Silverdell Plc
report and
accounts
2008
working closer by collaboration
81733 SILVERDELL COV:81377 SILVERDELL COV  30/3/09  11:58  Page 3 Kitsons Environmental
Asbestos Removal
Nuclear Decommissioning
Scaffolding / Access
Thermal Insulation, Surface
Protection and Coatings
Demolition
Deconstruction / Dismantling
Key market sectors:
Nuclear Industry
Industrial Sectors
Public Sector
Construction
Utilities
Retail
Defence
Power Generation
Petrochemical
Redhill Analysts
Asbestos Consultancy
Asbestos Management
Asbestos Surveying
Air Monitoring (UKAS)
Project Management
Tender Documentation
Software Solutions
Task / Risk Assessments
Training
Expert Witness
Management Plans
Environmental Management
Remediation and Waste
Liability Transfer
Key market sectors:
Public Sector
Construction
Retail 
Insurance Repair
Utilities
NHS
Housing
Silverdell (UK) Ltd
Asbestos Removal
Demolition
Principal Contractor
Strip Out Demolition
Rail Engineering
Waste Transfer
Key market sectors:
Public Sector
Construction
Retail and Leisure
Insurance Repair
Utilities
Rail
Social Housing
SAFE
Modular training system 
for staff
Mobile training solution 
for responsible persons in 
response to CAR 2006 
(Control of 
Asbestos Regulations)
Contents
What we do 1
Group Financial Highlights 2
Chairman’s Statement 3
Chief Executive’s Statement 4
Review of Activities 5
Directors and Advisors 12
Directors’ Report 13
Statement of Directors’ Responsibilities 16
Independent Auditors’ Report – Consolidated Accounts 17
Consolidated Income Statement 18
Consolidated Statement of Total
Recognised Gains and Losses 18
Consolidated Balance Sheet 19
Consolidated Cash Flow Statement 20
Notes to the Consolidated Financial Statements 21
Independent Auditors’ Report – Company only Accounts 50
Company Balance Sheet 51
Notes to Company only Accounts 52
The Silverdell Group of companies (the “Group” or “Silverdell”) provides managed solutions for
asbestos, industrial, remediation and environmental services. Working with partners in public, private,
construction and industrial markets, we are committed to creating an improved environment in which
to live and work. The Group has three main trading divisions ideally positioned to give a balanced
exposure throughout public and commercial sectors, and all have a strong brand presence in their
respective markets. The Silverdell Academy for Excellence (“SAFE”) trades through Silverdell (UK).
The Group has a track record of delivering some of the largest and most challenging projects around
the country, a testament to both its technical knowledge and market intelligence.
About Silverdell Plc
81733 SILVERDELL COV:81377 SILVERDELL COV  30/3/09  13:01  Page 4 1 Report and Accounts 2008
What we do
The Group has a proven track record within
the construction sectors for the majority 
of major contractors working on small 
and large scale works. We operate in
commercial, retail, financial and property
sectors providing both asbestos and
enabling solutions.
The Group has a proven track record in 
the nuclear industry, currently operating 
a primary decommissioning project at
Chapelcross for scaffolding and asbestos
and a three year framework at Dounreay
secured in 2008. Works at other sites 
have also been undertaken as part of the
decommissioning agenda driven by the
Government; with Redhill Analysts
successfully entering the market with
consultancy works provided at two sites.
Solutions in housing maintenance as part
of the Government ʼs Decent Homes 
initiative have featured strongly - particularly
in relation to asbestos management and
removal. Works in the education sectors
continue and our links with public sector
authorities provide an excellent platform for
growth. Our organisation features strongly
within health with two of the largest projects
in the UK secured. We support some major
defence contracts as part of continued
capital improvements to their infrastructure.
Power Generation
and Utilities
Construction and
Refurbishment
Our scaffolding and access solutions support
maintenance contracts and redevelopment
projects on industrial infrastructure and
commercial buildings. Our insulation
solutions for lagging and storage tanks
provide the environmental link to improve
efficiency, reduce energy costs and increase
the life of plant, and have been installed in
many refineries in the UK.
Our consultancy division have developed
from asbestos management to include
wider compliance support solutions.
Remediation and waste stream solutions
have been developed to create a wider
environmental management solution
designed to serve blue chip, construction,
remediation, utilities, industrial, defence
and public sector markets.
Industrial
Solutions
Environmental
Management & Remediation
Public Sector, Defence
and Housing
Our businesses support
a diverse range of
markets employing 
800 people. This
experience allows us 
to respond to specific
requirements in the
safest and most
efficient way.
81733 PRE:81733 PRE  30/3/09  14:19  Page 1 Year ended Year ended
30 September 30 September
2008 2007
£m £m
Continuous operations:
Turnover 61.4 38.5
Operating (loss)/profit (15.8) 2.2
Operating profit** 1.6 5.1
Operating margin** 3% 13%
Earnings per share pence pence
Adjusted basic* 0.6 7.7
Basic (37.2) 2.1
Diluted (37.2) 1.9
* see note 12 to the financial statements
** before goodwill impairment, intangible asset amortisation, share-based payments, finance charges on
deferred consideration and non-recurring items
2 Silverdell Plc
Financial highlights
81733 PRE:81733 PRE  30/3/09  14:19  Page 2 Chairman’s statement
3 Report and Accounts 2008
Trading in the first two months of the current
financial year has been satisfactory and we
are confident of our prospects and see
plenty of potential ahead for the further
development of our company.
Results
For the year ended 30 September 2008, our Company
achieved turnover of £61.4m compared with £38.5m in
the previous year. Pre tax profits reduced from £1.4m in
the previous year to a loss of £16.8m and basic loss per
share was (37.2)p compared with 2.1p of earnings in
the previous year. Adjusted earnings per share, stripping
out amortisation of intangible assets, intangibles
impairment, share-based payment charges, finance
charges on deferred consideration and non-recurring
expenses, was 0.6p (2007: 7.7p). 
As with last year your Directors do not recommend the
payment of a dividend. 
The loss is mainly caused by a material impairment of
the goodwill value of acquisitions. In light of the current
economic environment, where acquisition multiples have
diminished, it was deemed prudent to reduce the
carrying value of these acquisitions. This has no cash
impact on the Group; it merely places a more prudent
valuation on its subsidiaries. The performance of the
acquisitions has in fact been good; it has been Silverdell
(UK), the original business, where results have
disappointed.
The Board and management
Following a disappointing first half, your Directors made
a number of changes to ensure that the prospects for
the business can be maximised. Management changes
have included Danny Spicer moving from the lc board
to become Chairman of Silverdell (UK), where we retain
the benefit of Danny’s customer relations and experience. 
Chris Sims also stood down as Finance Director with
effect from 22 October 2008. Sean Nutley was
promoted to the Chief Executive role on the 22 October
2008 and an interim Group Finance Director recruited.
In addition, the Group’s subsidiary management
structure was strengthened with several new
appointments and the benefits of these changes 
should be evident in due course. 
During the year a number of acquisition opportunities
were reviewed. We were close to making a substantial
acquisition but market conditions deteriorated causing
the Directors to reconsider its merits. Our profits have
been affected by the costs incurred, although our
decision not to proceed proved to be prudent. 
Given all these changes, I particularly wish to thank our
staff for all their efforts during this period. It goes without
saying that we also appreciate the loyalty and support of
our customers.
P
Financing
As at 30 September 2008, debt of £11.2m (2007:
£7.4m) is long term and is expected to mature in 2011.
In addition the Group has short term borrowings of
£3.2m comprising primarily of bank overdrafts and 
loans of £2.8m. Subsequent to the year end, the 
Group concluded its discussions with Barclays Bank to
restructure its existing facilities, which includes a short
term loan of £3.25m due for repayment at 30 June
2009. These restructured facilities combined with the
planned intention to raise additional finance by way 
of equity placing, which certain shareholder’s have led
the Group to believe will be achievable, will provide
sufficient resources, based on projected trading, to allow
the Group to meet is liabilities as they fall due (please
refer to Note 2).   
The Directors, in their consideration of going concern,
have reviewed the Group’s revenue and cash
projections, which they believe are based on prudent
market data and past experience and believe, based on
those forecasts and projections, that it is appropriate to
prepare the financial statements of the Group on the
going concern basis. 
David Williams
Non-Executive Chairman
81733 PRE:81733 PRE  28/3/09  11:57  Page 3 4 Silverdell Plc
My appointment as Chief Executive Officer has come 
at a time when market conditions have become
increasingly challenging and competitive, which have
impacted this year’s trading performance. I concur with
the Chairman’s comments that 2008 was a difficult year
and re-iterate the belief that the changes made put the
Company in a much stronger position.
Despite this, the Group has an excellent track record
working with a wide range of clients in diverse markets.
These range from construction, rail, public sector, retail,
industrial, nuclear, defence, health and education.
We are committed to developing our strategic focus 
to embrace the growth opportunities within the
environmental sector (both the consultancy and
contracting), to develop our presence in the industrial
sector and to penetrate waste and remediation 
markets further.
Silverdell (UK), Redhill Analysts and Kitsons all have 
a strong presence in their respective markets and
locations. We have continued to develop the number 
of framework contracts we manage to improve the
forward order book. In addition, we remain committed 
to excellence on site to reinforce our status as preferred
contractor among existing clients. New service offerings
have been identified as part of our market and product
development strategies which will further improve the
positioning of the Group.
We will continue to develop each of the businesses
organically. This will be achieved through a balanced
exposure to both public sector and commercial markets
designed to respond to both changing markets and the
economic environment. To deliver this strategy, we will:
■ ensure we work collaboratively with our clients 
so that the quality of service delivery always 
meets expectations
■ develop each business through profitable and
secure income streams;
■ attract, develop and retain employees who add
value to our skills base and service offering; and
■ generate cash to develop our business and improve
gearing levels.
The role of the Board will be to implement our strategy,
ensure the right leadership is in place to deliver agreed
business plans and monitor performance against set
targets. Certain functions will be co-ordinated centrally
including finance, information systems, health and
safety and sales and marketing as we continue to evolve
as a Group in the forthcoming year. We have further
strengthened our management team in respect of
environmental and remediation expertise to realise 
new opportunities through vertical market integration. 
The Chairman’s statement refers to the current financing
position of the Group. From an operational perspective,
the aim for the forthcoming year is to build on the
healthy forward order book, despite an environment 
of economic uncertainty. We have started the new
trading year with confidence and, operationally, are 
well positioned to take advantage of the challenges 
and opportunities during the year.
Sean Nutley
Chief Executive Officer
Chief Executive’s statement
We will work to develop each of the businesses
through organic growth.
We will generate cash resources to
develop our business and improve
gearing levels.
81733 PRE:81733 PRE  30/3/09  14:19  Page 4 Shell Tower has been an
award winning project
5 Report and Accounts 2008
The Group has developed into a leading environmental
services and regeneration organisation from its origins 
in asbestos and licensed waste. This has been achieved
through both acquisitions and organic growth in key
market sectors, including health, education, transport
retail, construction, industrial, defence, power and
petrochemical.
Our values
The Group’s success is based on a culture of working
collaboratively with clients  and an ability to deliver a
diverse range of solutions consistently. We believe in
building teams to deliver an unrivalled experience,
working closely with clients, partners, stakeholders and
communities to ensure that practical and cost effective
solutions are delivered.
Our people
Our people are our most important asset and our aim 
is to create: 
■ a clear and demonstrable culture where people,
both the Group’s staff and its customers count;
■ an environment which encourages teamwork, 
trust, respect and honesty;
■ an expectation of both innovation and a passion 
for excellence; and
■ an atmosphere of energy and dynamism.
We are proud of what our people have achieved,
passionate about the projects we undertake and 
highly committed to making a positive difference 
in each area of our work. Our expertise is based 
on improving efficiency, effective planning and
communication and we strive to reduce wasted
resources in all aspects of our work, from management
to design and production.
Our SAFE training unit is unique, developed to equip
our staff and those of our supply partners with superior
technical and soft skills such as project, environmental
and customer relations management, thereby ensuring
consistent solutions are delivered.
Working safely
Our award winning systems are accredited to
Occupational Health and Advisory Services (OHSAS):
18001 standards and are designed to protect our
employees and those living and working in close
proximity to our works. Safer systems are more efficient
and cost effective, helping us to reduce defects and
improve productivity. We achieved two Royal Society for
the Prevention of Accidents (RoSPA) Gold Awards and 
1 Silver RoSPA Award in 2008.
Quality assured solutions
The Group provides services which meet the 
most demanding accreditation criteria including 
ISO: 9001:2000, 14001, 18001, ISO: 17025, ISO: 17020
and United Kingdom Accreditation Services (UKAS),
recognised internationally. Our stringent auditing
systems are designed to ensure the agreed milestones
are achieved first time and without compromise.
Review of activities
We provide solutions to the rail industry;
both trackside and for station refurbishments
81733 PRE:81733 PRE  30/3/09  14:19  Page 5 6 Silverdell Plc
Review of activities continued
Cutting edge innovation
We invest to develop new solutions that lead the way 
in technological advancement. Our visual method
statements were an industry first and raised safety
standards to new levels. CCTV infrastructure in asbestos
enclosures has been revolutionary in monitoring quality,
reducing risk and assisting regulatory bodies through
remote viewing of works in contaminated environments.
This concept has been subsequently adopted by the
HSE as an industry standard.
Working collaboratively through partnership
We place significant emphasis on  building relationships
with clients, partners and stakeholders based on trust,
commitment and open communication.
We are open and structured in our approach to each
project, framework or partnering agreement and are
highly committed to ensure the objectives set are
achieved ensuring that high levels of service are
consistently delivered.
Corporate Social Responsibility
We recognise the fact that our employees, customers,
suppliers and other stakeholders may contribute towards
developing a sustainable business which has a positive
impact on the environment in which we work and live.
Our commitment to this philosophy is exemplified by,
among other things, compliance with current legislation,
investment in community initiatives where we work,
engaging supply chain partners to drive best practice
forward and managing our environmental footprint.  
Key risks
The identification, assessment, pursuit and
management of opportunities and the associated risks is
an integral and inseparable part of management skills
and processes. The following highlights the key business
risks, and how they are addressed.
Market related risks
We are affected by general macro economic conditions
and government spending priorities.
We monitor the forward order books of each business,
deploying the appropriate resources to secure works
through both formal and informal sources whilst leveraging
additional work from our existing client base.
Regulatory risks
There is continuous change to the regulatory
environment in which we trade and operate and we 
are fully committed to remaining  compliant, thereby
avoiding both financial penalties and associated
reputational damage, as a result of non-conformity.
Contract related risks
As a Group, we undertake hundreds of projects each
year and the commercial risk of each is dependent 
on the nature and complexity of the works. We are
committed to evaluating each contract opportunity
carefully to ensure our capabilities and resource
planning are appropriate to meet all deliverables.
Financial risks
The key financial risks facing the Group are discussed 
in detail in the Directors’ Report on page 13.
People risks
The retention and recruitment of staff for an organisation
that is continually growing is a challenge faced by the
Group and the industries in which it operates. The
Group utilises a range of recruitment processes relevant
to its specific labour markets. In addition remuneration
and incentive policies and programmes are designed 
to be market competitive and while locally determined,
are centrally co-ordinated.
Supporting a community day for
residents in Hillingdon, London
81733 PRE:81733 PRE  28/3/09  11:57  Page 6 SILVERDELL (UK)
Silverdell (UK) was established over 30 years ago and is
a leading asbestos removal contractor capable of taking
on a wider principal contractor roles on all elements of
enabling works. We work in the public and private sector
on both small and large contracts and have many long
term framework contracts. The business earned a
RoSPA Gold Award in 2008.
Silverdell (UK) employs 400 staff and has regional
offices located throughout the UK, including
Southampton, Cardiff, Exeter (recently opened),
Leicester, Bradford, London and Barking, the
headquarters.  
Sector highlights and some examples of our work
in the year have included:
Defence
We continue to go from strength to strength within this
sector, with ongoing works being undertaken to refurbish
officers’ facilities under regional prime contracting
frameworks. 
Healthcare
Two significant projects have been secured during the
last 12 months to both improve and decontaminate
healthcare infrastructure. 
Construction
We have continued to work with many of the major Tier 1
contractors on small and large scale projects, with
enquiries increasing despite the economic downturn. 
Rail
We undertake works on both the London Underground
and on behalf of infrastructure and train operating
companies.
Utilities
Silverdell have sucured numerous framework contracts
in the water sector to support ongoing asset management
maintenance. Other works on the National Grid are
undertaken on a project by project basis.  
Enabling works
Demolition and asbestos removal activities were carried
out as principal contractor to enable the Odeon and
Haymarket Cinemas to be redeveloped into a leisure club.
Silverdell (UK) undertook asbestos removal works as
part of the major refurbishment of the Regent’s Palace
Hotel in Central London. 
Acting again as principal contractor, we also undertook
demolition, facade retention and asbestos removal works
as part of the major redevelopment of Borthwick Wharf.
International rojects p 
Silverdell (UK) were commissioned to undertake works
in Romania on a major car manufacturing plant during
its redevelopment.
7 Report and Accounts 2008
Our mobile training
unit supports both
operational needs
and clients in a
dual role function
81733 PRE:81733 PRE  30/3/09  15:48  Page 7 8 Silverdell Plc
Review of activities continued
Working to improve the
quality of defence
infrastructure
Providing social housing
solutions as part of Decent
Homes initiatives
REDHILL ANALYSTS
Redhill Analysts is renowned as one of the leading 
asbestos consultancies in the UK, which continues to 
develop a wider environmental service offering to cover
compliance and energy management. We work with 
an extensive portfolio of clients, all of whom have
responsibility for estate and property management.
Surveys, asbestos management strategies, project
management and testing are the key asbestos related
services offered. Environmental management, energy,
carbon, geotechnical and remediation solutions have
been developed to augment these and to cater to the
wider environmental and waste management markets.
Our IT based compliance management systems have
been well received and complement our testing services.
Redhill Analysts employs 110 people and has offices 
in Gatwick, Birmingham, Manchester and Cardiff. 
Sector highlights of the year and some examples 
of our work include:
Nuclear and industrial
Redhill Analysts has successfully entered both the
nuclear and industrial markets through existing
relationships within the Group, a clear demonstration 
of our vertical integration strategy.
Retail
We act as the favoured consultant to a number of 
blue chip high street retail chains, providing project
management and analytical services to ensure 
full regulatory compliance in respect of their
refurbishment and remodelling projects.
Utilities and energy
Redhill undertake extensive works in the utilities 
sector working with clients who have operational 
and managerial responsibility for portfolios of over 
5,000 buildings.
Environmental consultancy
Broader environmental consultancy capabilities have
been added to our service offering to assist our clients 
to manage the issues they face within their existing
property portfolios in the most effective and compliant
manner.  These currently include energy management,
geotechnical and remediation, carbon management and
broader liability management.
Energy management
Our energy management division can provide services
such as energy audits, renewable strategies, energy
performance certificates, site waste plans and waste
estimation to clients. Our solutions are clear, focused
and cost efficient.
Carbon anagement m
Carbon foot printing and carbon reduction programmes
are areas where clients can benefit from the more
efficiencient use of resources and in relation to their
corporate and social responsibility agendas.  
81733 PRE:81733 PRE  28/3/09  11:57  Page 8 9 Report and Accounts 2008
Geotechnical remediation
We address the legacy issues of buildings and
brownfield sites by providing practical solutions 
to decommissioning, remediation design and the
delivery of waste management solutions. These 
include encapsulation to state of the art process
treatment including bioremediation, vacuum extraction
and soil washing.  We offer intrusive contaminated 
land surveying, remediation and geotechnical services
and quantitative risk assessments on a cost effective
and practical basis with single source accountability.
Liability transfer
The liability transfer concept has a long track record 
in releasing corporations from historic environmental
liabilities and is now a mainstream solution.  We focus
on the transfer of liability without relinquishing control 
of an asset, giving clients certainty as part of their
environmental asset cost planning, supporting their
divestment programmes and providing a means of
removing liabilities from the balance sheet. 
SAFE COMPLIANCE TRAINING
Responding to the growing demands of the asbestos
industry to raise its standards, Silverdell (UK) has
developed SAFE, a well structured, thorough and
exhaustive training programme that all of its operatives
and supervisors are required to attend.
Silverdell’s mobile training suite (SAFE) provides the
ability to deliver site-based training in a working
environment. Our clients can also therefore receive 
the same level of compliance training on-site as a part 
of the service we offer.  We deliver asbestos awareness
training to those wishing to comply with Regulation 10 
of the Control of Asbestos Regulations 2006 (CAR 2006)
and are currently under consideration for accreditation
by City and Guilds as the first modular unit for asbestos
related training. SAFE has been nominated as a finalist
at the Construction News Specialist Contractor of the
Year 2009 Awards for excellence in training and
development.
Developing solutions for
government and the public sector
Providing cost effective solutions
for utilities and power generation operations
81733 PRE:81733 PRE  28/3/09  11:57  Page 9 KITSONS ENVIRONMENTAL EUROPE
(“Kitsons”)
Kitsons is a renowned multi-disciplinary contractor
providing industrial services, asbestos removal and low-
level nuclear decommissioning solutions. Our scaffolding
capabilities can address the most challenging projects,
both large and small. Our thermal insulation division is
long established in the industry, supporting clients in
their drive to be cost efficient through improved
environmental initiatives. 
The business earned a RoSPA Gold Award during 2008.
Kitsons currently employ in excess of 350 people with 6
regional offices in Pembroke, Birmingham, Aldermaston,
Glasgow, Billingham and Rosyth and a head office in
Warrington. 
Sector highlights and some examples of our work in the
year have included:
Petrochemical 
We have undertaken work at several different sites 
and at our largest project in Wales we used over 
2,000 tonnes of scaffolding without incident, in
conditions which are challenging from a safety
perspective.
Tank installations and insulations were undertaken 
at various refineries throughout the UK to improve
efficeniency, capacity and deliver environmental
benefits.
Nuclear
We have secured a three year framework contract for
asbestos removal and scaffolding at Dounreay as part of
the wider decommissioning works. 
At Chapelcross we are undertaking a four year
decommissioning project, with scaffolding works and
asbestos removal ongoing.
Industrial
Successful installations at a leading wheat processing
factory in Manchester were undertaken to improve
insulation as part of the factory’s redevelopment.
Scaffolding was undertaken at the factory of a blue chip
cement manufacturer, at a plant which is leading the
way in its approach to energy use. 
Review of activities continued
Silverdell Plc
Providing solutions for remediation
and cleaning contaminated waste as
enabling works in the home counties
10
81733 PRE:81733 PRE  28/3/09  11:57  Page 10 Education
Extensive works have been undertaken in UK
universities, with projects completed in clasp 
buildings, main structures and graded buildings. 
Public
Extensive asbestos removal and scaffolding works 
under the “Decent Homes” initiatives have been
undertaken in Wales, England and Scotland.
Utilities
We deliver specialist maintenance and asbestos 
related services nationally for key electricity, water 
and gas providers.
Defence
Kitsons have a 10 year track record of serving specialist
defence projects, where we often leverage our nuclear
expertise to offer additional added value to clients.
11 Report and Accounts 2008
Works in the public
sector, education, and
housing are undertaken
in accordance with
regulation on large and
small scale projects
Installation of insulation
at major processing plants to
improve environmental performance
Working in Petrochemical markets offering
asbestos removal, insulation and scaffolding
solutions as part of normal maintenance
programmes and as part of shut-downs
81733 PRE:81733 PRE  28/3/09  11:57  Page 11 David Williams (56)
Non-Executive Chairman
David has 36 years experience in the
investment market. He has served as
Chairman in both executive and non-executive
capacities for a number of companies, both
public and private. He has overseen the
development of these companies through 
both organic and acquisitive growth as well 
as dealing with turnaround situations. 
David is currently Chairman of Augean Plc,
Entertainment One, Zetar Plc, and Dury Lane
Capital as well as Marwyn Investment Group
Limited and associated companies.
Sean Nutley (37)
Chief Executive Officer
Sean joined Silverdell in 1992 as an asbestos
removal operative and became part of the
management team 14 years ago as an
estimator. He became Director for special
contracts in 2000. Sean is responsible for
company growth, direction, new business
opportunities and client relations, as well as
technical input and co-ordination on large
and difficult contracts. He was promoted
from Chief Operating Officer in 2008.
Mark Watts (35)
Non-Executive Director
Mark is a Director of Marwyn Investments
Group and Aldgate Capital Plc, and a partner
in Marwyn Capital and Marwyn Investment
Management. He holds directorships
in several other of Marwyn’s investments.
Previously, Mark was a management
consultant completing strategic development
projects for many blue-chip companies,
including Ford Motor Company and 
Barclays Bank.
12 Silverdell Plc
Directors and advisors
Advisors
Directors
David Williams (Chairman)
Sean Nutley (Chief Executive)
Mark Watts (Non Executive Director)
Secretary
Susan Fadil FCIS and
Robert Hillhouse FCIS
Mayer Brown International LLP
201 Bishopsgate
London 
EC2M 3AF
Registered Office
14 Buckingham Street
London
WC2N 6DF
Solicitors
DLA Piper UK LLP
101 Barbirolli Square
Bridgewater
Manchester
M2 3DL
Registrars
Capita IRG Plc
The Registry
34 Beckenham Road
Beckenham
Kent
BR3 4TU
Auditors
Deloitte LLP
Chartered Accountants
2 New Street
London 
EC4A 3BZ
Nomad and Broker
Collins Stewart Europe Limited
88 Wood Street
London 
EC2V 7QR
81733 PRE:81733 PRE  28/3/09  11:57  Page 12 13 Report and Accounts 2008
Directors’ report
The Directors present their annual report on the affairs of the Group, together with the financial statements and auditors’ report for the year
ended 30 September 2008.
Principal activities
Silverdell Plc is the parent company of a Group of companies providing asbestos, industrial and environmental solutions from consulting 
and contracting perspectives. The principal subsidiaries are shown in note 34 to the accounts.
Business review
The Group reported a loss for the year; which reflects a number of special, non-recurring items, including a goodwill impairment loss of
£14.7m, resulting from more challenging market conditions. The 2008 reported loss was £16.6m (2007: profit of £0.8m). The loss per 
share was 37.2p (2007: earnings per share of 2.1p). The adjusted earnings per share, excluding non-recurring items, impairments and
amortisation, was 0.6p (2007: 7.7p). As explained in the Chairman’s Statement on page 3, these results are disappointing and have led 
to changes in the structure and management of the Group explained in that Statement.
Group revenue for the year increased by 59% to £61.4m (2007: £38.5m). The increase reflects the full year effect of Redhill Analysts
Limited and Kitsons Environmental Europe Limited, which were acquired in the prior year, together with growth of 12% in the revenue 
of Silverdell (UK) Limited. Due to challenging market conditions, the Group’s gross profit margin reduced from 36% to 24%.
Administrative expenses, excluding goodwill impairment, intangibles amortisation, share-based payments and non-recurring costs, increased
by 40% to £12.9m (2007: £9.2m), representing 21% of Group revenue (2007: 24%). Non-recurring costs of £0.5m (2007: £Nil) arose from
abortive acquisitions and the renegotiation of the Group’s banking facilities.
The Group produced a cash outflow from operating activities of £1.4m (2007: inflow of £2.3m), and spent £3.5m (2007: £11.6m) on
investing activities, principally the payment of consideration for current year acquisitions. New funds from bank loans of £4.2m (2007:
£9.0m) were drawn down during the year and loan repayments of £1.1m (2007: £Nil) were made. The resulting net decrease in cash and
cash equivalents was £1.8m (2007: decrease of £1.4m).
The Group’s financial gearing ratio, calculated as the ratio of net debt to total capital, was 43% at 30 September 2008 (2007: 20%).  
The Group’s debtor days for amounts due from customers at 30 September 2008 was 66 days (2007: 82 days). Subsequent to the year 
end the Group agreed revised borrowing terms (see Note 2). 
Despite the challenging market conditions being faced at present, the Directors consider that the Group is well placed in terms of its 
position in the environmental sector to capitalise on future opportunities.
Key performance indicators
The principal key performance indicator monitored by the Board is “Adjusted EBITDA”, which is defined as earnings before interest, 
tax, depreciation, amortisation, share based payment charge and non-recurring items. Adjusted EBITDA for 2008 was £2,501,000 
(2007: £5,058,000), reflecting an operating loss of £15,883,000 (2007: profit of £2,201,000) adjusted for the add back of depreciation
£848,000 (2007: £556,000), amortisation and impairment charges of £16,804,000 (2007: £2,130,000), share based payment charge 
of £212,000 (2007: £171,000) and non-recurring expenses of £520,000 (2007: £Nil).
Results and dividends
The financial results of the Group for the year are set out on page 18. The Directors do not recommend the payment of a dividend 
(2007: £nil ).
Directors
The Directors of the company in office during the period and their beneficial interests in the issued share capital of 10p ordinary shares
were as follows:
30 September 30 September 30 September 30 September
2008 2008 2007 2007 
options options
David Williams 1,000,000 – 1,000,000 –
Mark Watts 40,000 – 40,000 –
Danny Spicer* 1,418,892 276,000 1,002,129 276,000
Sean Nutley 508,018 276,000 320,682 276,000
Gordon Morrison** 1,300,000 – 200,000 –
Chris Sims* 55,000 200,000 25,000 200,000
* Danny Spicer and Chris Sims resigned as Directors subsequent to the year-end on 22 October 2008.
** Gordon Morrison resigned as Director subsequent to the year end on 26 February 2009.
Further detail in respect of share options is disclosed in note 7 to the financial statements.
Except for the resignations of Danny Spicer, Gordon Morrison and Chris Sims, there have been no changes in Directors’ interests between
the year-end date and the date of this Report and Accounts.
In accordance with the Articles of Association, Directors who have been elected to the Board since the last Annual General Meeting
(“AGM”) must be re-elected at the subsequent AGM. In accordance with the Articles, Sean Nutley retires at the forthcoming AGM and
offers himself for re-election.
81733 PRE:81733 PRE  28/3/09  11:57  Page 13 Substantial interests in the share capital at 25 March 2009
In addition to the Directors, the company had been notified of the following shareholders who held 3% or more of the ordinary share capital
in issue of the company:
Number of shares %
Marwyn Investment Fund Limited 12,899,999 30.97
Credit Agricole Cheuvreux International Limited 2,515,336 6.04
D J Spicer Esq 2,227,587 5.35
P A Bell Esq 2,000,000 4.80
F&C Asset Management Plc 1,977,106 4.75
R P Blackburn Esq 1,724,921 4.14
Fidelity Investments Limited 1,667,500 4.00
Fidelity European Smaller Companies Fund 1,578,000 3.79
D T Spicer Esq 1,358,692 3.26
P Dolan Esq 1,333,333 3.20
G Morrison Esq 1,300,000 3.12
Charitable donations
During the year, the Group made charitable donations of £14,645 (2007: £7,752). There were no political contributions (2007: £nil).
Disabled employees
The Group makes every reasonable effort to provide opportunities for work, training, and career development for disabled applicants and
employees who become disabled, commensurate with their abilities. In the recruitment and subsequent career development of employees,
consideration is given only to individuals’ aptitudes and abilities irrespective of race, gender, marital status or disability.
Employee involvement
By means of formal announcements and informal discussions, the Group has a policy of keeping employees informed of all matters that
concern them so that employees’ views can be taken into account when making decisions that affect their interests.
Directors’ indemnities
The Company has made qualifying third party indemnity provisions for the benefit of its Directors, which were made during the year and
remain in force at the date of this report.
Creditor payment policy
The Group’s policy concerning payment of suppliers is either to agree terms of payment at the start of business with each supplier or to
ensure that the supplier is made aware of the Group’s standard payment terms and in either case to pay in accordance with its contractual
or other obligations. The average number of days credit taken at 30 September 2008 was 43 days (2007: 52 days).
Financial risk management
The main risks arising from the Group’s activities are credit, interest rate and liquidity risks. The policies for managing each of these risks
are summarised below.
Credit risk
The Group’s principal financial assets are bank balances, trade and other receivables and amounts receivable from clients under contracts.
The Group’s credit risk is primarily attributable to its trade and contract receivables. The amounts presented in the balance sheet are net of
allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous
experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds is limited because the counterparties are approved financial institutions.
The Group has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
Interest rate risk
The Group finances its operations through a mixture of equity and bank borrowings. The Group borrows only in sterling, at both fixed and
floating rates of interest to meet short term funding requirements and for financing acquisitions.
At the year end the Group had finance leases/hire purchase agreements at fixed interest rates, and a bank overdraft at floating interest
rates. The long term bank loans were at both a rate fixed by an interest rate swap, and at floating rate. The Group’s policy is to review
interest rate risks regularly in relation to their materiality compared to other operational risks.
14 Silverdell Plc
Directors’ report continued
81733 PRE:81733 PRE  28/3/09  11:57  Page 14 15 Report and Accounts 2008
Liquidity risk management and going concern
The Group closely monitors, and has a number of treasury policies to manage, its liquidity risk. Cash forecasts identifying the Group’s
liquidity requirements are produced regularly. The Group seeks to ensure sufficient financial headroom exists.  The short term flexibility
required to address liquidity risk is achieved by overdraft facilities.
As at 30 September 2008, debt of £11.2m (2007: £7.4m) is long term and is expected to mature in 2011. In addition the Group has short
term borrowings of £3.2m comprising primarily of bank overdrafts and loans of £2.8m. (Please refer to Note 21). The Group obtained a
waiver for the period under review from its lenders in respect of testing of the financial covenants contained within its borrowing agreements
as at 30 September 2008. In addition, as a consequence of the economic climate a breach of the Group’s covenants is possible, when
tested for each of the relevant quarters for the year ended 30 September 2009. 
Subsequent to the year end, the Group has concluded its discussions with the relevant lenders for the amendment of terms included within
its borrowing agreements. As part of the amendments to the borrowing agreements a bridging facility of £3m has been provided and is due
for repayment on 30 June 2009. This facility will be repaid from the proceeds of an equity placing planned in 2009. (Please refer to note 2).  
Foreign currency risk
The Group does not have significant exposure to foreign currency risk.
Auditors
Each of the persons who is a Director at the date of approval of this report confirms that:
■ so far as the Director is aware, there is no relevant information of which the company’s auditors are unaware; and
■ the Director has taken all reasonable steps that he ought to have taken as a Director in order to make himself aware of any relevant
audit information and to establish that the company’s auditors are aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s234ZA of the Companies Act 1985.
The company’s auditors, Deloitte LLP, have expressed their wish to remain in office, and a resolution that they be re-appointed will be
proposed at the forthcoming Annual General Meeting.
Approved by the Board of Directors and signed on behalf of the Board
Susan Fadil FCIS
Secretary
27 March 2009
81733 PRE:81733 PRE  28/3/09  11:57  Page 15 The Directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and
regulations.
Company law requires the Directors to prepare financial statements for each financial year. The Directors are required by the IAS Regulation
to prepare the Group financial statements under IFRSs (IFRSs) as adopted by the European Union. The Group financial statements are also
required by law to be properly prepared in accordance with the Companies Act 1985 and Article 4 of the IAS Regulation.
International Accounting Standard 1 requires that IFRS financial statements present fairly for each financial year the company’s financial
position, financial performance and cash flows. This requires the faithful representation of the effects of transactions, other events and
conditions in accordance with the definitions and recognition criteria for assets, liabilities, income and expenses set out in the International
Accounting Standards Board’s ‘Framework for the preparation and presentation of financial statements’. In virtually all circumstances, a fair
presentation will be achieved by compliance with all applicable IFRSs. Directors are also required to:
■ properly select and apply accounting policies;
■ present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable
information; and 
■ provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand
the impact of particular transactions, other events and conditions on the entity’s financial position and financial performance.
The Directors have elected to prepare the parent company financial statements in accordance with United Kingdom Generally Accepted 
Accounting Practice (United Kingdom Accounting Standards and applicable law). The parent company financial statements are required by 
law to give a true and fair view of the state of affairs of the company. In preparing these financial statements, the Directors are required to:
■ select suitable accounting policies and then apply them consistently;
■ make judgments and estimates that are reasonable and prudent;
■ state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in
the financial statements; 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 proper accounting records that disclose with reasonable accuracy at any time the financial
position of the company and enable them to ensure that the parent company financial statements comply with the Companies Act 1985.
They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the company’s website. Legislation in the United Kingdom governing the
preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
16 Silverdell Plc
Statement of Directors’ responsibilities
81733 PRE:81733 PRE  28/3/09  11:57  Page 16 17 Report and Accounts 2008
Independent Auditors’ report
to the members of Silverdell PLC
We have audited the Group financial statements of Silverdell PLC for the year ended 30 September 2008 which comprise the Consolidated
Income Statement, the Consolidated Balance Sheet, the Consolidated Statement of Recognised Income and Expense, the Consolidated
Cash Flow Statement and the related notes 1 to 32. These Group financial statements have been prepared under the accounting policies
set out therein. 
We have reported separately on the parent company financial statements of Silverdell Group plc for the year ended 30 September 2008. 
This report is made solely to the company’s members, as a body, in accordance with section 235 of the Companies Act 1985. Our audit
work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditors’
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
The Directors’ responsibilities for preparing the Annual Report and the Group financial statements in accordance with applicable law and
International Financial Reporting Standards (IFRSs) as adopted by the European Union are set out in the Statement of Directors’
Responsibilities.
Our responsibility is to audit the Group financial statements in accordance with relevant legal and regulatory requirements and International
Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the Group financial statements give a true and fair view, and have been properly prepared in
accordance with the Companies Act 1985. We also report to you whether in our opinion the information given in the Directors’ Report is
consistent with the Group financial statements.
In addition we report to you if, in our opinion, the company has not kept proper accounting records, we have not received all the information
and explanations we require for our audit, or if information specified by law regarding Director’s remuneration and other transactions is
not disclosed.
We read the other information contained in the Annual Report as described in the contents section and consider whether it is consistent
with the audited Group financial statements. We consider the implications for our report if we become aware of any apparent misstatements
or material inconsistencies with the Group financial statements. Our responsibilities do not extend to any further information outside the
Annual Report.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board.
An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the Group financial statements.
It also includes an assessment of the significant estimates and judgments made by the Directors in the preparation of the Group financial
statements, and of whether the accounting policies are appropriate to the Group’s circumstances, consistently applied and
adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide
us with sufficient evidence to give reasonable assurance that the Group financial statements are free from material misstatement, whether
caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of
information in the Group financial statements.
Opinion
In our opinion:
■ the Group financial statements give a true and fair view, in accordance with IFRSs as adopted by the European Union, of the state of
the Group’s affairs as at 30 September 2008 and of its loss for the year then ended;
■ the Group financial statements have been properly prepared in accordance with the Companies Act 1985; 
■ the information given in the Directors’ Report is consistent with the Group financial statements.
Emphasis of matter – going concern
In forming our opinion on the financial statements which is not qualified, we have considered the adequacy of disclosures made in Note 2
to the financial statements concerning the ability of the Group to continue as a going concern.
The Group is likely to breach its covenants, in the absence of any mitigating plans, when tested for the relevant quarters in the period ended
30 September 2009. If such a covenant breach were to occur the lenders would be able to request early repayment of all outstanding
borrowings and cancel their commitments. Subsequent to the year end, the Group concluded discussions with its lenders which resulted in
a £3.25m bridging facility being provided and due for repayment on 30 June 2009. These conditions, along with other matters as set out in
Note 2 to the financial statements, indicate the existence of a material uncertainty which may cast significant doubt about the Group’s ability
to continue as a going concern. The financial statements do not include any adjustments that would result if the Group was unable to
continue as a going concern.  
Deloitte LLP
Chartered Accountants and Registered Auditors 
London, United Kingdom
31 March 2009
81733 PRE:81733 PRE  30/3/09  14:45  Page 17 Non-recurring,
impairments
Before and
non-recurring amortisation
items (see Note 11)
2008 2008 2008 2007
Notes £’000 £’000 £’000 £’000
Revenue 61,378 – 61,378 38,498
Cost of sales (46,793) – (46,793) (24,808)
Gross profit 14,585 – 14,585 13,690
Administrative expenses (13,144) – (13,144) (9,359)
– impairment of goodwill – (14,653) (14,653) –
– amortisation of intangible assets – (2,151) (2,151) (2,130)
– non-recurring expenses        – (520) (520) –
Operating profit/(loss) 6 1,441 (17,324) (15,883) 2,201
Finance income 8 42 – 42 72
Finance costs 9 (963) – (963) (846)
Profit/(loss) before tax 520 (17,324) (16,804) 1,427
Taxation (credit)/charge 10 231 – 231 (670)
Profit/(loss) for the year 25 751 (17,324) (16,573) 757
Earning per share (Pence)
Basic earnings per ordinary share 12 (37.2) 2.1
Diluted earnings per ordinary share 12 (37.2) 1.9
All items relate to continuing operations.
Consolidated Statement of Total Recognised
Gains and Losses
for the year ended 30 September 2008
2008 2007
Notes £’000 £’000
Net (expense)/income recognised directly in equity (92) 62
(Loss)/profit for the year (16,573) 757
Total recognised income and expense 25 (16,665) 819
18 Silverdell Plc
Consolidated Income Statement
for the year ended 30 September 2008
81733 PRE:81733 PRE  30/3/09  14:19  Page 18 19 Report and Accounts 2008
Consolidated Balance Sheet
at 30 September 2008
2008 2007
Notes £’000 £’000
Non-current assets
Goodwill 13 20,976 37,127
Other intangible assets 14 2,343 4,494
Property, plant and equipment 15 2,809 2,480
Trade and other receivables 18 1,001 1,001
27,129 45,102
Current Assets
Inventories and work in progress 16 1,163 1,278
Other financial assets 17 – 86
Trade and other receivables 18 16,562 16,134
Cash and cash equivalents 17 1,418
17,742 18,916
Total assets 44,871 64,018
Non-current liabilities
Borrowings 20 11,170 7,379
Deferred tax liabilities 10 728 1,110
Deferred consideration 23 – 2,649
Trade and other payables 22 1,001 1,001
12,899 12,139
Current liabilities
Borrowings 20 3,241 2,633
Trade and other payables 22 9,139 10,229
Other financial liabilities 17 41 –
Deferred consideration 23 334 3,000
Current tax liabilities 255 1,932
13,010 17,794
Total liabilities 25,909 29,933
Net assets 18,962 34,085
Equity
Share capital 24 4,165 4,068
Share premium account 25 13,649 13,649
Equity reserve 25 411 368
Hedging reserve 25 (30) 62
Other reserves 25 16,635 15,233
Retained earnings 25 (15,868) 705
Total equity 18,962 34,085
These financial statements were approved by the Board of Directors on 27 March 2009.
Signed on behalf of the Board of Directors
David Williams Sean Nutley
Non-Executive Chairman Chief Executive Officer
81733 PRE:81733 PRE  28/3/09  11:57  Page 19 2008 2007
Notes £’000 £’000
Cash flows from operating activities
Operating (loss)/profit (15,883) 2,201
Impairment of goodwill 14,653 –
Amortisation of intangibles 2,151 2,130
Depreciation on property, plant and equipment 848 556
Profit on disposal of property, plant and equipment (38) (7)
Share based payments 212 171
Movements in working capital:
Decrease in inventories 143 1,590
Increase in trade and other receivables (217) (4,858)
(Decrease)/increase in trade and other payables (1,243) 1,260
Cash generated from operations 611 3,043
Income tax paid (1,993) (734)
Net cash (outflow)/inflow from operating activities (1,382) 2,309
Cash flows from investing activities
Payments for property, plant and equipment (675) (438)
Proceeds from disposal of property, plant and equipment 86 98
Acquisition of subsidiaries (3,239) (12,633)
Net cash acquired with subsidiaries 30 372 1,356
Net cash outflow from investing activities (3,456) (11,617)
Cash flows from financing activities
Interest paid (910) (324)
Interest paid on finance leases (53) (79)
Interest received 42 72
Payments for hire purchase contracts principals (509) (357)
Proceeds from bank loans 4,150 9,000
Repayments of bank loans (1,050) –
Net cash inflow from financing activities 1,670 8,312
Net decrease in cash and cash equivalents (3,168) (996)
Cash and cash equivalents at the beginning of the year 1,418 2,414
Cash and cash equivalents at the end of the year (1,750) 1,418
Cash and cash equivalents comprises:
Cash at bank and in hand 19 17 1,418
Bank overdrafts 19 (1,767) –
(1,750) 1,418
20 Silverdell Plc
Consolidated Cash Flow Statement
for the year ended 30 September 2008
81733 PRE:81733 PRE  28/3/09  11:57  Page 20 1. General information
Silverdell Group plc is a company incorporated in Great Britain under the Companies Act 1985. The address of the registered office 
is given on page 12. The nature of the Group’s operations and its principal activities are set out in the Directors’ Report on page 13.
2. Basis of preparation
The annual consolidated financial statements of the Group have been prepared for the first time in accordance with International
Reporting Standards (IFRS) as adopted by the European Union (EU), (IFRS as adopted by the EU), International Financial Reporting
Interpretations Committee (IFRIC) interpretations and the Companies Act 1985 applicable to companies reporting under IFRS.
IFRS 1 “First-time Adoption of International Financial Reporting Standards” has been applied. The Group’s transition date for
the adoption of IFRS 1 is 1 October 2006. The Group is required to establish its IFRS Accounting Policies for the year ended
30 September 2008 and apply these retrospectively to determine its IFRS balance sheet at the transition date of 1 October 2006 
and the comparative information for the year ended 30 September 2007. Hence the financial statements have been prepared 
using accounting policies which have been applied consistently throughout the year and the preceding year.
An explanation of how the transition to IFRS has affected the reported financial position and financial performance of the Group is
provided in Note 32. There has been no impact on the Group cash flows.
Going concern 
As at 30 September 2008, debt of £11.2m (2007: £7.4m) is long term and is expected to mature in 2011.  In addition the Group 
has short term borrowings of £3.2m comprising primarily of bank overdrafts and loans of £2.8m (see note 21).  
The Group obtained a waiver for the period under review from its lenders in respect of testing of the financial covenants contained
within its facilities agreement for year ended 30 September 2008. Subsequent to the year end the Group has obtained further 
waivers from its lenders in respect of testing of the financial covenant and has agreed revised facilities with its lenders, including 
the re-structuring of existing facilities, re-profiled repayments and revised covenants. As part of these restructured facilities a short
term facility of £3.25m has been provided, which is due for repayment on 30 June 2009. This facility will be repaid from the
proceeds of a planned equity placing in 2009, which certain shareholders have led the Group to believe will be achievable. 
If the Group does not undertake the equity placing, and in the absence of other funding alternatives, the Group would be unable 
to repay the short term facility. As a result there exists an uncertainty that casts significant doubt about the ability of the Group 
and Company to continue as a going concern such that the Group could be unable to realise its assets and discharge its liabilities 
in the normal course of business. Accordingly, assets may be realised at significantly less than book value and additional liabilities
may arise.
Based on the Group raising additional equity finance in 2009 and the projected trading for the Group, the directors’ have a
reasonable expectation that the Group will have adequate resources to continue in operational existence for the foreseeable future.
For this reason they continue to adopt the going concern basis in preparing the consolidated financial statements. Therefore, these
financial statements do not include any adjustments that would result if the going concern basis of preparation is inappropriate.
3. Adoption of new and revised standards
In the current year, the Group has adopted IFRS 7 “Financial Instruments: Disclosures” which is effective for annual reporting periods
beginning on or after 1 January 2007, and the related amendments to “Presentation of Financial Statements”.
The impact of the adoption of IFRS 7 and the changes to IAS 1 has been to expand the disclosures provided in these financial
statements regarding the Group’s financial instruments and management of capital (see Note 21).
Two Interpretations issued by IFRIC are effective for the current period. These are:
IFRIC 10 Interim Financial Reporting and Impairment; and
IFRIC 11 IFRS 2 – Group and Treasury Share Transactions
The adoption of these Interpretations has not led to any material changes in the Group’s accounting policies.
 IAS 1
21 Report and Accounts 2008
Notes to the Consolidated Financial Statements 
at 30 September 2008
81733 ACCOUNTS:81733 accounts  28/3/09  11:58  Page 21 3. Adoption of new and revised standards (continued)
At the date of authorisation of these financial statements, the following Standards and Interpretations which have not been applied 
in these financial statements were in issue but not yet effective:
IFRS 2 Share-based payment – Amendment to vesting conditions and cancellations
IFRS 3 Business Combinations – Comprehensive revision on applying acquisition method
IFRS 8 Operating Segments
IAS 23 Borrowing Costs (Revised) – Comprehensive revision to prohibit immediate expensing
IAS 27 Consolidated and separate financial statements – Amendments arising from IFRS 3 amendment
IAS 28 Investments in Associates – Amendments arising from IFRS 3 amendment
IAS 31 Investments in Joint Ventures – Amendments arising from IFRS 3 amendment
IAS 32 Financial Instruments: Recognition and Measurement – Amendments to puttable instruments and obligations 
arising on liquidation
IAS 39 Financial Instruments: Presentation (Amendments)
IFRIC 12 Service Concession Arrangements
IFRIC 13 Customer Loyalty Programmes
IFRIC 14 IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction
IFRIC 15 Agreements for the Construction of Real Estate
IFRIC 16 Hedges of a Net Investment in a Foreign Operation
IFRIC 17 Distributions of Non-cash assets to owners
The Directors anticipate that the adoption of these Standards and Interpretations in future periods will have no material impact 
on the financial statements of the Group.
3.1 Accounting policies 
Basis of accounting
The consolidated financial information has been prepared in accordance with International Financial Reporting Standards
(IFRSs). The consolidated financial information has also been prepared in accordance with IFRSs adopted by the European
Union and therefore the Group financial statements comply with Article 4 of the EU IAS Regulation.
The consolidated financial information has been prepared on the historical cost basis except for the revaluation of certain
financial instruments. The principal accounting policies adopted are set out below.
IFRS 1 permits companies adopting IFRS for the first time to take certain exemptions from full retrospective application of IFRS
accounting policies. Described below are the applicable instances where the Group has not opted for these exemptions:
(a) Business combinations: The Group has chosen to restate business combinations that occurred prior to 1 October 2006 
to comply with IFRS 3 ‘Business Combinations’. As a result that carrying value of goodwill recorded under UK GAAP as 
at 1 October 2006 has been amended at transition date.
(b) Financial instruments: The Group has applied IAS 32 and IAS 39 from 1 October 2006.
In accordance with IFRS 1 the Group has not revised estimates required under IFRS that were also required under UK GAAP
as at 31 September 2006 and 2007, and, in addition where estimates were not required under UK GAAP, they have been
based on information known at that time, and not on subsequent events.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the
Company (its subsidiaries) made up to 30 September each year. Control is achieved where the Company has the power to
govern the financial and operating policies of an investee entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the
effective date of acquisition or up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line
with those used by the Group.
All intra-group transactions, balances, income and expenses are eliminated on consolidation.
Business combinations 
The acquisition of subsidiaries is accounted for using the purchase method. The cost of the acquisition is measured at the
aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments
issued by the Group in exchange for control of the acquiree, plus any costs directly attributable to the business combination. 
The acquiree’s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 
are recognised at their fair value at the acquisition date.
22 Silverdell Plc
Notes to the Consolidated Financial Statements continued
at 30 September 2008
81733 ACCOUNTS:81733 accounts  28/3/09  11:58  Page 22 3.1 Accounting policies (continued)
Goodwill arising on acquisition is recognised as an asset and initially measured at cost, being the excess of the cost of the
business combination over the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities
recognised. If, after reassessment, the Group’s interest in the net fair value of the acquiree’s identifiable assets, liabilities and
contingent liabilities exceeds the cost of the business combination, the excess is recognised immediately in profit or loss.
Goodwill
Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group’s interest in the fair value of the
identifiable assets and liabilities of a subsidiary at the date of acquisition. Goodwill is initially recognised as an asset at cost and 
is subsequently measured at cost less any accumulated impairment losses. Goodwill which is recognised as an asset is reviewed
for impairment at least annually. Any impairment is recognised immediately in profit or loss and is not subsequently reversed.
For the purpose of impairment testing, goodwill is allocated to each of the Group’s cash-generating units expected to benefit
from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment
annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-
generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount
of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of
each asset in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period.
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for
services provided in the normal course of business, net of discounts, VAT and other sales-related taxes.
Profit is recognised on long-term contracts if the final outcome can be assessed with reasonable certainty by including in the
income statement revenue and related costs as contract activity progresses. Revenue is calculated by reference to the value 
of work performed to date as a proportion of total contract value.
Leasing
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of
ownership to the lessee. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets of the Group at their fair value or, if lower, at the present value of the
minimum lease payments, each determined at the inception of the lease. 
The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation. Lease payments are
apportioned between finance charges and reduction of the lease obligation so as to achieve a constant rate of interest on the
remaining balance of the liability. Finance charges are charged directly against income.
Rentals payable under operating leases are charged to income on a straight-line basis over the term of the relevant lease.
Benefits received and receivable as an incentive to enter into an operating lease are also spread on a straight-line basis over 
the lease term.
Borrowing costs
Borrowing costs are recognised in profit or loss in the period in which they are incurred.
Retirement benefit costs 
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income
statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes
items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been
enacted or substantively enacted by the balance sheet date.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and
liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is
accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary
differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against
which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary
difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of
other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the
Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse 
in the foreseeable future.
23 Report and Accounts 2008
81733 ACCOUNTS:81733 accounts  28/3/09  11:58  Page 23 3.1 Accounting policies (continued)
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no
longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is
realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited
directly to equity, in which case the deferred tax is also dealt with in equity.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current
tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its
current tax assets and liabilities on a net basis.
Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and any recognised impairment loss.
Depreciation is charged so as to write off the cost or valuation of assets, other than land and assets under construction, over
their estimated useful lives, on the following bases:
Leasehold property 10% on cost
Plant and machinery 10% on cost
Office equipment 16.6%-25% on cost
Motor vehicles 25% on reducing balance
Assets held under finance leases are depreciated over their expected useful lives on the same basis as owned assets or, where
shorter, over the term of the relevant lease.
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds 
and the carrying amount of the asset and is recognised in income.
Impairment of tangible and intangible assets excluding goodwill
At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether
there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount
of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate
cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to
which the asset belongs. An intangible asset with an indefinite useful life is tested for impairment annually and whenever there
is an indication that the asset may be impaired.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated
future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of
the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying
amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an
expense immediately, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated 
as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the
revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount 
that would have been determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. 
A reversal of an impairment loss is recognised as income immediately, unless the relevant asset is carried at a revalued
amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Inventories and work in progress
Inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, 
direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and
condition. Cost is calculated using the weighted average method. Net realisable value represents the estimated selling 
price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
Work in progress on service contracts is stated at cost plus, where the outcome can be assessed with reasonable certainty,
estimated profits attributable to the stage of completion less provision for any expected losses and progress payments received
on account. Amounts recoverable on long term service contracts, which are included in trade and other receivables, are stated 
at the net sales value of the work done less progress payments received on account. Excess progress payments are included on
trade and other payables. Cumulative costs incurred, less amounts transferred to cost of sales, less provision for contingencies
and expected future losses on service contracts, are included as long-term service contract balances in inventories
Financial instruments
Financial assets and financial liabilities are recognised in the Group’s balance sheet when the Group becomes a party to the
contractual provisions of the instrument.
24 Silverdell Plc
Notes to the Consolidated Financial Statements continued
at 30 September 2008
81733 ACCOUNTS:81733 accounts  28/3/09  11:58  Page 24 3.1 Accounting policies (continued)
Trade receivables
Trade receivables are measured at initial recognition at fair value. Appropriate allowances for estimated irrecoverable amounts
are recognised in profit or loss when there is objective evidence that the asset is impaired.
Investments
Investments in subsidiaries are stated at cost, less provision for any impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits, and other short-term highly liquid investments that
are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
Financial liabilities and equity
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered
into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of 
its liabilities.
Bank borrowings
Interest-bearing bank loans and overdrafts are recorded at the proceeds received, net of direct issue costs. Finance charges,
including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accrual basis in profit
or loss using the effective interest rate method and are added to the carrying amount of the instrument to the extent that they 
are not settled in the period in which they arise.
Trade payables
Trade payables are initially measured at fair value.
Equity instruments
Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
Derivative financial instruments and hedge accounting
The Group’s activities expose it primarily to the financial risk of changes in interest rates. The Group uses interest rate swap
contracts to hedge this exposure. The Group does not use derivative financial instruments for speculative purposes.
The use of financial derivatives is governed by the Group’s policies approved by the board of Directors, which provide written
principles on the use of financial derivatives. 
Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows 
are recognised directly in equity and the ineffective portion is recognised immediately in the income statement. If the cash flow
hedge of a firm commitment or forecasted transaction results in the recognition of an asset or a liability, then, at the time the
asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in equity 
are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or 
a liability, amounts deferred in equity are recognised in the income statement in the same period in which the hedged item
affects net profit or loss.
Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognised in the
income statement as they arise. 
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer
qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is
retained in equity until the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the net
cumulative gain or loss recognised in equity is transferred to net profit or loss for the period.
Provisions
Provisions are recognised when the Group has a present obligation as a result of a past event, and it is probable that the Group
will be required to settle that obligation. Provisions are measured at the Directors’ best estimate of the expenditure required to
settle the obligation at the balance sheet date, and are discounted to present value where the effect is material.
Share-based payments
The Group issues equity-settled share-based payments to certain employees. Equity-settled share-based payments are
measured at fair value (excluding the effect of non market-based vesting conditions) at the date of grant. The fair value
determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting
period, based on the Group’s estimate of shares that will eventually vest and adjusted for the effect of non market-based 
vesting conditions.
25 Report and Accounts 2008
81733 ACCOUNTS:81733 accounts  28/3/09  11:58  Page 25 3.1 Accounting policies (continued)
Fair value is measured by use of the Black-Scholes model. The expected life used in the model has been adjusted, based 
on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.
Intangible assets
Customer relationships
Customer relationships are measured as the present value of cash flows attributable to the relationship after deduction of
appropriate contributory assets charged. The relationship is amortised over its expected useful life, typically 3 years.
Order book
Order book is the value of confirmed orders on the date of acquisition after appropriate costs have been deducted. The order
book is amortised over the period in which it is expected to unwind.
4. Critical accounting judgements and key sources of estimation uncertainty 
The preparation of consolidated financial statements in conformity with IFRS requires management to make judgements, estimates 
and assumptions about the carrying amount of assets and liabilities and the amount of income and revenue recognised in the period.
Actual results may differ from these estimates.
The key assumptions concerning the future, and other key sources of estimation uncertainty at the balance sheet date, that have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are
discussed below. 
Revenue and profit/margin recognition
The Group’s revenue recognition, turnover and long term contracts policies are set out in the notes above. Management exercises
judgement to estimate the total expected contract costs and determine the percentage of completion in order to recognise the
appropriate revenue and profit in the period. The assessment of profitability and recognition is assessed on an ongoing basis, 
which ensures adequate controls are in place that appropriate amounts are calculated.
Recognition and measurement of intangible assets under IFRS 3 ‘Business Combinations’
In order to determine the value of the separately identifiable intangible assets on the acquisition of a business combination,
management are required to make estimates on secured customer contracts, other contracts and customer relationships and goodwill.
The Group engaged outside independent parties to perform these calculations and determine the fair value and estimated useful lives
of these assets.
Deferred consideration
Deferred consideration relating to acquisitions has been included based on management estimates of the most likely outcome, as set
out in Note 23.
Impairment of goodwill and other intangible assets
There are a number of assumptions management have considered in performing impairment reviews of goodwill and intangible assets.
Determining whether goodwill is impaired requires an estimation of the value in use of the cash-generating units to which goodwill 
has been allocated. The value in use calculation requires the Directors to estimate the future cash flows expected to arise from the
cash-generating unit and a suitable discount rate in order to calculate present value. Note 12 details the assumptions that have been
applied for goodwill.
5. Segmental information
Management consider that the Group comprises two segments – asbestos remediation and consultancy services.
2008 Asbestos Consultancy Corporate
remediation services expenses Group
£’000 £’000 £’000 £’000
For the year ended 30 September 2008
Revenue
Total revenue 55,680 5,871 – 61,551
Less: between segments (4) (169) – (173)
External revenue 55,676 5,702 – 61,378
Sales between segments are charged at prevailing market prices.
26 Silverdell Plc
Notes to the Consolidated Financial Statements continued
at 30 September 2008
81733 ACCOUNTS:81733 accounts  30/3/09  14:27  Page 26 5. Segmental information (continued)
2008 Asbestos Consultancy 
remediation services Unallocated Group
£’000 £’000 £’000 £’000
For the year ended 30 September 2008
Result
Operating profit before amortisation and non-recurring items 1,856 649 (1,064) 1,441
Intangible assets amortisation (1,681) (470) – (2,151)
Goodwill impairment loss (13,554) (1,099) – (14,653)
Non-recurring expenses – – (520) (520)
Finance income 3417 42
Finance costs (83) (25) (855) (963)
Loss before tax (13,428) (944) (2,432) (16,804)
Taxation (304) (68) 604 231
Loss for the year (13,732) (1,012) (1,828) (16,573)
At 30 September 2008
Balance sheet
Total assets 35,692 8,021 1,158 44,871
Total liabilities (11,582) (933) (13,394) (25,909)
Other information
Capital expenditure (including acquisitions) 1,180 45 – 1,225
Depreciation 623 225 – 848
2007 Asbestos Consultancy 
remediation services Unallocated Group
£’000 £’000 £’000 £’000
For the year ended 30 September 2007
Revenue
Total revenue 33,944 4,554 – 38,498
For the year ended 30 September 2007
Result
Operating profit before amortisation and non-recurring items 4,894 710 (1,273) 4,331
Intangible assets amortisation (1,486) (644) – (2,130)
Finance income 9 4 59 72
Finance costs (69) (32) (745) (846)
Profit/(loss) before tax 3,348 38 (1,959) 1,427
Taxation (985) (15) 330 (670)
Profit/(loss) for the year 2,363 23 (1,629) 757
At 30 September 2007
Balance sheet
Total assets 60,190 3,704 124 64,018
Total liabilities 10,996 (1,377) (17,560) (29,933)
Other information
Capital expenditure (including acquisitions) 3,020 801 – 3,821
Depreciation 356 200 – 556
As the Group’s activities are almost entirely domestic, no geographical segment analysis is presented.
27 Report and Accounts 2008
81733 ACCOUNTS:81733 accounts  30/3/09  14:27  Page 27 6. Operating profit/(loss)
2008 2007
£’000 £’000
Operating profit/(loss) is stated after charging/(crediting):
Goodwill impairment 14,653 –
Share based payment charge 212 171
Amortisation of intangible assets (see note 13) 2,151 2,130
Depreciation of:
– owned assets 442 241
– assets held under finance leases 406 315
Auditors’ remuneration: fees payable to the Company’s auditor for the
– Audit of Company’s annual accounts 30 25
– Audit of Company’s subsidiaries, pursuant to legislation 80 105
– Other services relating to tax compliance 24 28
Hire of plant and machinery 1,751 1,343
Operating lease charges – land and buildings 298 80
Profits/(losses) on disposal of fixed assets (38) (7)
In addition to the above, the Company paid fees of £Nil (2007: £308,000) to Deloitte LLP and associates in respect of corporate
finance fees not charged to the profit and loss account.
7. Staff costs including Directors’ remuneration
Directors’ remuneration and transactions
Salary and Performance Total Pension Total Total
fees Benefits bonus emoluments contributions 2008 2007
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Non-executive Directors:
David Williams* 50 – – 50 – 50 50
Gordon Morrison** 30 – – 30 – 30 27
Mark Watts* 30 – – 30 – 30 30
Executive Directors:
Danny Spicer 200 14 – 214 18 232 370
Sean Nutley 175 14 – 189 18 207 330
Chris Sims 140 3 – 143 20 163 107
Total 625 31 – 656 56 712 914
*payable to Marwyn LLP
**payable to Chaldean Management Ltd
The pension contributions disclosed above were all in respect of money purchase arrangements.
Options over ordinary shares
The Directors had the following interests in share options during the period ended 30 September 2008:
As at Granted in Exercised As at Exercise Exercise
1 October 2007 period in period 1 October 2008 period from/to price
Danny Spicer 226,000 – – 226,000 2009-2013 80.5p
50,000 – – 50,000 2010-2014 150.0p
276,000 – – 276,000
Sean Nutley 226,000 – – 226,000 2009-2013 80.5p
50,000 – – 50,000 2010-2014 150.0p
276,000 – – 276,000
Chris Sims 100,000 – – 100,000 2010-2014 157.0p
100,000 – – 100,000 2010-2014 150.0p
200,000 – – 200,000
752,000 – – 752,000
The market price of the company’s shares as at 30 September 2008 was 32.5p (30 September 2007: 153.5p) and the range during
the year was 32.5p to 160.0p (2007: 99.0p to 166.0p).
28 Silverdell Plc
Notes to the Consolidated Financial Statements continued
at 30 September 2008
81733 ACCOUNTS:81733 accounts  28/3/09  11:58  Page 28 7. Staff costs including Directors’ remuneration (continued)
Staff costs
2008 2007
Employees Number Number
Average number of persons (including Directors) employed by the Group in the year:
Operatives and supervisors 502 251
Contract management and estimating 15 38
Surveyors and analysts 135 73
Administrative staff 90 70
742 432
2008 2007
£’000 £’000
Salaries and wages 23,591 14,356
Social security costs 2,768 1,663
Pension costs (defined contribution) 158 141
Share based payment charge 217 171
26,729 16,331
Certain subsidiary undertakings of the Group had operated defined contribution pension schemes. The assets of the schemes were 
held separately from those of the Group by an independently administered fund. 
Remuneration of key management personnel
In accordance with IAS 24 Related party Disclosures, key management personnel are those persons having authority and
responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any Director 
(executive and non-executive) of the Group.
2008 2007
£’000 £’000
Short-term employee benefits 1,058 1,127
Post-employment benefits 73 53
Key management personnel include members of the Board and the Managing Directors of the principal subsidiaries. 
8. Finance income
An analysis of the Group’s interest revenue for the year is as follows:
2008 2007
£’000 £’000
Interest revenue:
Bank deposits 42 72
Total interest revenue 42 72
9. Finance costs
2008 2007
£’000 £’000
Interest on bank overdrafts and loans 910 324
Interest on obligation under hire purchase obligations 53 79
Finance charges on deferred consideration – 443
Total interest expense 963 846
29 Report and Accounts 2008
81733 ACCOUNTS:81733 accounts  28/3/09  11:58  Page 29 10. Tax on (loss)/profit on ordinary activities
Income tax recognised in profit or loss
2008 2007
£’000 £’000
Tax credit/(expense) comprises:
United Kingdom corporation tax based on the (loss)/profit for the year (351) (1,357)
Adjustment in respect of previous years 36 –
Total current tax expense (315) (1,357)
Deferred tax income relating to the origination and reversal of temporary differences 546 687
Total tax credit/(expense) 231 (670)
The charge for the year can be reconciled to the profit per the income statement as follows:
2008 2008 2007 2007
£’000 % £’000 % 
(Loss)/profit before tax (16,804) 1,427
Income tax credit/(expense) calculated at 
the standard rate 4,873 (29) (428) (30)
Share based payment charge (117) – (99) (7)
Effect of expenses that are not deductible in 
determining taxable profit (4,681) 28 ––
Finance changes in deferred consideration –– (133) (9)
Other (48) – ––
Prior year adjustment 36 (2) (10) (1)
Income tax credit recognised in profit or loss 231 (1) (670) (47)
The tax rate used for 2008 is the corporate tax rate of 30% until April when the tax rate changed to 28% (2007: 30%) payable by
corporate entities in United Kingdom on taxable profits under tax law in that jurisdiction. 
The Group incurs its (loss)/earns its profits primarily in the UK. Therefore the tax rate used for (loss)/profit on ordinary activities is the
standard rate for UK corporation tax. The weighted average standard rate for 2008 was 29% (2007: 30%).
The Group’s planned level of capital investment is expected to remain at similar levels of investment. Therefore, it expects to be able 
to claim allowances in excess of depreciation in future years, at a similar level to the current year.
There were no unrecognised deferred tax assets.
The movement in deferred tax was as follows:
£’000
At 1 October 2006 914
Credited to income statement (687)
Credited to equity reserve (169)
Charged to hedging reserve 24
Acquisition of subsidiary undertakings 1,028
At 1 October 2007 1,110
Credited to income statement (546)
Charged to equity reserve 169
Credited to hedging reserve (35)
Acquisition of subsidiary undertakings 30
At 30 September 2008 728
Deferred tax liability comprises:
2008 2007
£’000 £’000
Accelerated tax depreciation 83 30
Intangible assets 656 1,348
Other (11) (268)
728 1,110
30 Silverdell Plc
Notes to the Consolidated Financial Statements continued
at 30 September 2008
81733 ACCOUNTS:81733 accounts  30/3/09  14:27  Page 30 11. Non recurring items, impairments and amortisation
Non recurring items, impairments and amortisation are shown separately on the face of the income statement in order to reflect the
Group’s underlying financial performance. The items comprise the following:
2008 2007
£’000 £’000
Goodwill impairment (14,653) –
Amortisation of intangible assets (2,151) (2,130)
Non-recurring expenses (520) –
(17,324) (2,130)
Related income tax credit – –
Impact on post tax loss (17,324) (2,130)
The goodwill impairment loss is explained in Note 13. Non-recurring expenses comprise abortive acquisition costs and costs
associated with the renegotiation of the Group’s banking facilities.
12. Earnings per share
Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number 
of ordinary shares during the year, determined in accordance with the provisions of IAS 33 “Earnings per share”.
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue on the assumption of
conversion of all dilutive potential ordinary shares. The Group has only one category of dilutive potential ordinary shares, being share
options granted where the exercise price is less than the average price of the Company’s ordinary shares during the year.
Adjusted basic earnings per share is calculated by dividing the earnings attributed to ordinary shareholders, before intangible assets
amortisation, share-based payment charges, non-recurring expenses and finance charges on deferred consideration, by the weighted
average number of ordinary shares during the year.
Earnings 2008 earnings per share 2007 earnings per share
basic diluted basic diluted
£’000 pence pence £’000 pence pence
(Loss)/earnings attributable to ordinary
shareholders (16,573) (37.2) (37.2) 757 2.1 1.9
Non-recurring items, impairment, 
amortisation and share based payments 16,857 37.8 37.2 1,611 4.4 4.1
Finance charges on deferred consideration ––– 443 1.2 1.1
Profit for adjusted earnings per share 284 0.6 – 2,811 7.7 7.1
The adjusted numbers have been reported in order that the impact of the above charges against reported (loss)/profit can be fully
appreciated.
Number of shares 2008 2007
No. No.
Weighted average number of ordinary shares used in calculation of 
basic earnings per share (including contingently issuable shares) 44,550,187 36,479,265
Effect of dilutive potential ordinary shares:
Share options 708,936 2,361,897
Weighted average number of ordinary shares used in 
calculation of diluted earnings per share 45,259,123 38,841,162
31 Report and Accounts 2008
81733 ACCOUNTS:81733 accounts  30/3/09  14:27  Page 31 13. Goodwill
£’000
Cost
At 1 October 2006 17,525
Additions through acquisitions 19,602
At 30 September 2007 37,127
At 1 October 2007 37,127
Additions through acquisitions (note 29) 984
Adjustment to provision for deferred consideration (note 22) (2,482)
At 30 September 2008 35,629
Accumulated impairment losses 
At 1 October 2006 and 30 September 2007 –
At 1 October 2007 –
Impairment losses for the year (14,653)
At 30 September 2008 (14,653)
Carrying amount 
At 30 September 2008 20,976
At 30 September 2007 37,127
The carrying amount of goodwill relates to the Group’s two business segments as follows:
2008 2007
£’000 £’000
Asbestos remediation 15,690 30,742
Consultancy services 5,286 6,385
20,976 37,127
The Group tests goodwill bi-annually for impairment or more frequently if there are indications that goodwill might be impaired.
Goodwill is allocated for impairment testing to cash generating units (CGU) which reflects how it is monitored for internal management
purposes. The recoverable amounts of the CGUs are determined from value in use calculations. The key assumptions for the value in
use calculations are those regarding the discount rates and growth rates for the period. Management estimates discount rates using
pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the CGUs, equivalent to a
real post tax discount rate which average 8.5% (2007: 7.5%). The discount rate has been determined on the basis of the current rate
of debt borrowings. The growth rates are based on industry growth forecasts and long-term growth in gross domestic product. 
The Group prepares cash flow forecasts derived from the most recent financial budgets approved by management for the next three
years and extrapolates cash flows for the following years based on an estimated annual growth rate of 2.4%. The rates do not exceed
the average long-term growth rate for the relevant markets. The rates used to discount the cash flows in both 2007 and 2008 for all
CGUs have been based on the Group’s weighted average cost of capital.  
At 30 September 2008, before impairment testing goodwill was allocated to the Kitsons Environmental Europe Limited (“Kitsons”),
Silverdell (UK) Limited (“Silverdell UK”) and Redhill Analysis Limited (“Redhill”) CGUs. In the light of challenging market conditions,
the Group has revised its cashflow forecasts for these CGUs. 
The goodwill relating to these CGUs has therefore been reduced to its recoverable amount by recognising impairment losses as follows:
£’000
Silverdell UK 9,990
Kitsons 3,564
( )
Redhill 1,099
14,653
32 Silverdell Plc
Notes to the Consolidated Financial Statements continued
at 30 September 2008
81733 ACCOUNTS:81733 accounts  28/3/09  11:58  Page 32 14. Other intangible assets
Order Customer
backlog contracts Total
Cost
At 1 October 2006 967 2,184 3,151
Acquisitions through business combinations 513 3,250 3,763
At 1 October 2007 and 30 September 2008 1,480 5,434 6,914
Accumulated amortisation and impairment losses
At 1 October 2006 185 105 290
Amortisation charge 1,011 1,119 2,130
At 30 September 2007 1,196 1,224 2,420
Amortisation charge 276 1,875 2,151
At 30 September 2008 1,472 3,099 4,571
Carrying amount
At 30 September 2008 8 2,335 2,343
At 30 September 2007 284 4,210 4,494
15. Property, plant and equipment
Leasehold Motor Office Plant and 
property vehicles equipment machinery Total
£’000 £’000 £’000 £’000 £’000
Cost
At 1 October 2006 3 475 98 467 1,043
Additions 69 633 85 234 1,021
Disposals – (173) – – (173)
Acquisitions through business combinations 143 857 551 1,249 2,800
At 1 October 2007 215 1,792 734 1,950 4,691
Additions 14 44 119 498 675
Disposals – (388) – – (388)
Acquisitions through business combinations 400 150 – – 550
At 30 September 2008 629 1,598 853 2,448 5,528
Accumulated depreciation
At 1 October 2006 1 13 5 10 29
Disposals – (82) – – (82)
Acquisitions 54 385 334 935 1,708
Depreciation charge for the year 7 342 86 121 556
At 30 September 2007 62 658 425 1,066 2,211
Disposals – (340) – – (340)
Depreciation charge for the year 40 452 130 226 848
At 30 September 2008 102 770 555 1,292 2,719
Carrying amount
At 30 September 2008 527 828 298 1,156 2,809
At 30 September 2007 153 1,134 309 884 2,480
The Group does not have any of its property and equipment pledged as security over bank loans.
The net book value of assets held under finance leases comprises £845,000 (2007: £1,284,000).
33 Report and Accounts 2008
81733 ACCOUNTS:81733 accounts  28/3/09  11:58  Page 33 16. Inventories
2008 2007
£’000 £’000
Raw materials and consumables 277 203
Work in progress 886 1,075
1,163 1,278
The cost of inventories recognised as an expense and included in ‘cost of sales’ amounted to £5,388,000 (2007: £2,647,000). 
The Directors consider that the carrying amount of inventories approximates to their fair value. 
17. Derivative financial (liabilities)/assets
2008 2007
£’000 £’000
Interest rate swap (41) 86
The notional principal amounts of the outstanding interest rate swap contracts at 30 September 2008 were £3,750,000
(2007: £4,500,000).
At 30 September 2008, the fixed interest rate was 5.8% and the main floating rates were LIBOR. Gains and losses recognised in 
the hedging reserve in equity on the interest rate swap at 30 September 2008 will be released to the income statement upon the
repayment of the bank borrowings.
18. Trade and other receivables
2008 2007
£’000 £’000
Non-current
Other receivables 1,001 1,001
Total Non-Current 1,001 1,001
Current
Trade receivables 15,496 16,155
Less: provision for impairment (708) (687)
Trade receivables net 14,788 15,468
Other receivables 298 365
Prepayments and accrued income 1,476 301
Total Current 16,562 16,134
Total 17,563 17,135
Amounts recoverable under long term contracts included in trade debtors above: 2008 2007
£’000 £’000
Long-term contract balances
Net cost less foreseeable losses 16,442 8,646
Less applicable payments on account (14,958) (7,408)
1,484 1,238
The average credit period taken on sales is 66 days (2007: 82 days). The Group has different provision policies for its various divisions
which have been determined by references to past default experience and specific provisions are raised after taking an individual view
to debts recoverability. 
Due to the nature of the Group’s operations, it is normal practice for customers to hold retentions in respect to contracts completed.
Retentions held by customers as at 30 September 2008 were £904,000 (2007: £390,000).
The Group’s exposure to credit risk and impairment losses related to trade and other receivables are disclosed in Note 21.
Under the normal course of the business, the Group does not charge interest on its overdue receivables.
The Directors consider that the carrying amount of trade and other receivables approximates their fair value.
34 Silverdell Plc
Notes to the Consolidated Financial Statements continued
at 30 September 2008
81733 ACCOUNTS:81733 accounts  28/3/09  11:58  Page 34 19. Analysis of net debt position
Other non-cash 
2008 Cash flow changes 2008
£’000 £’000 £’000 £’000
Cash at bank and in hand 1,418 (1,401) – 17
Bank loans (9,000) (3,100) – (12,100)
Bank overdraft – (1,767) (1,767)
Hire purchase lease obligations (1,011) 509 (40) (542)
(8,593) (5,759) (40) (14,392)
The Group’s exposure to interest rate risks and a sensitivity analysis for financial assets and liabilities is disclosed in Note 21.
20. Borrowings
2008 2007
£’000 £’000
Non-current
Bank loans 11,050 6,850
Obligations under hire purchase contracts 120 529
11,170 7,379
Current
Bank loans and overdrafts 2,819 2,150
Obligations under hire purchase contracts 422 483
3,241 2,633
Total 14,411 10,012
Further information on the principal features of the Group’s borrowings is set out in Note 21.
The Group‘s bank overdraft and loan facilities are secured by debentures over the assets of the Group. Hire purchase liabilities are
secured on the assets to which the contracts relate.
The bank loan is at both fixed and variable rates of interest. £3,750,000 is subject to an interest rate swap; the amount amortises 
by £250,000 per quarter and the rate on the amortised amount is fixed at 5.8%. The remainder of the loan is at a variable rate over
LIBOR. The overdraft is at variable rate over Bank base rate. The debentures agreement includes a fixed and floating charge over the
assets of the Group. The finance leases are at variable rates of interest. The weighted average interest rate on the fixed rate facilities 
is 5.8% for a weighted average period of 4 years. No interest is payable on the deferred consideration.
The Group had the following committed undrawn borrowing facilities at 30 September 2008:
2008 2007
£’000 £’000
Expiry date
In one year or less 1,152 8,000
As at 30 September 2008, the Group had an undrawn committed revolving credit facility of £1,152,000 (2007: £6,000,000) and an
overdraft facility of £Nil (2007: £2,000,000), all of which expires within one year.
The Group obtained a waiver for the period under review from its lenders in respect of the testing of the financial covenants contained
within its borrowing agreements as at 30 September 2008. Subsequent to the year end, the Group concluded its discussions with
lenders for the amendment of its borrowing agreements (please refer to Note 2).  
21. Financial instruments
(a) Financial Risk Management 
All companies are exposed to capital and market risk, but the Board considers the Group’s key elements of financial risk to be: 
■ Credit risk
■ Foreign currency risk 
■ Liquidity risk
■ Interest rate risk
This note presents information about the Group’s exposure to each of the above risks, the Group’s management of capital, and the
Group’s objectives, policies and procedures for measuring and managing risk. Please refer also to the principal business risks in the
Directors’ report on pages 13 to 15.
35 Report and Accounts 2008
81733 ACCOUNTS:81733 accounts  30/3/09  15:00  Page 35 21. Financial instruments (continued)
Capital risk management
The Board is responsible for overall Group strategy, acquisition and divestment policy, approval of major capital expenditure projects
and consideration of significant financing matters. The Board manages its capital to ensure that entities in the Group will be able to
continue as a going concern while maximising the return to stakeholders as well as sustaining the future development of the
business. 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 capital structure of the Group consists of debt, which includes the borrowings disclosed in Note 20, cash and cash equivalents
and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings as disclosed in 
Notes 24 and 25 respectively.
Market risk
Market risk is the risk that changes in the market prices, such as foreign exchange rates and interest rates, will affect the Group’s
income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market
risk exposures within acceptable parameters, while optimising the return on risk.
The Group’s activities expose it mainly to the financial risks of changes in interest rates. The Board reviews and agrees the policy for
managing interest rate risk and foreign currency risk and the potential impact of any significant economic changes are discussed at
monthly Board meetings. 
The Group reviews its treasury position daily, placing surplus cash on short-term deposits. 
(b) Categories of inancial nstruments
Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement
and the basis on which income and expenses are recognised in respect of each class of financial asset, financial liability and equity
instrument are disclosed in Note 3 to the financial statements.
2008 2007
f i
£’000 £’000
Financial assets
(1)
At amortised cost:
Loans and receivables 13,304 14,230
Cash and cash equivalents 17 1,418
Derivative financial instruments – 86
Total financial assets 13,321 15,734
(1) 
Financial assets exclude prepayments amounts under long term contracts, other receivables and other non-current receivables.
Financial liabilities
(2)
At amortised cost:
Trade payables 4,442 3,822
Obligations under hire purchase leases 542 1,012
Other borrowings and overdrafts 13,869 9,000
Deferred consideration 317 5,649
Derivative financial instruments 41 –
Total financial liabilities 19,211 19,483
(2) 
Financial liabilities exclude tax and social security, deferred income and other non-current payables.
(c) Credit risk
The Group’s principal financial assets are cash and cash equivalents, trade and other receivables, prepayments and accrued income,
which represent the Group’s maximum exposure to credit risk in relation to financial assets.
The Group’s credit risk is primarily attributable to its trade and other receivables. The amounts presented in the consolidated balance
sheet are net of allowances for doubtful receivables, estimated by the Group’s management based on prior experience and their
assessment of the current economic environment.
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. 
The Group has adopted a policy of only dealing with creditworthy counterparties as a means of mitigating the risk of financial 
loss from defaults. 
The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the 
Group’s maximum exposure to credit risk. 
The Group’s exposure and the credit ratings of its counterparties are continuously monitored and the aggregate value of transactions
concluded is spread amongst approved financial institutions. 
36 Silverdell Plc
Notes to the Consolidated Financial Statements continued
at 30 September 2008
81733 ACCOUNTS:81733 accounts  28/3/09  11:58  Page 36 21. Financial instruments (continued)
(c) Credit risk (continued)
Trade receivables
Trade receivables consist of a large number of customers, spread across diverse geographical areas and the Group’s exposure to
credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the Group’s customer base,
including default risk of the industry and country in which the customers operate, has less of an influence on credit risk.
The Group does not have any significant credit risk exposure to any single counterparty or any group of counterparties having similar
characteristics. The Group defines counterparties as having similar characteristics if they are related entities. 
The Group establishes an allowance for impairment that represents its estimate of incurred losses in respect of trade and other
receivables and investments when there is objective evidence that the asset is impaired. The main components of this allowance are 
a specific loss component that relates to individually significant exposures, and a collective loss component established for Groups 
of similar assets in respect of losses that have been incurred but not yet identified. The collective loss allowance is determined by
references to past default experience and historical data of payment statistics for similar financial assets. 
Before accepting any new customer, the Group runs credit checks to assess the potential customer’s credit quality. The company
monitors exposure to individual clients and all customers are subject to standard terms of payment for each division. 
The Directors consider that the carrying amount of trade and other receivables, which are non-interest bearing, approximates to their
fair value. 
Ageing of trade receivables: 2008 2007
Gross Impairment Gross Impairment
£’000 £’000 £’000 £’000
Not past due 7,660 – 7,697 –
Past due 0 – 30 days 2,450 – 2,907 –
Past due 30 – 60 days 1,783 – 2,471 –
Past due 60 – 90 days 301 – 277 –
Past due 90 – 120 days 1,641 619 1,411 641
Past due greater than 120 days 176 89 154 46
14,011 708 14,917 687
Trade receivables that are less than three months past due for payment are generally not considered impaired. Included in the Group’s
trade receivables are debtors with a carrying amount of £5,642,000 (2007: £6,533,000) which are past due at the reporting date for
which the Group has not made provision as there has not been a significant change in the credit quality and the amounts are
considered recoverable. The Group does not hold any collateral over these balances. 
Movement in the provision for impairment: 2008 2007
£’000 £’000
Balance at beginning of the year 687 636
Acquired with subsidiary undertakings – 55
Increase in impairment provision recognised 31 (4)
Receivables written off as uncollectible (10) –
708 687
The creation and release of provisions for impaired receivables has been included in ‘adminsitrative expenses’ in the income statement.
In determining the recoverability of a trade receivable, the Group considers any change in the credit quality of the trade receivable
from the date credit was initially granted up to the reporting date. The concentration of credit risk is limited due to the customer 
base being large and unrelated. Accordingly, the Directors believe that there is no further credit provision required in excess of the
above amount.
(d) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. Responsibility for liquidity risk
management rests with the Board of Directors. The Group manages liquidity risk by maintaining adequate reserves, banking facilities
and reserve borrowing facilities, by continuously monitoring bank covenant compliance, forecast and actual cash flows and matching
the maturity profiles of financial assets and liabilities. Included in Note 20 is a listing of additional undrawn facilities that the Group
has at its disposal to further reduce liquidity risk.  
37 Report and Accounts 2008
81733 ACCOUNTS:81733 accounts  28/3/09  11:58  Page 37 21. Financial instruments (continued)
(d) Liquidity risk (continued)
The Group obtained a waiver for the period under review from its lenders in respect of the testing of the financial covenants contained
within its borrowing agreements as at 30 September 2008. However, as a consequence of the economic climate a breach of the
Group’s covenants is likely, when tested for the relevant quarters for the year ended 30 September 2009. As part of the negotiations 
a bridging facility of £3.25m has been provided and is due for repayment in June 2009. The facility will be repaid by a planned equity
placing and will reduce the Group’s level of gearing. Full details of the impact of this uncertainty on the financial statements are
disclosed in Note 2.
Liquidity and interest risk tables
The following tables detail the Group’s remaining contractual maturity for its financial assets and liabilities.
The below tables have been drawn up based on the earliest date on which the Group can settle the debt. The table includes both
interest and principal cash flows.
30 September 2008 Carrying Contractual Less than More than
amount cash flows 1 year 1-2 years 2-5 years 5 years
£’000 £’000 £’000 £’000 £’000 £’000
Financial assets
Trade and other receivables 13,304 13,304 13,304 – – –
Cash and cash equivalents 17 17 17 – – –
13,321 13,321 13,321 – – –
Financial liabilities
Trade payables 4,442 4,442 4,442 – – –
Obligations under finance leases 542 542 424 118 – –
Other borrowings and overdrafts 13,869 13,869 2,819 2,000 6,000 3,050
Deferred consideration 317 317 317 – – –
Derivative financial liabilities 41 41 41 – – –
19,211 19,211 8,043 2,118 6,000 3,050
30 September 2007 Carrying Contractual Less than More than
amount cash flows 1 year 1-2 years 2-5 years 5 years
£’000 £’000 £’000 £’000 £’000 £’000
Financial assets
Trade and other receivables 14,230 14,230 14,230 – – –
Cash and cash equivalents 1,418 1,418 1,418 – – –
Derivative financial assets 86 86 86 – – –
15,734 15,734 15,734 – – –
Financial liabilities
Trade payables 3,822 3,822 3,822 – – –
Obligations under finance leases 1,012 1,012 483 417 112 –
Other borrowings and overdrafts 9,000 9,000 2,150 1,900 4,950 –
Deferred consideration 5,649 5,649 3,000 2,649 – –
19,483 19,483 9,455 4,966 5,062 –
(e) Interest rate risk
Interest rate risk is the risk that the value of a financial instrument or cash flows associated with the instrument, will fluctuate due 
to changes in market interest rates. The Group’s only interest-bearing asset is cash, which is invested in short-term deposits. As 
the Group has no significant interest-bearing assets, the Group’s income and operating cash flows are substantially independent 
of changes in market interest rates.
The Group is exposed to interest rate risk primarily though borrowing funds at floating interest rates. Borrowings issued at variable
rates expose the Group to cash flow interest rate risk. The Group manages interest rate risk on borrowings by ensuring access to
diverse funding and through monitoring interest rate movements with weekly reports. 
Interest rate risk is reviewed on a regular basis and if considered necessary a strategy to minimise any potential risk through interest
rate swaps will be discussed and implemented. 
38 Silverdell Plc
Notes to the Consolidated Financial Statements continued
at 30 September 2008
81733 ACCOUNTS:81733 accounts  28/3/09  11:58  Page 38 21. Financial instruments (continued)
(e) Interest rate risk (continued)
Based on the various scenarios, the Group manages its cash flow interest rate risk by using floating-to-fixed interest rate swaps. 
Such interest rate swaps have the economic effect of converting borrowings from floating rates to fixed rates. Generally the Group
raises long term borrowings at floating rates and swaps them into fixed rates that are lower than those available if the Group borrowed
at fixed rates directly. Under the interest rate swaps, the Group agrees with other parties to exchange, at specified intervals (primarily
quarterly), the difference between fixed contract rates and floating rate instrument amounts calculated by reference to the agreed
notional amounts.
The Group’s exposures to interest rates on financial assets and financial liabilities are detailed below. 
(f) Interest rate risk
Interest rate sensitivity analysis
If interest rates had been 100 basis points higher or lower and all other variables were held constant, the Group’s profit for the year
would increase or decrease by £107,000 (2007: £55,000) in respect to exposure to the Group’s borrowings. For floating rate liabilities
the analysis is prepared assuming the amount of the liability at the balance sheet date was outstanding for the whole period.
(g) Fair value of financial instruments
The fair value of interest rate swaps is calculated at the present value of the estimated future cash flows.
The Directors consider that the carrying amounts of financial assets and financial liabilities recorded at amortised cost in the 
financial statements approximate to their fair values due to the short maturity of the instruments or because they bear interest 
at rates approximate to the market. 
22. Trade and other payables
2008 2007
£’000 £’000
Non-current
Other payables 1,001 1,001
1,001 1,001
In 2006, the Group recorded a provision of £1.0m in respect of a contingent liability arising on the acquisition of Silverdell (UK)
Limited. The Company has a corresponding asset relating to the indemnities from the vendors of Silverdell (UK) Limited in respect 
of this provision.
2008 2007
£’000 £’000
Current
Trade payables 4,442 3,822
Other taxation and social security 1,822 2,208
Other payables and accruals 2,875 2,374
Amounts due in respect of acquisitions – 1,825
9,139 10,229
An analysis of the maturity of debt is given in Note 21(d). 
The Directors consider that the carrying amount of trade payables approximates to their fair value. 
The Group’s policy is to fix payment terms when agreeing the terms of each transaction. It is the Group’s general policy to pay
suppliers according to the agreed terms and conditions, provided that the supplier has complied with those terms. 
Trade creditors and accruals principally comprise amounts outstanding for trade purchases and ongoing cost and they include
retention amounts held over defect liability periods. The average credit period taken for trade purchases is 43 days (2007: 52 days)
for the Group. The Group has financial risk management policies in place to ensure that all payables are paid within the credit
timeframe.
There are no suppliers who represent more than 10% of the total balance of trade creditors in either 2008 or 2007.
The Group has financial risk management policies in place to ensure that all payables are paid within the credit timeframe. 
Therefore, under the normal course of business, the Group is not charged interest on overdue payables.
39 Report and Accounts 2008
81733 ACCOUNTS:81733 accounts  28/3/09  11:58  Page 39 23. Deferred and contingent consideration
Deferred
consideration
£’000
Group
At 1 October 2006 5,206
Reclassification to current liabilities (3,000)
Unwinding of discount 443
At 1 October 2007 2,649
Acquisition of subsidiary undertakings 317
Reduction in estimated liability (2,482)
Reclassification to current liabilities (334)
At 30 September 2008 –
Under the terms of the acquisition agreements in respect of Silverdell (UK) Limited and of Redhill Analysts Limited, there was
provision for the payment of deferred consideration. Deferred consideration also forms part of the consideration for the acquisition 
of Swift Asbestos (Holdings) Limited during 2008, further details of which are given in note 30.
The acquisition in agreement of Silverdell (UK) Limited provided for a payment of up to £6m in two equal tranches depending on
certain performance criteria of Silverdell (UK) Limited in the years ended 30 September 2007 and 2008.The deferred consideration
may be satisfied by the issue of loan notes and ordinary shares in equal proportions. During the year £3.0m (£1.5m in cash and the
remainder through the allotment in additional shares) was paid as additional consideration.
The vendors of Redhill Analysts Limited may be paid up to £1.5m to be satisfied by £1.125m in cash and £375,000 in issue of
ordinary shares based on certain performance criteria in the year to 31 December 2007. Subsequent to the year end £150,000 
was paid as additional consideration.
The vendors of Swift Asbestors (Holdings) Limited may be paid up to £0.2m in cash based on the outcome of completion accounts
mechanism.
In accordance with the requirements of FRS 25 deferred consideration has been discounted back to its present value at the date 
of acquisition. The discount is treated as a finance charge as time elapses until the date the consideration is paid. 
The provision for deferred consideration of £334,000 included in current liabilities at 30 September 2008 represents amounts
payable for the acquisitions of Redhill Analysts Limited and Swift Asbestos (Holdings) Limited, since paid.
24. Share capital
2008 2007
Group Group Group Group
No. No. No. No.
Authorised:
Ordinary shares of 10p each (2007: 10p each) 100,000,000 10,000 100,000,000 10,000
Allotted, called up and fully paid ordinary 
shares of 10p each:
At 1 October 40,683,427 4,068 32,201,055 3,220
Share placing –– 5,333,333 533
Issued to vendors as partial consideration
in respect of acquisitions 971,290 97 3,149,039 315
At 30 September 41,654,717 4,165 40,683,427 4,068
40 Silverdell Plc
Notes to the Consolidated Financial Statements continued
at 30 September 2008
81733 ACCOUNTS:81733 accounts  28/3/09  11:58  Page 40 25. Reconciliation of movement in equity
Share Share Other Equity Hedging Retained
capital premium reserve reserve reserve earnings Total
£’000 £’000 £’000 £’000 £’000 £’000 £’000
At 1 October 2006 3,220 13,649 4,081 33 – (52) 20,931
Net profit for year ––––– 757 757
Change in fair value of 
interest rate swap –––– 86– 86
Tax on items taken to equity –––– (24) – (24)
Total recognised profit 
for the year –––– 62 757 819
Shares issued 848 – 11,152 – – – 12,000
Share based payment 
charge including tax – – – 335 – – 335
At 1 October 2007 4,068 13,649 15,233 368 62 705 34,085
Net loss for year ––––– (16,573) (16,573)
Change in fair value of
interest rate swap –––– (127) – (127)
Tax on items taken to equity –––– 35– 35
Total recognised loss 
for the year –––– (92) (16,573) (16,665)
Shares issued 97 – 1,402 – – – 1,499
Share based payment 
charge including tax – – – 43 – – 43
Balance as at 
30 September 2008 4,165 13,649 16,635 411 (30) (15,868) 18,962
Other reserves are not distributable and relate to the premium arising on:
i. Shares issued as consideration for the acquisition of subsidiary companies; and
ii. Warrants issued to Marwyn Neptune Fund LP in consideration for the participation in placing of shares on 19 July 2006.
26. Capital and other commitments
At 30 September 2008, the Group and the company had no capital commitments (2007: nil).
Operating leases
The Group’s total commitments under non-cancellable operating leases at 30 September are as follows:
2008 2007
Land and Land and
buildings Other buildings Other
£’000 £’000 £’000 £’000
Operating leases which expire:
Within one year 216 647 198 484
Within two to five years 470 893 578 935
After five years 271 – 370 23
957 1,540 1,146 1,442
41 Report and Accounts 2008
81733 ACCOUNTS:81733 accounts  28/3/09  11:58  Page 41 27. Employee share schemes 
The company has adopted the following share incentive arrangement plans:
Equity-settled share option scheme
The company has a share option scheme for certain employees of the Group. Options are exercisable at a price equal to the average
quoted market price of the company’s shares on the date of grant. The vesting period is three years. If the options remain unexercised
after a period of five years from the date of grant, the options expire. Options are forfeited if the employee leaves the Group before the
options vest.
Details of the share options outstanding during the year are as follows:
2008 2007
Weighted Weighted
average average
Number of exercise price Number of exercise price
share options £ share options £
Outstanding at beginning of year 3,606,552 0.953 2,762,592 0.805
Granted during the year 450,000 1.500 915,000 1.388
Forfeited during the year (446,080) (0.893) (71,040) (0.805)
Outstanding at the end of the year 3,610,472 1.028 3,606,552 0.953
Exercisable at the end of the year –– ––
The options outstanding at 30 September 2008 had a weighted average remaining contractual life of 5.14 years (2007: 6.01 years).
In 2008, options over 450,000 shares were granted on 3 October 2007. The aggregate of the estimated fair values of the options
granted on that date is £0.1m. In 2007, options were granted on 4 January 2007, 12 June 2007 and 25 September 2007. The
aggregate of the estimated fair values of the options granted on those dates is £1.27m.
The inputs into the Black-Scholes Option Pricing Model are as follows:
2008 2007
£’000 £’000
Weighted average share price 103p 95p
Weighted average exercise price 103p 95p
Expected volatility 21.01 21.04
Expected life 3 years 3 years
Risk-free rate 5.14% 5.22%
Expected dividend yield 0% 0%
Expected volatility was determined by calculating the historical volatility of the Group’s share price over the previous 1.5 years. 
The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability,
exercise restrictions, and behavioural considerations. The risk free rate of return is the yield on zero coupon UK government bonds
with a term similar to the expected life of the option.
28. Contingent liabilities
There are Group cross guarantees from the company for all monies due to certain of the Group’s banks and surety lenders. No
monies were outstanding at 30 September 2008 (2007: nil). In the normal course of business there are contingent liabilities including
the provision of bonds in respect of completed and uncompleted contracts.
29. Related party transactions
During the year to 30 September 2008, the Group paid £261,000 (2007: £641,000) to Marwyn Capital LLP for corporate finance
services and directors’ fees and £60,000 (2007: £6,000) to Marwyn Partners Limited for office services.
David Williams and Mark Watts are partners in Marwyn Capital LLP and Marwyn Investment Management LLP and shareholders 
in Marwyn Investments Group Limited, which owns 100% of Marwyn Partners Limited. Marwyn Neptune Fund LP is managed by
Marwyn Investment Management LLP and beneficially owns shares and warrants in the Group.
During the year to 30 September 2008, Kalistar LLP, a partnership of certain executive Directors of Silverdell (UK) Ltd, charged
£39,000 (2007: £36,000) for the provision of cars used by some of the Directors of Silverdell (UK) Ltd. At the end of the year,
£nil (2007: £nil) remained outstanding.
One property occupied by Silverdell (UK) Limited is owned by the pension fund in which Danny Spicer and Sean Nutley have an
interest. The property is subject to a market rent of £29,000 (2007: £18,000) paid during the year.
42 Silverdell Plc
Notes to the Consolidated Financial Statements continued
at 30 September 2008
81733 ACCOUNTS:81733 accounts  28/3/09  11:58  Page 42 30. Acquisition of subsidiaries
On 1 October 2007 the Group acquired 100% of the issued share capital of Swift Asbestos Holdings Limited (“Swift”), for a fair value
consideration including expenses of £1,905,000 satisfied by cash of £1,738,000 and deferred consideration of £167,000 (subject 
to the business achieving certain profit targets). The aggregate net assets acquired and their fair values, based on the board’s initial
assessment of net realisable value, are detailed below. 
The following table sets out the book values of the identifiable assets and liabilities acquired and their fair value to the Group:
Book value Revaluations Other items Fair value
£’000 £’000 £’000 £’000
Non-current assets
Tangible 407 143 – 550
Current assets
Inventories and work in progress 29 – – 29
Trade and other receivables 212 – (1) 211
Cash and cash equivalents 373 – (1) 372
Total assets 1,021 143 (2) 1,162
Creditors
Obligations under finance leases (40) – – (40)
Trade and other payables (180) – 9 (171)
Deferred tax liability (13) – (17) (30)
Total liabilities (233) – (8) (241)
Net assets 788 143 (10) 921
Total
£’000
Goodwill 984
Consideration 1,905
Satisfied by:
Cash
– expended during year 1,738
– expended after year-end 167
1,905
£’000
Net cash outflows in respect of the acquisition comprised:
Cash consideration expended during the year 1,738
Cash at bank and in hand acquired (372)
1,366
The trade, assets and liabilities of Swift were transferred to Silverdell (UK) Limited immediately following the company’s acquisition by
the Group, such that it is not possible separately to identify the contribution to revenue and operating loss made by Swift between the
date of acquisition and the balance sheet date. Neither is it possible to determine the impact on Group revenues and operating loss 
for the period if the acquisition of Swift had been completed on the first day of the financial year.
31. Subsequent events
Subsequent to the year end, the Group concluded its discussions with lenders for revised facilities including re-structuring of existing
facilities, re-profiled repayment and revised convenants (see note 2).
43 Report and Accounts 2008
81733 ACCOUNTS:81733 accounts  28/3/09  11:58  Page 43 32. Transition to IFRS
For all periods up to and including the year to 30 September 2007 the Group has prepared its financial statements in accordance
with UK generally accepted accounting practice (UK GAAP). For the year to 30 September 2008 the Group is required to prepare
consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the 
European Union.
The Group’s transition date to IFRS is 1 October 2006. This has been determined in accordance with IFRS 1 “First Time Adoption 
of International Financial Reporting Standards”, being the start of the earliest period of comparative information.
To explain the change to IFRS, a reconciliation has been provided of the equity at 1 October 2006 and 30 September 2007 and
the net income for the year to 30 September 2007 from the previously published consolidated financial statements, prepared in
accordance with UK GAAP to the accompanying consolidated financial statements prepared in accordance with IFRS. An explanation
of the principal adjustments required by the Group on conversion to IFRS is set out below. 
None of the IFRS adjustments relevant to the Group relate to cash and therefore there is no impact on cash flows. IAS 7 “Cash Flow
Statements” changes the definition of cash used in the cash flow statement to cash and cash equivalents. 
The UK GAAP figures have been restated to take account of any presentational changes required by IFRS adoption, where for
instance items are required to be shown on the face of the primary statements rather than in the notes and where existing items 
are now split current/non-current or shown on different lines (e.g. intangible asset).
Effects of transition to IFRS
IAS 36 and IAS 38: Intangible assets
IFRS 3 requires recognition of separately identifiable intangible assets. These intangible assets are amortised over their expected
useful lives. Previously under UK GAAP, these intangibles would have been classified as goodwill and amortised over their useful 
lives (typically between 10 and 20 years).
The Group has applied IAS 38 Intangible Assets to acquisitions, which has resulted in the recognition of customer relationships and
order backlog intangible assets. These intangible assets would not have qualified for recognition under UK GAAP. These are being
amortised over 1 to 3 years.
IFRS 3: Business combinations and goodwill
Under UK GAAP goodwill was amortised on a straight line basis over its economic useful life of up to 20 years, tested for impairment
and provided for as necessary. Under IFRS 3 “Business Combinations”, goodwill is no longer amortised but is carried and subject to
annual review for impairment. Accordingly the goodwill amortisation charged of £1,391,000 in the year to 30 September 2007 has
been reversed.
A full impairment review of the carrying value of goodwill is required at the date of transition (1 October 2006) and any impairment
losses treated as a reduction in retained earnings. Goodwill impairment losses may not be reversed.
44 Silverdell Plc
Notes to the Consolidated Financial Statements continued
at 30 September 2008
81733 ACCOUNTS:81733 accounts  28/3/09  11:58  Page 44 32. Transition to IFRS (continued)
Effects of transition to IFRS on the opening balance sheet at 1 October 2006
Opening IFRS balance sheet as at 1 October 2006 – effect of IAS1 ‘Presentation of Financial Statements’
UK GAAP UK GAAP 
balances in UK balances in 
GAAP format IFRS format
£’000 £’000 £’000
Fixed assets Non-current assets
Intangible assets 19,539 – 19,539 Goodwill
Tangible assets 1,014 – 1,014 Property, plant and equipment
– 1,001 1,001 Trade and other receivables
Current assets Current assets
Stocks and work in progress 1,445 – 1,445 Inventory and work in progress
Debtors 7,335 (1,001) 6,335 Trade and other receivables
Cash at bank and in hand 3,300 – 3,300 Cash and cash equivalents
Creditors: amounts falling due 
within one year Current liabilities
Bank overdraft (886) – (886) Bank overdraft and borrowings
Hire purchase and finance lease (140) – (140) Obligations under finance lease
Corporation tax (232) – (232) Current tax liabilities
Other creditors (3,834) – (3,834) Trade and other payables
Creditors: amounts falling due 
after more than one year Non-current liabilities
Hire purchase and finance lease (336) – (336) Obligations under finance lease
(61) (61) Deferred tax liabilities
(5,206) (5,206) Deferred consideration
(1,001) (1,001) Trade and other payables
Provisions for liabilities and charges
Deferred taxation (61) 61 –
Deferred consideration (5,206) 5,206 –
Other (1,001) 1,001 –
Net assets 20,938 – 20,938 Net assets
Capital and reserves Equity
Called up share capital 3,220 – 3,220 Share capital
Share premium account 13,649 – 13,649 Share premium account
Equity reserve 28 – 28 Equity reserve
Other reserves 4,081 – 4,081 Other reserves 
Profit and loss account (40) – (40) Accumulated loss
Equity shareholders’ funds 20,938 – 20,938 Total equity
45 Report and Accounts 2008
81733 ACCOUNTS:81733 accounts  28/3/09  11:58  Page 45 32. Transition to IFRS (continued)
Effects of transition to IFRS on the opening balance sheet at 1 October 2006 (continued)
Opening IFRS balance sheet as at 1 October 2006 – reconciliation of UK GAAP to IFRS
UK GAAP IFRS2 IAS38 IFRS3
balances in Share-based Intangible Business IFRS
IFRS format payments assets combinations Balances
£’000 £’000 £’000 £’000 £’000
Non-current assets
Goodwill 19,539 – (2,205) 191 17,525
Intangible assets – – 2,860 – 2,860
Property, plant and equipment 1,014––– 1,014
Trade and other receivables 1,001––– 1,001
Current assets
Inventory and work in progress 1,445––– 1,445
Trade and other receivables 6,335––– 6,335
Cash and cash equivalents 3,300––– 3,300
Total assets 32,634 – 655 191 33,480
Current liabilities
Bank overdrafts and borrowings (886) – – – (886)
Obligations under finance lease (140) – – – (140)
Trade and other payables (3,834) – – – (3,834)
Current tax liabilities (232) – – – (232)
Non-current liabilities
Obligations under finance lease (336) – – – (336)
Trade and other payables (1,001) – – – (1,001)
Deferred taxation (61) 5 (858) – (914)
Deferred consideration (5,206) – – – (5,206)
Total liabilities (11,696) 5 (858) – (12,549)
Net assets 20,938 5 (203) 191 20,931
Equity
Share capital 3,220––– 3,220
Share premium account 13,649 – – – 13,649
Other reserve 4,081 – – – 4,081
Equity reserve 28 5 – – 33
(Accumulated loss)/retained earnings (40) – (203) 191 (52)
Total equity 20,938 5 (203) 191 20,931
46 Silverdell Plc
Notes to the Consolidated Financial Statements continued
at 30 September 2008
81733 ACCOUNTS:81733 accounts  28/3/09  11:58  Page 46 32. Transition to IFRS (continued)
Effects of transition to IFRS on the balance sheet at 30 September 2007
Balance sheet as at 30 September 2007 – effect of IAS1 ‘Presentation of Financial Statements’
UK GAAP UK GAAP 
balances in balances in 
UK GAAP format IFRS format
£’000 £’000 £’000
Fixed assets Non-current assets
Intangible assets 40,523 – 40,523 Goodwill
Tangible assets 2,480 – 2,480 Property, plant and equipment
– 1,001 1,001 Trade and other receivables
Current assets Current assets
Stocks and work in progress 1,278 – 1,278 Inventory and work in progress
Debtors 17,135 (1,001) 16,134 Trade and other receivables
Cash at bank and in hand 1,418 – 1,418 Cash and cash equivalents
Creditors: amounts falling due 
within one year Current liabilities
Bank loans (2,150) – (2,150) Bank overdraft and borrowings
Hire purchase and finance lease (483) – (483) Obligations under finance lease
Corporation tax (1,932) – (1,932) Current tax liabilities
Deferred consideration (3,000) – (3,000) Deferred consideration
Other creditors (10,229) – (10,229) Trade and other payables
Creditors: amounts falling due 
after more than one year Non-current liabilities
Bank loans (6,850) – (6,850) Bank overdraft and borrowings
Hire purchase and finance lease (529) – (529) Obligations under finance lease
(30) (30) Deferred tax liabilities
(2,649) (2,649) Deferred consideration
(1,001) (1,001) Trade and other payables
Provisions for liabilities and charges
Deferred taxation (30) 30 –
Deferred consideration (2,649) 2,649 –
Other (1,001) 1,001 –
Net assets 33,981 – 33,981 Net assets
Capital and reserves Equity
Called up share capital 4,068 – 4,068 Share capital
Share premium account 13,649 – 13,649 Share premium account
Equity reserve 199 – 199 Equity reserve
Other reserves 15,233 – 15,233 Other reserves 
Profit and loss account 832 – 832 Retained earnings
Equity shareholders’ funds 33,981 – 33,981 Total equity
47 Report and Accounts 2008
81733 ACCOUNTS:81733 accounts  28/3/09  11:58  Page 47 32. Transition to IFRS (continued)
Effects of transition to IFRS on the balance sheet at 30 September 2007 (continued)
Balance sheet as at 30 September 2007 – reconciliation of UK GAAP to IFRS
IFRS2
UK GAAP Share- IAS38 IFRS3
balances in based IAS39 Intangible Business IFRS
IFRS format payments Derivatives assets combinations Balances
£’000 £’000 £’000 £’000 £’000 £’000
Non-current assets
Goodwill 40,523 – – (4,978) 1,582 37,127
Intangible assets – – – 4,494 – 4,494
Property, plant and equipment 2,480 –––– 2,480
Trade and other receivables 1,001 –––– 1,001
Current assets
Inventory and work in progress 1,278–––– 1,278
Trade and other receivables 16,134 –––– 16,134
Other financial assets – – 86 – – 86
Cash and cash equivalents 1,418 –––– 1,418
Total assets 62,834 – 86 (484) 1,582 64,018
Current liabilities
Bank overdrafts and borrowings (2,150) –––– (2,150)
Obligations under finance lease (483) –––– (483)
Trade and other payables (10,229) –––– (10,229)
Current tax liabilities (1,932) –––– (1,932)
Deferred consideration (3,000) –––– (3,000)
Non-current liabilities
Bank overdrafts and borrowings (6,850) –––– (6,850)
Obligations under finance lease (529) –––– (529)
Trade and other payables (1,001) –––– (1,001)
Deferred tax liabilities (30) 169 (24) (1,225) – (1,110)
Deferred consideration (2,649) –––– (2,649)
Total liabilities (28,853) 169 (24) (1,225) – (29,933)
Net assets 33,981 169 62 (1,709) 1,582 34,085
Equity
Share capital 4,068–––– 4,068
Share premium account 13,649 –––– 13,649
Equity reserve 199 169 – – – 368
Other reserves 15,233–––– 15,233
Hedging reserve – – 62 – – 62
Retained earnings 832 – – (1,709) 1,582 705
Total equity 33,981 169 62 (1,709) 1,582 34,085
48 Silverdell Plc
Notes to the Consolidated Financial Statements continued
at 30 September 2008
81733 ACCOUNTS:81733 accounts  28/3/09  11:58  Page 48 32. Transition to IFRS (continued)
Effects of transition to IFRS on the balance sheet at 30 September 2007 (continued)
Income statement for the year ended 30 September 2007 – reconciliation of UK GAAP to IFRS
UK GAAP IAS38 IFRS3
balances in Intangible Business IFRS
IFRS format assets combinations Balances
£’000 £’000 £’000 £’000
Continuing operations:
Revenue 38,498 – – 38,498
Cost of sales (24,808) – – (24,808)
Gross profit 13,690 – – 13,690
Administrative expenses (10,750) (2,130) 1,391 (11,489)
Operating profit 2,940 (2,130) 1,391 2,201
Interest receivable 72 – – 72
Finance costs (846) – – (846)
Profit before tax 2,166 (2,130) 1,391 1,427
Income tax expense (1,294) 624 – (670)
Profit for the period from continuing operations 872 (1,506) 1,391 757
Profit for the period attributable to 
equity shareholders of the Parent 872 (1,506) 1,391 757
49 Report and Accounts 2008
81733 ACCOUNTS:81733 accounts  28/3/09  11:58  Page 49 We have audited the parent company financial statements of Silverdell PLC for the year ended 30 September 2008 which comprise the
Balance Sheet and the related notes 33 to 40. These parent company financial statements have been prepared under the accounting 
policies set out therein.
We have reported separately on the Group financial statements of Silverdell PLC for the year ended 30 September 2008. 
This report is made solely to the company’s members, as a body, in accordance with section 235 of the Companies Act 1985. Our audit
work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditors’
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of Directors and auditors
The Directors’ responsibilities for preparing the Annual Report and the parent company financial statements in accordance with applicable 
law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out in the Statement of
Directors’ Responsibilities.
Our responsibility is to audit the parent company financial statements in accordance with relevant legal and regulatory requirements and
International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the parent company financial statements give a true and fair view and whether the parent
company financial statements have been properly prepared in accordance with the Companies Act 1985. 
In addition we report to you if, in our opinion, the company has not kept proper accounting records, if we have not received all the
information and explanations we require for our audit, or if information specified by law regarding Directors’ remuneration and other
transactions is not disclosed.
We read the other information contained in the Annual Report as described in the contents section and consider whether it is consistent 
with the audited parent company financial statements. We consider the implications for our report if we become aware of any apparent
misstatements or material inconsistencies with the parent company financial statements. Our responsibilities do not extend to any further
information outside the Annual Report.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. 
An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the parent company financial
statements. It also includes an assessment of the significant estimates and judgments made by the Directors in the preparation of the 
parent company financial statements, and of whether the accounting policies are appropriate to the company’s circumstances, consistently
applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide
us with sufficient evidence to give reasonable assurance that the parent company financial statements are free from material misstatement,
whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of
information in the parent company financial statements.
Opinion
In our opinion:
■ the parent company financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting
Practice, of the state of the company’s affairs as at 30 September 2008;
■ the parent company financial statements have been properly prepared in accordance with the Companies Act 1985; and
■ the information given in the Directors’ Report is consistent with the parent company financial statements.
Emphasis of matter – going concern
In forming our opinion on the financial statements, which is not qualified, we have considered the adequacy of disclosures made in Note 2
to the financial statements concerning ability of the Group to continue as a going concern.
The Company is likely to breach its covenants, in the absence of any mitigating plans, when tested for the relevant quarters in the 
period ended 30 September 2009. If such a covenant breach were to occur the lenders would be able to request early repayment of 
all outstanding borrowings and cancel their commitments. Subsequent to the year end, the Company concluded discussions with its 
lenders which resulted in a £3.25m bridging loan being provided; due for repayment on 30 June 2009. These conditions, along with 
other matters as set out in Note 2 to the financial statements, indicate the existence of a material uncertainty which may cast significant
doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that would
result if the Company was unable to continue as a going concern.  
Deloitte LLP
Chartered Accountants and Registered Auditors 
London, United Kingdom
31 March 2009
50 Silverdell Plc
Independent Auditors’ report
to the members of Silverdell PLC
81733 ACCOUNTS:81733 accounts  30/3/09  14:52  Page 50 2008 2007
Notes £’000 £’000
Fixed assets
Investments 35 25,904 42,866
Current assets
Debtors: amounts falling due within one year 36 1,008 650
Debtors: amounts falling due after more than one year 36 5,997 6,300
7,005 6,950
Creditors: amounts falling due within one year 37 (5,542) (9,120)
Net current assets/(liabilities) 1,463 (2,170)
Total assets less current liabilities 27,367 40,696
Creditors: amounts falling due after one year (11,050) (6,850)
Provisions for liabilities and charges 38 – (2,590)
Total net assets 16,317 31,256
Capital and reserves
Called up share capital 24 4,165 4,068
Share premium account 39 13,649 13,649
Equity reserve 39 229 199
Other reserve 39 16,635 15,233
Profit and loss account 39 (18,543) (1,893)
Total shareholders’ funds 16,317 31,256
The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2009. They were signed on behalf 
of the Board of Directors.
D Williams
Non-Executive Chairman
51 Report and Accounts 2008
Company Balance Sheet
at 30 September 2008
81733 ACCOUNTS:81733 accounts  30/3/09  14:52  Page 51 33. Significant accounting policies
The financial statements have been prepared on the historical cost basis. The accounting policies are summarised below and 
have been applied consistently throughout the year and the preceding year. The separate financial statements of the Company are
presented as required by the Companies Act 1985. As permitted by that Act, the separate financial statements have been prepared 
in accordance with United Kingdom accounting standards. 
Going concern
The financial statements are prepared on a going concern basis, the validity of which is dependent upon the raising of finance by the
issue of additional share capital, referred to in Note 2 in the financial statements.
Deferred taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income
statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 
items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted
or substantively enacted by the balance sheet date.
Deferred taxation is provided in full on all timing differences that result in an obligation at the balance sheet date to pay more tax, 
or a right to pay less tax, at a future date, subject to the recoverability of deferred tax assets. Deferred tax assets and liabilities are 
not discounted.
Share-based payments
The Company has applied the requirements of FRS 20 Share-based Payment. In accordance with the transitional provisions, 
FRS 20 has been applied to all grants of equity instruments after 7 November 2002 that had not vested as at 1 January 2005.
The Company makes equity settled share-based payments to the Directors, which are measured at fair value at the date of grant. 
The fair value of share options issued with non-market vesting conditions has been calculated using the Black Scholes model. For 
all other share awards, the fair value is determined by reference to the market value of the share at the date of grant. For all share
schemes with non-market related vesting conditions, the likelihood of vesting has been taken into account when determining the
associated charge. Vesting assumptions are reviewed during each reporting period to ensure they reflect current expectations.
The company also makes equity settled share-based payments to certain employees of certain subsidiary undertakings. Equity settled
share-based payments that are made to employees of the Company’s subsidiaries are treated as increases in equity over the vesting
period of the award, with a corresponding increase in the Company’s investments in subsidiaries, based on an estimate of the
number of shares that will eventually vest.
Any payments received from subsidiaries are applied to reduce the related increases in investments in subsidiaries.
Accounting for share-based payments is the same as under IFRS 2 and details on the schemes and option pricing models relevant to
the charge included in the Company financial statements are set out in note 29 to the consolidated financial statements of the Group
for the year ended 31 December 2007.
Investments
Investments represent equity holdings in subsidiaries, joint ventures and associates and are held at cost less provision for impairment.
34. Parent company profit and loss account
The company has taken advantage of section 230 of the Companies Act 1985 and has not presented its own profit and loss account.
The loss for the year dealt with in the financial statements of the parent company is £16,650,000 (2007: loss £1,629,000).
35. Investments Company
2008
£’000
At 1 October 2007 42,866
Capital contribution 182
Adjustment to deferred consideration (2,491)
At 30 September 2008 40,557
Impairment
At 1 October 2007 –
Impairment loss for the year (14,653)
At 30 September 2008 (14,653)
Carrying amount
At 30 September 2008 25,904
At 30 September 2007 42,866
Details of the principal subsidiary undertakings are as follows:
Country of Proportion of 
Company incorporation ordinary shares held Principal activity
Silverdell (UK) Ltd England and Wales 100% Asbestos and environmental services
Redhill Analysts Ltd England and Wales 100% Consultancy services
Kitsons Environmental Europe Ltd England and Wales 100% Asbestos and environmental services
52 Silverdell Plc
Notes to the Consolidated Financial Statements continued
at 30 September 2008
81733 ACCOUNTS:81733 accounts  28/3/09  11:58  Page 52 36. Debtors
Amounts falling due within one year 2008 2007
£’000 £’000
Other debtors and prepayments 108 124
Amounts due from Group undertakings 369 526
Corporation tax recoverable 531 –
1,008 650
Amounts falling due after more than one year:
At the balance sheet date amounts receivable from the fellow group companies of £5,997,000 (2007: £6,300,000) were due after
more than one year. The carrying amount of these assets approximates their fair value. The above amount is due from Silverdell (UK)
Limited and the Company has given an undertaking to give at least 12 months’ notice before requesting payment of all or part of it.
37. Creditors 
Amounts falling due within one year 2008 2007
£’000 £’000
Bank overdraft 422 741
Bank loans 1,050 2,150
Other creditors and accruals 120 404
Deferred consideration 150 3,000
Amounts due in respect of acquisitions – 1,825
Amounts due to subsidiary undertakings 3,800 1,000
5,542 9,120
The carrying amount of trade payables approximates to their fair value.
Amounts falling due after more than one year:
2008 2007
£’000 £’000
Bank loan 11,050 6,850
Full details of the Company’s bank loans are disclosed in notes 20 and 21 to the Group financial statements.
38. Provisions for liabilities and charges
Deferred Deferred
taxation consideration Total
£’000 £’000 £’000
At 1 October 2007 (59) 2,649 2,590
Change in estimate of deferred consideration – (2,499) (2,499)
Reclassification to creditors – (150) (150)
Reclassification to debtors 59 – 59
At 30 September 2008 – – –
39. Share premium account and reserves
Share 
premium Equity Other Profit and 
account reserve reserves loss account Total
£’000 £’000 £’000 £’000 £’000
At 1 October 2007 13,649 199 15,233 (1,893) 27,188
Premium arising on shares issued in the year – – 1,402 – 1,402
Share-based payment charge in the year – 212 – – 212
Retained loss for the year – – – (16,650) (16,650)
At 30 September 2008 13,649 411 16,635 (18,543) 12,152
Other reserves are not distributable and relate to the premium arising on shares issued as consideration for the acquisition of subsidiary
companies and warrants issued to Marwyn Neptune Fund LP in consideration for their participation in placing of shares on 19 July 2006.
40. Related Parties
The Company has taken advantage of the exemptive under FRS 8 Related Party Transactions not to disclose details of transactions
between wholly owned Group companies.
53 Report and Accounts 2008
81733 ACCOUNTS:81733 accounts  28/3/09  11:58  Page 53 Report and Accounts
This report has been printed and mailed at source in England.
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Silverdell PLC
14 Buckingham St London WC2N 6DF   Tel 020 7004 2744
www.silverdell.plc.uk
Registered Office: 20 Blackfriars Lane, London EC4V 6HD
81733 SILVERDELL COV:81377 SILVERDELL COV  30/3/09  11:57  Page 2