Symphony Environmental Technologies plc 
Annual Report & Accounts 2014
Symphony Environmental Technologies plc Annual Report & Accounts 2014
Making plastic
smarter  BUSINESS REVIEW
01 Highlights
02 Symphony at a glance
04 Chairman’s statement
06 Chief Executive’s review
08 Products
12 Global Network and  
Technical Services
13 Corporate social responsibility
CORPORATE GOVERNANCE
14 Board of Directors
16 Strategic Report
17 Directors’ Report
18 Remuneration Report
19  Independent Auditor’s Report
FINANCIAL STATEMENTS
20  C o ns ol i d a t e d S ta t e m e n t  
of Comprehensive Income
2 1  C o n s o l i d at e d S t at e m e nt  
of Financial Position 
2 2  C o n s o l i d at e d S t at e m e nt  
of Changes in Equity
23  Consolidated Cash Flow Statement
24  Notes to the Annual Report  
and Accounts
45 Company Balance Sheet
46  Notes to the Company  
Balance Sheet
In particular:
 > Symphony is the world leader in Controlled-life Plastic and sells 
both pro-degradant additives and finished plastic products.  
Our d 2w additive is the only technology of this type to be  
awarded an Eco-Label, distinguishing it from all other  
oxo-biodegradable products on the market.
 > Symphony has developed a range of anti-bacterial and  
anti-fungal additives, trademarked d 2p – “designed to  
protect” which can be incorporated into almost any  
kind of plastic, to protect against contamination.
 > Symphony has developed systems, trademarked  
d 2t, to provide a unique identity to almost any  
kind of product, to guard against counterfeiting.
 > Symphony has developed an odour adsorber  
technology for plastic products.
 > Symphony’s products are marketed through  
a network of distributors serving nearly  
100 countries worldwide.
Symphony Environmental T echnologies 
plc, operates globally and specialises  
in developing and marketing a wide 
range of innovative plastic products  
and other environmental technologies.  A MUL TI-BILLION DOLLAR  MARKET …
AND GROWING
d
2
w and d
2
p products and additives 
are sold worldwide either directly to 
customers or, increasingly, through  
a growing network of authorised 
Distributors and Agents.
Sweet smell  
of success
Our new Odour 
Adsorber
inhibits the 
development  
of odour in  
plastic products.
Baby steps
2014 saw the highly 
successful launch  
of a range of  
baby products 
containing d
2
p.
Not bringing 
home more  
than you 
bargained for…
Symphony 
launched a 
bag4life made 
with our d
2
p 
anti-bacterial 
technology.
Combining 
technologies
Garbage sacks 
containing  
oxo-biodegradable 
AND anti-bacterial 
technologies.
Playing safe
Wader of Poland 
were the first 
children’s toy 
manufacturer to 
include our d
2
p  
anti-bacterial plastic 
technology in toys. A MUL TI-BILLION DOLLAR  MARKET …
AND GROWING
Baby steps
2014 saw the highly 
successful launch  
of a range of  
baby products 
containing d
2
p.
300
MILLION
TONNES
OF PLASTIC IS PRODUCED GLOBALLY
7
%
OF PLASTIC IS RECYCLED  
IN THE EU
 > 300 million tonnes of polymer 
products are produced in the  
world every year.
 > Conventional plastics can take  
many decades to break down.
 > A limited amount is recycled.
 > Extensive tests by Roediger 
laboratories have concluded  
that plastic products made with 
oxo-biodegradable technology may 
be recycled without any significant 
detriment to the newly formed 
recycled product. (Report –  
May 2012 & December 2013).
 > In an LCA (life cycle assessment) 
performed by Intertek (Report –  
May 2012) the d 2w plastic performed 
better than any other material for 
making shopping bags.
 > Antibiotic resistance is a growing 
problem worldwide, with  
anti-microbial plastics predicted  
to be one of the fastest growing  
sectors in the industry. FINANCIAL STATEMENTS CORPORATE GOVERNANCE BUSINESS REVIEW
Symphony Environmental Technologies plc
Annual Report & Accounts 2014
 > Revenues decreased 12% to £6.35 million 
(2013: £7.19 million) 
 > Gross profit decreased 11% to £3.16 million 
(2013: £3.55 million)
 > Operating loss reduced by 63% to £0.27 
million (2013: loss £0.73 million, including 
£0.57 million non-recurring expenditure)
 > Loss after tax reduced by 56% to  
£0.31 million (2013: loss £0.71 million) 
 > R&D costs included in loss, £0.41 million 
(2013: £0.55 million)
 > Plastics Sales and R&D Division EBITDA 
profit £0.08 million (2013: profit  
£0.22 million)
 > Recycling Technologies Division EBITDA 
loss £0.20 million (2013: loss £0.81 million)
 > Basic loss per share reduced by 58% to 
0.23p (2013: loss per share 0.55p)
 > Cash used in operations reduced by 88% 
to £0.10 million (2013: £0.81 million)
 > Directors’ shareholding increased to 
24.9% (2013: 19.5%)
 > £1.58 million raised in equity placing on  
17 November 2014 
 > Awarded ABNT Eco-Label in January 2015
01
Highlights
2014
For more information visit:
www.symphonyenvironmental.com
www.
symphonyenvironmental.
com/corporate
Pg 02
Symphony at a glance
Pg 06
Chief Executive’s review
Pg 08
For more information  
on our products OVERVIEW
d 2p is a masterbatch system with a family  
of products that provides protection  
from fungi, bacteria, odours and insects, 
amongst others . The active ingredients  
in d
2p anti-microbial products have been 
successfully tested against over 50 common 
organisms and dangerous bacteria, such  
as MRSA, E.coli, Salmonella, Listeria, 
Pseudomonas and Aspergillus Niger.
www.symphonyenvironmental.com/files/
uploaded/environmental/d2p%20ab.pdf
www.symphonyenvironmental.com/files/
uploaded/environmental/d2p%20af.pdf
See pages 10–11
Symphony Environmental Technologies plc
Annual Report & Accounts 2014
02
Symphony at a glance
FROM A ONE  
PRODUCT COMPANY 
TO A BROAD 
TECHNOLOGIES 
GROUP
Symphony is an international company, reaching  
every corner of the globe. We have a growing  
number of distributors giving us a presence in  
nearly 100 countries worldwide.
OVERVIEW
d 2w is a masterbatch system which, when 
included in the manufacturing stage turns 
ordinary plastic at the end of its useful life 
into a material with a different molecular 
structure. At that stage it is no longer a 
plastic and has become a material which  
is inherently biodegradable in the open 
environment in the same way as a leaf.
www.symphonyenvironmental.com/
degradable/d2w-controlledlife-plastic/
what-is-d2w/
See pages 08–09
PRODUCT INFORMATION FINANCIAL STATEMENTS CORPORATE GOVERNANCE BUSINESS REVIEW
Symphony Environmental Technologies plc
Annual Report & Accounts 2014
www.symphonyenvironmental.com
03
OVERVIEW
d 2t is a suite of technologies that provide 
anti-counterfeiting performance. They offer 
the ability to determine the authenticity  
of your plastic packaging and other plastic 
products through a unique and sophisticated 
tracer system. d
2t complements Symphony’s 
portable d 2Dectector device.
See page 11
OVERVIEW
The d 2Detector is a portable XRF (X-ray) 
device that allows customers, and the 
authorities in countries with relevant 
legislation, to determine in less than 60 
seconds whether or not a plastic product 
contains d
2w, d 2p or d 2t additives as 
specified, and whether it contains any 
undesirable substances.
www.youtube.com/watch?v=jTlQRGZnrgg
See page 11
d 2w PRODUCTS
 – Food packets
 – Bubble wrap
 – Cling film
 – Carrier bags
 – Frozen food packaging
 – Garbage sacks/ 
Bin liners
 – Gloves and aprons
 – Newspaper and 
magazine wrappers
 – Bottles, tubs and cups
 – Shrink wrap and  
pallet wrap
d 2p PRODUCTS
 – Agriculture
 – Clothing and 
accessories
 – Credit/debit cards
 – Electronic devices
 – Home: roofing, wall 
cladding and decking, 
tubing, piping,  
bed pans
 – Pet food packaging
 – Refuse sacks and 
long-life carrier bags
 – Sanitary: toilet seats, 
shower heads, shower 
curtains, hand dryers, 
toothbrush handles
 – Sports: ski boots, 
bowling shoes, insoles
 – Transportation:  
car interiors, tube,  
train, plane
 – Cutting/chopping 
boards
 – Flexible food 
packaging
 – Food containers
 – Fridges
 – Kitchen worktop 
coating
 – Kitchen utensils
 – Table cloths
 – Water coolers
97
COUNTRIES
75
DISTRIBUTORS Symphony Environmental Technologies plc
Annual Report & Accounts 2014
04
Chairman’s statement
Nirj Deva, DL, FRSA, MEP
I am pleased to report a 63% reduction in the 
operating loss from £0.73 million in 2013 to  
£0.27 million in 2014. The loss in 2013 included  
£0.57 million of non-recurring expenditure  
(2014: £nil). Cash used in operations reduced  
by 88% to just £0.10 million in 2014 from  
£0.81 million in 2013.
IDENTIFYING 
GROWTH
OPPORTUNITY
The balance sheet was strengthened in the 
final quarter after an equity placing raised 
£1.58 million in November 2014.
Group revenues reduced by 12% from £7.19 
million in 2013 to £6.35 million in 2014. 
Revenues are mainly derived from d
2w 
masterbatch sales, and these had been 
affected by timing issues in a number of 
markets. As previously reported, legislative 
momentum in favour of d
2w type products 
continues in several countries. Whilst there 
have been delays in implementation and 
enforcement of the legislation in certain 
jurisdictions, our local distributors have 
recently noticed material progress in this 
area. However, the Board remains cautious 
over the timing of sales in these locations.
Oxo-biodegradables are now seriously 
debated in the world’s largest markets 
including the European Union where they 
are trying to resolve the problems of waste 
minimisation and reducing plastic litter. The 
need for change is more apparent than 
before and oxo-biodegradables are in the 
right space at the right time. We were 
pleased that in March 2015, Symphony’s Chief 
Executive, Michael Laurier, was a speaker at 
the International Conference on the marine 
environment at the United Nations.
We remain optimistic about our product 
positioning and are particularly pleased 
with certain external recognitions thereof, 
such as the recent award to Symphony of 
the prestigious ABNT Eco-Label. ABNT is 
accredited by INMETRO for certification of 
products, and INMETRO is a member of the 
International Accreditation Forum. The 
criteria for awarding an Eco-Label are to 
preserve environment quality and minimise 
pollution caused by production, use and 
disposal of products and services.
Significant development work was 
undertaken during the year for both of our 
two main technologies, such costs totalling 
£0.41 million in the year (2013: £0.55 million). 
In addition, a new high-tech R&D facility was 
opened in May 2014 by our local mayor at 
our Head Office in Borehamwood, UK. We 
choose to make these significant investments 
in R&D as we see potential future demand 
for a broadened technology range.
Our d
2p “designed to protect” range has now 
increased to six product lines encompassing 
many different formulations including 
anti-microbial, odour adsorbing and insect 
repellent. Trials continue in many countries 
on end-products including toys, cutting 
boards, water pipes, tooth brushes,  
bags-for-life and gloves amongst many 
others. Some of these developments are with 
global multi-billion pound organisations. 
Trials and evaluations for both d
2w and d 2p 
products can take many years, especially 
with larger organisations. These are 
sometimes complex processes involving 
many departments and many personnel 
within the end-user including purchasing, 
marketing, technical, and product 
development. We have a large pipeline 
which ages from over two years to current 
covering many types of organisation in 
countries throughout our whole global 
distribution network, with a number of trials 
close to decision time. 
World’s first d
2
p bag 4 life. BUSINESS REVIEW
Symphony Environmental Technologies plc
Annual Report & Accounts 2014
www.symphonyenvironmental.com
FINANCIAL STATEMENTS CORPORATE GOVERNANCE
05
Key Opportunities
 > Global business in nearly 100 countries.
 > In a multi-billion dollar market – 300 million 
tonnes of polymer produced annually.
 > Market set to grow at 4.4% per annum  
until 2020.
 > Anti-microbials predicted to be one of the 
fastest growing sectors.
 > Increasing legislation in favour of  
oxo-biodegradable plastic. 
 > Huge potential in developing economies 
particularly Asia-pacific and Africa.
 > Continuing investment in R&D.
However, due to the number of complexities 
involved in the final decision, whilst the 
projects are progressing well, the Board 
again remains cautious on timing of any 
sales from such trials and evaluations.
In December 2014 Shaun Robinson was 
appointed to the Board of Symphony, and 
we are already grateful for his contribution 
to date. The Board is also pleased to have 
such strong commitment and support from 
Somerston Capital who participated in the 
placing in November 2014. This commitment 
to the business was reciprocated by Michael 
Laurier, with his purchase of an additional 
750,000 shares at the time of the placing. 
With Shaun Robinson as a Board Director, 
the Directors’ have a beneficial interest in 
24.9% of the Company’s ordinary shares 
(2013: 19.5%).
I would like to thank the Board, the staff, and 
our Distributors for all their work in 2014, 
and we look forward to 2015 with confidence.
N Deva DL FRSA MEP
Chairman
10 April 2015 Symphony Environmental Technologies plc
Annual Report & Accounts 2014
06
Chief Executive’s review
Michael Laurier
Much has been achieved in 2014 in the further 
development of our technologies, and product 
range. New IP formulations have been created, and 
major trials following signed agreements continue 
with some of the world’s largest companies.
The commercial objectives have been clearly 
defined within each project and trial. The 
potential value, if only some of these trials 
succeed, is considerable. As a result, we 
have continued to invest resources into 
each project.
Commercially for d
2w, we have seen several 
countries either taking steps to enforce 
legislation or to pass new legislation in favour 
of oxo-biodegradable plastic technology. 
This is an unknown process so it has been 
difficult to predict timing or value, and as 
such, no material financial effect occurred 
in the year under review.
For d
2p, there is strong commercial interest 
to buy our technology, and small orders are 
now starting to be placed. We have continued 
to develop and process new formulations, 
conduct trials, and seek regulatory approvals 
in the countries and products that require 
these approvals. The d
2p development has 
been significant since our formulations have 
expanded beyond polymer master-batch 
into active powders and liquids. 
The Group’s pre-tax loss for the year reduced 
to £0.39 million from £0.78 million in 2013. 
Within these losses, R&D expenditure of 
£0.41 million (2013: £0.55 million) was 
expensed in the statement of 
comprehensive income.
Trading results
Group revenue decreased by 12% to £6.35 
million (2013: £7.19 million), but Group gross 
profit margins increased slightly to 49.8% 
from 49.3% in 2013. The contribution from 
gross profit was £3.16 million (2013:  
£3.55 million). 
Recurring administrative expenses 
decreased by 8% to £3.26 million (2013: 
£3.53 million) due to the effect of savings 
implemented during 2013. Non-recurring 
administrative expense of £0.57 million 
were incurred in 2013 but there were no 
non-recurring items in 2014.
Including non-recurring items, the Group 
made an operating loss of £0.27 million in 
2014 compared to an operating loss of 
£0.73 million in 2013. This resulted in loss 
before tax of £0.39 million in 2014 (2013: 
loss £0.78 million). 
Excluding non-recurring items, the Group 
made an EBITDA loss of £0.14 million in 2014 
(2013: loss £0.01 million) with an operating 
loss of £0.27 million (2013: loss £0.16 million).
The Group reports a loss for the year of 
£0.31 million (2013: loss £0.71 million) with 
basic loss per share of 0.23 pence (2013: 
loss per share 0.55 pence). 
Development costs of £0.26 million were 
capitalised in 2014 (2013: £0.12 million), and 
the net book value of capitalised development 
costs at the end of the year amounted  
to £1.13 million. Further development 
expenditure of £0.41 million (2013: £0.55 
million) was expensed directly to the 
statement of comprehensive income. 
Capitalised development costs represent 
8% of expenses as detailed above. Within 
the total amount of £1.13 million capitalised 
to date less amortisation and impairment, 
£0.16 million relates to d
2w products which 
have been developed and are being sold, 
while the balance of £0.97 million, relates to 
further environmental plastic applications 
still in development and where we believe 
significant revenues will be generated in the 
foreseeable future. 
The Group’s primary selling currency is the 
US Dollar. The Group self-hedges where 
possible by purchasing in US Dollars and has 
banking facilities in place in order to secure 
rates going forward. As at 31 December 
2014 the Group had a net balance of US 
Dollar assets totalling $0.64 million (2013: 
$0.56 million). 
Segmental analysis
The Group operates two business divisions 
being the Plastics Division (Symphony 
Environmental Limited or “SEL ”) and the 
Michael Laurier was a  
guest speaker at the recent  
‘One Ocean, Science for 
Sanctuaries Symposium’  
held at the United Nations  
in New York. FINANCIAL STATEMENTS BUSINESS REVIEW
Symphony Environmental Technologies plc
Annual Report & Accounts 2014
www.symphonyenvironmental.com
CORPORATE GOVERNANCE
evaluations. As stated above, there have 
been some orders to date, the volumes so 
far being small as expected. The new d 2p 
bag4life, medical products, toys, food and 
non-food containers, and industrial 
packaging applications, are all areas where 
we expect substantial sales activity in the 
medium term. 
I am confident that our strategy will continue 
to work in a world that needs both of our 
main technologies d
2w and d 2p. Plastic 
pollution, health and food protection are, 
and will remain important concerns in 
today’s society.
Our expectations for 2015 and beyond are 
to deliver positive and meaningful growth. 
Michael Laurier
Chief Executive
10 April 2015
07
Recycling Technologies division (Symphony 
Recycling Limited or “SRT”). Within SEL 
there are two operating segments; “Plastics 
Sales” which generate and maintain revenues 
relating to plastic additives, masterbatches 
and finished products, and “Plastics R&D” 
which includes all new product development 
and research expenditure.
Plastics Sales, which represent all Group 
sales, generated an EBITDA profit £0.49 
million (2013: £0.78 million). Plastics R&D 
incurred an EBITDA loss of £0.41 million 
(2013: £0.55 million).
SRT has no revenues to date and incurred 
expenditure of £0.22 million in the year, 
resulting in an EBITDA loss of the same 
amount (2013 expenditure and EBITDA loss: 
£0.81 million). As previously stated, the Board’s 
strategy is to commercialise SRT. We have 
reduced costs and are still investigating 
areas where this can be achieved.
Cash flow
The Group used cash of £0.10 million from 
operations (2013: cash used £0.81 million). 
The Group has a £1 million trade finance 
facility with HSBC Bank plc of which £0.15 
million was drawn down as at 31 December 
2014 (2013: £0.58 million). The invoice-finance 
facility increased in line with receivables.  
In addition to these facilities, the Group had 
borrowed a further £0.65 million through 
unsecured loans. These loans were repaid  
in January 2015.
The Group had net cash in the bank of 
£0.59 million at the year-end (2013: £0.03 
million), plus trade receivables of £1.27 
million (2013: £1.16 million) and continues  
to work comfortably within its facilities.
Outlook
A positive trend clearly shows a strategy that 
is working across several key business drivers. 
The first being new legislation in support of 
oxo-biodegradable technology like d
2w. The 
second is the enforcement and widening of 
the scope of existing legislation. The third is 
a gentle domino effect from the legislation 
together with a growing momentum of 
companies that want to upgrade their 
sustainability credentials without supply 
disruption or increased cost.
The Group has seen an increase in d
2w 
activity in the current year where there is 
legislation in place and indications of a 
strengthening position later in the year.
There is a similar positive trend for the 
growing range of d
2p products. Many of  
our global distributors have shown serious 
interest by requesting trials and product 
DELIVERING
AGAINST
OUR STRATEGY
Our strategy is to deliver sustained revenue growth, 
improve and extend our product range and increase 
visibility and awareness of the Company and its 
achievements over the forthcoming year.
MARKETS
 > We will continue to encourage legislation  
in favour of oxo-biodegradable plastic.
 > We will create value for end users and  
brand owners.
 > We will increase and defend our brand values.
 > We will strengthen our global distribution network. 
INVESTMENT
 > We will make continuous investment in research 
and development.
 > We will extend and improve our product range. Symphony Environmental Technologies plc
Annual Report & Accounts 2014
08
Products
d
2
w controlled‑life technology
Plastic is lightweight, flexible, strong, durable, heat 
sealable, impervious to moisture, recyclable, reusable, but 
whether by intent or accident, some plastic will always 
find its way into the environment on land and sea.
ADDING OUR 
TECHNOLOGY
TO PLASTICS
PLASTIC IS FANTASTIC
Plastic is an amazing invention. There is 
nothing like it for protecting our food and 
other goods from damage and contamination 
and for carrying them home from the shops. 
It is waterproof, strong and flexible, can be 
adapted for a variety of products and is  
not expensive.
Every year 300 million tonnes of plastic 
polymer are produced globally. Unfortunately 
much of it ends up as litter either in landfill 
(if it can be collected) or causing a visual 
intrusion, blocking water courses, polluting 
the oceans and endangering wildlife. The very 
property that makes plastic fantastic, namely 
its durability, is also the reason that it is such 
an environmental nuisance after its useful 
life. Old-fashioned plastic can last for decades.
d 2w INNOVATIVE PLASTIC IS THE ANSWER  
TO PLASTIC WASTE IN THE ENVIRONMENT
What do we do with all the plastic waste 
that cannot realistically be collected?  
d 2w is the answer to plastic waste that 
escapes collection and ends up in the open 
environment. Unlike ordinary plastic the  
life of a product made with d
2w can be 
pre-determined at manufacture, typically 
six months for a bread bag and 18 months 
for a lightweight shopper bag.
At the end of the useful life the plastic will 
degrade in the presence of oxygen until  
it is no longer a plastic and has become  
a material that will biodegrade in the  
open environment, eventually being 
bio-assimilated in the same way as a leaf – 
only quicker and leaving no toxic residues.
The only biodegradable 
plastic additive to be 
awarded an Eco-Label.
Garbage sacks containing 
d
2
w and d
2
p. FINANCIAL STATEMENTS CORPORATE GOVERNANCE BUSINESS REVIEW
Symphony Environmental Technologies plc
Annual Report & Accounts 2014
www.symphonyenvironmental.com
09
d 2w plastic can be made in existing polymer 
factories using existing machinery and 
workforce at little or no extra cost.
CAN BE RECYCLED WITH  
CONVENTIONAL PLASTIC
Better still, if it gets collected it can be 
recycled with conventional plastic, a fact 
confirmed by Roediger Laboratories, in May 
2012 who concluded that plastic products 
made with d
2w can be recycled without any 
significant detriment to the newly formed 
recycled product.
THE CARBON VALUE
Studies have demonstrated that one of  
the benefits of d 2w oxo-biodegradable 
technology is that the carbon content of  
the plastic is ultimately shared with living 
organisms in the environment. Studies  
have also shown that the carbon based 
organic materials developed by the 
degradation mechanism are biodegradable 
and therefore absorbed by living organisms 
in the soil. (Biodegradation Tests of  
Oxo-biodegradable Polyolefins by Means  
of Single Microbial Species, University of  
Pisa 2009). 
This is not the case with conventional plastic 
that holds the carbon for many decades  
nor (vegetable-based) hydro-degradable 
plastics that release the carbon rapidly as 
CO
2 gas.
d 2w has been tested for food-contact safety 
according to the requirements of the 
European Union Directive 2002/72/EC, and 
the Food and Drug Administration Code of 
the United States, Chapter 21. Furthermore 
a study carried out by Intertek in 2012 into 
the life cycle of shopping bags concluded 
that the environmental credentials of bags 
made with oxo-biodegradable plastic 
technology were ahead of bio-based and 
conventional plastic bags.
Many countries are committed to using 
plastic products because at the present time 
there is nothing as low cost, flexible and 
efficient to replace them. Oxo-biodegradable 
plastic offers a sensible solution to plastic 
waste in the environment, a fact recognised 
by the United Arab Emirates who along with 
eight other countries have made this 
technology mandatory. They knew they 
could not collect all the plastic for recycling, 
so they decided to do something about it.
All of this adds up to substantial positive  
PR for customers, being a practical 
demonstration of their concern for 
environment and their commitment  
to sustainability.
With millions of tonnes of plastic used 
around the world, there is an urgent need to 
deal with the issues of disposal and pollution.
THE WORLD’S ONLY ECO-LABEL
Symphony’s d
2
w additive has 
been certified by ABNT (the 
Brazilian Association of Technical 
Standards ) and has been awarded 
a coveted Eco-Label. It is the only 
oxo-biodegradable additive to 
qualify for an Eco-Label, and 
confirms the environmental 
credentials of the d
2
w additive, 
distinguishing it from all other 
oxo-biodegradable products  
on the market. ANTI-MICROBIAL ODOUR ADSORBER INSECTICIDE ANTI-FOULING ANTI-BACTERIAL 
NATURAL
ANTI-BACTERIAL
Symphony Environmental Technologies plc
Annual Report & Accounts 2014
10
Products
Anti‑ bacterial and anti‑ fungal technologies.
Designed to protect.
d
2
p ANTI-MICROBIAL
The primary purpose for d 2p anti-microbial is 
to prevent bacterial and fungal contamination, 
whilst preserving the aesthetic and functional 
properties of the plastic article. It can be used 
in a wide spectrum of applications from water 
and irrigation pipes to cladding,  paint, 
decking and greenhouse film. It is also used 
in clothing and sportswear, wet suits, lab 
coats, face masks, trainers and ski boots  
as well as garbage sacks and long-life 
carrier bags.
The active ingredient in d
2p (am) is registered 
for use as an anti-microbial with the US 
Environmental Protection Agency (EPA) and 
notified under the EU’s biocidal products 
Regulation (BPR-EU-no. 428/2012).
d
2
p ANTI-BACTERIAL
d 2p has been tested again over 50 common 
organisms including dangerous bacteria 
such as MRSA, E.coli, Salmonella, Listeria, 
Pseudomonas and Aspergillus Niger. There  
is almost no limit to the number of uses for 
d
2p anti-bacterial. In fact, anything that is 
made of plastic or has a plastic coating could 
have d 2p incorporated at manufacture.
This technology will inhibit the growth of 
bacteria in calculators, sports clothing,  
food processing equipment and a host  
of other applications.
d
2
p ANTI-BACTERIAL NATURAL
d 2p natural is a unique direct food-contact, 
broad spectrum anti-bacterial with action 
against Gram-positive and Gram-negative 
bacteria. It is based on natural oil extracts 
from plants, dried and powdered.
Symphony has developed suitable 
masterbatch applications for Polyolefins, 
Styrenics, Polyamides, PVC, Polycarbonate 
and Polyesters and it can be used in both 
food and non-food applications to fight 
healthcare and food industry infections.
d
2
p ODOUR ADSORBER
A relative newcomer to the d 2p range of 
additives, our odour adsorber can be used 
in powder form or incorporated into plastic 
masterbatch. The product can also be used 
in packaging in a sachet.
It inhibits the development of odour in 
plastic products and packaging and is 
suitable for conversion by all plastic 
processing technologies.
The active ingredient used in our odour 
adsorber is a naturally occurring substance 
recognised as a food additive by both EFSA 
and the US FDA, and therefore the product 
can be incorporated into food packaging.
Our Ethylene Adsorber (EA) can prevent 
spoilage of perishable fruit, vegetables  
and flowers.
d
2
p INSECTICIDE
Insecticidal plastic masterbatches are used 
to control pests in agriculture, horticulture, 
forestry, home and golf course applications. 
It can be formulated with a variety of 
insecticides into numerous products and 
flexible plastic films including banana bags 
and long-lasting insecticidal mosquito nets. 
d
2
p ANTI-FOULING
Anti-fouling is used to control and reduce the 
growth of fouling organisms on vessels and 
other structures based in water. These fouling 
organisms can include barnacles and mussels. 
The growth of these organisms on the hull of 
a vessel minimises its operating efficiency 
and harms the environment through higher 
fuel consumption and emissions.
The active ingredient in Symphony’s 
anti-fouling product has been approved by 
the European Commission for use in coating 
formulations under the Biocidal Products 
Regulation (BPR) “Product 21”.
d
2
p family
Our Ethylene adsorber (EA) 
can prevent spoilage of 
perishable fruit, vegetables 
and flowers. FINANCIAL STATEMENTS CORPORATE GOVERNANCE BUSINESS REVIEW
Symphony Environmental Technologies plc
Annual Report & Accounts 2014
www.symphonyenvironmental.com
11
No matter how thoroughly plastic items are cleaned, even 
using the harsh detergents available today, scratches and 
crevices that appear on the surface during use, harbour germs.
CASE STUDY
Baby products made with d
2
p anti-bacterial additive
d
2
t Tag and Trace – Anti-counterfeiting technologies 
Maltex in Poland manufacture a range 
of baby products made with Symphony’s 
d 2p anti-bacterial additive, which is 
added to the plastic during manufacture 
to create a surface hostile to bacteria, 
and give extra protection.
These innovative products are produced 
in Poland and include anti-bacterial 
chamber pots, toilet trainer seats, bath 
tubs, bath seats and nappy pails in white, 
pink and blue. What’s more, they are 
already winning fans among parents in 
Poland according to Poland’s first 
parenting magazine “Mamo to ja” (Mom, 
it’s me) and beating competing products 
from well-known manufacturers.
d
2p technology has been tested to ISO 
22196 and JIS Z2801 to demonstrate 
that it is effective against over  
50 dangerous organisms including  
E.coli, Pseudomonas, Aspergillus  
Niger and Salmonella.
d
2
t is a range of anti-counterfeiting systems including a tracer 
masterbatch that gives plastic items unique traceable properties 
which can be identified using Symphony’s portable device,  
the d
2
Detector.
By using the detector it is possible to tell instantly  
if a product is fake and provides brand owners with  
the reassurance that their products can be identified  
as genuine.
For high value items Symphony offers a sophisticated 
electronic tagging system. Symphony Environmental Technologies plc
Annual Report & Accounts 2014
12
Global Network and  
T echnical Services
Symphony has its Head Office at Borehamwood, near 
London, where we have a laboratory for scientific 
testing, research and product development.
Our new laboratory was formally opened  
in May 2014 by the Mayor.
We are a global company with a presence  
in almost all parts of the world. We have 
developed and maintain successful 
distributors and sub-distributors worldwide, 
and we continue to grow our business.
We work with our network to build 
relationships in their countries with suppliers, 
manufacturers, end users, and NGOs. We also 
regularly host a conference/training event 
to share ideas and inform our distributors 
about new developments and products. 
Our last conference saw 48 distributors 
coming from Europe, South America, South 
Africa, Japan, Asia, Middle East, Far East, 
New Zealand and the USA.
Our team of scientists, technicians, and 
account managers have vast experience in 
the industry and maintain close relationships 
with research institutes, universities and  
test centres around the world to continually 
improve and develop our products.
We offer unique quality-control systems, 
unmatched by other biodegradable additive 
suppliers, including free testing with written 
reports covering product-performance 
measurements and characteristics. Our 
masterbatches are manufactured in specialist 
factories which are audited and certified by 
our technical department. We have test 
facilities in several locations around the 
world to ensure continuity of supply and  
to minimise our environmental footprint.
All products containing our additives are 
manufactured in accordance with our 
manufacturing instructions and technical 
data sheets, and then rigorously tested  
in our laboratories before commercial 
production commences. 
We give free technical support to 
manufacturers using Symphony’s 
masterbatches and our specialist engineers 
will travel to their factories if necessary.
Not only can our customers rely on
outstanding technical and after-sales
support, but we also advise on production,
processing, manufacturing and materials
as well as public relations and marketing. 
In fact we make it our business to support
their business. Symphony Environmental Technologies plc
Annual Report & Accounts 2014
www.symphonyenvironmental.com
FINANCIAL STATEMENTS CORPORATE GOVERNANCE BUSINESS REVIEW
13
Corporate social responsibility
For Symphony, as an environmental technology 
company, sustainable development is an important 
matter. This means that we combine long-term 
economic objectives with social responsibility and 
environmental protection.
We strongly believe in the benefits of the 
technologies we offer and have established 
goals that the Company and its people  
are trying to achieve daily. We understand 
that in today’s world it is difficult to be a 
responsible individual let alone a responsible 
business, and even more difficult to 
implement change towards a better future.  
It is therefore essential to establish best 
practices, support innovation and individual 
ambitions, and strengthen relationships 
with our partners and communities around 
the world.
At Symphony we believe that our long-term 
future and profitability depend not only  
on our environmental, technical and social 
performance, but also our willingness to go 
above and beyond the necessary. In practice 
this means that we strive for excellence in 
operational performance and support for 
our customers, shareholders and staff.
Symphony is accredited to the 
environmental standard ISO 14001, and to 
ISO 9001 for Quality Management. We are 
committed to low-energy lighting, and 
equipping our offices and laboratories with 
environmentally-friendly supplies. We also 
promote paperless administration and work 
on the best practice document-management 
systems. We are committed to recycling of 
materials following the “reduce, reuse and 
recycle” principles and strive to be the best 
that we can be.
Wherever possible we utilise electronic 
communication and have established a 
global supply chain to minimise the impact 
of transporting supplies around the world.
We provide a nurturing business environment 
and regularly support students with work 
placements in all aspects of our business  
(in both the technical and administrative 
teams). We encourage our employees and 
distributors to continuously develop their 
knowledge and skills base by providing 
regular conferences, technical information 
and training opportunities.
We are dedicated to helping create  
a sustainable future by finding low  
cost solutions to the world’s  
environmental problems.
PARTNERING FOR CHANGE
Symphony is proud to be a leader in 
advanced technologies that add to a 
sustainable future. We are open and we 
always welcome collaboration with our 
suppliers, customers, communities, 
governments and civil society. We build 
relations and partnerships with academic 
institutions, governments, NGOs and 
industry associations.
“ We are dedicated  
to helping create a 
sustainable future  
by finding low cost 
solutions to the world’s 
environmental problems.” Symphony Environmental Technologies plc
Annual Report & Accounts 2014
14
Board of Directors
1. Nirj Deva, DL, FRSA, MEP
Chairman of the Board
BACKGROUND AND EXPERIENCE
Mr. Deva has been a Member of the European 
Parliament since 1999 and is Vice-chairman 
of the Parliament’s International Development 
Committee. He is also Chairman of the 
EU-China Friendship Group. From 1992-97 
he was a member of the UK Parliament.  
He has held a number of senior political
appointments and has advised the boards 
of a number of public companies including 
International Leisure Group, Air Europe Plc, 
Tricentrol Oil Co Plc, EDS, Television South 
West, Thomas Howell Group, John Laing 
Plc, Aitken Spence, and Rothmans 
International Plc. 
2. Michael Stephen, LL.M
Deputy Chairman
BACKGROUND AND EXPERIENCE
Michael Stephen is Commercial Director and 
Deputy Chairman of the Plc, and Chairman 
of its subsidiary companies. He qualified as 
a Solicitor with Distinction in Company Law. 
He was called to the Bar, and practised from 
chambers in London for many years, dealing
with civil cases in the High Court and Court 
of Appeal. He was a member of the UK 
Parliament 1992-97 and was a member of 
the Trade and Industry Select Committee 
and the Environment Select Committee of 
the House of Commons.
3. Michael Laurier
Chief Executive Officer
BACKGROUND AND EXPERIENCE
Michael is the Chief Executive of the 
Company. Michael’s career began with his 
long established family packaging business, 
Brentwood Sack and Bag Co Limited. He took 
over responsibility for sales and production 
in the mid -1970s and changed the emphasis
of the company’s business from jute products 
to polythene packaging, introducing the 
then innovative high density and medium 
density polythene bags into the UK market 
in 1975. He co-founded Symphony Plastics 
in 1995.
4. Ian Bristow, FCCA
Finance Director and Company Secretary
BACKGROUND AND EXPERIENCE
Ian was in private practice for seven years, 
qualifying as a certified accountant in 1992. 
In 1994, he joined Brentapac UK Plc until it 
was sold in 1994. He went on to co-found 
Symphony Plastics in 1995. FINANCIAL STATEMENTS CORPORATE GOVERNANCE BUSINESS REVIEW
Symphony Environmental Technologies plc
Annual Report & Accounts 2014
www.symphonyenvironmental.com
15
5. Michael Stephens
Technical Director
BACKGROUND AND EXPERIENCE
Michael began his career with Excelsior 
Plastics Limited, a division of Unigate, 
progressing over a period of ten years to 
sales director. Leaving in 1981, he worked for 
Sempol Products, Autobar Group and ACP 
Plastics (a subsidiary of S P Metal Group), all
manufacturers of packaging films. In 1988, 
Michael founded Skymark Packaging 
International Limited, serving the snack 
food, bakery, mail wrap, paper disposable 
markets, which he left in November 1997 to 
join Symphony.
6. Nicolas Clavel
Non-Executive Director
BACKGROUND AND EXPERIENCE
Nicolas Clavel started his career in 
international banking in the mid seventies 
and his area of expertise has been structured 
trade finance and equity investments with a 
particular focus on Emerging Markets. He is 
Chief Investment Officer of Scipion Capital
Ltd., (the Investment Manager of Scipion 
African Opportunities Fund SPC) and is 
personally CF 1, 3, 11 and CF30 approved by 
the UK Financial Services Authority. Nicolas 
is Swiss, and is based in London and Geneva.
7. Shaun Robinson
Non-Executive Director
BACKGROUND AND EXPERIENCE
Shaun Robinson has nearly 20 years 
corporate finance, restructuring and active 
asset management experience, focusing on 
operational real estate with key specialities 
in hotels and healthcare. A chartered certified 
accountant, Shaun Robinson joined the 
Somerston Group in 2004 and is responsible 
for the groups’ business development,  
M&A and tax/corporate structuring. Shaun 
is also executive director of Richmount 
Management Limited, Somerston Health, 
Somerston Hotels and St James’s Hotels. Symphony Environmental Technologies plc
Annual Report & Accounts 2014
16
Strategic Report
PRINCIPAL ACTIVITIES AND BUSINESS REVIEW
The primary business activities of the Group are the development and supply of environmental plastic products to a 
global market, and the development of waste to value projects. The Group also supplies other flexible polythene and 
related products.
A review of the business is given in the Chairman’s Statement on pages 04 and 05 together with the Chief Executive’s 
Review on pages 06 and 07. Future developments are summarised in the Outlook section of the Chief Executive’s 
Review on page 07.
KEY PERFORMANCE INDICATORS
The Directors have monitored the progress of the overall Group strategy by reference to certain financial and 
non-financial key performance indicators.
Key performance indicator 2014 2013 Method of calculation
Sales d 2w (£’000) 6,352 7,190 Sales revenue solely of d 2w additives and products.
Gross profit margin (%) 50% 49% The ratio of gross profit to sales.
Number of distributors 77 76 The number of distribution agreements signed.
These are discussed within the Chairman’s Statement and the Trading Results section of the Chief Executive’s Review.
PRINCIPAL RISKS AND UNCERTAINTIES
The Directors have identified and continually monitor the principal risks and uncertainties of the Group. These may 
change over time as new risks emerge and others cease to be of concern. The principal risks of the Group are 
detailed below.
FOREIGN EXCHANGE RISK
The Group sells products in many countries and so generates revenues in US Dollars and Euros. Foreign exchange 
rates fluctuate and, as such, assets created in foreign currencies are liable to constant revaluations into their Sterling 
equivalent. The Group mitigates this risk by purchasing, where practicable, in currencies to match revenues. The 
Group also has exchange facilities with its bank to use as and when appropriate.
COMPETITION RISK
The Group faces competition from suppliers of similar products which could affect revenues and/or gross margins. 
The Group mitigates this risk by employing a large number of distributors globally who can concentrate on any 
competition issues within their market, and also by differentiating the Group’s products by branding and  
marketing activities.
RAW MATERIAL PRICING AND AVAILABILITY
The Group uses commodity and speciality materials in the make-up of its products. There is a risk of price volatility 
and material availability. The Group mitigates this risk by using more than one supplier of its products and continually 
researching separate supply alternatives for the materials used.
BY ORDER OF THE BOARD
I Bristow
Company Secretary
10 April 2015 FINANCIAL STATEMENTS CORPORATE GOVERNANCE BUSINESS REVIEW
Symphony Environmental Technologies plc
Annual Report & Accounts 2014
www.symphonyenvironmental.com
17
Directors’ Report
The Directors present their report and the audited 
financial statements of the Group for the year ended  
31 December 2014. 
RESULTS AND DIVIDENDS
The trading results for the year and the Group’s financial 
position at the end of the year are shown in the attached 
financial statements.
The loss for the year after taxation amounted to 
£305,000 (2013: loss £707,000).
The Directors have not recommended a dividend.
RESEARCH AND DEVELOPMENT
The Group is involved in the research and development 
of environmental plastic products, and waste to  
value systems.
THE DIRECTORS AND THEIR INTERESTS
The Directors who served during the year and their 
interests in the shares of the Company are shown in  
the Remuneration Report.
DIRECTORS’ RESPONSIBILITIES STATEMENT
The Directors are responsible for preparing the Strategic 
Report, the Directors’ 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 Group financial 
statements in accordance with International Financial 
Reporting Standards as adopted by the European Union 
(IFRSs). The parent Company’s own financial statements 
continue to be prepared in accordance with United 
Kingdom Generally Accepted Accounting Practice (United 
Kingdom Accounting Standards and applicable laws). 
Under company law the Directors must not approve the 
financial statements unless they are satisfied that they 
give a true and fair view of the state of affairs and profit 
or loss of the Company and Group for that period. In 
preparing these financial statements, the Directors are 
required to:
 > select suitable accounting policies and then apply 
them consistently;
 > make judgements and accounting estimates that are 
reasonable and prudent;
 > state whether applicable IFRSs or UK Accounting 
Standards have been followed, subject to any material 
departures disclosed and explained in the financial 
statements; and
 > prepare the financial statements on the going concern 
basis unless it is inappropriate to presume that the 
Company will continue in business. 
The Directors are responsible for keeping adequate 
accounting records that are sufficient to show and explain 
the Company’s transactions and 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 2006. 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 confirm that: 
 > so far as each Director is aware, there is no relevant 
audit information of which the Company’s auditor is 
unaware; and
 > the Directors have taken all steps that they ought to 
have taken as Directors in order to make themselves 
aware of any relevant audit information and to 
establish that the auditor is aware of that information.
The Directors are responsible for the maintenance and 
integrity of the corporate and financial information 
included on the Company’s website. Legislation in the 
United Kingdom governing the preparation and 
dissemination of financial statements may differ from 
legislation in other jurisdictions. 
GOING CONCERN
Management have prepared a cash flow forecast for the 
ensuing twelve months from the approval of the 
financial statements where a forecast increase in sales 
will lead to increased cash through the use of the invoice 
discounting facility. Operating results for the start of 2015 
have been in line with these forecasts. The Group has 
continued to make significant investment into new 
product development and anticipates sales growth from 
the launch of some of these products in the forthcoming 
year. Having reviewed the cash flow forecasts and the 
available headroom within existing facilities the 
Directors believe that the Group has sufficient cash 
resources to meet debt obligations as they fall due. For 
these reasons, the Directors are of the opinion that it is 
appropriate to continue to adopt the going concern 
basis in preparing these financial statements.
CORPORATE GOVERNANCE
The Group is committed to developing and adhering to 
high standards of corporate governance. As an AIM 
listed company, Symphony Environmental Technologies 
plc is not required to and does not apply the UK 
Corporate Governance Code as issued by the UK’s 
Listing Authority, however, it seeks to follow the principles 
of good governance as far as management believes it is 
practical for a Group of its size, nature and circumstances.
FINANCIAL RISK MANAGEMENT POLICIES
The Group’s financial risk management policies are 
detailed in note 3 to the financial statements.
AUDITOR
A resolution to appoint Grant Thornton UK LLP as 
auditor for the ensuing year will be proposed at the 
Annual General Meeting.
BY ORDER OF THE BOARD
I Bristow
Company Secretary 
10 April 2015 Symphony Environmental Technologies plc
Annual Report & Accounts 2014
18
Remuneration Report
DIRECTORS’ EMOLUMENTS
Basic salary
or fees
£’000
Benefits
£’000
Pension
£’000
2014
Total
Emoluments
£’000
2013
Total
Emoluments
£’000
N Deva 36 – – 36 42
M Laurier 200 10 50 260 259
I Bristow 155 6 15 176 175
M Stephen 171 12 – 183 181
M F Stephens 171 14 – 185 183
N Clavel 29 – – 29 31
S Robinson (appointed 19 December 2014) 1 – – 1 –
763 42 65 870 871
The Directors’ pensions, where applicable, are administered by those Directors. 
The Company has taken out insurance for its officers against liabilities in relation to the Company under Section 233 
of the Companies Act 2006.
DIRECTORS’ INTERESTS
The Directors in office at the end of the year, together with their beneficial interests in the shares of the Company, 
were as follows:
Ordinary Shares of £0.01 each
At 31 December
2014
At 1 January 
2014
N Deva 313,925 313,925
M Laurier 22,802,317 22,052,317
I Bristow 1,063,925 1,063,925
M Stephen 782,998 782,998
M F Stephens 311,294 311,294
N Clavel 500,000 500,000
S Robinson 10,203,938 –
SHARE OPTIONS AND WARRANTS
The Directors have share options and warrants, or interests in share options and warrants as follows:
Number of 
share options or 
warrants
Exercise price 
(pence per 
share) Exercisable from Exercisable to
N Deva 1,500,000 4.500 26 November 2008 26 November 2018
N Deva 250,000 9.875 18 December 2010 18 December 2019
M Laurier 1,851,500 4.500 26 November 2008 26 November 2018
M Laurier 350,000 9.125 31 March 2010 30 March 2020
I Bristow 3,000,000 4.500 26 November 2008 26 November 2018
I Bristow 280,000 9.125 31 March 2010 30 March 2020
M Stephen 1,200,000 6.250 28 April 2007 28 April 2017
M Stephen 2,000,000 4.500 26 November 2008 26 November 2018
M Stephen 210,000 9.125 31 March 2010 30 March 2020
M F Stephens 210,000 9.125 31 March 2010 30 March 2020
N Clavel 500,000 4.500 16 October 2009 16 October 2018
N Clavel 250,000 9.875 18 December 2010 18 December 2019
S Robinson 893,110 15.000 14 November 2014 14 November 2017
The above share options and warrants are HM Revenue and Customs unapproved. See note 18 to the financial 
statements for the terms of the above options and warrants. Symphony Environmental Technologies plc
Annual Report & Accounts 2014
www.symphonyenvironmental.com
FINANCIAL STATEMENTS CORPORATE GOVERNANCE BUSINESS REVIEW
19
Independent Auditor’s Report
to the members of Symphony Environmental T echnologies plc
We have audited the financial statements of Symphony 
Environmental Technologies plc for the year ended  
31 December 2014 which comprise the consolidated 
statement of comprehensive income, consolidated 
statement of financial position, the consolidated 
statement of changes in equity, the consolidated cash 
flow statement, the parent Company balance sheet and 
the related notes. The financial reporting framework that 
has been applied in the preparation of the Group 
financial statements is applicable law and International 
Financial Reporting Standards (IFRSs) as adopted by 
the European Union. The financial reporting framework 
that has been applied in the preparation of the parent 
Company financial statements is applicable law and 
United Kingdom Accounting Standards (United Kingdom 
Generally Accepted Accounting Practice).
This report is made solely to the Company’s members,  
as a body, in accordance with Chapter 3 of Part 16 of  
the Companies Act 2006. Our audit work has been 
undertaken so that we might state to the Company’s 
members those matters we are required to state to them 
in an auditor’s report and for no other purpose. To the 
fullest extent permitted by law, we do not accept or 
assume responsibility to anyone other than the Company 
and the Company’s members as a body, for our audit 
work, for this report, or for the opinions we have formed.
RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITOR
As explained more fully in the Directors’ Responsibilities 
Statement set out on page 17, the Directors are responsible 
for the preparation of the financial statements and for 
being satisfied that they give a true and fair view. Our 
responsibility is to audit and express an opinion on the 
financial statements in accordance with applicable law 
and International Standards on Auditing (UK and Ireland). 
Those standards require us to comply with the Auditing 
Practices Board’s (APB’s) Ethical Standards for Auditors.
SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS
A description of the scope of an audit of financial 
statements is provided on the APB’s website at  
www.frc.org.uk/auditscopeprivate.
OPINION ON FINANCIAL STATEMENTS
In our opinion:
 > the financial statements give a true and fair view of the 
state of the Group’s and of the parent Company’s 
affairs as at 31 December 2014 and of the Group’s loss 
for the year then ended; 
 > the Group financial statements have been properly 
prepared in accordance with IFRSs as adopted by the 
European Union;
 > the parent Company financial statements have been 
properly prepared in accordance with United 
Kingdom Generally Accepted Accounting Practice; 
and
 > the financial statements have been prepared in 
accordance with the requirements of the Companies 
Act 2006.
SEPARATE OPINION IN RELATION TO IFRSS AS ISSUED  
BY THE IASB
As explained in note 2 to the Group financial statements, 
the Group, in addition to complying with its legal obligation 
to apply IFRSs as adopted by the European Union, has 
also applied IFRSs as issued by the International 
Accounting Standards Board (IASB).
In our opinion the Group financial statements comply 
with IFRSs as issued by the IASB.
OPINION ON OTHER MATTER PRESCRIBED  
BY THE COMPANIES ACT 2006
In our opinion the information given in the Strategic 
Report and the Directors’ Report for the financial year 
for which the financial statements are prepared is 
consistent with the financial statements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT  
BY EXCEPTION
We have nothing to report in respect of the following 
matters where the Companies Act 2006 requires us to 
report to you if, in our opinion:
 > adequate accounting records have not been kept by 
the parent company, or returns adequate for our audit 
have not been received from branches not visited by 
us; or
 > the parent company financial statements are not in 
agreement with the accounting records and returns; 
or
 > certain disclosures of directors’ remuneration 
specified by law are not made; or
 > we have not received all the information and 
explanations we require for our audit.
Giles M Mullins
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
Central Milton Keynes
10 April 2015 Symphony Environmental Technologies plc
Annual Report & Accounts 2014
20
Consolidated Statement  
of Comprehensive Income 
for the year ended 31 December 2014
2014 2013
Note £’000 £’000 £’000 £’000
Revenue 5 6,352 7,190
Cost of sales (3,191) (3,644)
Gross profit 3,161 3,546
Distribution costs (165) (179)
Administrative expenses – recurring 6 (3,261) (3,526)
Administrative expenses – non-recurring 6 – (570)
Administrative expenses 6 (3,261) (4,096)
Operating loss – recurring (265) (159)
Operating loss – non-recurring – (570)
Operating loss 6 (265) (729)
Finance income 8 1 5
Finance costs 8 (126) (54)
Loss for the year before tax (390) (778)
Taxation 9 85 71
Loss for the year (305) (707)
Total comprehensive income for the year (305) (707)
Basic loss per share 10 (0.23)p (0.55)p
Diluted loss per share 10 (0.23)p (0.55)p
All results are attributable to the parent Company equity holders. There were no discontinued operations for either 
of the above periods.
The accompanying notes form an integral part of these financial statements. FINANCIAL STATEMENTS CORPORATE GOVERNANCE BUSINESS REVIEW
Symphony Environmental Technologies plc
Annual Report & Accounts 2014
www.symphonyenvironmental.com
21
Consolidated Statement  
of Financial Position 
as at 31 December 2014
Company number 3676824
Note
2014
£’000
2013
£’000
Assets
Non-current
Property, plant and equipment 11 372 394
Intangible assets 12 1,169 937
Deferred income tax asset 9a 1,142 1,142
2,683 2,473
Current
Inventories 15 576 528
Trade and other receivables 16 1,425 1,366
Cash and cash equivalents 17 938 130
2,939 2,024
Total assets 5,622 4,497
Equity
Equity attributable to shareholders of Symphony Environmental Technologies plc
Ordinary shares 18 1,446 1,281
Share premium 18 3,077 1,650
Retained earnings 18 (807) (502)
Total equity 3,716 2,429
Liabilities
Non-current
Interest bearing loans and borrowings 20 – 3
– 3
Current
Interest bearing loans and borrowings 20 1,153 1,339
Trade and other payables 19 753 726
1,906 2,065
Total liabilities 1,906 2,068
Total equity and liabilities 5,622 4,497
These financial statements were approved by the Board of Directors on 10 April 2015 and authorised for issue on  
10 April 2015. They were signed on its behalf by:
I Bristow FCCA
Finance Director
 
The accompanying notes form an integral part of these financial statements. Symphony Environmental Technologies plc
Annual Report & Accounts 2014
22
Consolidated Statement  
of Changes in Equity
for the year ended 31 December 2014
Equity attributable to the equity holders of Symphony Environmental Technologies plc:
Share
capital
£’000
Share 
premium
£’000
Retained 
earnings
£’000
Total
equity
£’000
For the year to 31 December 2014
Balance at 1 January 2014 1,281 1,650 (502) 2,429
Issue of share capital 165 1,427 – 1,592
Transactions with owners 165 1,427 – 1,592
Loss and total comprehensive income for the year – – (305) (305)
Balance at 31 December 2014 1,446 3,077 (807) 3,716
For the year to 31 December 2013
Balance at 1 January 2013 1,280 1,648 205 3,133
Issue of share capital 1 2 – 3
Transactions with owners 1 2 – 3
Loss and total comprehensive income for the year – – (707) (707)
Balance at 31 December 2013 1,281 1,650 (502) 2,429
The accompanying notes form an integral part of these financial statements. FINANCIAL STATEMENTS CORPORATE GOVERNANCE BUSINESS REVIEW
Symphony Environmental Technologies plc
Annual Report & Accounts 2014
www.symphonyenvironmental.com
23
Consolidated Cash Flow Statement
for the year ended 31 December 2014
Note
2014
£’000
2013
£’000
Operating activities
Net cash used in operations 21 (180) (955)
Tax received 85 145
Net cash used in operating activities (95) (810)
Investing activities
Additions to property, plant and equipment (77) (21)
Proceeds from disposals of property, plant and equipment – 7 
Additions to intangible assets (261) (126)
Net cash used in investing activities (338) (140)
Financing activities
New loans – 650
Movement in working capital facility (432) 359
Discharge of finance lease liability (9) (18)
Proceeds from share issue 1,592 3
Interest paid (126) (54)
Net cash generated in financial activities 1,025 940
Net change in cash and cash equivalents 592 (10)
Cash and cash equivalents, beginning of year 29 57
Foreign exchange provision loss (36) (18)
Cash and cash equivalents, end of year 585 29
The reconciliation to the cash and cash equivalents as reported in the statement of financial position is as follows:
Note
2014
£’000
2013
£’000
Loans and receivables:
 Cash at bank and in hand 17 938 130
Financial liabilities measured at amortised cost:
 Bank overdraft 20 (353) (101)
Cash and cash equivalents, end of year 585 29
The accompanying notes form an integral part of these financial statements. Symphony Environmental Technologies plc
Annual Report & Accounts 2014
24
Notes to the Annual Report and Accounts
1 General information
Symphony Environmental Technologies plc (“the Company”) and subsidiaries (together “the Group”) develop and 
supply environmental plastic additives and products, and develop waste to value systems.
The Company, a public limited company, is the Group’s ultimate parent Company. It is incorporated and domiciled in 
England (Company number 3676824). The address of its registered office is 6 Elstree Gate, Elstree Way, 
Borehamwood, Hertfordshire, WD6 1JD, England. The Company’s shares are listed on the AIM market of the London 
Stock Exchange and as a level 1 ADR in New York.
2 Summary of significant accounting policies
These consolidated financial statements have been prepared in accordance with the requirements of International 
Financial Reporting Standards (IFRS) as adopted by the European Union and also as issued by the International 
Accounting Standards Board (IASB). 
The accounting policies have remained unchanged from the previous year. 
Going concern
Management have prepared a cash flow forecast for the ensuing twelve months from the approval of the financial 
statements where a forecast increase in sales will lead to increased cash through the use of the invoice discounting 
facility. Operating results for the start of 2015 have been in line with these forecasts. The Group has continued to 
make significant investment into new product development and anticipates sales growth from the launch of some of 
these products in the forthcoming year. Having reviewed the cash flow forecasts and the available headroom within 
existing facilities the Directors believe that the Group has sufficient cash resources to meet debt obligations as they 
fall due. For these reasons, the Directors are of the opinion that it is appropriate to continue to adopt the going 
concern basis in preparing these financial statements.
Business combinations completed prior to date of transition to IFRS
The Group has not restated business combinations which took place prior to the date of transition to IFRS.
Accordingly, the classification of the combination remains unchanged from that used under UK GAAP. The assets 
and liabilities are recognised at date of transition, and are measured using their United Kingdom Generally Accepted 
Accounting Practice (GAAP) carrying amount.
Business combinations exemption
The Group financial statements consolidate the financial statements of the Company and all subsidiary undertakings. 
The acquisition of Symphony Environmental Limited (formerly Symphony Plastics Limited) on 9 December 1999 was 
accounted for under merger accounting under UK GAAP and has been treated in this manner under IFRS as the 
business combination exemption has been adopted in these Annual Report and Accounts. The merger accounting 
method requires assets and liabilities to not be adjusted to fair value and the results of the subsidiary to be included 
as if it had always been part of the Group. Therefore, the results of the Group include both the results pre and 
post-acquisition. 
Segment reporting 
The segmental profile for the Group has been adjusted to show a fairer position for the revenue generating side of 
the Plastics business and separately, the investments in Plastics R&D. There are currently three operating segments.
“Plastics Sales” generate and maintain revenues relating to plastic additives, masterbatches and finished products. 
“Plastics R&D” includes all new product development and research expenditure.
The “Recycling Technologies” segment includes all activities involved in the development of tyre and rubber 
recycling systems.
Each of the operating segments is managed separately as each of these service lines requires different technologies 
and other resources as well as marketing approaches. All inter-segments transfers are carried out at arm’s length prices.
The measurement policies the Group uses for segment reporting under IFRS 8 are the same as those used in its 
financial statements. Corporate assets which are not directly attributable to the business activities of any operating 
segment are not allocated to a segment.
Segment information is presented in accordance with IFRS 8 for all periods presented. IFRS 8 only requires 
disclosure of segment information.  FINANCIAL STATEMENTS CORPORATE GOVERNANCE BUSINESS REVIEW
Symphony Environmental Technologies plc
Annual Report & Accounts 2014
www.symphonyenvironmental.com
Revenue
Degradable and non-degradable goods, and associated products (plastics segment) 
Revenue is stated at the fair value of the consideration receivable and excludes VAT and trade discounts.
The Group’s revenue is from sale of goods. Revenue from the sale of goods is recognised when all of the following 
conditions have been satisfied:
a) ownership of the significant risks and rewards has been transferred to the buyer. This may be based upon 
shipment or delivery depending upon specific contractual terms, whereby the Group relies on INCOTERMs (a 
series of pre-defined commercial terms published by the International Chamber of Commerce) to assess this;
b) the amount of revenue can be measured effectively whereby the Group sells goods after receipt of  
confirmed orders;
c) it is probable that the economic benefits associated with the transaction will flow to the entity; and
d) the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Non-recurring items
Expenditure is classified as non-recurring where the cost is considered to be material, one-off, and will not continue 
in future.
Intangible assets
Research and development costs
Expenditure on research (or the research phase of an internal project) is recognised as an expense in the period in 
which it is incurred.
Development costs incurred on specific projects are capitalised when all the following conditions are satisfied:
 – completion of the intangible asset is technically feasible so that it will be available for use or sale;
 – the Group intends to complete the intangible asset and use or sell it;
 – the Group has the ability to use or sell the intangible asset;
 – the intangible asset will generate probable future economic benefits. Among other things, this requires that there 
is a market for the output from the intangible asset or for the intangible asset itself, or, if it is to be used internally, 
the asset will be used in generating such benefits;
 – there are adequate technical, financial and other resources to complete the development and to use or sell the 
intangible asset; and
 – the expenditure attributable to the intangible asset during its development can be measured reliably.
Development costs not meeting the criteria for capitalisation are expensed as incurred.
The cost of an internally generated intangible asset comprises all directly attributable costs necessary to create, 
produce, and prepare the asset to be capable of operating in the manner intended by management. The nature of 
the Group’s activities in the field of development work renders some internally generated intangible assets unable to 
meet the above criteria at present.
Amortisation commences upon completion of the asset and is shown within administrative expenses and is included 
at the following rate:
Plastic masterbatches and other additives – 15 years straight line. 
Careful judgement by the Directors is applied when deciding whether the recognition requirements for development 
costs have been met. This is necessary as the economic success of any product development is uncertain and may 
be subject to future technical problems at the time of recognition. Judgements are based on the information 
available at each balance sheet date.
Trademarks
Trademarks represent the cost of registration and are carried at cost less amortisation.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful 
economic life of that asset as follows:
Trademarks  – 10 years straight line.
25 Symphony Environmental Technologies plc
Annual Report & Accounts 2014
26
Notes to the Annual Report and Accounts
continued
2 Summary of significant accounting policies continued
Property, plant and equipment
Property, plant and equipment are stated at cost, net of depreciation and any provision for impairment.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful 
economic life of that asset as follows:
Plant and machinery – 20% reducing balance.
Fixtures and fittings – 25% reducing balance.
Fixtures and fittings Elstree Gate – 10% straight line.
Motor vehicles – 20% reducing balance.
Office equipment – 25% straight line.
The residual value and useful economic lives are reconsidered annually.
Impairment testing of intangible assets and property, plant and equipment
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately 
identifiable cash flows (cash-generating units). As a result, some assets are tested individually for impairment and 
some are tested at cash-generating unit level. Those intangible assets not yet available for use are tested for 
impairment at least annually. All other individual assets or cash-generating units are tested for impairment whenever 
events or changes in circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recognised for the amount by which the asset’s or cash-generating unit’s carrying amount 
exceeds its recoverable amount. The recoverable amount is the higher of fair value, reflecting market conditions less 
costs to sell, and value in use based on an internal discounted cash flow evaluation. All assets are subsequently 
reassessed for indications that an impairment loss previously recognised may no longer exist.
Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow 
moving items. Cost is determined on the basis of purchase value on a first-in first-out basis.
Leased assets
In accordance with International Accounting Standard (IAS) 17, the economic ownership of a leased asset is 
transferred to the lessee if the lessee bears substantially all the risks and rewards related to the ownership of the 
leased asset. The related asset is recognised at the time of inception of the lease at the fair value of the leased asset 
or, if lower, the present value of the minimum lease payments plus incidental payments, if any, to be borne by the 
lessee. A corresponding amount is recognised as a finance leasing liability. The interest element of leasing payments 
represents a constant proportion of the capital balance outstanding and is charged to profit or loss over the period 
of the lease.
All other leases are regarded as operating leases and the payments made under them are charged to profit or loss 
on a straight line basis over the lease term. Lease incentives are spread over the term of the lease.
Pension costs
The Group operates a defined contribution pension scheme for employees. The assets of the scheme are held 
separately from those of the Group. The pension costs charged against profits are the contributions payable to the 
scheme in respect of the accounting period.
Taxation
Current tax is the tax currently payable based on taxable profit for the year.
Deferred income taxes are calculated using the liability method on temporary differences. Deferred tax is generally 
provided on the difference between the carrying amounts of assets and liabilities and their tax bases. Tax losses 
available to be carried forward as well as other income tax credits to the Group are assessed for recognition as 
deferred tax assets.
Deferred tax liabilities are provided in full, with no discounting. Deferred tax assets are recognised to the extent that 
it is probable that the underlying deductible temporary differences will be able to be offset against future taxable 
income. Current and deferred tax assets and liabilities are calculated at tax rates that are expected to apply to their 
respective period of realisation, provided they are enacted or substantively enacted at the balance sheet date.
Changes in deferred tax assets or liabilities are recognised as a component of tax expense in profit or loss, except 
where they either relate to items that are charged or credited directly to equity in which case the related deferred 
tax is also charged or credited directly to equity, or where they relate to items charged or credited in other 
comprehensive income the deferred tax change is recognised in other comprehensive income. FINANCIAL STATEMENTS CORPORATE GOVERNANCE BUSINESS REVIEW
Symphony Environmental Technologies plc
Annual Report & Accounts 2014
www.symphonyenvironmental.com
27
Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into Sterling at the rates of exchange ruling at the 
balance sheet date. Transactions in foreign currencies are translated into Sterling at the rate of exchange ruling at the 
date of the transaction. Exchange differences are taken into account in arriving at the operating result.
Financial assets
Financial assets are divided into the following categories: loans and receivables, and available-for-sale financial 
assets. Financial assets are assigned to the different categories by management on initial recognition, depending on 
the purpose for which they were acquired.
All financial assets are recognised when the Group becomes a party to the contractual provisions of the instrument. 
Financial assets are initially recognised at fair value plus transaction costs. 
The Group currently has the following financial assets:
Trade receivables
Trade receivables are categorised as loans and receivables. Trade receivables are non-derivative financial assets with 
fixed or determinable payments that are not quoted in an active market. Trade receivables are measured subsequent 
to initial recognition at amortised cost using the effective interest method, less provision for impairment. Any change 
in their value through impairment or reversal of impairment is recognised in profit or loss.
Provision against trade receivables is made when there is objective evidence that the Group will not be able to 
collect all amounts due to it in accordance with the original terms of those receivables. The amount of the write-
down is determined as the difference between the asset’s carrying amount and the present value of estimated future 
cash flows, discounted using the original effective interest rate. 
Available-for-sale financial assets
Available-for-sale financial assets are non-derivative financial assets that are either designated to this category or do 
not qualify for inclusion in any of the other categories of financial assets. The Group’s available-for-sale financial assets 
are the equity investments in Symphony Bin Hilal LLC, American Plastic Technologies LLC and Oxobioplast Inc.
The equity investments in Symphony Bin Hilal LLC, American Plastic Technologies LLC and Oxobioplast Inc. are 
measured at cost less any impairment charges, as their fair values cannot currently be estimated reliably. Impairment 
charges are recognised in profit or loss. 
An assessment for impairment is undertaken at least at each balance sheet date.
A financial asset is derecognised only where the contractual rights to the cash flows from the asset expire or the 
financial asset is transferred and that transfer qualifies for derecognition. A financial asset is transferred if the 
contractual rights to receive the cash flows of the asset have been transferred or the Group retains the contractual 
rights to receive the cash flows of the asset but assumes a contractual obligation to pay the cash flows to one or 
more recipients. A financial asset that is transferred qualifies for derecognition if the Group transfers substantially all 
the risks and rewards of ownership of the asset, or if the Group neither retains nor transfers substantially all the risks 
and rewards of ownership but does transfer control of that asset.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and demand deposits, together with other short-term, highly 
liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant 
risk of changes in value.
Finance lease receivables
Goods sold under finance leases are recognised as a sale on date of the finance lease agreement or if later, when 
substantially all the risks and rewards of ownership of the asset have passed to the lessee. The capital element of 
future lessee obligations is included in assets in the statement of financial position.
The interest elements of the rental obligations are credited to profit and loss over the periods of the leases and 
represent a constant proportion of the balance of capital repayments outstanding.
Rentals receivable under operating leases are credited to profit and loss on a straight line basis over the lease term.
Financial liabilities
Financial liabilities are obligations to pay cash or other financial assets and are recognised when the Group becomes 
a party to the contractual provisions of the instrument. 
The Group’s financial liabilities include trade payables, other payables, bank overdraft, bank loans and other loans. 
These are classified as financial liabilities measured at amortised cost. Symphony Environmental Technologies plc
Annual Report & Accounts 2014
28
Notes to the Annual Report and Accounts
continued
2 Summary of significant accounting policies continued
Financial liabilities measured at amortised cost are initially recognised at fair values net of direct issue costs. 
Finance charges are charged to profit and loss, where applicable, on an accruals basis using the effective interest 
method and are added to the carrying amount of the instrument to the extent they are not settled in the period in 
which they arose.
A financial liability is derecognised only when the obligation is extinguished, that is, when the obligation is 
discharged or cancelled or expires.
Equity-settled share-based payments
All share-based payment arrangements granted after 7 November 2002 that had not vested prior to 1 January 2007 
are recognised in the financial statements.
All goods and services received in exchange for the grant of any share-based payment are measured at their fair 
values. Where employees are rewarded using share-based payments, the fair values of the instrument granted are 
determined using the Black-Scholes model. This fair value is appraised at the grant date. The fair value is charged to 
profit and loss between the date of issue and the date the share options vest with a corresponding credit taken to equity.
Equity
Equity comprises the following:
 – “Share capital” represents the nominal value of equity shares;
 – “Share premium” represents the excess over nominal value of the fair value of consideration received for equity 
shares, net of expenses of the share issue; and
 – “Retained earnings” represents non distributed reserves.
Standards and interpretations in issue but not yet effective
At the date of authorisation of these financial statements, certain new standards, amendments and interpretations 
to existing standards have been published but are not yet effective, and have not been adopted early by the Group.
Management anticipates that all of the pronouncements will be adopted in the Group’s accounting policy for the first 
period beginning after the effective date of the pronouncement. Information on new standards, amendments and 
interpretations that are expected to be relevant to the Group’s financial statements is provided below. Certain other 
new standards and interpretations have been issued but are not expected to have a material impact on the Group’s 
financial statements.
IFRS 9 Financial Instruments (effective from 1 January 2015)
The IASB aims to replace IAS 39 Financial Instruments: Recognition and Measurement in its entirety with the 
replacement standard to be effective for annual periods beginning 1 January 2015. IFRS 9 is the first part of Phase 1 
of this project. The main phases are:
Phase 1: Classification and Measurement.
Phase 2: Impairment methodology.
Phase 3: Hedge accounting.
In addition, a separate project is dealing with derecognition. Management have yet to assess the impact that this 
amendment is likely to have on the financial statements of the Group. However, they do not expect to implement the 
amendments until all chapters of the IAS 39 replacement have been published and they can comprehensively assess 
the impact of all changes.
IFRS 15, “Revenue from Contracts with Customers” (effective from 1 January 2017)
IFRS 15 presents new requirements for the recognition of revenue, replacing IAS 18 “Revenue”, IAS 11 “Construction 
Contracts”, and several revenue-related interpretations. The new standard establishes a control-based revenue 
recognition model and provides additional guidance in many areas not covered in detail under existing IFRSs, 
including how to account for arrangements with multiple performance obligations, variable pricing, customer refund 
rights, supplier repurchase options, and other common complexities. IFRS 15 is effective for reporting periods 
beginning on or after 1 January 2017. Management consider that IFRS 15 will have no material impact upon these 
consolidated financial statements.
The Group’s management have yet to assess the impact of these new standards. FINANCIAL STATEMENTS CORPORATE GOVERNANCE BUSINESS REVIEW
Symphony Environmental Technologies plc
Annual Report & Accounts 2014
www.symphonyenvironmental.com
29
3 Financial risk management
The main risks arising from the Group’s financial instruments are liquidity risk, interest rate risk, currency risk and 
credit risk. The Directors review and agree policies for managing each of these risks and they are summarised below. 
These policies have remained unchanged from previous years. 
The Group’s financial assets and liabilities are summarised as follows:
2014
£’000
2013
£’000
Financial assets:
Cash and cash equivalents 938 130
Loans and receivables 1,304 1,206
2,242 1,336
Financial liabilities:
Financial liabilities measured at amortised cost 1,788 1,947
1,788 1,947
Liquidity risk
The Group seeks to manage financial risk to ensure financial liquidity is available to meet foreseeable needs and to 
invest cash assets safely and profitability. Short-term flexibility is achieved through trade finance arrangements and 
overdrafts.
Having reviewed the maturity of financial liabilities and the forecast cash flows for the forthcoming twelve month 
period, the Directors believe that sufficient cash will be generated from trading operations to meet debt obligations 
as they fall due. 
The maturity of financial liabilities as at 31 December 2014 is summarised as follows:
Gross cash flows:
Trade 
payables 
and accruals
£’000
Finance 
leases
£’000
Loans
£’000
Bank
£’000
Total
£’000
Zero to sixty days 682 3 797 353 1,835
682 3 797 353 1,835
The maturity of financial liabilities as at 31 December 2013 is summarised as follows:
Gross cash flows:
Trade 
payables 
and accruals 
£’000
Finance 
leases
£’000
Loans 
£’000
Bank
£’000
Total
£’000
Zero to sixty days 650 3 579 101 1,333
Sixty-one days to three months – – – – –
Four months to six months – 3 – – 3
Seven months to one year – 5 650 – 655
One year to three years – 3 – – 3
650 14 1,229 101 1,994 Symphony Environmental Technologies plc
Annual Report & Accounts 2014
30
3 Financial risk management continued
Interest rate risk
The Group seeks to reduce its exposure to interest rate risk where possible, but this is offset by the availability of 
trade finance arrangements which are transaction specific to meet liquidity needs and so have variable interest  
rate terms. 
Sensitivities have been looked at in the range of an absolute rate increase of 5% or a decrease of 1% which enable an 
objective calculation to be made depending on any interest rate changes in the future. Any rate changes would be 
outside the control of the Company.
The Group’s exposure to interest rate risk as at 31 December 2014 is summarised as follows:
Fixed
£’000
Variable
£’000
Zero
£’000
Total
£’000
Cash and cash equivalents – 938 – 938
Trade receivables – – 1,274 1,274
VAT – – 59 59
Other debtors 12 – 18 30
12 938 1,351 2,301
Trade payables – – (464) (464)
Other payables – – (71) (71)
Bank overdraft – (353) – (353)
Lease purchase (3) – – (3)
Other loans (650) (147) – (797)
(641) (438) 816 (613)
Sensitivity: increase in interest rates of 5% – (22) – (22)
Sensitivity: decrease in interest rates of 1% – 4 – 4
The Group’s exposure to interest rate risk as at 31 December 2013 is summarised as follows:
Fixed
£’000
Variable
£’000
Zero
£’000
Total
£’000
Cash and cash equivalents – 130 – 130
Trade receivables – – 1,162 1,162
VAT – – 83 83
Other debtors 25 – 19 44
25 130 1264 1419
Trade payables – – (488) (488)
Other payables – – (76) (76)
Bank overdraft – (101) – (101)
Lease purchase (12) – – (12)
Other loans (650) (579) – (1,229)
(637) (550) 700 (487)
Sensitivity: increase in interest rates of 5% – (28) – (28)
Sensitivity: decrease in interest rates of 1% – 6 – 6
Sensitivity shows the effect on equity profit and loss.
Notes to the Annual Report and Accounts
continued FINANCIAL STATEMENTS CORPORATE GOVERNANCE BUSINESS REVIEW
Symphony Environmental Technologies plc
Annual Report & Accounts 2014
www.symphonyenvironmental.com
31
Currency risk 
The Group operates in overseas markets and is subject to currency exposure on transactions undertaken during the 
year. The Group hedges the transactions where possible by buying goods and selling them in the same currency. The 
Group also has bank facilities available for hedging purposes.
A summary of foreign currency financial assets and liabilities as stated in the statement of financial position together 
with a sensitivity analysis showing the effect of a 10% change in rate with Sterling is shown below:
Currency 
Sterling 
2014
£’000
Currency 
balance 
2014 
’000
Sterling 
2013 
£’000
Currency 
balance 
2013 
’000
Financial assets Euro 443 €570 276 €331
Financial liabilities Euro (285) €(367) (249) €(298)
Net balance Euro 158 €203 27 €33
Effect of 10% Sterling increase (14) (2)
Effect of 10% Sterling decrease 18 3
Financial assets USD 985 $1,535 1,014 $1,681
Financial liabilities USD (577) $(899) (677) $(1,122)
Net balance USD 408 $636 337 $559
Effect of 10% Sterling increase (37) (31)
Effect of 10% Sterling decrease 45 37
Sensitivity shows the effect on equity and profit and loss. A 10% change is shown to enable an objective calculation 
to be made on exchange rates which may be assumed for the future.
Credit risk
The Group’s exposure to credit risk is limited to the carrying value of financial assets at the balance sheet date, 
summarised as follows:
2014 
£’000
2013 
£’000
Loans and receivables:
Trade receivables 1,274 1,162
Finance lease receivables 12 25
Cash and cash equivalents 938 130
2,224 1,317
The credit risk associated with the cash is limited as the counterparties have high credit ratings assigned by 
international credit-rating agencies. The principal credit risk arises therefore from trade receivables. The seven 
largest customer balances at the end of the year make up 68% (2013: 68%) of the above trade receivables.
In order to manage credit risk the Directors set limits for customers based on a combination of payment history,  
third-party credit references and use of credit insurance. These limits are reviewed regularly.
The maturity of overdue debts is set out in note 16. During the period debts totalling £70,836 (2013: £15,000) were 
written off. The amount written off of £70,836 had been provided for in previous years (2013: £nil).
Capital requirements
Interest bearing loans and borrowings are monitored regularly to ensure the Group has sufficient liquidity and its 
exposure to interest rate risk is mitigated. Management consider the capital of the Group comprises the share capital 
and interest bearing loans and borrowings as detailed in note 25. The Company satisfies the Companies Act 2006 
requirement to hold £50,000 issued and authorised share capital. The rule that 25% must be paid up is also satisfied, 
by reference to note 18. Symphony Environmental Technologies plc
Annual Report & Accounts 2014
32
4 Critical accounting estimates and judgements
Estimates and judgements are evaluated continually and are based on historical experience and other factors, 
including expectations of future events that are believed to be reasonable under the circumstances. Although these 
estimates are based on management’s best knowledge of current events and actions, actual results may ultimately 
differ from those actions.
In preparing these accounts the following areas were considered to involve significant judgements and estimates:
Capitalisation of development costs
Judgements and estimates relating to the capitalisation of development costs are detailed in note 2.
Recoverability of capitalised development cost
Judgements and estimates relating to capitalised development costs are detailed in note 12.
 
Share option judgements
Judgements and estimates relating to share-based payment charges are detailed in note 18.
Going concern
Judgements and estimates relating to going concern are detailed in note 2.
Bad debts
Provisions for bad debts are shown in note 16. Bad debt provisions are made when there is objective evidence of 
impairment. Where there is no provision then it is due to adequate credit insurance being in place, or cash has been 
received since the end of the year, or adequate information exists to support the recoverability of the debt.
Recognition of deferred tax assets
Judgements and estimates relating to a deferred tax asset are detailed in note 9a.
5 Segmental information
The chief operating decision maker of the Group is the Board of Directors and they review the business in three  
main segments, the supply of plastic products, the development of plastic products, and the development of 
recycling technologies. 
The segmental results for the year ended 31 December 2014 are as follows: 
Business segments 
12 months to 31 December 2014
Plastics 
Sales 
£’000
Plastics 
R&D
£’000
Recycling 
Tech.
£’000
Group 
£’000
Segment revenues 6,352 – – 6,352
Apportioned costs (5,864) (406) (219) (6,489)
EBITDA 488 (406) (219) (138)
Depreciation and amortisation (103) (25) – (128)
Interest (125) – – (125)
Taxation – 69 16 85
Profit/(loss) for the year 260 (362) (203) (305)
The segmental results for the year ended 31 December 2013 are as follows:
Business segments 
12 months to 31 December 2013
Plastics
Sales
£’000
Plastics
 R&D
£’000
Recycling 
Tech.
£’000
Group
£’000
Segment revenues 7,190 – – 7,190
Apportioned costs (6,413) (553) (805) (7,771)
EBITDA 777 (553) (805) (581)
Depreciation and amortisation (124) (24) – (148)
Interest (49) – – (49)
Taxation – 71 – 71
Profit/(loss) for the year 604 (506) (805) (707)
Revenues stated are from external customers.
There were no inter-segment revenues for the above periods.
Notes to the Annual Report and Accounts
continued FINANCIAL STATEMENTS CORPORATE GOVERNANCE BUSINESS REVIEW
Symphony Environmental Technologies plc
Annual Report & Accounts 2014
www.symphonyenvironmental.com
33
There has been no change in total assets other than in the ordinary course of business. 
Segmental assets primarily consist of property, plant and equipment, intangible assets, inventories, trade and other 
receivables and cash and cash equivalents. 
Segmental liabilities comprise operating liabilities.
The segment assets and liabilities at 31 December 2014 and capital expenditure for the year then ended are  
as follows:
£’000
Plastics 
Sales and 
Plastics R&D
Recycling 
Tech. Group
Assets 5,622 – 5,622
Liabilities (1,906) – (1,906)
Capital expenditure 77 24 101
Depreciation and amortisation 118 – 118
The segment assets and liabilities at 31 December 2013 and capital expenditure for the year then ended are  
as follows:
£’000
Plastics 
Sales and 
Plastics R&D
Recycling 
Tech. Group
Assets 4,497 – 4,497
Liabilities (2,068) – (2,068)
Capital expenditure 134 15 149
Depreciation and amortisation 148 – 148
Segmental assets and liabilities are reported to the chief operating decision maker under the two Divisions  
stated above.
Geographical areas
The Group’s revenues from external customers and its non-current assets (assets other than financial instruments) 
are divided into the following geographical areas:
Geographical areas
2014 
£’000
Revenue
2014 
£’000
Non-current 
assets
2013 
£’000
Revenue
2013 
£’000
Non-current 
assets
UK 274 1,541 337 1,825
Europe 1,131 – 1,161 –
Americas 3,060 – 3,406 –
Other 1,887 – 2,286 –
Total 6,352 1,541 7,190 1,825
Major customers
One customer accounted for greater than 10% of total Group revenues for 2014 (2013: two customers). The customer 
accounted for £852,000, or 13% of total Group revenues, (in 2013 one customer accounted for £1,108,000, or 15% of 
the total Group revenues, another customer accounted for £750,000 or 10% of total Group revenues). Symphony Environmental Technologies plc
Annual Report & Accounts 2014
34
6 Operating loss
The operating loss is stated after charging:
2014 
£’000
2013 
£’000
Non-recurring items – 570
Depreciation 89 119
Amortisation 29 29
Loss on disposal of property, plant and equipment 10 1
Impairment of intangible asset – 494
Research and development expenditure not capitalised 406 383
Operating lease rentals:
Land and buildings 93 107
Plant and equipment 5 6
Fees payable to the Company’s auditor for the audit of the financial statements 11 11
Fees payable to the Company’s auditor for other services:
Audit of the financial statements of the Company’s subsidiaries pursuant to legislation 26 26
Interim review 1 1
Other services relating to taxation 7 7
Net foreign exchange gain (10) (5)
Non-recurring items within administrative expenses for 2013 comprise of £76,000 of costs incurred in the transfer of 
operations from one of the Group’s UK facilities to the Head Office, and an impairment charge of £494,000, details 
of which are given in note 12.
7 Employee benefit expense
2014 
£’000
2013 
£’000
Wages and salaries 1,614 1,732
Social security costs 198 203
Other pension costs 75 76
1,887 2,011
Average number of people employed:
2014 2013
Testing and technical 4 7
Selling 8 8
Administration 8 8
Management 6 6
Marketing – 1
Total average headcount 26 30
Remuneration in respect of the Directors was as follows:
2014 
£’000
2013 
£’000
Emoluments 805 806
Pension contributions 65 65
870 871
Notes to the Annual Report and Accounts
continued FINANCIAL STATEMENTS CORPORATE GOVERNANCE BUSINESS REVIEW
Symphony Environmental Technologies plc
Annual Report & Accounts 2014
www.symphonyenvironmental.com
35
Key management remuneration:
2014 
£’000
2013 
£’000
Short-term employee benefits 805 806
Post-employment benefits 65 65
870 871
The Directors are considered to be the key management personnel of the Group. Further details on Directors’ 
remuneration and share options are set out in the Remuneration Report.
8 Finance income and costs
2014 
£’000
2013 
£’000
Interest income:
Finance lease interest 1 5
Total finance income 1 5
Interest expense:
Bank borrowings 4 5
Other interest 121 46
Finance charges 1 3
Total finance costs 126 54
Net finance costs 125 49
9 Taxation 
2014 
£’000
2013 
£’000
Net deferred tax (see note 9a) – (74)
R&D tax credit 85 145
Total income tax credit 85 71
  
No tax arises on the loss for the year.
The tax assessed for the year is different from the standard rate of corporation tax in the UK of 21% (2013: 23%).  
The change in the rate of standard corporation tax is due to the rates being changed by UK Government legislation. 
The differences in tax assessed against the standard rate of corporation tax are explained as follows:
2014 
£’000
2013 
£’000
Loss for the year before tax (390) (778)
Tax calculated by rate of tax on the result (84) (179)
Effective rate for year at 21.5% (3m @ 23% and 9m @ 21%) (2) (2)
Expenses not deductible for tax purposes 4 123
Depreciation in excess of capital allowances – 11
Capital allowances in excess of depreciation (6) –
R & D tax relief 28 (8)
Tax losses carried forward 64 55
Sundry items (4) –
Movement in deferred income tax asset (see note 9a) – (74)
R&D tax credit 85 145
Total income tax credit 85 71 Symphony Environmental Technologies plc
Annual Report & Accounts 2014
36
9a Deferred income tax asset
2014 
£’000
2013 
£’000
Deferred income tax asset brought forward 1,142 1,216
Change in tax rate – (171)
Recognised in the year – 97
Deferred income tax asset carried forward 1,142 1,142
The deferred tax asset relates to tax losses. There are tax losses of approximately £13,400,000 (2013: £13,300,000).
Of these tax losses, a £nil deferred tax adjustment has been recognised in this year’s accounts (2013: negative 
£74,000) resulting in a total asset recognised of £1,142,000 (2013: £1,142,000). There is a total potential tax asset of 
£2,680,000 using a rate of 20%, being the corporation tax rate UK Parliament has currently set.
 
The recognition of the deferred tax asset is based on sensitising management forecasts to estimate the future 
taxable profits against which the losses will be relieved. Judgements have been made in respect to profitability 
going forward based upon current sales leads and market receptiveness to anticipated product launches. Other key 
estimates relate to foreign exchange rates. 
10 Loss per share and dividends
The calculation of basic earnings per share is based on the loss attributable to ordinary shareholders divided by the 
weighted average number of shares in issue during the year. The calculation of diluted earnings per share is based on 
the basic earnings per share, adjusted to allow for the issue of shares on the assumed conversion of all dilutive 
options and warrants.
Reconciliations of the loss and weighted average numbers of shares used in the calculations are set out below:
Basic and diluted 2014 2013
Loss attributable to equity holders of the Company £(305,000) £(707,000)
Weighted average number of ordinary shares in issue 130,255,952 128,010,884
Basic loss per share (0.23) pence (0.55) pence
Dilutive effect of weighted average options – – 
Total of weighted average shares together with dilutive effect of weighted options 130,255,952 128,010,884
Diluted loss per share (0.23) pence (0.55) pence
No dividends were paid for the year ended 31 December 2014 (2013: £nil). The effect of options in 2014 and 2013  
are anti-dilutive.
23,126,500 options were outstanding at the end of the year which may become dilutive in future years. 
The loss before non-recurring items is £305,000 (2013: £137,000) and the basic and diluted loss per share using  
the weighted average number of ordinary shares of 130,255,952 (2013: 128,010,884) is 0.23 pence (2013: loss  
0.55 pence). 
Notes to the Annual Report and Accounts
continued FINANCIAL STATEMENTS CORPORATE GOVERNANCE BUSINESS REVIEW
Symphony Environmental Technologies plc
Annual Report & Accounts 2014
www.symphonyenvironmental.com
37
11 Property, plant and equipment
Plant & 
machinery
£’000
Fixtures & 
fittings
£’000
Fixtures 
& fittings 
Elstree Gate
£’000
Motor 
vehicles
£’000
Office 
equipment
£’000
Total
£’000
At 1 January 2013
Cost 358 67 236 127 160 948
Accumulated depreciation (142) (59) (60) (82) (106) (449)
Net book amount 216 8 176 45 54 499
Year ended 31 December 2013
Opening net book amount 216 8 176 45 54 499
Additions 1 – 6 – 14 21
Disposals – – – (22) – (22)
Depreciation charge (44) (3) (24) (10) (38) (119)
Eliminated on disposal – – – 15 – 15
Closing net book amount 173 5 158 28 30 394
At 1 January 2014
Cost 359 67 242 105 174 947
Accumulated depreciation (186) (62) (84) (77) (144) (553)
Net book amount 173 5 158 28 30 394
Year ended 31 December 2014
Opening net book amount 173 5 158 28 30 394
Additions 12 – 51 – 14 77
Transfer to/from other class 8 – (8) – – –
Disposals (5) (67) – – – (72)
Depreciation charge (33) – (27) (9) (20) (89)
Depreciation charge transferred to/from other class (2) – 2 – –
Eliminated on disposal – 62 – – – 62
Closing net book amount 153 – 176 19 24 372
At 31 December 2014
Cost 374 – 285 105 188 952
Accumulated depreciation (221) – (109) (86) (164) (580)
Net book amount 153 – 176 19 24 372
Included within net book value of motor vehicles, plant and machinery, and office equipment is £2,000 (2013: £5,000) 
relating to assets held under finance leases and hire purchase contracts. The depreciation charged to the financial 
statements in the year in respect of such assets amounted to £3,000 (2013: £9,000).  Symphony Environmental Technologies plc
Annual Report & Accounts 2014
38
12 Intangible assets
Development 
costs
£’000
Trademarks
£’000
Total
£’000
At 1 January 2013
Cost 1,424 59 1,483
Accumulated amortisation (116) (33) (149)
Net book amount 1,308 26 1,334
Year ended 31 December 2013
Opening net book amount 1,308 26 1,334
Additions 124 2 126
Impairment charge (494) – (494)
Amortisation charge (24) (5) (29)
Closing net book amount 914 23 937
At 1 January 2014
Cost 1,548 61 1,609
Accumulated amortisation (140) (38) (178)
Accumulated impairment (494) – (494)
Net book amount 914 23 937
Year ended 31 December 2014
Opening net book amount 914 23 937
Additions 235 26 261
Amortisation charge (24) (5) (29)
Closing net book amount 1,125 44 1,169
At 31 December 2014
Cost 1,783 87 1,870
Accumulated amortisation (164) (43) (207)
Accumulated impairment (494) – (494)
Net book amount 1,125 44 1,169
The Group relies on the continued development of its product range and in so doing is maintaining satisfactory 
goals in fulfilling its strategy (see Chairman’s Statement and Chief Executive’s Review). After taking this into account 
together with the considerations of liquidity risk, see note 3, the Directors do not believe that there are any indicators 
of impairment other than detailed below.
Development costs are capitalised in accordance with the policy set out in note 2. In capitalising these costs, 
judgements are made relating to ongoing feasibility and commerciality of products and systems being developed. In 
making these judgements, cash flow forecasts are used and these include significant estimates in respect to sales 
forecasts and future foreign exchange rates. 
During 2014 there have been no impairments of intangible assets. In 2013 the Group recognised an impairment charge 
of £494,000 against an individual asset within the Recycling Tech Division comprised of capitalised development 
costs. Following a strategic decision taken by the Directors to look to complete the development of the product 
outside of the Group, it was determined that the asset should be fully impaired.
Notes to the Annual Report and Accounts
continued FINANCIAL STATEMENTS CORPORATE GOVERNANCE BUSINESS REVIEW
Symphony Environmental Technologies plc
Annual Report & Accounts 2014
www.symphonyenvironmental.com
39
13 Subsidiary undertakings
Principal subsidiaries:
Name Country of incorporation Nature of business 
Proportion 
of ordinary 
shares held 
by parent
Proportion 
of ordinary 
shares 
held by the 
Group
Symphony Environmental Limited England and Wales Supply of environmental 
polyolefin products and 
ancillaries
100% 100%
Symphony Packaging Limited England and Wales Dormant 0% 100%
D2W Limited England and Wales Dormant 0% 100%
Symphony Plastics (2010) Limited England and Wales Dormant 0% 100%
Symphony Recycling Technologies Limited England and Wales Development of recycling 
systems
100% 100%
Elstree Gate Services Limited England and Wales Dormant 100% 100%
Symphony Environmental (Jamaica) Limited Jamaica Dormant 0% 100%
All of the above subsidiaries are consolidated in the Group financial statements.
14 Available for sale financial assets
All non-current
2014 
£’000
2013 
£’000
Beginning and end of year – –
The Company holds 30% of the ordinary share capital of Symphony Bin Hilal Plastics LLC, a company incorporated 
in the United Arab Emirates. The Directors are of the opinion that this is an investment as the Directors do not have 
significant influence because they have no financial or management control. A full impairment had been made 
against this in 2012 due to limited availability of financial information.
The Company holds 30% of Tyre Recycling Technologies Limited, a company registered in England and Wales. The 
company is dormant.
The Company holds 10% of the ordinary share capital of American Plastic Technologies plc, a company incorporated 
in the United States of America. The Directors are of the opinion that this is an investment as the Directors do not 
have significant influence because they have no financial or management control. The investment in American 
Plastics Technologies plc is measured at cost less impairment charges as the fair value cannot be estimated readily. 
The cost of this investment was £nil.
The Company holds c.5% of the ordinary share capital of Oxobioplast Inc., a company incorporated in the United 
States of America. The Directors are of the opinion that this is an investment as the Directors do not have significant 
influence because they have no financial or management control. The investment in Oxobioplast Inc. is measured at 
cost less impairment charges as the fair value cannot be estimated readily. The cost of this investment was £nil.
There is no collateral on the above amounts.
15 Inventories
2014 
£’000
2013 
£’000
Finished goods and goods for resale 576 528
The cost of inventories recognised as an expense and included in “cost of sales” amounted to £3,200,000 (2013: 
£3,513,000). There is a provision of £10,000 for the impairment of inventories (2013: £17,000).
There is no collateral on the above amounts. Symphony Environmental Technologies plc
Annual Report & Accounts 2014
40
16 Trade and other receivables
  
2014 
£’000
2013 
£’000
Loans and receivables:
Trade receivables 1,274 1,162
Receivables under finance leases 12 25
Other debtors 18 19
VAT 59 83
Prepayments 62 77
1,425 1,366
The Directors consider that the carrying value of trade and other receivables approximates to their fair values. There 
is a provision of £117,000 for the impairment of receivables (2013: £270,000). The maximum credit risk exposure at 
the balance sheet date equates to the carrying value of trade receivables. Further disclosures are set out in note 3.
Included in trade receivables at 31 December 2014 are debtors which are past due but where no provision has been 
made as there has not been a change in the credit worthiness of these debtors and the amounts are considered 
recoverable. As of 31 December 2014 trade receivables of £137,000 (2013: £27,000) were past due and not impaired. 
The ageing analysis of these trade receivables is as follows:
2014 
£’000
2013 
£’000
More than three months but less than six months 121 11
More than six months but not more than one year 16 16
137 27
Due to the different markets that the Group operates in, trade terms vary from cash on shipment of goods to 
payment under letter of credit due 150 days from shipment.
Trade receivables are secured against the facilities provided by the Group’s bankers.
Lease agreements in which the other party, as lessee, is to be regarded as the economic owner of the leased assets 
give rise to accounts receivable in the amount of the discounted future lease payments. These receivables amounted 
to £12,000 as of 31 December 2014 (2013: £25,000).
The receivables under finance leases for 2014 are as follows:
£’000
Total future 
payments
Unearned 
interest 
income
Present 
value
Not later than one year 14 2 12
As at 31 December 2014 14 2 12
The receivables under finance leases for 2013 were as follows:
£’000
Total future 
payments
Unearned 
interest 
income
Present 
value
Not later than one year 27 2 25
As at 31 December 2013 27 2 25
The leases, which relate to d 2Detectors, are typically cancellable after the first six months and run for a period of two 
years. The contracts include an option to purchase the leased equipment at any time between the initial six month 
period and the full term of two years. The purchase price lies between 33% and 75% of the gross investment at the 
inception of the lease, resulting from the timing the option to purchase is exercised.
Notes to the Annual Report and Accounts
continued FINANCIAL STATEMENTS CORPORATE GOVERNANCE BUSINESS REVIEW
Symphony Environmental Technologies plc
Annual Report & Accounts 2014
www.symphonyenvironmental.com
41
17 Cash and cash equivalents
  
2014
 £’000
2013 
£’000
Loans and receivables:
Cash at bank and in hand 938 130
The carrying amount of cash equivalents approximates to their fair values. There is no collateral on the above 
amounts.
18 Equity
Group and Company Group
Ordinary 
shares
Number
Ordinary 
shares
£’000
Share 
premium 
£’000
Retained 
earnings
£’000
Total
£’000
At 1 January 2013 127,994,377 1,280 1,648 205 3,133
Loss for the year – – – (707) (707)
Proceeds from shares issued 125,000 1 2 – 3
At 31 December 2013 128,119,377 1,281 1,650 (502) 2,429
At 1 January 2014 128,119,377 1,281 1,650 (502) 2,429
Loss for the year – – – (267) (267)
Proceeds from shares issued 16,450,000 165 1,427 – 1,592
At 31 December 2014 144,569,377 1,446 3,077 (769) 3,754
Proceeds from shares issued
The following ordinary shares were issued during the year:
Date
Ordinary shares 
Number Details Consideration £ Premium £
20 January 2014 100,000 Exercise of options 2,750 1,750
28 April 2014 450,000 Exercise of options 11,063 6,563
19 May 2014 150,000 Exercise of options 3,563 2,063
17 November 2014 12,800,000 Placing 1,280,000 1,152,000
24 December 2014 2,950,000 Placing 295,000 265,500
Share options and warrants
As at 31 December 2014 the Group maintained an approved share-based payment scheme for employee 
compensation. For the options granted to vest, the Group must have achieved an earnings per share in excess  
of 0.001p and employees must serve a specified amount of time. 
All share-based employee compensation will be settled in equity. The Group has no legal or constructive obligation 
to repurchase or settle the options. As at 31 December 2014 there were 3,375,000 staff options outstanding.  
No staff options were issued in 2014.
On 14 November 2014 the Group granted 6,700,000 warrants exercisable at 15p for three years to Somerston 
Environmental Technologies Ltd. Mr Shaun Robinson, a Director of Symphony Environmental Technologies Plc  
has interests of 13.33% in Somerston Environmental Technologies Ltd which represents 893,110 warrants. Symphony Environmental Technologies plc
Annual Report & Accounts 2014
42
18 Equity continued
The Group has also issued unapproved share options and warrants. Approved and unapproved share options, 
warrants and weighted average exercise price are as follows for the reporting periods presented:
Number
2014 
Weighted
average 
exercise 
price £ Number
2013 
Weighted
average 
exercise 
price £
Outstanding at 1 January 17,626,500 0.06 18,151,500 0.06
Granted 6,700,000 0.15 100,000 0.05
Exercised (700,000) 0.02 (125,000) 0.02
Forfeited/lapsed (500,000) 0.05 (500,000) 0.08
Outstanding at 31 December 23,126,500 0.09 17,626,500 0.06
The weighted average share price at the date options were exercised was 9p (2013: 7p).
The number of share options and warrants exercisable at 31 December 2014 was 23,126,500 (2013: 17,626,500).  
The weighted average exercise price of those shares exercisable was 9p (2013: 6p). 
The weighted average option contractual life is eight years (2013: ten years) and the range of exercise prices is 
2.375p to 15p (2013: 2.375p to 12p).
Directors
Directors’ interests in shares and share incentives are contained in the Remuneration Report.
IFRS2 expense
There is an IFRS share-based charge for the year of £nil (2013: £nil).
19 Trade and other payables
2014 
£’000
2013 
£’000
Current
Financial liabilities measured at amortised cost:
Trade payables 464 488
Social security and other taxes 71 76
Accruals and deferred income 218 162
753 726
Fair value is not materially different to book value. There is no collateral on the above amounts.
20 Interest bearing loans and borrowings
2014 
£’000
2013 
£’000
Non-current
Finance lease liabilities – 3
– 3
Current
Financial liabilities measured at amortised cost:
Bank overdraft 353 101
Other loans 797 1,229
Finance lease liabilities 3 9
1,153 1,339
The bank overdraft of £353,000 (2013: £101,000) is included within the Cash Flow Statement within cash and  
cash equivalents.
Notes to the Annual Report and Accounts
continued FINANCIAL STATEMENTS CORPORATE GOVERNANCE BUSINESS REVIEW
Symphony Environmental Technologies plc
Annual Report & Accounts 2014
www.symphonyenvironmental.com
43
Other loans include:
An amount due relating to the invoice financing facility totalling £147,000 (2013: £579,000). Interest is charged at 
2.96% over HSBC Bank plc base rate per annum. An amount due to Michelle Laurier, spouse of Michael Laurier, of 
£150,000 (2013: £150,000). Interest is charged at 2% per month (See Note 23). An amount due to an unconnected 
individual of £500,000 (2013: £500,000). Interest is charged at 12% per annum. The loans from Michelle Laurier and 
an unconnected individual of £150,000 and £500,000 respectively, were repaid in January 2015.
Commitments under finance leases and hire purchase agreements mature as follows:
Gross 2014 
£’000
Gross 2013 
£’000
Net 2014 
£’000
Net 2013 
£’000
Amounts payable within one year 3 10 3 9
Amounts payable between one and two years – 3 – 3
3 13 3 12
The finance leases are for the purchase of sundry equipment (note 11).
There is no collateral on the above amounts except for finance lease liabilities which are secured against the asset 
that they finance.
21 Net cash used in operations
2014 
£’000
2013 
£’000
Loss after tax (305) (707) 
Adjustments for:
Depreciation 89 119
Amortisation 29 29
Impairment of intangible asset – 494
Loss on disposal 10 1
Share-based payments – –
Impairment of financial asset – –
Tax credit (85) (71)
Interest expense 126 54
Changes in working capital:
Inventories (47) 108
Trade and other receivables (24) (542)
Trade and other payables 27 (440)
Cash used in operations (180) (955)
22 Commitments
The future aggregate minimum lease payments under non-cancellable operating leases are as follows:
2014 
£’000
2013 
£’000
No later than one year 128 113
Later than one year and no later than five years 471 151
Greater than five years 29 –
628 264
23 Related party transactions
During 2013 Michelle Laurier, spouse of Michael Laurier, loaned the company £150,000. Interest on the loan was 
calculated at 2% per month. £150,000 was outstanding at 31 December 2014 (2013: £150,000). This loan was repaid 
in January 2015.
24 Post balance sheet events
There have been no significant post balance sheet events. Symphony Environmental Technologies plc
Annual Report & Accounts 2014
44
25 Capital management
The Group’s capital management objectives are:
 – to ensure the Group’s ability to continue as a going concern; and
 – to provide an adequate return to shareholders
The Group monitors capital on the basis of the gearing ratio calculated as net debt divided by total capital. Net debt 
is calculated as total borrowings as shown in the Consolidated Statement of Financial Position less cash and cash 
equivalents. Total capital is calculated as equity as shown in the Consolidated Statement of Financial Position plus  
net debt.
The Group’s goal in capital management is to maintain an optimal gearing ratio, this has changed from 2013 where 
the goal was to maintain a capital-to-overall financing ratio of 1:1 to 1:3. The gearing ratio has been restated for 2013. 
The Group manages the capital structure and makes adjustments to it in the light of changes in economic conditions 
and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group 
may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell 
assets to reduce debt.
The gearing ratios at 31 December 2014 and 2013 were as follows: 
2014 
£’000
2013 
£’000
Total borrowings 1,153 1,342
Cash and cash equivalents (938) (130)
Net debt 215 1,212
Total equity 3,716 2,429
Borrowings 1,153 1,342
Overall financing 4,869 3,771
Gearing ratio 4% 32%
The ratio-decrease during 2014 is due to both the increase in equity, being new shares issued during the year, which 
resulted in the high cash and cash equivalents balance at the year end. The Group will endeavour to optimise the 
ratio depending on the position of the Group and its general requirements. 
26 Capital commitments
The Group had capital commitments totalling £nil at the end of the year (2013: £nil). 
The following pages contain the balance sheet and accompanying notes for the parent Company prepared under 
UK GAAP.
Notes to the Annual Report and Accounts
continued FINANCIAL STATEMENTS CORPORATE GOVERNANCE BUSINESS REVIEW
Symphony Environmental Technologies plc
Annual Report & Accounts 2014
www.symphonyenvironmental.com
45
Company Balance Sheet
at 31 December 2014
Company number 3676824
Note
2014
£’000
2013
£’000
Fixed assets
Tangible assets 28 4 11
Investments 29 2,150 2,150
2,154 2,161
Current assets
Debtors 30 3,301 2,520
Cash at bank and in hand 921 9
4,222 2,529
Creditors: amounts falling due within one year 31 593 69
Net current assets 3,520 2,460
Total assets less current liabilities 5,783 4,621
Creditors: amounts falling due after more than one year 32 – 508
5,783 4,113
Capital and reserves
Share capital 34 1,446 1,281
Share premium account 35 3,077 1,650
Profit and loss account 35 1,260 1,182
5,783 4,113
   
The Company has applied the exemption under section 408 of the Companies Act 2006 not to present a profit and 
loss account for the year ended 31 December 2014. There are no recognised gains or losses other than its profit for 
the year as detailed in note 36.
These financial statements were approved by the Directors on 10 April 2015 and are signed on their behalf by:
I Bristow FCCA
Finance Director
The accompanying notes form an integral part of these financial statements.
  Symphony Environmental Technologies plc
Annual Report & Accounts 2014
46
Notes to the Company Balance Sheet
27 Principal accounting policies
Basis of accounting
The Company financial statements have been prepared under the historical cost convention and in accordance with 
United Kingdom Generally Accepted Accounting Practice (GAAP).
Fixed assets
Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful 
economic life of that asset as follows:
Plant and machinery – 20% reducing balance.
Motor vehicles – 20% reducing balance.
Leasing and hire purchase commitments
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the 
asset have passed to the Company, and hire purchase contracts, are capitalised in the balance sheet and are 
depreciated over their useful lives. The capital elements of future obligations under the leases and hire purchase 
contracts are included as liabilities in the balance sheet.
The interest elements of the rental obligations are charged in the profit and loss account over the periods of the 
leases and hire purchase contracts and represent a constant proportion of the balance of capital repayments 
outstanding.
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the 
lease term.
Pension costs
Company pensions are operated within the Group pension scheme. The Group operates a defined contribution 
pension scheme for employees. The assets of the scheme are held separately from those of the Group. The annual 
contributions payable in respect to the Company are charged to the profit and loss account.
Deferred taxation
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 have occurred at that date that will result in an obligation to pay more, or a 
right to pay less or to receive more tax, with the following exception: deferred tax assets are recognised only to the 
extent that the Directors consider that it is 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 measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which 
timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
 
Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into Sterling at the rates of exchange ruling at the 
balance sheet date. Transactions in foreign currencies are translated into Sterling at the rate of exchange ruling at the 
date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Investments
Investments are included at cost less amounts written off.
Financial instruments
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 entity after 
deducting all of its financial liabilities.
Where the contractual obligations of the financial instruments (including share capital) are equivalent to a similar 
debt instrument, those financial instruments are classified as financial liabilities. Financial liabilities are presented  
as such in the balance sheet. Finance costs are calculated so as to produce a constant rate of return on the 
outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then 
this is classified as an equity instrument. Dividends and distributions relating to equity instruments are debited direct 
to equity. FINANCIAL STATEMENTS CORPORATE GOVERNANCE BUSINESS REVIEW
Symphony Environmental Technologies plc
Annual Report & Accounts 2014
www.symphonyenvironmental.com
47
Equity-settled share-based payments
All share-based payment arrangements granted after 7 November 2002 that had not vested prior to 1 January 2007 
are recognised in the financial statements.
All goods and services received in exchange for the grant of any share-based payment are measured at their fair 
values. Where employees are rewarded using share-based payments, the fair values are determined by reference to 
the fair value of the instrument granted to the employee. This fair value is appraised at the grant date and excludes 
the impact of non-market vesting conditions. The fair value is charged to the profit and loss account between the 
date of issue and the date the share options vest with a corresponding credit taken to shareholders’ funds.
28 Tangible fixed assets
Plant & 
machinery
£’000
Motor 
vehicles
£’000
Total
£’000
Cost
At 1 January 2014 27 35 62
Transfer to other company within the Group (27) – (27)
At 31 December 2014 – 35 35
Depreciation
At 1 January 2014 22 29 51
Charge for the year – 2 2
Transfer to other company within the Group (22) – (22)
At 31 December 2014 – 31 31
Net book value
At 31 December 2014 – 4 4
At 31 December 2013 5 6 11
Included within the net book value of £4,000 is £nil (2013: £nil) relating to assets held under finance leases and hire 
purchase contracts. The depreciation charged to the financial statements in the year in respect of such assets 
amounted to £nil (2013: £3,000).
29 Investments 
Shares in Group undertakings
2014 
£’000
2013 
£’000
At beginning and end of the year 2,150 2,150
Group undertakings are detailed in note 13.
30 Debtors 
2014 
£’000
2013 
£’000
Amounts owed by Group undertakings 3,286 2,510
VAT 5 4
Other debtors 5 –
Prepayments 5 6
3,301 2,520
31 Creditors: amounts falling due within one year 
2014 
£’000
2013 
£’000
Trade creditors 21 10
Loans 500 –
Accruals 72 59
593 69 Symphony Environmental Technologies plc
Annual Report & Accounts 2014
48
Notes to the Company Balance Sheet
continued
32 Creditors: amounts falling after more than one year 
2014
£’000
2013
£’000
Amounts owed to Group undertakings – 8
Loans – 500
– 508
33 Contingent liabilities
The Company has guaranteed all monies due to its bankers by Symphony Environmental Limited, Symphony 
Recycling Technologies Limited and Symphony Plastics (2010) Limited. At 31 December 2014 the net indebtedness 
of these companies amounted to £nil (2013: £nil). 
34 Share capital
The Company’s share capital is detailed in note 18.
35 Reserves 
Share 
premium 
account 
£’000
Profit and 
loss account 
’000
At 1 January 2014 1,650 1,182
Retained profit for the year – 78
New equity share capital subscribed 1,427 –
At 31 December 2014 3,077 1,260
36 Parent Company own accounts
Symphony Environmental Technologies plc has not presented its own profit and loss account and related notes as 
permitted by Section 408 of the Companies Act 2006. The profit for the financial year dealt with in the financial 
statements of the parent Company is £78,000 (2013: profit £108,000).
37 Directors and employees
All employees of Symphony Environmental Technologies plc are Directors. See note 7 of the Group  
consolidated accounts 
The average number of staff employed by the Company during the financial year amounted to:
2014 
No.
2013 
No.
Management 2 2
  
The aggregate payroll costs of the above were: 
2014 
£’000
2013 
£’000
Wages and salaries 65 73
Social security costs 7 8
72 81
The company has taken advantage of the FRS8 exemption that allows intra-Group transactions with a 100% 
subsidiary to not be disclosed.
There were no other related party transactions throughout the period. COMPANY REGISTRATION NUMBER
3676824
REGISTERED OFFICE
6 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD
DIRECTORS
N J Deva DL, FRSA, MEP
Non-Executive Chairman 
M N Laurier
Chief Executive Officer
I Bristow FCCA
Finance Director
M Stephen LL.M
Commercial Director & Deputy Chairman 
M F Stephens
Technical Director
N Clavel
Non-Executive Director
S Robinson
Non-Executive Director
Secretary
I Bristow
NOMINATED ADVISER AND BROKER
Cantor Fitzgerald Europe
One Churchill Place
Canary Wharf
London 
EC14 5RD
BANKERS
HSBC Bank Plc
103 Station Road 
Edgware
Middlesex
HA8 7JJ
SOLICITORS
Olswang
90 High Holborn 
London
WC1V 6XX
AUDITORS
Grant Thornton UK LLP
Chartered Accountants
Registered Statutory Auditors
Grant Thornton House
202 Silbury Boulevard
Central Milton Keynes
MK9 1LW
REGISTRARS
Capita Asset Services
The Registry
34 Beckenham Road
Beckenham
Kent
BR3 4TU 
Company information www.symphonyenvironmental.com