73888 COVER  9/1/08  12:19  Page 2 Contents
Financial Highlights 1
About Silverdell 2
Our People 3
Review of Activities 4-11
Chairman’s Statement 12
Chief Executive’s Review 14
Directors and Advisors 16
Directors’ Report 18
Statement of Directors’ Responsibilities 20
Independent Auditors’ Report 21
Consolidated Profit and Loss Account 22
Consolidated Statement of Total
Recognised Gains and Losses 22
Consolidated and Company Balance Sheets 23
Consolidated Cash Flow Statement 24
Accounting Policies 25-27
Notes to the Consolidated Financial Statements 28
Location Map 44
73888 COVER  9/1/08  12:19  Page 3 1
Year ended 27 weeks ended
30 September 30 September
2007 2006
£m £m
Continuing Operations:
Turnover 38.5 6.0 
Operating profit before goodwill 
amortisation £1,391,000 
(2006: £191,000) 4.3 0.4 
Operating margin (as defined above) 11% 6%
Operating Profit 2.9 0.2 
Profit before tax 2.2 0.1 
pence pence
Earnings/(loss) per share:
Adjusted basic* 7.9 1.6 
Basic 2.4 (0.2)
Diluted 2.2 (0.2)
* see note 8
Financial Highlights
73888 PRE  9/1/08  12:00  Page 1 About Silverdell Plc
The Silverdell Group provide managed solutions for asbestos, industrial, remediation and
environmental services. Working with partners in public, private, construction and industrial
markets, we are committed to creating an improved environment in which to live and work.
Silverdell Plc underpins all national frameworks and contracts managed within the Group’s
activities, with works undertaken through our operating companies.
Our depth of technical knowledge, local market knowledge and track record in delivering some 
of the largest and most challenging projects around the country are testament to delivering the
right team consistently.
2
Silverdell (UK)
Asbestos Removal
Demolition
Principal Contractor
Strip Out Demolition
Rail Engineering
Waste Transfer
Key market sectors:
Public sector
Construction
Retail and Leisure
Insurance Repair
Utilities
Rail
Social Housing
Redhill Analysts
Asbestos Consultancy
Asbestos Management
Asbestos Surveying
Air Monitoring (UKAS)
Project Management
Tender Documentation
Software Solutions
Task/Risk Assessments
Training
Expert Witness
Management Plans
Key market sectors:
Public sector
Construction
Retail
Insurance Repair
Utilities
NHS
Housing
Kitsons Environmental
Asbestos Removal
Nuclear Decommissioning
Scaffolding/Access
Thermal Insulation Surface
Protection and Coatings
Key market sectors:
Nuclear Industry
Industrial Sectors
Public Sector
Construction
Utilities
Retail
Defence
Power Generation
Petrochemical
(Silverdell Management
Services LLP)
Asbestos Surveying
Asbestos Management
SAFE
Modular training system 
for staff
Mobile training solution 
for responsible persons in
response to CAR 2006
(Control of 
Asbestos Regulations)
73888 PRE  9/1/08  12:00  Page 2 We see the people in the organisation as our most important asset. 
The Group’s aim is to create:
● a clear and demonstrable culture where people, both the Group’s staff
and customers internally and externally, count
● an environment which encourages teamwork, trust, respect and honesty
● a culture in which innovation and a passion for excellence are supported
● a backdrop which kindles an atmosphere of energy and dynamism.
Our solutions are designed to make the complex and the challenging
things simple. We work to improve productivity and efficiency, reduce the
cost of change through planning, apply new technology where best to do
so, and deliver best practice to ensure the experience is second to none,
first time, every time.
Our Specialist Management Teams
Staff engagement
We encourage employees to promote best practice. Information and two
way consultation ensures that employees’ views are heard and considered
in relation to business issues. Numerous internal employee groups have
been formulated. An example being the Health and Safety Committee
that comprises senior staff, managers and staff to promote safe
working practices. 
The forum provides an opportunity for representatives from each area of
the business to meet with the aim of sharing information and discussing
business issues, and most importantly to submit employees ideas for
improvement. The forum works by representatives consulting with
their team to seek views that are then discussed and communicated
to the Board.
The Board is fully committed to ensuring the success of all employees
and trading divisions, by encouraging employees to express their views
in the full knowledge that confidentiality is of utmost importance.
3
Our People
CEO/Managing Director Discipline/Market sector
Long established teams Danny Spicer
Sean Nutley
Silverdell (UK) Ashley Griffiths Asbestos Removal and Management
Contractors
Redhill Analysts Dan Roebuck Asbestos Consultancy and Management
Kitsons Andrew Watson Asbestos Removal, Nuclear decommissioning,
contractors, Industrial services - thermal
insulation and scaffolding
New activities
SAFE Ashley Griffiths/Marc Smith Training - (Silverdell Academy for Excellence)
73888 PRE  10/1/08  15:57  Page 3 Silverdell (UK) Limited (“Silverdell”)
A leading contractor providing quality assured solutions 
for asbestos management and removal works nationally
serving the public and private sectors in large and 
small-scale projects.
Our core values embrace a high commitment to quality,
technical excellence and safety, a customer-driven 
focus, investment in our people to offer an experience
based on consistency, competency, innovation and 
positive solutions.
ARCA National Training Award 2007
Construction News Specialist Contractor of the Year 
(2006 and 2007)
Contract Journal – SME of the Year 2007
RoSPA Behavioural Safety Award 2006 – the only
Asbestos Removal contractor with this award
RoSPA – Silver Awards in 2006 and 2007 for safety
excellence
ARCA National Training Award 2007
ISO: 9001:2000
ISO: 14001
OHSAS: 18001
Some showcase projects: Working in construction
Shell Tower, London
This 27 storey UK headquarters building of the
Petrochemical giant is undergoing a full scale
refurbishment which includes a £10 million asbestos
remediation project.
We are carrying out asbestos removal throughout each
floor and the M&E services system, whilst the building
remains in partial occupation.
Borthwick Wharf, London
A former mill undergoing redevelopment completed in
2007 with a value of over £1 million.
Silverdell were appointed Principal Contractor undertaking
asbestos removal works, demolition as part of pre-
construction works and façade retention to protect other
standing structures in close proximity to demolition areas.
Working in the Public sector
Leeds City Council ALMO’s – Partnering Framework
This substantial social housing framework for 55,000
homes removing asbestos products portfolio of buildings 
is run under Lean, Egan and Rethinking principles. We
have provided service to increase awareness of residents
and provide them with the information they need anxiety 
to the absolute minimum.
Working in the Utilities sector
Yorkshire Water – Asbestos Removal Framework
Silverdell have won a 4 Year framework with a value of 
£4 million removing asbestos from this portfolio, where
attention to detail is substantial, given the constant need
for water by their ongoing. Our personnel have undertaken
additional specialist training in these areas.
Working in Defence
Aspire Defence is responsible for the management and
maintenance of MOD estates property Prime Contracting
basis. As a specialist partner contractor, we have
undertaken the removal Defence Estates in barracks 
on the M4 corridor with a value of works in excess 
of £0.7 million.
Working in Rail
Silverdell have one of the largest Rail divisions in the
country, serving the needs of both London and Network
Rail. We are link-up and Achilles approved, and offer
expertise on the Underground environments, with all 
staff having undertaken all appropriate trackside safety
certification. Underground – Silverdell Rail Engineering 
have undertaken works on the London underground 
holder for Metronet and Tubelines. Many station
regeneration programmes have been undertaken
Paddington, Moorgate, Finchley, Wanstead, Bond Street,
and Waterloo to name a few.
Silverdell (UK) Limited
www.silverdell.co.uk
Redhill Analysts Limited (“Redhill Analysts”)
Our commitment to providing high-quality asbestos
consultancy services has sustained Redhill Analysts
position as a leading and respected national asbestos 
and environmental consultancy.
Our focus is to improve, develop and implement systems
and procedures that provide proportionate asbestos
management solutions. Our core values of quality,
innovation and communication are integral to our culture
and are the foundation on which the growth of the
company has been built. This approach provides our
clients with the information they need to make informed
asbestos management decisions, delivered by experienced
and committed personnel.
Our services encompass the writing of asbestos
management plans, Type 1, 2 & 3 surveys, re-inspections,
recommendations, training, project/contract management,
4
Review of Activities
Asbestos management 
planning
Working in the
nuclear industry
73888 PRE  10/1/08  15:30  Page 4 5
Silverdell – Removal works undertaken at the Cumberland Hotel in the City.
73888 PRE  9/1/08  12:00  Page 5 expert witness, laboratory analysis and samples in both the
air and bulk materials, including the four stage clearance.
Our UKAS accreditations cover both our analytical work
and surveys.
Some examples of our work
Working in Retail – Client: ASDA
Redhill Analysts has been employed as the asbestos
consultant to ASDA since 2003. The ASDA property 
estate consists of over 250 stores, regional distribution
centres, petrol filling stations and several hundred lettable
retail units.
As the partnership with ASDA has evolved, Redhill 
Analysts has become the favoured consultant for providing
project management and analytical services for ASDA
refurbishment and remodelling projects. We have played 
a pivotal role in the success of many store refurbishments
with values in excess of £1 million. Utilising staff with retail
experience we have been integrated in to the project
management team such that we can advise to site.
Working in Utilities – Client: Freedom Maintenance on
behalf of EDF
Redhill Analysts has been an asbestos consultant to EDF
Energy Property Group, EDF Energy NetworksBranch and
EDF Energy Major Projects South since 2000. The EDF
SEEBOARD estate consists of over 10,000 properties
ranging from office and warehouse properties, large indoor
and outdoor substations and smaller indoor and outdoor
distribution sites.
For EDF Energy Property Group, Redhill Analysts has
undertaken a survey of their property portfolio and
subsequently managed a programme of remediation.
Having improved the working environment within the 
estate we now operate a management service whereby 
we undertake reactive asbestos sampling, surveys and
monitoring, as and when required, to ensure cost 
effective compliance.
For EDF Energy Major Projects South, we undertake
surveys and management of asbestos remediation
as works are planned. This is generally large scale
works to sub stations such as Kingston Grid and
Croydon Grid, which have both recently undergone
project works.
For EDF Energy Networks Branch we have undertaken
various work since 2000 which includes surveying the grid
and primary sub stations and all of the indoor distribution
sites, some 3000 sites in total. We have recently
commenced a programme of surveys for Freedom
Maintenance on behalf of EDF Energy on the 5000+
outdoor distribution sites within the South East portfolio.
Working in Health: Client – Southampton NHS Trust
Contract
Redhill Analysts has been the asbestos consultant to
Southampton University Hospitals NHS Trust since 2002.
The Southampton NHS Trust property portfolio consists 
of the three major hospitals in Southampton.
Following an initial tendering exercise, Redhill Analysts 
was appointed to provide Southampton NHS Trust with a
Type 2 asbestos survey across the entire property portfolio.
This role was later expanded to include Type 3 asbestos
surveys, supervision of remediation / removal works and
annual re-inspections of ACMs (Asbestos Containing
Materials) to maintain the estate and the Trust’s procedures
in compliance with best practice and HSE Guidance.
All asbestos data is managed on the MICAD management
system. Redhill Analysts role includes the input and
maintenance of all data relating to the ACMs present 
within the property portfolio.
As the working partnership with Southampton NHS
Trust has evolved Redhill Analysts are now the favoured
consultant providing on-going solutions to support the
estates management teams in maintaining a safe and
healthy working environment while protecting the integrity
of data that is held.
Working in Housing: Client  A2 – Housing
Redhill Analysts has been an asbestos consultant to 
A2 Housing since 2005. The A2 property portfolio 
consists of 15,000 homes spanning a range of tenures
including affordable rent, shared ownership, key worker,
sheltered, supported and student accommodation.
Asbestos Containing Materials (ACMs) have been used
in the construction and refurbishment of many of these
buildings. We work in accordance with Egan and
Rethinking principles as part of the drive to achieve
Decent Homes standards. Redhill Analysts was the
consultant selected to provide A2 with Type 2 asbestos
surveys across the estate after successfully securing the
tender. As the working partnership with A2 has evolved
Redhill Analysts is now a preferred consultant facilitating
the management of the portfolio and enabling planning for
future maintenance and repairs to be conducted on an
informed and safe basis.
Redhill Analysts has worked alongside A2 Housing in
compiling a full bespoke Asbestos Management Plan and
6
Review of Activities continued
Silverdell – works at Cockfosters
Station on the London underground
where Silverdell trade as one of the
primary removal companies through
its rail division.
Silverdell – Asbestos removal 
at Apsley House, London.
73888 PRE  9/1/08  12:00  Page 6 7
Guildhall, London – works undertaken for Bovis Lend Lease.
73888 PRE  9/1/08  12:00  Page 7 updated this on a regular basis. Asbestos Awareness
Training has also been provided to all A2 employees 
who during their routine activities have the potential to
disturb asbestos.
This maintains their portfolio in a safe and healthy
condition while protecting the investment already made
in identifying asbestos.
Redhill Analysts Limited
www.redhill-analysts.co.uk
Kitsons Environmental Europe Limited
Welcome
Kitsons Environmental Europe Limited is a renowned
contractor providing asbestos removal, industrial services
and low-level nuclear decommissioning solutions. Our
scaffolding divisions are competent to address the most
challenging projects, both large and small. Our thermal
insulation division is long established in the industry.
Many markets are served, to include Nuclear, Power
Generation, Process Engineering, Petrochemical,
Defence, Construction, Local Government, Retail,
Finance, and Property sectors.
The company has successfully developed long term
relationships with our wide client base. Technology,
attention to detail, and training to improve performance
enables workmanship to be delivered safely, to quality
assured standards, and in a timely manner.
Asbestos removal:
Working under licence for Local Authorities, retail,
commercial and industrial clients, Kitsons undertake large
and small scale projects, frameworks and contracts.
Nuclear Decommissioning:
Kitsons are one of the leading contractors to this highly
specialised market, with experience in many of the
country’s primary licensed nuclear installations.
Industrial Services:
Insulation: Kitson’s have developed thermal insulation
systems for plant, buildings and infrastructure that is high
performance, cost efficient to install, flexible and durable.
The innovative “Kal-Zip” storage tank solution is an
adaptable solution designed to withstand the toughest 
of environments and climatic conditions.
Scaffolding: Temporary access to industrial plants 
and commercial buildings for both maintenance and
construction is an area of work that Kitsons offer expertise
and cost effective solutions. The innovative design,
approach and installation will ensure current facilities
remain operational and unaffected for the minimum 
amount of time.
Sample projects – what we do.
Nuclear Decommissioning: Hinkley A Power Station
Client – British Nuclear Group Removal of thermal
(asbestos and non asbestos products) insulation from
steam turbines, pipebridges, boilers and blower houses
were the primary tasks commissioned as part of this
extensive nuclear decommissioning project.
Kitsons Environmental Europe Limited performed the
role of a contractor working directly for the client – British
Nuclear Group (principal contractor) operating under CDM
regulations. Kitsons was responsible for all aspects of the
works associated with the asbestos removal programme,
in delivering this Kitsons supplied a dedicated site team
consisting of a Site Manager, Assistant Site Manager,
Planner, Administrator, Scaffold Supervisor and Asbestos
Supervisors. Kitsons had full input/integration with BNG in
all aspects of planning the works, safety management and
execution of the works. The value of work was £10 million
completed over a four year period to March 2007.
Sample projects – what we do.
Chevron Pembroke: Equipment Preservation Project
Working at this extensive refining plant in South Wales, 
the works include plant access (scaffolding and access
platforms), asbestos removal, repairs for maintenance,
plant surface preparation and painting, installation of
thermal insulation and personal protection, heat tracing
repairs, fire-proofing material, concrete, mechanical and
electrical repairs.
The value of the works is around £10 million over a 
three-year programme, successfully renewed on a cyclical
basis since 2003. Planned and emergency shutdowns 
are accommodated on this extensive site.
Working in the Public sector: North Lanarkshire
Council
Kitsons provide asbestos remediation works relating to
occupied and void housing, major and minor works within
schools and council owned buildings.
The works include full consultation and resident liaison, 
and working with partner contractors to ensure the efficient
delivery of services. The value of the contract is £1.5 million,
has been retained on two consecutive occasions based 
on quality of service and offering best value in accordance
with Egan and Rethinking principles.
8
Review of Activities continued
Silverdell – Shell
Tower Refurbishment
– Major removal
works undertaken
throughout this
spectacular building
on the Thames, 
the home of
Petrochemical Giant
Shell.
Kitsons at Cargills
providing asbestos
and insulation
services.
73888 PRE  9/1/08  12:00  Page 8 9
Silverdell – Shell Tower and Royal Festival Hall – 2 adjoining projects on the Thames completed.
Awards won by Silverdell (UK) Limited
73888 PRE  9/1/08  12:00  Page 9 10
Review of Activities continued
Atomic Weapons Establishment: (AWE) Aldermaston –
Maintenance and Projects
Kitsons are resident contractor providing services to the
AWE at Aldermaston. Having been involved at site for in
excess of 16 years Kitsons have developed an excellent
knowledge of operating to the highest safety standards in
two of the most regulated industries in the UK working with
asbestos and ionising radiation. Additionally due to the
nature of the site there is increased security requirements
to vet all of Kitsons personnel.
The purpose of the contract is to provide service
contracting support to AWE in the form of asbestos
removal, asbestos surveying, scaffolding, low level
decommissioning / dismantling, thermal insulation, painting
and general contracting allowing AWE to maintain its
portfolio of facilities and offices.
The works comprise the removal and maintenance of 
all types of asbestos containing materials, the provision 
of a decommissioning / dismantling service in support 
of mechanical contractors, preparation of safe systems 
of work and a site surveying service for asbestos removal
and fire certification work.
On call emergency response to any site incident requiring
asbestos remediation, thermal insulation and scaffolding
services, in support of asbestos removal and other
contractors at site.
Accreditations:
Kitsons hold the following accreditations:
ISO: 9001, ISO: 14001, OHSAS: 18001 and are members
of ARCA, TICA, ECIA, British safety council, Approved by
CHAS, Achilles, Link up, Constructionline plus numerous
safety awards from sites, British Nuclear Group, Chevron,
Novartis to name but a few.
Kitsons Environmental Europe Limited
www.kitsons.co.uk
SAFE – Trained to be better
SAFE (Silverdell Academy for Excellence) was born out of
the idea that the training for Asbestos Removal Operatives
was confined to three days to learn about all aspects of
the industry. The CSCS (Construction Skills Certification
Scheme) does not accredit asbestos removal training, 
and to date, the industry has relied on Regulatory
Guidelines (EH247).
As we see this, our Operatives and Supervisors needed 
to understand more about the structure of the building,
necessary safety aspects, how to deal with such a
hazardous waste product, compliance with the increasing
regulatory requirement and be in a position to make the
best recommendations about approach to a client on site.
To address this, we developed a modular, skill based
training system which is flexible, designed for our industry
needs to meet your needs. The training that is much wider
than current regulatory requirements enables our people 
to focus on enhanced levels of efficiency, lower levels of
defects, full compliance with regulations and at a lower
cost.
Accreditation:
The SAFE programme has been accredited by ARCA, 
is being assessed under the NVQ system to provide 
a standard level of qualification, and receiving a warm
welcome from all current regulatory bodies.
Developing SAFE to serve you:
The requirements of CAR 2006 (Control of Asbestos
Regulations) requires employees and the supply chain 
to have appropriate training to ensure they understand
their roles, responsibilities and how to approach them 
in accordance with the Management Plan, a regulatory
requirement. In response, we devised a ‘unique’ mobile
training facility that can deliver training where it is needed,
when it is needed and to who needs it most.
These facilities are an industry first, providing the ability 
for us to tailor your staff training to your needs in the
context of the work you undertake.
The benefits:
● Improved Health & Safety performance at your facilities
● Improve customer satisfaction, and better compliance
● Improved productivity, lower defects
● Consistency which is cost effective, for the client 
and contractor.
73888 PRE  9/1/08  12:00  Page 10 Working on Frameworks for the BBC
73888 PRE  10/1/08  16:02  Page 11 I am pleased to report the results for the year 
ended 30 September 2007.
In a year of highly satisfactory progress, the group
recorded a profit before tax of £2.2m on turnover 
of £38.5m. Earnings before interest, tax, depreciation,
amortisation and share based payment charge 
were £5.1m.
Basic earnings per ordinary share were 2.4 pence and
adjusted basic earnings per ordinary share (based on
profit after tax adjusted for goodwill amortisation, share
based payments and finance charges on deferred
consideration) were 7.9 pence per ordinary share.
The directors do not recommend the payment 
of a dividend.
Following the acquisition of Redhill Analysts Limited,
Kitsons Group Limited and Swift (Asbestos) Holdings
Limited, the Company has achieved its initial strategic
goal: the nationwide provision of the full range of
asbestos services under three leading brands.
We are indebted to each and every group employee, 
all of whom have worked incredibly hard during our first
full year as a listed company. The work ethic instilled by
the senior management has been a major factor in our
success, aided by our ability to grant share options to
key staff as an additional incentive.
We have also strengthened the board during the year
and welcomed Chris Sims as Group Finance Director.
Chris was previously Finance Director of Brandon Hire
PLC and brings valuable experience in group reporting
and integration, investor relations, and mergers and
acquisitions. We are very appreciative of the efforts of
Simon Gunn who had been handling the group finance
function until Chris’s appointment; Simon continues as
Finance Director of Silverdell (UK) Limited.
We also appreciate the support shown by our
shareholders who have seen our share price double
since the original acquisition, Silverdell (UK) Limited, 
in July 2006.
12
Chairman’s Statement
73888 PRE  9/1/08  12:00  Page 12 13
Outlook
Trading in the first two months of the current
financial year has been satisfactory and are
confident of our prospects and see plenty of
potential ahead for the further development
of our company.
David Williams
Non-Executive Chairman
73888 PRE  9/1/08  16:46  Page 13 This is the first full year’s trading of Silverdell Plc after its
admission to AIM as Bow Lane Capital Plc in April 2006
and the acquisition of Silverdell (UK) Limited in July 2006.
It has been a year of substantial development in line
with our stated strategy of providing a nationwide 
“one-stop-shop” for asbestos services.
At 30 September 2006, the group comprised Silverdell
(UK) Limited (“Silverdell (UK)”), one of the largest and
best known asbestos remediation businesses, with a
relatively small consulting division. Based in the South
East, but with offices in the Midlands, Yorkshire and
South Wales, Silverdell (UK) provided the platform for
future expansion.
Silverdell (UK) has had another record year in its first
year as part of the quoted group. Turnover increased 
by 42% to £30.5m and operating profit by 369% to
£4.6m, before a share of central costs. This was an
excellent performance, well ahead of expectations and
reflects the professionalism and dynamism of the people
in the business. Silverdell (UK) won the Construction
News Award for Asbestos Contractor of the Year for the
second year running in May 2007 and the Contract
Journal Award for SME Contractor of the Year in
October 2007, demonstrating the high regard in which
the company is held amongst its customers and peers.
Silverdell (UK) continues to develop long-term
relationships with its customer base. It has built an
enviable record of professionalism and service that 
is second to none in the industry and continues to 
win business from new customers such as Marks 
& Spencer and Shell.
Silverdell (UK) devotes significant time and resource
to health and safety and training. The company has
an exemplary record in respect of Health & Safety
Executive (“HSE”) inspections and Silverdell (UK)’s
Health & Safety Director has recently been appointed to
a group role in order to extend best practice to all group
companies. During the year, we introduced an industry
first – a fully equipped mobile training suite that can be
taken to customers’ sites to provide training with
minimum disruption.
Redhill Analysts Limited (“Redhill Analysts”) was
acquired by Silverdell Plc in December 2006. Redhill
Analysts is an asbestos and environmental consultancy
business whose turnover principally arises from
asbestos surveys, on-site air monitoring of remediation
activities and the provision of asbestos management
plans. In the nine month period since its acquisition
Redhill Analysts turnover was £4.5m and its operating
profit was £0.7m before a share of central costs. This
was slightly behind expectations, caused by the market
being somewhat slower in the summer months and the
requirement to add resource in anticipation of growth in
2007/08, which is underpinned by the very recent client
win of Thames Water.
Redhill Analysts is a very well known and respected
name in asbestos consultancy and has been a
prominent member of the Asbestos Removal
Contractors Association for a number of years. 
It has UKAS and ISO accreditation. 
Since the acquisition, there has been an increasing
trend towards joint tendering and sharing of information
between the group companies. Redhill Analysts is
benefiting from such opportunities and some large
contracts started in the autumn.
On 31 July 2007, Silverdell Plc acquired Kitsons Group
Limited, the ultimate owner of Kitsons Environmental
Europe Limited (“Kitsons”). Kitsons specialises in
asbestos remediation in the nuclear, industrial and
petrochemical sectors; with a head office in the North
West and branch offices in the Midlands, the North
East, and Scotland, it complements the group offering
well. The group now has branch representation
throughout the UK. 
Kitsons has some very long standing customer
relationships, built on reliable and high quality service
delivery, as well as significant visibility of income by
virtue of several long-term preferred supplier
relationships. The company has been successful in
recent asbestos remediation related tenders for nuclear
power station decommissioning and has recently
commenced work at Chapelcross; it is well positioned
to win further tenders due within the next twelve
14
Chief Executive’s Review
Extra tower – Houses of
Parliament surveyed by
Redhill Analysts.
73888 PRE  9/1/08  12:00  Page 14 15
months. Additionally, Kitsons carries out
corrosion remediation for large blue-chip
clients and has a scaffolding business,
principally for in-house purposes.
Trading in the two months that Kitsons has
been in the group has been very satisfactory
and in line with expectations, with turnover
of £3.7m and operating profit of £0.3m
before a share of central costs.
Kitsons has full ISO accreditation (ISO 9001,
ISO 14001 and ISO 18001) and an excellent
track record with the HSE.
On 1 October 2007, Silverdell (UK) acquired
Swift Asbestos (Holdings) Limited (“Swift”),
in line with our strategy of acquiring
earnings enhancing businesses that
complement our existing offering. Based 
in Southampton, where Silverdell (UK) had
no market presence, Swift specialises in
asbestos remediation in the hotel sector.
Swift has been rebranded “Silverdell” and
has been successfully integrated into
Silverdell (UK).
There are substantial opportunities to
leverage the benefits of the new group
structure over the forthcoming months. We
have already submitted tenders for work on
a group basis and this approach has been
well received in the market place. Work is
underway on cost synergies with some early
gains already in the areas of equipment hire
and insurance.
The asbestos services market continues 
to look favourable and the group is uniquely
placed to take advantage of this in terms 
of both organic growth and further
acquisitions, if and when the right
opportunities arise.
Danny T Spicer
Chief Executive Officer
73888 PRE  9/1/08  12:00  Page 15 David Williams (55)
Non-Executive Chairman
David has 36 years experience in the
investment market. He has served as
Chairman in both executive and non-
executive capacities for a number of
companies, both public and private.
He has overseen the development
of these companies through both
organic and acquisitive growth as well
as dealing with turnaround situations.
David is currently Chairman of
Augean Plc, Entertainment One, Zetar
Plc, and Dury Lane Capital as well as
Marwyn Investment Group Limited
and associated companies.
Daniel T Spicer (45)
Chief Executive Officer
Son of Silverdell’s founder, Danny
has worked for Silverdell for over
26 years, initially as a Thermal
Insulation Engineer; he took a
management role 12 years ago.
Since 2000, he has been Managing
Director and has been responsible
for growth, direction and strategy.
Danny was also a founder partner 
in Silverdell LLP which was sold 
to Silverdell (UK) Limited in
December 2005.
Chris Sims (51)
Group Finance Director
Chris was appointed Group
Finance Director in April 2007.
His responsibilities are: group
reporting and financial controls,
investor relations; mergers and
acquisitions; and integration of
group companies.
Chris qualified with Touche Ross and
has subsequently worked for several
companies in both private and public
sector, including experience in the
construction sector. Before joining
Silverdell, Chris was the Finance
Director and Company Secretary of
Brandon Hire PLC, one of the UK’s
largest tool hire companies.
He is Non-Executive Director of
Bakers Coaches Ltd and Chair of
Bristol Brunel Academy Trust.
16
Directors and Advisors
Directors
David Williams (Chairman)
Danny T Spicer (Chief Executive)
Sean Nutley (Chief Operating Officer)
Mark Watts (Non-Executive)
Gordon Morrison (Non-Executive)
Secretary
Susan Fadil FCIS and
Robert Hillhouse FCIS
Mayer, Brown, Rowe & Maw LLP
11 Pilgrim Street
London
EC4V 6RW
Registered office
20 Black Friars Lane
London
EC4V 6HD
Registered number
5755897
Auditors
Deloitte & Touche LLP
180 Strand
London
WC2R 1BL
Legal advisor
DLA Piper UK LLP
101 Barbirolli Square
Bridgewater
Manchester
M2 3OL
Registrars
Capita IRG Plc
The Registry
34 Beckenham Road
Beckenham
Kent
BR3 4TU
Advisors
73888 PRE  9/1/08  12:00  Page 16 Sean Nutley (36)
Chief Operating Officer
Sean joined Silverdell in 1992 as an
asbestos removal operative and
became part of the management
team 12 years ago as an estimator.
He became director for special
contracts in 2000. Sean is
responsible for company growth,
direction, new business opportunities
and client relations, as well as
technical input and co-ordination on
large and difficult contracts. Sean
was also a founder partner of
Silverdell LLP .
Gordon Morrison (56)
Independent Non-Executive
Director
Gordon started his career at Tarmac
Construction, then joined Morrison
Construction, a company started by
his father, in 1974 as Construction
Manager. During his 27 years with
the company, he led a buy-back of
Morrison, Shand and Biggs Wall in
1990, the flotation of Morrison on the
London Stock Exchange in 1995 and
the sale of the total share capital to
Anglian Water (now AWG) in 2000.
Gordon is Chairman of the Chaldean
Group, a diverse company with
interests in real estate; farming and
property along with a wide range
of Venture Capital Investments;
and of the Richardson Group, a
building services company based
in South London.
Additionally, Gordon is also a
Non-Executive Director of Enterprise
Property Group Ltd, a UK Residential
development company, and is
Honorary President and previously
Chairman of CLIC Sargent. He is
Chairman of the World Child Cancer
Foundation and is Governor of the
University of Hertfordshire.
Mark Watts (33)
Non-Executive Director
Mark is a director of Marwyn
Investments Group and Aldgate
Capital Plc, and a partner in Marwyn
Capital and Marwyn Investment
Management. He holds directorships
in several other of Marwyn’s
investments. Previously, Mark
was a management consultant
completing strategic development
projects for many blue-chip
companies, including Ford Motor
Company and Barclays Bank.
17
73888 PRE  9/1/08  12:00  Page 17 The directors present their annual report on the affairs of the company, together with the financial statements and
auditors’ report for the year ended 30 September 2007.
Principal Activity
Silverdell Plc is the parent company of a group of companies providing asbestos surveying and remediation services.
The principal subsidiaries are shown in note 11 to the accounts.
Key performance indicators
Earnings before interest, tax, depreciation, amortisation of goodwill and share based payment charge were £5,058,000
(27 weeks to 30 September 2006: £429,000) reflecting an operating profit of £2,940,000 (27 weeks to 30 September 2006:
£175,000) adjusted for the add back of depreciation £556,000 (27 weeks to 30 September 2006: £30,000), goodwill
amortisation of £1,391,000 (27 weeks to 30 September 2006: £191,000) and share based payment charge £171,000 
(27 weeks to 30 September 2006: £28,000).
Review of business
A full commentary on the results for the year and future prospects are set out in the Chairman’s and Chief Executive’s
review on pages 12 to 15.
Results and dividends
The financial results of the group for the year are set out on page 22. The directors do not recommend the payment 
of a dividend.
Directors
The directors of the company in office during the period and their beneficial interests in the issued share capital of 10p
ordinary shares were as follows:
30 September 30 September 30 September 30 September
2007 2007 2006 2006
options options
David Williams 1,000,000 – 1,000,000 –
Mark Watts 40,000 – 40,000 –
Danny Spicer 1,002,129 276,000 1,002,129 226,000
Sean Nutley 320,682 276,000 320,682 226,000
Gordon Morrison 200,000 – 200,000 –
Chris Sims 25,000 200,000 – –
There have been no changes in directors’ interests between the year-end date and the date of this Report and
Accounts.
In accordance with the Articles of Association, directors who have been elected to the Board since the last Annual
General Meeting (“AGM”) must be re-elected at the subsequent AGM. Accordingly, Chris Sims, who was appointed 
on 5 April 2007, retires at the forthcoming AGM and offers himself for re-election. Also, in accordance with the Articles,
Mark Watts and David Williams retire at the forthcoming AGM and offer themselves for re-election.
Substantial interests in the share capital at 8 December 2007
In addition to the directors, the company had been notified of the following shareholders who held 3% or more of the
ordinary share capital in issue of the company:
Number of shares %
Marwyn Neptune Fund LP 12,899.999 31.7
Killik Asset Management 3,055,828 7.5
MF Global UK Ltd 2,703,828 6.6
F&C Asset Management 2,551,606 6.3
D J Spicer 2,227,587 5.5
Fidelity International Ltd 1,855,000 4.6
R Blackburn 1,724,921 4.2
P Dolan 1,333,333 3.3
R Blackburn is a director of Redhill Analysts Ltd, which was acquired by the company on 31 December 2006, as set
out in note 21 to the accounts.
Charitable donations
During the year, the group made charitable donations of £7,752 (27 weeks ended 30 September 2006: £3,490). 
There were no political contributions (27 September 2006: £nil).
Disabled employees
The group makes every reasonable effort to provide opportunities for work, training, and career development for
disabled applicants and employees who become disabled, commensurate with their abilities. In the recruitment 
and subsequent career development of employees, consideration is given only to individuals’ aptitudes and abilities
irrespective of race, gender, marital status or disability.
18
Directors’ Report
for the year ended 30 September 2007
73888 PRE  9/1/08  12:00  Page 18 Employee involvement
By means of formal announcements and informal discussions, the group has a policy of keeping employees informed
of all matters that concern them so that employees’ views can be taken into account when making decisions that
affect their interests.
Post Balance Sheet Events
Full disclosure of post balance sheet events is given in note 24 to the accounts.
Creditor payment policy
The group’s policy concerning payment of suppliers is either to agree terms of payment at the start of business with
each supplier or to ensure that the supplier is made aware of the group’s standard payment terms and in either case to
pay in accordance with its contractual or other obligations. The average number of days credit taken at 30 September
2007 was 52 days (2006: 38 days).
Financial Risk Management
It is, and has been throughout the year, the group’s policy that no trading in financial instruments shall be undertaken.
The main risks arising from the group’s activities are credit, interest rate and liquidity risks. The policies for managing
each of these risks are summarised below.
Credit risk
The group’s principal financial assets are bank balances, trade and other receivables and amounts receivable from
clients under contracts.
The group’s credit risk is primarily attributable to its trade and contract receivables. The amounts presented in the
balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is 
an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the
cash flows.
The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by
international credit-rating agencies.
The group has no significant concentration of credit risk, with exposure spread over a large number of counterparties
and customers.
Interest rate risk
The group finances its operations through a mixture of equity and bank borrowings. The group borrows only in sterling, 
at both fixed and floating rates of interest to meet short term funding requirements and for financing acquisitions.
At the year end the group had finance leases/hire purchase agreements at fixed interest rates, and a bank overdraft at
floating interest rates. The long term bank loans were at both a rate fixed by an interest rate swap, and at floating rate.
The group’s policy is to review interest rate risks regularly in relation to their materiality compared to other operational risks.
Liquidity risk
The group only requires borrowings at certain times. The short term flexibility required is achieved by overdraft facilities.
The group has negotiated additional bank facilities to enable it to expand by acquisition and also to increase its
banking facilities for day to day purposes.
Foreign currency risk
The group does not have significant exposure to foreign currency risk.
Auditors
Each of the persons who is a director at the date of approval of this report confirms that:
● So far as the director is aware, there is no relevant information of which the company’s auditors are unaware; and
● The director has taken all reasonable steps that he ought to have taken as a director in order to make himself aware 
of any relevant audit information and to establish that the company’s auditors are aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s234ZA of the Companies
Act 1985.
The company’s auditors, Deloitte & Touche LLP , have expressed their wish to remain in office, and a resolution that
they be re-appointed will be proposed at the forthcoming Annual General Meeting.
By order of the Board
Susan Fadil FCIS
Secretary
19
73888 PRE  9/1/08  12:00  Page 19 The directors are responsible for preparing the Annual Report and the financial statements in accordance with
applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting
Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to
give a true and fair view of the state of affairs of the company and of the group and of the profit or loss of the group 
for that period. In preparing these financial statements, the directors are required to:
● select suitable accounting policies and then apply them consistently;
● make judgments and estimates that are reasonable and prudent;
● state whether applicable UK Accounting Standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
● prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company
will continue in business.
The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any 
time the financial position of the company 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 company and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
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 legislation in other jurisdictions.
20
Statement of Directors’ Responsibilities
73888 PRE  9/1/08  12:00  Page 20 21
Independent Auditors’ Report
To the members of Silverdell PLC
We have audited the group and parent company financial statements (the “financial statements’’) of Silverdell Plc for
Company Balance Sheets, the Consolidated Cash Flow Statement, the Consolidated Statement of Total Recognised
Gains and Losses and the related notes 1 to 25. 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 auditors
The directors’ responsibilities for preparing the Annual Report and the financial statements in accordance with
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting 
Practice) are set out in the Statement of Directors’ Responsibilities.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements 
and International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the financial statements give a true and fair view and are properly 
prepared in accordance with the Companies Act 1985. We also report to you whether in our opinion the information
given in the Directors’ Report is consistent with the financial statements. 
In addition we report to you if, in our opinion, the company has not kept proper accounting records, if we have not
received all the information and explanations we require for our audit, or if information specified by law regarding
directors’ remuneration and other transactions is not disclosed. 
We read the other information contained in the Annual Report, as described in the contents section, and consider
whether it is consistent with the audited financial statements. 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 further information outside the Annual Report.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the 
Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and
disclosures in the financial statements. It also includes an assessment of the significant estimates and judgments 
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 financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted
Accounting Practice, of the state of the group’s and the parent company’s affairs as at 30 September 2007 
and of the group’s profit for the year then ended;
● the financial statements have been properly prepared in accordance with the Companies Act 1985; and
● the information given in the Directors’ Report is consistent with the financial statements.
Deloitte & Touche LLP
Chartered Accountants and Registered Auditors 
London
13 December 2007
73888 PRE  10/1/08  16:08  Page 21
the year ended 30 September 2007 which comprise the Consolidated Profit and Loss Account, the Consolidated and 27 weeks 
ended
Year ended 30 September 2007 30 September
Existing 2006
Operations Acquisitions Total Total
Note £000 £000 £000 £000
Turnover – continuing operations 1 30,198 8,300 38,498 6,046 
Cost of Sales (19,952) (4,856) (24,808) (4,318)
Gross profit 10,246 3,444 13,690 1,728 
Administrative expenses (7,600) (3,150) (10,750) (1,553)
Operating profit before goodwill amortisation 3,632 699 4,331 366 
Goodwill amortisation (986) (405) (1,391) (191)
Operating profit – continuing operations 4 2,646 294 2,940 175 
Net interest and finance charges payable 5 (774) (82)
Profit on ordinary activities before taxation 2,166 93 
Tax on profit on ordinary activities 6 (1,294) (133)
Profit/(loss) for the period 872 (40)
Pence Pence
Earnings per share 8 
Basic earnings/(loss) per share 2.39 (0.22)
Diluted earnings/(loss) per share 2.25 (0.22)
There is no difference between the profit on ordinary activities before taxation and the retained profit/(loss) for the
financial periods stated above, and their historical equivalents.
Consolidated Statement of Total Recognised
Gains and Losses
for the year ended 30 September 2007
There are no recognised gains or losses in the period other than the profit/(loss) for the period.
22
Consolidated Profit and Loss Account
for the year ended 30 September 2007
73888 PRE  9/1/08  12:00  Page 22 Group Company
As at As at As at As at
30 September 30 September 30 September 30 September 
2007 2006 2007 2006
Note £000 £000 £000 £000
Fixed assets
Goodwill 9 40,523 19,539 – –
Tangible fixed assets 10 2,480 1,014 – –
Investments 11 – – 42,866 16,408 
43,003 20,553 42,866 16,408 
Current assets
Stocks and work in progress 12 1,278 1,445 – –
Debtors 13 17,135 7,336 650 510 
Cash at bank and in hand 1,418 3,300 – 3,157 
19,831 12,081 650 3,667 
Creditors: amounts falling due 
within one year 14 (17,794) (5,092) (9,120) (159)
Net current assets/(liabilities) 2,037 6,989 (8,470) 3,508 
Debtors falling due after more than one year 13 – – 6,300 5,996 
Total assets less current liabilities 45,040 27,542 40,696 25,912 
Creditors: amounts falling due 
after more than one year 14 (7,379) (336) (6,850) –
Provisions for liabilities and charges 16 (3,680) (6,268) (2,590) (5,198)
Net assets 33,981 20,938 31,256 20,714 
Capital and reserves
Called up share capital 17 4,068 3,220 4,068 3,220 
Share premium account 18 13,649 13,649 13,649 13,649 
Equity reserve 18 199 28 199 28 
Other reserves 18 15,233 4,081 15,233 4,081 
Profit and loss account 18 832 (40) (1,893) (264)
Equity shareholders’ funds 19 33,981 20,938 31,256 20,714 
The financial statements comprising the consolidated profit and loss account, the consolidated statement of total
recognised gains and losses, the consolidated and company balance sheets, the consolidated cash flow statement and
the related notes were approved by the board of directors on 13 December 2007 and were signed on its behalf by:
David Williams Chris Sims
Chairman Financial Director
23
Consolidated and Company Balance Sheets
as at 30 September 2007
73888 PRE  9/1/08  12:00  Page 23 Year ended 27 weeks ended
30 September 2007 30 September 2006
Note £000 £000 £000 £000
Operating profit 2,940 175 
Amortisation of goodwill 1,391 191 
Depreciation of tangible fixed assets 556 30 
Share-based payment charge 171 28 
(Profit)/loss on sale of fixed assets (7) 3 
Decrease/(increase) in stocks and work in progress 1,590 (880)
Increase in debtors (4,858) (1,225)
Increase in creditors 1,260 568 
Net cash inflow/(outflow) from operating activities 3,043 (1,110)
Returns on investments and servicing of finance
Interest received 72 27 
Interest paid on overdrafts and bank borrowings (324) (18)
Interest element on finance leases and hire 
purchase agreements (79) (7)
(331) 2 
Taxation
UK corporation tax paid (734) –
Capital expenditure and financial investment
Purchase of tangible fixed assets (438) (42)
Sale of tangible fixed assets 98 3 
(340) (39)
Acquisitions
Purchases of subsidiary undertakings 21 (12,633) (7,349)
Net cash acquired with subsidiary undertakings 21 1,356 172 
(11,277) (7,177)
Cash outflow before management of liquid 
resources and financing (9,639) (8,324)
Management of liquid resources and financing
Issue of ordinary share capital – 17,013 
New bank loans raised 9,000 –
Repayment of loan notes – (6,235)
Capital element of finance lease payments (357) (40)
8,643 10,738 
(Decrease)/increase in cash in the period 20 (996) 2,414 
Reconciliation of net (debt)/cash
(Decrease)/increase in cash in the period (996) 2,414 
Increase in term loans (9,000) –
Increase in finance leases (535) (476)
Movement in net (debt)/cash (10,531) 1,938 
Opening net cash 1,938 –
Closing net (debt)/cash at 30 September 20 (8,593) 1,938 
24
Consolidated Cash Flow Statement
for the year ended 30 September 2007
73888 PRE  9/1/08  12:00  Page 24 Accounting convention
The financial statements have been prepared under the historical cost convention and in accordance with 
applicable laws and UK accounting standards. A summary of the principal accounting policies, which have 
been applied consistently throughout the year and the preceding period, is set out below.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the company and all its subsidiary
undertakings made up from the date of acquisition to 30 September 2007. Subsidiary undertakings are accounted 
for using the acquisition method.
Goodwill
Goodwill arising on acquisition represents the difference between the fair value of net assets acquired and the fair value
of the consideration given. Goodwill arising on acquisition is recognised within fixed assets in the year in which it arises
and amortised on a straight line basis over its useful economic life which is taken to be 20 years. Provision is made for
any impairment.
Taxation
Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered)
using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet
date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in
the future have occurred at the balance sheet date. Timing differences are differences between the group’s taxable
profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax
assessments in periods different from those in which they are recognised in the financial statements.
A net deferred tax asset is regarded as recoverable and therefore recognised only to the extent that, on the basis of all
available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the
future reversal of the underlying timing differences can be deducted.
Deferred tax is not recognised when fixed assets are sold and it is more likely than not that the taxable gain will be
rolled over, being charged to tax only if and when the replacement assets are sold.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing
differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted 
by the balance sheet date. Deferred tax is measured on a non-discounted basis.
Turnover
Turnover represents amounts receivable for services, excluding value added tax. Turnover is recognised in the
accounting period in which the related services are provided. Profit is recognised on long-term contracts, if the final
outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related
costs as contract activity progresses. Turnover is calculated by reference to the value of work performed to date as 
a proportion of the total contract value.
25
Accounting Policies
73888 NOTES  9/1/08  12:10  Page 25 Tangible fixed assets
Tangible fixed assets are stated at cost net of depreciation and any provision for impairment. 
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold property 10% on cost
Plant and machinery 10% on cost
Office equipment 16.6-25% on cost
Motor vehicles 25% on reducing balance
Stocks and Work in progress 
Work in progress is valued at the lower of direct cost plus an estimate of attributable overheads and net realisable
value. Net realisable value is based on estimated selling price less further costs expected to be incurred in the period 
to completion.
Long term contracts
Long term contract work in progress is stated at cost plus, where the outcome can be assessed with reasonable
certainty, estimated profits attributable to the stage of completion less provision for any anticipated losses and progress
payments received on account. Amounts recoverable on long-term contracts, which are included in debtors, are stated
at the net sales value of the work done less amounts received as progress payments on account. Excess progress
payments are included in creditors as payments on account. Cumulative costs incurred net of amounts transferred to
cost of sales, less provision for contingencies and anticipated future losses on contracts, are included as long-term
contract balances in stock.
Leased assets
Assets acquired under finance lease or hire purchase agreements with similar characteristics to owned assets are
capitalised and depreciated over the same period as equivalent owned assets and liabilities are set up for the capital
portions of the instalments. The interest portions of the instalments are charged to the profit and loss account in the
periods in which they fall due. Rentals on operating leases are charged to the profit and loss account in the periods 
to which they relate.
Investments
Investments held as fixed assets are stated at cost (being purchase consideration and incidental costs) less provision
for any permanent diminution in value.
Pensions
The group operates an insured money purchase pension scheme. The group’s contributions are charged to the profit
and loss account each month and paid over to the scheme’s insurers by the end of the following month.
Share-based payment
The group has applied the requirements of FRS 20 Share-based Payment.
The group issues share options to certain employees. Share options are measured at fair value (excluding the effect 
of non market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the share
options is expensed on a straight-line basis over the vesting period, based on the group’s estimate of shares that will
eventually vest and adjusted for the effect of non market-based vesting conditions.
26
Accounting Policies continued
73888 NOTES  9/1/08  12:10  Page 26 Fair value is measured by use of the Black-Scholes pricing model. The expected life used in the model has been
adjusted, based on management’s best estimate, for behavioural considerations. The inputs into the Black-Scholes
model were: Weighted average Share Price: 95.0p, Exercise price: 95.0p, Vesting period: 3 years, Expected dividend
yield: Nil, Risk free interest rate: 5.22%, Volatility: 21. The volatility was determined by calculating the historical 
volatility of the company’s share price since it was admitted to the Alternative Investment Market.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
Financial liabilities and equity
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements
entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after
deducting all of its liabilities.
27
73888 NOTES  9/1/08  12:10  Page 27 1 Segmental reporting
Principally, all turnover and profits derive from asbestos remediation and consulting and associated activities 
within the UK, and consequently no segmental or geographical analysis is presented.
2 Directors’ remuneration and transactions
Total
27 weeks 
ended
Salary Performance Total Pension Total 30 September
and fees Benefits bonus emoluments Contributions 2007 2006
£000 £000 £000 £000 £000 £000 £000
Non-executive directors:
David Williams* 50 – – 50 – 50 –
Gordon Morrison** 27 – – 27 – 27 5 
Mark Watts* 30 – – 30 – 30 –
Executive Directors:
Danny Spicer 180 14 158 352 18 370 37 
Sean Nutley 158 13 141 312 18 330 33 
Chris Sims 57 1 39 97 10 107 –
Total 502 28 338 868 46 914 75 
* payable to Marwyn LLP
** payable to Chaldean Management Ltd
The pension contributions disclosed above were all in respect of money purchase arrangements.
Options over ordinary shares
The directors had the following interests in share options during the period ended 30 September 2007:
As at Granted Exercised As at Exercise period Exercise
1 October 2006 in period in period 1 October 2007 from/to Price
Danny Spicer 226,000 – – 226,000 2009-2013 80.5p
– 50,000 – 50,000 2010-2014 150.0p
226,000 50,000 – 276,000 
Sean Nutley 226,000 – – 226,000 2009-2013 80.5p
– 50,000 – 50,000 2010-2014 150.0p
226,000 50,000 – 276,000 
Chris Sims – 100,000 – 100,000 2010-2014 157.0p
–100,000 – 100,000 2010-2014 150.0p
–200,000 – 200,000 
452,000 300,000 – 752,000 
The market price of the company’s shares as at 30 September 2007 was 153.5p  (30 September 2006: 100.5p)
and the range during the year was 99.0p to 166.0p (2006: 50p to 100.5p).
28
Notes to the Consolidated Financial Statements
for the year ended 30 September 2007
73888 NOTES  9/1/08  12:10  Page 28 3 Staff costs
Group Company
27 weeks 27 weeks 
ended ended
30 September 30 September 
2007 2006 2007 2006
£000 £000 £000 £000
Staff costs including executive directors:
Wages and salaries 14,356 1,382 651 –
Social security costs 1,663 167 84 –
Other pension costs in respect of defined 
contribution schemes 141 6 46 –
16,160 1,555 781 –
The average number of employees including executive directors was as follows:
Group Company
27 weeks 27 weeks 
ended ended
30 September 30 September 
2007 2006 2007 2006
£000 £000 £000 £000
Operatives and supervisors 251 77 – –
Contract management and estimating 38 5 – –
Surveyors and analysts 73 – – –
Administrative staff 70 22 2 –
432 104 2 –
The group operates an insured money purchase pension scheme for the employees. The pension charge for the
period represents the contributions payable by the group to the fund.
4 Operating profit
Operating profit is stated after charging/(crediting):
27 weeks
ended
30 September
2007 2006
£000 £000
Share-based payment charge 171 28
Depreciation:
– owned assets 241 16
– assets held under finance leases 315 14
(Profit)/loss on disposal of fixed assets (7) 3
Amortisation of goodwill 1,391 191
Hire of plant and machinery 1,343 250
Operating lease rentals – Land and Buildings 180 15
Auditors’ remuneration for statutory audit services:
– group 105 30
– company 25 25
Auditors’ remuneration for non-audit services – corporate finance – 15
Auditors’ remuneration for non-audit services – tax services 28 18
In addition to the above, the company paid fees of £308,000 (2006: £368,000) to Deloitte & Touche LLP and
associates in respect of corporate finance fees not charged to the profit and loss account.
29
73888 NOTES  9/1/08  12:10  Page 29 5 Net interest and finance charges payable
27 weeks
ended
30 September
2007 2006
£000 £000
Interest and finance charges payable:
Bank loans and overdraft 324 18 
Interest on finance leases and hire purchase agreements 79 7 
Finance charges on deferred consideration 443 84 
846 109 
Interest receivable:
Interest receivable on bank deposits (72) (27)
774 82 
6 Tax on profit on ordinary activities
Analysis of charge in period:
27 weeks
ended
30 September
2007 2006
£000 £000
Current tax
UK Corporation tax on profits for the year 1,357 120 
Deferred tax (note 16)
Origination and reversal of timing differences (63) 21 
Tax on profit on ordinary activities 1,294 141 
Reconciliation of current tax charge
Profit on ordinary activities before tax 2,166 93 
Tax on profit on ordinary activities at standard rate of tax (30%) 650 28 
Effects of:
– Difference between capital allowances and depreciation 7 (20) 
– Goodwill amortisation 417 57 
– Finance charges on deferred consideration 133 25 
– Other 99 22 
656 84 
Share-based payment charge 51 8 
Current tax charge 1,357 120
The tax charge in future periods may be affected by changes in the UK tax legislation.
The group earns its profits primarily in the UK. Therefore the tax rate used for tax on profit on ordinary activities
is the standard rate for UK corporation tax, currently 30 per cent.
The group’s planned level of capital investment is expected to remain at similar levels of investment. Therefore,
it expects to be able to claim allowances in excess of depreciation in future years, at a similar level to the
current year.
30
Notes to the Consolidated Financial Statements continued
for the year ended 30 September 2007
73888 NOTES  9/1/08  12:10  Page 30 7 Profit of parent company
As permitted by Section 230 of the Companies Act 1985, the profit and loss account of the parent company
is not presented as part of these accounts. The parent company’s loss for the year was £1,629,000
(27 week period to 30 September 2006: loss £244,000).
8 Earnings per share
Basic earnings/(loss) per share is calculated by dividing the earnings attributable to ordinary shareholders by the
weighted average number of ordinary shares in existence during the period.
Diluted earnings/(loss) per share is calculated as basic earnings per share adjusted to include dilutive potential
ordinary shares where fair value price exceeds option price, relating firstly to shares allotted under employee share
schemes and secondly to a warrant to Marwyn Neptune Fund LP .
Adjusted earnings per share is based on the earnings attributable to ordinary shareholders, the share based
payment charge, amortisation of intangible assets, and finance charges on deferred consideration.
Reconciliations of the earnings and weighted average number of shares used in the calculations are set out below:
Earnings
2007 27 weeks ended 30 September 2006
earnings per share earnings/(loss) per share
basic diluted basic diluted
£000 pence pence £000 pence pence
Earnings/(loss) attributable to
ordinary shareholders 872 2.4 2.2 (40) (0.2) (0.2)
Share based payment charge 171 0.5 0.4 28 0.2 0.2
Goodwill amortisation 1,391 3.8 3.6 191 1.1 1.1 
Finance charges on deferred 
consideration 443 1.2 1.2 84 0.5 0.5 
Profit for adjusted earnings per share 2,877 7.9 7.4 263 1.6 1.6 
The adjusted numbers have been reported in order that the impact of the above charges against reported profit
can be fully appreciated.
Number of shares
27 weeks
ended
30 September
2007 2006
Weighted average number of ordinary shares used in 
calculation of basic earnings per share 36,479,265 17,805,000 
Effect of dilutive potential ordinary shares:
Share options and warrant 2,361,897 –
Weighted average number of ordinary shares used in 
calculation of diluted earnings per share 38,841,162 17,805,000 
31
73888 NOTES  9/1/08  12:10  Page 31 9 Intangible assets
Goodwill
£000
Group
Cost
At 1 October 2006 19,730 
Additions (note 21) 22,375 
At 30 September 2007 42,105 
Amortisation
At 1 October 2006 191 
Charge for period 1,391 
At 30 September 2007 1,582 
Net Book Value
At 30 September 2007 40,523 
At 30 September 2006 19,539 
10 Tangible fixed assets
Short
leasehold Plant and Office Motor
property machinery equipment vehicles Total
£000 £000 £000 £000 £000
Group
Cost
At 1 October 2006 3 467 98 475 1,043 
Acquisitions 143 1,249 551 857 2,800 
Additions 69 234 85 633 1,021 
Disposals – – – (173) (173)
At 30 September 2007 215 1,950 734 1,792 4,691 
Depreciation
At 1 October 2006 1 10 5 13 29 
Acquisitions 54 935 334 385 1,708 
Charge for the year 7 121 86 342 556 
Disposals – – – (82) (82)
At 30 September 2007 62 1,066 425 658 2,211 
Net Book Value
At 30 September 2007 153 884 309 1,134 2,480 
At 30 September 2006 2 457 93 462 1,014 
Assets held under finance leases 
included above:
Net book value
At 30 September 2007 – 257 – 1,027 1,284 
At 30 September 2006 – 96 – 390 486 
All of the above assets are held by subsidiary companies.
32
Notes to the Consolidated Financial Statements continued
for the year ended 30 September 2007
73888 NOTES  9/1/08  12:10  Page 32 11 Investments
Company
2007
£000
At 1 October 2006 16,408 
Shares in group undertakings 24,560 
Acquisition costs 1,898 
At 30 September 2007 42,866 
The company acquired Redhill Analysts Ltd on 31 December 2006 and Kitsons  Ltd and subsidiary
companies on 31 July 2007.
Details of the principal subsidiary undertakings are as follows:
Proportion
Country of of ordinary
Company Incorporation shares held Principal Activity
Silverdell (UK) Ltd England and Wales 100% Asbestos remediation services
Silverdell Management Services LLP England and Wales – Asbestos surveying services
Redhill Analysts Ltd England and Wales 100% Asbestos consulting services
Kitsons Group Ltd England and Wales 100% Asbestos remediation services
Silverdell Management Services LLP is a limited liability partnership acquired on 21 December 2005 by 
Silverdell (UK) Limited, which is entitled to 100% of the share of the profits of Silverdell Management Services LLP .
The partners in Silverdell Management Services LLP are Silverdell (UK) Limited and Silverdell Plc.
12 Stocks
Group
2007 2006
£000 £000
Raw materials and consumables 203 43 
Work in progress 1,075 1,402 
1,278 1,445 
33
73888 NOTES  9/1/08  12:10  Page 33
Group 13 Debtors
2007 2006
Group Company Group Company
£000 £000 £000 £000
Amounts falling due within one year
Trade debtors 15,468 – 5,909 –
Other debtors and prepayments 1,667 124 1,427 270 
Amounts due from group undertakings – 526 – 240 
17,135 650 7,336 510 
Amounts recoverable under long term contracts included in trade debtors above:
2007 2006
Group Group
£000 £000
Long-term contract balances
Net cost less foreseeable losses 8,646 6,998 
Less applicable payments on account (7,408) (6,107)
1,238 891 
Amounts falling due after more than one year
2007 2006
Company Company
£000 £000
Amounts due from group undertakings 6,300 5,996
The above amount is due from Silverdell (UK) Limited and the company has given an undertaking to give at least
12 months’ notice before requesting repayment of all or part of it.
14 Creditors – within one year
2007 2006
Group Company Group Company
£000 £000 £000 £000
Bank overdraft – 741 886 –
Bank loans 2,150 2,150 – –
Hire purchase & finance lease 483 – 140 –
Trade creditors 3,822 – 2,008 159 
Corporation tax 1,932 – 232 –
Other taxation and social security 2,208 – 822 –
Other creditors and accruals 2,374 404 1,004 –
Deferred consideration 3,000 3,000 – –
Amounts due in respect of acquisitions 1,825 1,825 – –
Amounts due to subsidiary undertakings – 1,000 – –
17,794 9,120 5,092 159 
34
Notes to the Consolidated Financial Statements continued
for the year ended 30 September 2007
73888 NOTES  9/1/08  12:10  Page 34 14 Creditors – after more than one year
2007 2006
Group Company Group Company
£000 £000 £000 £000
Hire purchase & finance lease 529 – 336 –
Bank loans 6,850 6,850 ––
7,379 6,850 336 –
15 Financial instruments
The group’s policies and strategies relating to risk and financial instruments are set out on page 19. Accounting
policies in respect of financial instruments are set out on page 27.
Financial liabilities
The maturity profile of the group’s financial liabilities at 30 September 2007 was as follows:
2007 2006
Group Company Group Company
£000 £000 £000 £000
In one year or less, or on demand:
Deferred consideration 3,000 3,000 ––
Bank loans and overdrafts 2,150 2,891 886 –
Finance lease liabilities 483 – 140 –
5,633 5,891 1,026 –
In more than one year but not more than two years:
Bank loans 1,900 1,900 ––
Finance lease liabilities 417 – 148 –
2,317 1,900 148 –
In more than two years but not more than five years:
Bank loans 4,950 4,950 ––
Deferred consideration –– 2,603 –
Finance lease liabilities 112 – 188 –
5,062 4,950 2,791 –
Total 13,012 12,741 6,568 –
Financial assets
Cash at bank and in hand 1,418 – 3,300 3,157
Short term debtors and creditors have been omitted from all disclosures.
35
73888 NOTES  9/1/08  12:10  Page 35 15 Financial instruments continued
Borrowing facilities
As at 30 September 2007, the group had an undrawn committed revolving credit facility of £6,000,000 and 
an overdraft facility of £2,000,000, all of which expires within one year.
The group’s bank overdraft and loan facilities are secured by debentures over the assets of the group. The
debenture agreement includes a fixed and floating charges over the assets of the group. Finance lease 
liabilities are secured on the assets to which the contracts relate.
The bank loan is at both fixed and variable rates of interest. £5,000,000 is subject to an interest rate swap; the
amount amortises by £250,000 per quarter and the rate on the amortised amount is fixed at 5.8%. The remainder
of the loan is at a variable rate over LIBOR. The overdraft is at variable rate over Bank base rate. The debentures
agreement includes a fixed and floating charges over the assets of the group. The finance leases are at variable
rates of interest. The weighted average interest rate on the fixed rate facilities is 5.8% for a weighted average
period of 4 years. No interest is payable on the deferred consideration.
Fair values of financial assets and liabilities
The following table provides a comparison by category of the carrying amounts and the fair values of the group’s
financial assets and financial liabilities at 30 September 2006 and 2007. Fair value is the amount at which a
financial instrument could be exchanged in an arm’s length transaction between informed and willing parties, 
other that a forced or liquidation sale, and excludes accrued interest. Where available, market values have been
used to determine fair values. Set out below the table is a summary of the methods and assumption used for 
each category of financial instrument.
2007 2006
Book value Fair value Book value Fair value
£000 £000 £000 £000
Primary financial instruments held
Short term borrowings 2,633 2,633 1,026 1,026
Long term borrowings 7,379 7,379 336 336
Cash at bank and in hand 1,418 1,418 3,300 3,300 
Derivative financial instruments held to manage the interest rate profile
Interest rate swap
Changes in the value of the swap as a result of changes in interest rates are not included in the book value of the
relevant asset or liability.
36
Notes to the Consolidated Financial Statements continued
for the year ended 30 September 2007
73888 NOTES  9/1/08  12:10  Page 36 15 Financial instruments continued
Summary of methods and assumptions
Short term deposits and borrowings The fair value of short term deposits, loans and overdrafts
approximates to the carrying amount because of the short
maturity of these instruments
Interest rate swap Fair value is based on market price of comparable
instruments at the balance sheet date
As explained on page 19, the group’s policy is to hedge interest rate risk using interest swaps.
The table below shows the extent to which the company has off-balance sheet (unrecognised) losses in respect
of financial instruments used as hedges at the beginning and end of the year. It also shows the amount of such
gains and losses which have been included in the profit and loss account for the year and those gains and losses
which are expected to be included in the profit and loss account of subsequent years. The company has no
on-balance sheet (deferred) gains or losses.
All the gains and losses on the hedging instruments are expected to be matched by losses and gains on the
hedged transactions or positions.
Hedges
2007 2006
Total net Total net
gains/losses gains/losses
Gains Losses Gains Losses
£000 £000 £000 £000 £000 £000
Gains and losses on hedges 
at 1 October 2006 – – – –––
Arising in previous years included in
2007 income ––– –––
Gains and losses not included in 
2007 income 86 – 86 –––
Gains & losses arising before 
1 October 2006 ––– –––
Arising in 2007 not recognised in 2007 – – – –––
Unrecognised gains and losses on 
hedges at 30 September 2007 86 – 86 –––
of which:
Gains and losses expected to be included 
in 2008 income 21 – 21 –––
Gains and losses expected to be included 
in 2009 income or later 65 – 65 –––
37
73888 NOTES  9/1/08  12:10  Page 37 16 Provisions for liabilities and charges
Deferred Deferred
taxation consideration Other Total
£000 £000 £000 £000
Group
At 1 October 2006 61 5,206 1,001 6,268 
(Credited) to profit and loss account (63) – – (63)
Acquisition of subsidiary undertakings 32 – – 32 
Reclassification to creditors – (3,000) – (3,000)
Unwinding of discount – 443 – 443 
At 30 September 2007 30 2,649 1,001 3,680 
Deferred Deferred
taxation consideration Other Total
£000 £000 £000 £000
Company
At 1 October 2006 (8) 5,206 – 5,198 
(Credited) to profit and loss account (51) – – (51)
Reclassification to creditors – (3,000) – (3,000)
Unwinding of discount – 443 – 443 
At 30 September 2007 (59) 2,649 – 2,590 
Under the terms of the acquisition agreements in respect of Silverdell (UK) Limited and of Redhill Analysts Limited,
there is provision for the payments of deferred consideration.
The acquisition in agreement of Silverdell (UK) Limited provides for a payment of up to £6m in two equal tranches
depending on certain performance criteria of Silverdell (UK) Limited in the years ended 30 September 2007 
and 2008. The amount due of £3m in respect of year ended 30 September 2007 has been included in 
current liabilities. The deferred consideration may be satisfied by the issue of loan notes and ordinary shares 
in equal proportions.
In accordance with the requirements of FRS 25 this has been discounted back to its present value at the date of
acquisition. The discount is treated as a finance charge as time elapses until the date the consideration is paid.
The discount rate chosen is 8.5%.
The vendors of Redhill Analysts Limited may be paid up to £1.5m to be satisfied by £1.125m in cash and
£375,000 in issue of ordinary shares based on certain performance criteria in the year to 31 December 2007.
The directors consider that the performance criteria will not be met, and consequently no provision or liability
has been recognised.
The provision for deferred taxation in both years is entirely in respect of accelerated capital allowances and
share-based payment charge. This is not discounted.
In 2006, the group recorded a provision of £1.0m in respect of a contingent liability arising on the acquisition 
of Silverdell (UK) Limited as required by UK accounting standards. The company has a corresponding asset
relating to the indemnities from the vendors of Silverdell (UK) Limited in respect of this provision.
38
Notes to the Consolidated Financial Statements continued
for the year ended 30 September 2007
73888 NOTES  9/1/08  12:10  Page 38 17 Called up share capital
2007 2006
Number £000 Number £000
Authorised ordinary shares of 10p each: 100,000,000 10,000,000 100,000,000 10,000,000 
Allotted, called up and fully paid ordinary shares 
of 10p each:
At 1 October 32,201,055 3,220 ––
Share placing 5,333,333 533 27,400,000 2,740 
Issued to vendors as partial consideration in 
respect of acquisitions 3,149,039 315 4,801,055 480 
At 30 September 40,683,427 4,068 32,201,055 3,220 
Equity-settled share option scheme
The company has a share option scheme for certain employees of the group. Options are exercisable at a price
equal to the average quoted market price of the company’s shares on the date of grant. The vesting period is 
three years. If the options remain unexercised after a period of five years from the date of grant, the options expire.
Options are forfeited if the employee leaves the group before the options vest.
Details of the share options outstanding during the year are as follows:
2007 2006
Weighted Weighted
Number average Number average
of share exercise price of share exercise price
options £ options £
Outstanding at beginning of period 2,762,592 0.805 ––
Granted during the period 915,000 1.388 2,805,216 0.805 
Forfeited during the period (71,040) (0.805) (42,624) 0.805 
Exercised during the period –– ––
Outstanding at the end of the period 3,606,552 0.953 2,762,592 0.805 
Exercisable at the end of the period 3,606,552 0.953 
The options outstanding at 30 September 2007 had a weighted average remaining contractual life of 6.01 years.
In 2007, options over 415,000 shares were granted on 4 January 2007; over 150,000 shares on 12 June 2007;
and over 350,000 shares on 25 September 2007. The aggregate of the estimated fair values of the options
granted on those dates is £1.27m. In 2006, options were granted on 19 July 2006. The aggregate of the
estimated fair values of the options granted on those dates is £2.26m.
The inputs into the Black-Scholes Option Pricing Model are as follows:
2007 2006
Weighted average share price 95p 80.5p
Weighted average exercise price 95p 80.5p
Expected volatility 21.04 21
Expected life 3 Years 3 Years
Risk-free rate 5.22% 5.19%
Expected dividend yield 0% 0%
Expected volatility was determined by calculating the historical volatility of the group’s share price over the 
previous 1.5 years. The expected life used in the model has been adjusted, based on management’s best
estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.
39
73888 NOTES  9/1/08  12:10  Page 39 18 Share premium account and reserves
Share Profit and 
Premium Equity Other loss
Account Reserve Reserves Account Total
£000 £000 £000 £000 £000
Group
At 1 October 2006 13,649 28 4,081 (40) 17,718 
Premium arising on shares issued
in the year – – 11,152 – 11,152 
Share-based payment charge in the year – 171 – – 171 
Retained profit for the year – – – 872 872 
At 30 September 2007 13,649 199 15,233 832 29,913 
Share Profit and 
Premium Equity Other loss
Account Reserve Reserves Account Total
£000 £000 £000 £000 £000
Company
At 1 October 2006 13,649 28 4,081 (264) 17,494 
Premium arising on shares issued 
in the year – – 11,152 – 11,152 
Share-based payment charge in the year – 171 – – 171 
Retained loss for the year – – – (1,629) (1,629)
At 30 September 2007 13,649 199 15,233 (1,893) 27,188 
Other reserves are not distributable and relate to the premium arising on
i. shares issued as consideration for the acquisition of subsidiary companies and
ii. Warrants issued to Marwyn Neptune Fund LP in consideration for their participation in the placing of shares 
on 19 July 2006.
19 Reconciliation of movement in shareholders’ funds
2007 2006
£000 £000
Profit/(loss) for the financial period 872 (40)
Share-based payment charge credited to equity reserve 171 28 
Proceeds on issue of shares 12,000 21,637 
Costs of issue of shares – (687)
13,043 20,938 
Opening equity shareholders’ funds 20,938 –
Closing equity shareholders’ funds 33,981 20,938 
40
Notes to the Consolidated Financial Statements continued
for the year ended 30 September 2007
73888 NOTES  9/1/08  12:10  Page 40 20 Analysis of net debt
Leasing &
Cash Hire Purchase
in hand Overdraft Sub-total Bank loans Agreements Total
£000 £000 £000 £000 £000 £000
At 1 October 2006 3,300 (886) 2,414 – (476) 1,938 
Cash flow (1,882) 886 (996) – 357 (639)
Acquisition – – – – (309) (309)
New agreements – – – (9,000) (583) (9,583)
At 30 September 2007 1,418 – 1,418 (9,000) (1,011) (8,593)
During the year the group entered into finance lease arrangements in respect of assets with a total capital value 
at the inception of the leases of £583,000 (2006: £220,000). A certain proportion of the consideration for the
acquisition and disposal of subsidiary undertakings during the year comprised shares. Further details are given 
in notes 17 and 21.
21 Acquisitions
On 31 December 2006 the company acquired 100% of the issued share capital of Redhill Analysts Limited for
consideration comprising the issue of 1,815,706 ordinary shares of 10p each in the company, £6.21m in cash
plus acquisition expenses of £0.49m. The fair value of the total consideration was £8.70m.
On 31 July 2007 the company acquired 100% of the issued share capital of Kitsons Group Limited for
consideration comprising the issue of 1,333,333 ordinary shares of 10p each in the company and £14.35m in 
cash plus acquisition expenses of £1.41m, of which £1.55m was expended after the year-end. The fair value
of the total consideration was £17.76m.
In accordance with sections 131 and 133 of the Companies Act 1985, the company has taken no account
of any premium on the shares issued and has recorded the cost of the investment at the nominal value of the
shares issued plus the fair value of the other consideration. The resulting difference arising on consolidation
has been credited to other reserves.
The following table sets out the book values of the identifiable assets and liabilities acquired and their fair value
to the group:
Redhill Kitsons Total
book value Kitsons Kitsons other Kitsons fair value
& fair value Book value Revaluation items fair value to Group
£000 £000 £000 £000 £000 £000
Fixed assets
Intangible – 176 (176) – – –
Tangible 659 432 – – 432 1,091 
Current assets
Stocks 891 532 – – 532 1,423 
Debtors 1,136 3,805 – – 3,805 4,941 
Cash 6 1,614 – – 1,614 1,620 
Total assets 2,692 6,559 (176) – 6,383 9,075
Creditors
Credit factoring agreement 264 – – – – 264 
Hire purchase 290 19 – – 19 309 
Trade creditors 71 1,404 – – 1,404 1,475 
Accruals 639 980 – 216 1,196 1,835 
Provisions 15 7 – 10 17 32 
Taxation 215 902 – (40) 862 1,077 
Total liabilities 1,494 3,312 – 186 3,498 4,992
Net assets 1,198 3,247 (176) (186) 2,885 4,083 
41
73888 NOTES  9/1/08  12:10  Page 41 21 Acquisitions continued
Redhill Kitson Total
£000 £000 £000
Goodwill 7,502 14,873 22,375 
Consideration 8,700 17,758 26,458 
Satisfied by:
Shares issued to vendors 2,000 2,000 4,000 
Share placing – 8,000 8,000 
Cash – expended during year 6,700 5,933 12,633 
– expended after year-end – 1,825 1,825 
8,700 17,758 26,458 
Net cash outflows in respect of the acquisition comprised: £000
Cash consideration expended during the year (6,700) (5,933) (12,633)
Cash at bank and in hand acquired 6 1,041 1,047 
Short term investments acquired – 573 573 
Credit factoring agreement acquired – (264) (264)
(6,694) (4,583) (11,277)
Redhill Analysts Limited earned a profit after taxation and minority interests of £466,000 in the year ended 
31 December 2006 (£577,000 in the year ended 31 December 2005). The summarised profit and loss account 
for the period from 1 January 2006 to 31 December 2006, shown on the basis of the accounting policies of 
Redhill Analysts Limited prior to the acquisition, is set out below.
The trading subsidiary of Kitsons Group Limited is Kitsons Environmental Europe Limited ("KEEL"). KEEL earned 
a profit after taxation and minority interests and before an exceptional item of £680,000 relating to writing off of
dormant intercompany balances of £978,000 in the nine months ended 30 September 2007 (£1,051,000 in the
year ended 31 December 2006) of which £765,000 arose in the period from 1 January 2007 to 31 July 2007. 
The summarised profit and loss account for the period from 1 January 2006 to 31 December 2006, shown 
on the basis of the accounting policies of KEEL prior to the acquisition, is set out below.
Kitsons
Redhill Environmental
Analysts Limited Europe Limited
Year to Year to 
31 December 31 December
2006 2006
£000 £000
Profit and loss account
Turnover 6,068 18,680 
Cost of sales (2,460) (14,089)
Gross profit 3,608 4,591 
Other operating income – 42 
Other operating expenses (net) (2,905) (3,162)
Operating profit 703 1,471 
Interest receivable 1 65 
Finance charges (net) (30) (6)
Profit on ordinary activities before taxation 674 1,530 
Tax on profit on ordinary activities (208) (479)
Profit on ordinary activities after taxation 466 1,051 
Dividends (150) –
Retained profit for the period 316 1,051 
Neither company had recognised gains or losses other than the retained profit for the period.
42
Notes to the Consolidated Financial Statements continued
for the year ended 30 September 2007
73888 NOTES  9/1/08  12:10  Page 42 22 Contingent liabilities and financial commitments
(i) Capital commitments
Capital expenditure authorised and contracted for at 30 September 2007 for which no provision has been made
in these accounts amounted to £25,000 (2006: £25,000).
The capital commitments for the Company were £nil (2006: £nil).
(ii) The group has the following annual commitments under non-cancellable operating leases:
Land  and Buildings Other
2007 2006 2007 2006 
£000 £000 £000 £000
Rentals due in next year on operating leases which expire:
Within one year 50 – 42 –
Between one and five years 74 41 257 –
After five years 31 38 122 –
155 79 421 –
23 Related party transactions
The company has taken advantage of the exemption under FRS 8 Related Party Transactions not to disclose
details of transactions between wholly owned group companies.
During the year to 30 September 2007, the company paid £641,000 to Marwyn Capital LLP for corporate finance
services and directors' fees (27 weeks ended 30 September: £351,000), and £6,000 to Marwyn Partners Limited
for office services (27 weeks ended 30 September 2006: £28,000).
David Williams and Mark Watts are partners in Marwyn Capital LLP and Marwyn Investment Management LLP
and shareholders in Marwyn Investments Group Limited, which owns 100% of Marwyn Partners Limited. 
Marwyn Neptune Fund LP is managed by Marwyn Investment Management LLP and beneficially owns shares 
and warrants in the company.
During the year to 30 September 2007, Kalistar LLP , a partnership of certain of the executive directors 
of Silverdell (UK) Ltd, charged £36,000 (27 weeks ended 30 September 2006: £12,000) for the provision 
of cars used by some of the directors of Silverdell (UK) Ltd. At the end of the year, £nil remained outstanding
(2006: £12,000).
One property occupied by Silverdell (UK) Limited is owned by the pension fund in which Danny Spicer and 
Sean Nutley have an interest. The property is subject to a market rent of £18,000 paid during the year 
(27 weeks ended 30 September 2006: £nil).
24 Post balance sheet events
On 1 October 2007 Silverdell (UK) Limited acquired the entire issued share capital of Swift Asbestos 
(Holdings) Ltd for a consideration of approximately £1.6m in cash.
25 Controlling party
The company’s shares are traded on the Alternative Investment Market of the London Stock Exchange and
there is no party owning more than 50% of the company’s shares.
43
73888 NOTES  9/1/08  12:10  Page 43 44
Location Map
Silverdell (UK) Ltd
1. Barking (Head Office)
2. Bradford
3. Cardiff
4. Exeter
5. Leicester
6. Shepherd’s Bush
7. Southampton
Redhill Analysts Ltd
1. Birmingham
2. Cardiff
3. Leeds
4. Newdigate (Head Office)
Kitsons Environmental Europe Ltd
1. Aldermaston
2. Billingham
3. Glasgow
4. Pembroke
5. Warrington (Head Office)
6. Birmingham
1
2
5
7
6
4
3
5
6
1
2
1
3
2
4
3
4
73888 NOTES  9/1/08  12:10  Page 44 By the very nature of our work, improving the quality of the environment in
which we live is significant. We assist clients in making informed decisions 
in relation to the wider environmental impacts and responsibilities. Client
benefits include reducing wasted resources consumed in management,
design, production and the costs of change, a critical aspect of planning.
We comply with all relevant legal obligations and regulations concerning the
environment, successfully adopting an approach of continuous improvement to
environmental protection measures. ISO 14001 and OHSAS 18001 accreditations
have been achieved throughout the group. Detailed environmental assessments
and environmental method statements are undertaken as part of the planning
process.
Silverdell seek to minimise energy costs throughout, and keep waste materials to 
a minimum. We are passionate about recycling embracing WRAP principles where
possible, and dispose of waste by the safest & most responsible means available
so as to reduce the environmental impact. We are committed to working
considerately and sensitively at all site destinations.
Planning: Produced effective asbestos management plans for many corporate
bodies within the public, private and industrial sectors on existing buildings,
infrastructure and on brownfield sites.
Energy: Water savers (Hippos and percussion taps) have been installed at main
offices. Time delayed lighting at main offices reduces energy consumption.
Vehicles: Our modern vehicles are pooled, we have a journey policy, and vehicle
management and maintenance is stringent. Vehicles are changed at 3 years or
100,000 miles. Responsible driving is actively encouraged corporately.
Plant: An extensive portfolio of plant is maintained both in-house, and through
approved suppliers. The need for the hiring of inefficient plant, upon which our
operators may be unfamiliar is reduced. Current and historic maintenance records
are retained to confirm compliance with manufacturers instructions.
Recycling: Metal frames for enclosures are used in preference to traditional
wooden frames that have to be discarded at the end of every job. Paper is
conserved, utilising the reverse side for all uses where there is no presentation 
to an external client.
Technology: Silverdell have developed innovative audio/visual technologies new 
to the industry designed to reduce potential exposure to asbestos and reduce
potential spread of fibres resulting from people entering a contaminated area.
Partnering: Where longer term frameworks can be established we achieve
reductions in cost, time, accidents and defects, whilst increasing the predictability
of cost and time, productivity and profitability for clients, through better
understanding of partner/client wants and needs.
Reducing Carbon Emissions:
Silverdell are committed to reducing our carbon footprint, and have invested 
in green belt land in Keeston, Kent, where 7000 native sapling trees have been
planted. The project provided the opportunity for local primary schools to plant
trees and learn about the natural environment – an initiative supported by the
Forestry commission and RSPB.
Silverdell are committed to investing in new sustainable plantations with the number
of saplings planted proportionate to volume of trade. Projects working with clients
have also born fruit designed to reduce the effects of carbon emissions.
Environment
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This report has been printed and mailed at source in England.
All inks are vegetable based and the paper is environmentally friendly 
(elemental chlorine free material) with a high element of recycled contents, processed 
from a sustainable forest. The mill is fully FSC (Forestry Stewardship Council) certified. 
The paper is also completely bio degradable and recyclable. The cover laminate is 
bio-degradable.
EMAS - Verified Environmental
Management. Produced at an
EMAS registered mill.
ISO 14001
Produced at a mill that holds
ISO 14001 certification
Fully recyclable and biodegradable
Elemental Chlorine Free
Silverdell PLC
1 Buckingham 4 St London WC2N 6DF Tel: 020 7004 2744
www.silverdell.plc.uk
Registered Office: 20 Blackfriars Lane, London EC4V 6HD
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