ended 31 December 2006 and the auditors’ report on the accounts.
2. To declare a final dividend of 2.60p per ordinary share.
3. To approve the Directors’ remuneration report.
4. To re-appoint as a Director A M Butcher who retires by rotation.
5. To re-appoint as a Director D J Loftus who retires by rotation.
6. To re-appoint as a Director M H Marx who was appointed since the date of the last annual general meeting of the Company.
7. To re-appoint as a Director Lady Judge who was appointed since the date of the last annual general meeting of the Company.
8. To re-appoint as a Director S D G Thompson who was appointed since the date of the last annual general meeting of the Company.
9. To re-appoint Grant Thornton UK LLP as auditors and authorise the Directors to fix their remuneration.
10. To resolve as an ordinary resolution that:
“the Company be and is hereby generally and unconditionally authorised pursuant to section 166 of the Companies Act 1985 (the “Act”) to make one or 
more market purchases (within the meaning of section 163(3) of the Act) on the London Stock Exchange of ordinary shares of 12.5p each in the capital 
of the Company (“ordinary shares”) and the Directors be and are hereby authorised to exercise such authority provided that:
 (a)  the maximum number of ordinary shares authorised to be purchased is 4,487,222 (representing 10% of the Company’s issued ordinary share capital);
 (b) the minimum price (exclusive of expenses) that may be paid for each ordinary share shall not be lower than the nominal value of an ordinary share;
 (c)  the maximum price (exclusive of expenses) that may be paid for each ordinary share shall not be more than 105% of the average of the middle 
market quotations for an ordinary share as derived from the London Stock Exchange Daily Official List for the five business days immediately 
preceding the date on which the ordinary share is purchased;
 (d)  this authority shall expire (unless previously renewed, varied or revoked by the Company in general meeting) at the conclusion of the Company’s 
next Annual General Meeting or, if earlier, on the date that is 15 months after the date of this resolution; and
 (e)  the Company may, before such expiry, make an offer or agreement to purchase ordinary shares pursuant to this authority which will or may be 
executed wholly or partly after such expiry and make a purchase of ordinary shares in pursuance of any such agreement or agreements.”
11. To resolve as an ordinary resolution that:
“the Directors be and they are hereby and unconditionally authorised for the purposes of section 80 of the Act to exercise all the powers of the Company to allot 
relevant securities up to an aggregate nominal amount of £1,869,675.83 provided that this authority shall expire (unless previously renewed, varied or revoked by 
the Company in general meeting) at the conclusion of the Company’s next Annual General Meeting or, if earlier, on the date which is 15 months after the date of 
this resolution save that the Company may, before such expiry, make an offer or agreement which would or might require relevant securities to be allotted after 
such expiry and the Directors may allot relevant securities in pursuance of such offer or agreement as if this authority had not so expired. In this resolution the 
expression “relevant securities” and references to allotment of relevant securities shall have the same respective meanings as in Section 80 of the Act”
Notice of Annual General Meeting
(Registered in England & Wales No. 966807)
_1_NAR_ar06_back.indd   27 12/04/2007   09:27:27 Nationwide Accident Repair Services plc 34 Annual Report and Accounts 2006
12. To resolve as a special resolution that:
“the Directors be and they are hereby empowered pursuant to section 95(1) of the Act to allot equity securities (within the meaning of section 94 of the 
Act) for cash pursuant to the authority conferred by resolution 11 as if section 89(1) of the Act did not apply to any such allotment, providing that this 
power shall be limited to the allotment of equity securities:
 (a)  in connection with an offer of equity securities by way of rights (or any other offer on a pre-emptive basis) where the equity securities are offered 
to the holders of ordinary share in proportion to their respective holdings of ordinary shares on a fixed record date and (where applicable) to other 
holders of equity securities in accordance with the rights attaching to such equity securities, but subject, in each case, to such exclusions or other 
arrangements as the Directors may deem to be necessary or expedient in relation to fractional entitlements or any legal or practical problems 
under the laws of any territory or the requirements of any regulatory body or stock exchange; and
 (b)  otherwise than pursuant to paragraph (a) above, up to an aggregate nominal amount of £280,451.38, representing 5% in nominal amount of the issued 
ordinary share capital of the Company as at the date of this resolution, and shall expire (unless previously renewed, varied or revoked by the Company in 
general meeting) at the conclusion of the Company’s next Annual General Meeting or, if earlier, the date which is 15 months after the date of this resolution, 
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 equity securities in pursuance of such offer or agreement as if this power had not so expired. In this resolution the expression 
“equity securities” and references to allotment of equity securities shall have the same respective meanings as in section 94 of the Act.”
By Order of the Board
Martin Hickman-Ashby  Registered Office
Company Secretary, 12 April 2007 17A Thorney Leys Park, Witney
 Oxfordshire OX28 4GE
A member entitled to attend and vote at this meeting is entitled to appoint one or more proxies to attend on a poll and vote in his stead. A proxy need 
not be a member of the Company.
The Company, pursuant to regulation 41 of the Uncertificated Securities Regulations 2001, specifies that only those shareholders registered in the register 
of members of the Company as at 10.00 a.m. on 15 May 2007 , or in the event that the meeting is adjourned, in such register 48 hours before the time 
of any adjourned meeting, shall be entitled to attend or vote at the meeting in respect of the number of shares registered in their name at the relevant 
time. Changes to entries in the relevant register of securities after 10.00 a.m. on 15 May 2007 or, in the event that the meeting is adjourned, in such 
register less than 48 hours before the time of any adjourned meeting, shall be disregarded in determining the rights of any person to attend or vote at 
the meeting.
The register of interests of directors kept in accordance with section 325 of the Companies Act 1985 will be available for inspection at the meeting.
Copies of all the directors’ service contracts are available for inspection at Company’s registered office during normal business hours on business days 
from the date of this notice until the close of the meeting and will be available for inspection for 15 minutes before the meeting and during the meeting.
Notice of Annual General Meeting continued
(Registered in England & Wales No. 966807)
_1_NAR_ar06_back.indd   28 12/04/2007   09:27:28 35 Nationwide Accident Repair Services plc Annual Report and Accounts 2006
I/We, the undersigned shareholder(s) of Nationwide Accident Repair Services plc, hereby appoint the Chairman of the meeting
........................................................................................................................................................................................................................(see note 1)
as my/our proxy to vote in my/our name(s) and on my/our behalf at the Annual General Meeting of the Company, to be held at the offices of K&L Gates, 
110 Cannon Street, London EC4N 6AR on 17 May 2007 at 10.00 a.m. and at any adjournment thereof.
Please indicate with an “X” in the appropriate boxes below your instruction to the proxy to vote, or not to vote, and then sign in the space provided 
below. If no specific direction as to voting is given, the proxy may vote or abstain at his/her discretion.
 For Against
 1. To receive the Directors’ report and accounts and the auditors report.
 2. To declare a final dividend of 2.60p per ordinary share.
 3. To approve the Directors’ remuneration report.
 4. To re-appoint Alexander Mark Butcher as a Director.
 5. To re-appoint David John Loftus as a Director.
 6. To re-appoint Michael Henry Marx as a Director.
 7. To re-appoint Lady Barbara Thomas Judge as a Director.
 8. To re-appoint Stephen David Gray Thompson as a Director.
 9. To re-appoint Grant Thornton UK LLP as auditors and authorise the Directors to fix their remuneration.
 10. To authorise the market purchases of ordinary shares.
 11. To authorise the Directors to allot further shares.
 12. To disapply pre-emption rights (special resolution).
I/we authorise my/our proxy to act at his/her discretion in relation to any other business arising at the meeting (including in respect of the question 
whether to adjourn such meeting) and at any adjournment of such meeting.
Signature(s) .................................................................................................... Dated .................................................................................................2007
Name ................................................................................................................................................................................................................................. 
(in block capitals)
Address .............................................................................................................................................................................................................................
..........................................................................................................................................................................................................................................
Initials and surnames of joint holders if any ........................................................................................................................................................................
Notes:
1   If you wish to appoint any person other than the Chairman of the meeting, please delete the words “the Chairman of the meeting” and insert the 
name and address of your proxy in the space provided and initial the alteration. The person appointed to act as a proxy need not be a member of 
the Company.
2   In the case of a corporation, this form must be expressed to be executed by the corporation and must be signed by a director and the secretary or 
by two directors or under the hand of a duly authorised officer or attorney.
3   In the case of joint holders, the vote of the person first named in the register of members will be accepted to the exclusion of the votes of the other 
joint holders.
4   To be valid, this form and any power of attorney or other authority under which it is signed or a notarially certified copy of such power or authority 
must be deposited with Capita Registrars, Proxy Processing Centre, Telford Road, Bicester OX26 4LD, not less than 48 hours before the time of 
the meeting (i.e. by 10.00 a.m. on 15 May 2007). 
5  Any alteration to this form must be initialled.
6   The lodging of this form will not preclude you from attending and voting at the meeting in person. 

Form of proxy
_1_NAR_ar06_back.indd   29 12/04/2007   09:27:28 business reply style
Business Reply Service
Licence Number
RRHB-RSXJ-GKCY
Capita Registrars (Proxies) 
Proxy Processing Centre
Telford Road
Bicester OX26 4LD
ﬁrst fold
second fold
third fold and tuck in
_1_NAR_ar06_back.indd   30 12/04/2007   09:27:29 Financial Calendar
Preliminary Announcement 15 March 2007
Annual report publication due 12 April 2007
Annual General Meeting 17 May 2007
2007 Interim Announcement September 2007
_cover.indd   2 12/04/2007   09:29:37 Nationwide Accident Repair Services plc 
17A Thorney Leys Park 
Witney 
Oxfordshire  
OX28 4GE 
Tel: 01993 701720 
Fax: 01993 701721 
Annual Report and Accounts 2006
Nationwide Accident Repair Services plc Annual Report and Accounts 2006
_cover.indd   1 12/04/2007   09:29:37