Clean, economic and 
low-carbon electricity for
portable power solutions
Voller Energy Group Plc
Annual Report & Accounts 2008 Contents
01 Highlights 
02 Chairman’s statement
04 Chief Executive’s review
06 Board of Directors
07 Report of the Directors for the year ended 30 June 2008
10 Corporate governance statement
12 Unaudited remuneration report
14 Report of the independent auditors
16 Consolidated income statement 
16 Consolidated statement of total recognised income 
and expense 
17 Consolidated balance sheet
18 Company balance sheet
19 Consolidated cash flow statement
20 Notes to the consolidated financial statements
40 Notice of meeting
Corporate Information
Voller Energy is a leader in portable
fuel cell systems, one of the first
companies in the world who have
deliverable technology . Portable fuel
cells are widely predicted to be the first
type of fuel cell to reach a mass market
and the Group is now well positioned
as an early leader in this sector. 01
Highlights
Voller Energy Group Plc
Annual Report & Accounts 2008
First commercial shipments of the
Emerald 1kW Auxiliary Power 
Unit achieved 
• Welfare cabin, supplied by 
GenQuip Plc
• CCTV camera for traffic monitoring 
• Mobile information sign for the 
Dutch Ministry of Works 
Manufacturing facility extended in
Basingstoke, England
Loss for the year before taxation of
£2.8 million (2007: £2.2m), 
better than budget
Core patents filed strengthening
Intellectual Property
Development commenced on the next
generation of Emerald Product
Additional funding is required to
develop the business for the future and
the directors have sufficient reason to
believe that the strategic review which
commenced in February 2008 will, if
successful, achieve this. The options
may include, but are not limited to,
strategic alliances, mergers or a sale 
of the business. 02
Chairman’s statement
Voller Energy Group Plc
Annual Report & Accounts 2008
I am pleased to report that encouraging progress has been achieved in the year 
to 30 June 2008. The Group has begun shipping pilot commercial units of the 
Emerald 1kW APU (Auxiliary Power Unit) system running from LPG. 
The Emerald system is being installed in a number of differing customer situations 
in the target markets of construction, leisure and infrastructure management. 
These include the installation of units in welfare cabins supplied by GenQuip Plc, 
the installation of a unit to power a CCTV camera in a traffic monitoring system and 
the installation of a unit in a mobile information sign for the Dutch Ministry of Works.
The units delivered to GenQuip represented the initial batch of 5 systems as part of 
the total order received from them for twenty units.
I can also report that following the successful participation of Voller’s Beneteau
Oceanis 411 yacht in the Atlantic Rally for Cruisers it is considered that the marketing
profile of the product in the marine market is sufficiently high and as a consequence
the yacht has been sold. This race and other trials have proven the utility of the
Emerald system in the marine and leisure space and the extensive interest in the
product in these applications is reflected in the initial units ordered by our appointed
distributors in our target geographic markets. 
The Emerald units are manufactured at the Group’s facility in Basingstoke which was
extended in October 2007. In addition further development work has resulted in the
filing of new patents on the Emerald system and a further strengthening of the Group’s
intellectual property .
The feedback from our customers is very encouraging and this feedback, combined
with our on-going testing programme, is being used to make further improvements to
the product. The manufactured cost of the initial units has not been recouped in its
entirety from the revenue generated and a gross loss has been sustained per unit
which was in accordance with the financial plan for the year. As sales increase a
reduction in the cost of components will be secured which together with the continuing
re-design of the product will minimise the excess of cost over revenue. Nonetheless the
absorption of this cost together with continuing development expenditure and other
overhead costs continues to deplete the cash resources of the Company .
Financial results 
These financial results are the first results following the adoption of International
Financial Reporting Standards (IFRS) as adopted by the European Union. 
Sales for the year of £105k (2007: £42k) included for the first time revenue generated
from the sales of the Emerald 1Kw APU. This is encouraging progress and reflects on
the initial successful delivery of commercial product. 
Research and development expenses of £1.1m remained in line with the previous year
of £1.0m reflecting the continued work on the development of the Emerald product. 
Administrative expenses of £2.795m (2007: £2.543m) increased during the year
primarily as a result of the costs of the manufacturing operation expanded at our
Basingstoke facility during the current year and the increased charge for 
Share Options.  
Interest receivable fell as a consequence of the reduction in the cash balance. 
The loss before taxation for the year of £2.799m (2007: £2.248m) was better than budget.
At the end of year the group had cash in hand of £1.948m (2007: £4.732m) and as
indicated in my comments below, additional funding is required to enable the Group 
to complete its development programme. 
“During the year we
have installed prototype
units into our chosen
market segments of
construction and
infrastructure
management.” 03
Chairman’s statement
Voller Energy Group Plc
Annual Report & Accounts 2008
People
During the year we have strengthened our development team but have taken action to
reduce sales and marketing personnel as we focus on a more targeted approach of
limited key accounts. 
All of our employees make a valued contribution to the Group’s activities and I would
like to thank them for all their continued contribution. As announced on 5 August 2008,
Stephen Voller stepped down as the CEO to pursue other business interests and Robin
Francis, the Group’s Chief T echnology Officer, took over as CEO. 
Strategic Review
In February 2008 the Group announced that a strategic review of the options open to
the Group would be undertaken by Deloitte Corporate Finance. The objective of this
Strategic Review was to maximise shareholder value. The Company announced in
February that these options may include, but were not limited to, strategic alliances,
mergers, refinancing or a sale of the business.  In February we said that this process
may or may not lead to an offer being made for the Company . Whilst this review has
been in progress action has been taken to reduce overhead cost wherever possible
without damaging the future development of the business. Headcount in Sales &
Marketing has been reduced which, along with other overhead savings, will reduce the
cost base for the new financial year. However, there is no doubt that progress of putting
the Emerald units into the market place has been slower than we would have wished;
the Company does not currently have the cash resources to achieve its development
programme and further funding will be required, which is why we have engaged
Deloitte Corporate Finance to assist in the process of securing the necessary funding 
to allow the Group to continue in operation.
Whilst the outcome of the process remains uncertain, in the opinion of the Directors,
there is sufficient reason to believe that the outcome, if successful, could provide
sufficient funding for the Company to develop the business for the forseeable future.
Accordingly the financial statements have been prepared on a going concern basis.
John Brown FCCA
Chairman
01 October 2008 04
Chief Executive’s review
Voller Energy Group Plc
Annual Report & Accounts 2008
The Group’s clean, environmentally friendly power systems address two topics of
particular importance for both users and the wider world: the desire to reduce fuel
costs, and the need to reduce harmful atmospheric emissions. As concern grows over
the rising cost of fuel and the environmental impact of energy generation, the market
demand for these products will only get stronger. 
In 2005 following our initial AIM listing we began the programme of developing a fuel
cell system that runs from available fuels, which we refer to as the Emerald product
family . The first of the Emerald products, a 1kW fuel cell system running from LPG
(liquefied petroleum gas, propane or Calor Gas) has begun to be shipped. Emerald acts
as an automatic and intelligent battery charger, providing a far more fuel efficient
system than an equivalent diesel or LPG generator. 
The emissions from Emerald are considerably lower than those from a conventional
generator. Emissions of the main greenhouse gas carbon dioxide are substantially
reduced, while emissions of noxious emissions such as nitrogen oxide, sulphur 
dioxide and carbon monoxide are almost zero. 
There are two aspects of Voller’s developments that make them unique;
Hydrogen is not required; use available fuels
Many fuel cell developers still rely on very pure hydrogen to fuel their products.
Hydrogen remains a difficult fuel to obtain, and is costly to store and transport. In the
markets that Voller operate in; being construction, infrastructure management and
leisure, there is no widespread adoption of hydrogen, nor is it likely that there will be
any widespread adoption of the fuel in the near future. 
Many analysts are now agreed that unless hydrogen is produced from a sustainable
source, using hydrogen as a distributed fuel source has a very limited positive effect on
the environment and may even have a negative effect. This is because the energy needed
to produce, compress, store and transport the fuel is a very high proportion of the
energy ultimately delivered. Sustainable sources of hydrogen are very limited at present.
A much more effective way to produce hydrogen is by using a reformer based system,
where a conventional hydrocarbon fuel such as propane is converted to hydrogen and
carbon species. The hydrogen produced is used directly in the fuel cell system so that
expensive storage and transportation cost are avoided.
Every Emerald system has a reformer system inside so that a standard bottle of
propane can be connected to the system and used directly . Propane is a universally
available, familiar and economic fuel. 
Systems and hybrid approach
Fuel cells make very efficient battery chargers, and all of Voller’s systems use a
combination of fuel cell and battery technology . Batteries are low-cost and reliable, and
provide an effective way of meeting peak power demands, while the fuel cell is used to
service the average power demands. 
Voller is a systems integrator, providing a complete and easy system for our customers.
The Emerald units are designed as “fit and forget” systems that are easy to install and
which automatically charge the battery pack thus ensuring that power is always
available to the user. 
T echnology Review 
This year has seen the 1kW Emerald product moving from laboratory pre-production
prototypes into pilot manufacture and the installation of these units in a number of
platforms. These include the first site welfare cabins supplied by GenQuip Plc, a traffic
CCTV monitoring system to be used by the Highways Agency and a mobile traffic sign
platform under a Dutch government programme. These installations, following on from
the successful field trials last year, have convincingly demonstrated the utility and
attractiveness of the Emerald system in both mobile and static off-grid applications 
and represent the important step of placing the units in the hands of “real users” in 
the actual application environments. 
“The Group is
excellently placed to
meet the growing
market for
environmentally
friendly power
generation systems.” 05
Chief Executive’s review
Voller Energy Group Plc
Annual Report & Accounts 2008
The Emerald system is designed to operate as an automatic battery charger and to
replace conventional generators in a variety of static and mobile applications. 
The Emerald system provides reliable power to users with none of the noise, smell and
vibration associated with generator systems. Furthermore, the low servicing needs and
fuel efficiency of the units means the overall lifetime costs to users are projected to be
lower, despite a higher up front capital cost. 
In the construction market segment we have been working with our partner GenQuip
Plc to prove the application of the Emerald system within their range of welfare site
cabins. A number of units have been installed and used by GenQuip personnel for
several months and we are working with GenQuip to distribute the first commercial
units to GenQuip’s preferred hire company partners. 
In the transport infrastructure market we have installed two units in government-
funded trials, one in the UK and one in Holland. These trials will prove the performance
of the units in these applications prior to larger scale rollout. 
In the leisure market our field trials during the past year have helped us to prove the
basic performance of the units in the application space and to develop the products
further. Along with our distribution partners, we are looking forward to shipping the
first units in the next year. 
Over the year we have continued to strengthen our intellectual property position. 
We have filed three core patents on the Emerald system and have further filings in
progress relating to continuing improvements in the system design. Additionally ,
Emerald is controlled and monitored by our proprietary software package “Emerald
T alk”, which forms an integral part of the system. 
Looking further into the future work has begun on the next generation of Emerald
products. The Company’s product development strategy is based around the expansion
of the Emerald product platform in two main directions: 
• the development of higher power systems with a net electrical power output of 
up to 5kW; and
• the development of systems capable of operating on liquid fuels, 
in particular diesel. 
Higher power systems will allow Voller to target additional market segments with
greater power requirements than can be supported by the current Emerald product.
These include some parts of the back-up power market, the materials handling market,
and many specialist vehicle applications. Furthermore these systems will expand the
range of applications which can be served in the core markets for Emerald, for example
larger marine craft and recreational vehicles (RV), larger static cabins in the
construction market, and large permanent traffic signs. We have identified the core
components for this product range and expect commercial systems to be available in
approximately two years. 
The development of diesel systems will allow increased penetration of market
segments where diesel is preferred over LPG. This includes segments such as larger
marine craft, truck  auxilliary power unit (APU) systems and the military . The Company
is working on a diesel-reforming system in a collaboration with the University of
Cambridge, along with other collaborations and in-house research. 
Ultimately these developments will result in a family of transportable or small
stationary products with power outputs ranging from 1-5kW and which operate from 
a variety of fuels. 
Outlook
The Company has demonstrated the basic effectiveness of the Emerald system in its
chosen markets and is well positioned in the growing market for low-emission
technology . The Company has built considerable Intellectual Property (IP) and know-
how in this complex area. The focus now is to achieve follow-on sales in the chosen
markets and to consolidate our supply position with strategic customers in our 
target markets.
The future of the Company is however dependent on additional funding. Further details
are given in both the Chairman’s statement under “Strategic Review” and in Note 3
attached to these financial statements.
Robin Francis
Chief Executive Officer
01 October 2008 06
Board of Directors
Voller Energy Group Plc
Annual Report & Accounts 2008
John Brown FCCA CTA (age 64)
Chairman
Has served as Non-Executive Chairman of Voller Energy since April 2004 and was 
Chief Executive and founder of Speedy Hire Plc (LSE:SDY) a FTSE 250 company until his
retirement in 2005. John is also Chairman of Norcros Plc (LSE:NXR) and Rollalong Hire
the portable accommodation hire business and the ex Chairman of Scott Harris, the
investor relations company . John is also a Non-Executive Director of Lookers Plc
(LSE:LOOK), Henry Boot Plc (LSE:BHY) and Oriel Securities Ltd.
Robin Francis (age 36)
Chief Executive Officer 
Dr Robin Francis has an in-depth knowledge of the energy business built from over 10
years working in the sector. After completing a degree and PhD in inorganic chemistry
at Oxford University , Robin joined the Materials Research centre at the University of
Houston, where he continued his research in porous catalytic materials and their
application in fuel processing. Robin then worked for 5 years as a senior member of 
the Energy Sector consulting team at Sagentia Ltd, a leading technology consultancy
company based in Cambridge (UK), where he provided strategic business and
technology advice to a range of clients, from blue chip multinationals to small spin-out
companies. Robin joined Voller in July 2006 and has led the development of Voller’s
Emerald fuel cell system. 
Mike Clarke (age 58)
Chief Operating Officer
Has 30 years’ management experience of the production of complex electronics,
including Aston Electronic Designs Ltd, Perex Ltd, Sintrom Plc and Sperry Rand Inc. 
As COO he is responsible for the manufacture of the products and for meeting
production, quality and shipment targets.
Colin Bonsey FCA (age 62)
Financial Director and Company Secretary
Is a Chartered Accountant (ACA 1969, FCA 1971) and from 1999 to 2003 served as
Group Finance Director and Company Secretary of Bullough Plc, a small cap mini
conglomerate with group turnover of £250 million. Colin was an Audit Senior at KPMG
before joining Philip Morris as Corporate Controller in 1973. In 1976 he joined Siebe Plc
(now part of Invensys Plc) a world leader in controls and automation with turnover of
£3.7 billion. He joined the Board of Siebe in 1990 and remained on the Board until his
departure in 1999.
David Port FCMA (age 61)
Non-Executive Director
David is a Fellow Chartered Management Accountant and widely experienced in the
energy sector and is the Non- Executive Chairman of ATH Resources Plc (LSE:ATH), 
the mining group. He is a freeman of the City of London and is a former Chairman of the
Coal Trade Benevolent Association. He is also Chairman of GNE Plc (LSE:GNE) and the
Non-executive Chairman of Petrol Express Ltd and of Leach Colour Ltd. David is also a
Non-Executive Director of TRS Developments Ltd and of WMT Ltd a specialist
consultancy advising on the processing of nuclear waste.
David Cranston (age 62)
Non-Executive Director
After a 30 year career in the Army , initially in the Artillery but mainly as an Army Aviator,
David Cranston’s final appointment was as Deputy and then Commander of the
Germany based Multinational Airmobile Division with 26,000 personnel from four
nations, a capital budget of £8 billion, and an £800 million annual operation budget.
Leaving the army in 1995, he became a financial regulator joining the Personal
Investment Authority (PIA) as Head of Member Relations and in 1997 became Head of
Group Compliance of The Royal Bank of Scotland. From 2000 to 2002 he was Director
General of The National Association of Pension Funds. Currently David has a small
portfolio of non-executive and voluntary appointments; the latter includes being a
member of the British National Olympic Committee. 07
Report of the Directors
for the year ended 30 June 2008
Voller Energy Group Plc
Annual Report & Accounts 2008
The Directors present their Annual Report and Financial Statements for the Company
and for the Group for the financial year ended 30 June 2008.
Principal activities
The principal activity of the Group is the manufacture of portable fuel cell systems for
use as mobile generators and battery chargers.
A review of the results for the year and of future developments in the business is given
in the Chairman’s Statement and Chief Executive’s Review, which form part of this
annual report.
The Group consists of the holding Company Voller Energy Group Plc together with its
wholly owned subsidiaries Voller Energy Limited and Voller Energy Trading Limited
(dormant). 
Results and dividends 
The consolidated income statement for the year is set out on page 16.
The Group’s loss for the financial year after taxation was £2,539,000 (2007: £2,010,000)
The Directors do not recommend the payment of a dividend for the year (2007: £nil). 
Basis of preparation
As a result of ongoing investment in the development of the Emerald product range
and the recognition that it has not been possible during the current financial year, nor
is it likely that it will be possible during the next financial year, to recover the whole of
the manufactured cost of the product, the Company continues to be loss making. 
The Directors have reviewed the accounts, budgets, sales pipeline, costs and forward
plans and cash flow analysis of the business and, as described more fully in Note3 to
the accounts, this leads the Directors to believe that there is a material uncertainty
regarding the Group’s ability to continue in operation for the foreseeable future without
obtaining further funding. The Company appointed Deloitte Corporate Finance in
February 2008 to conduct a strategic review of the options available to raise further
funding. Whilst the outcome of the process remains uncertain, in the opinion of the
directors, there is sufficient reason to believe that the outcome, if successful, could
provide sufficient funding for the Company to develop the business for the foreseeable
future, whilst recognising that the Company is dependent upon future investments to
continue as a going concern. 
The financial statements have been prepared on a going concern basis; see further
details in Note 3. 
Business Review
The Company is required by the Companies Act to include a business review in this
report. The directors are of the opinion that the subject matter of the proposed
Business Review is dealt with through the comments given in the Chairman’s, Chief
Executive’s and the Directors Report, on pages 2 to 9. 
Research and development 
The Group continues to invest in Research and Development expenditure which will be
of benefit to the Group in the medium to long term (see Note 6).
Principal risks and uncertainties
Management considers the financial health of the Group by looking at the overall level
of cash and short term deposits together with operating cash flow projections.
As at 30 June, 2008 the Group had cash, cash equivalents and short term deposits
totalling £1,948k (2007: £4,732k) and the net operating cash outflow for the year was
£2,784k (2007: £2,052K).
The principal commercial risks to the business are as follows;
• The risk that the Group will not be able to generate cash before cash and cash
equivalents are completely utilised;
• The risk that the Group does not develop products for commercial use before
existing competitors or new entrants;
• The risk that alternative technologies are adopted in preference to the Group’s
technology; and 
• The risk of the Group’s dependence upon a limited number of suppliers for 
key components. 08
Report of the Directors
for the year ended 30 June 2008
Voller Energy Group Plc
Annual Report & Accounts 2008
Directors and their interests
The Directors who held office during the year were as follows:
John Brown
Stephen Voller   (Resigned 4 August 2008) 
Mike Clarke
Colin Bonsey
David Port
David Cranston
Robin Francis 
The Directors’ interests in the ordinary shares of the Company are shown in the
Unaudited Remuneration Report on page 12.
Biographical details of the Directors are given on page 6.
In accordance with the Articles of Association, one third of the directors will retire at 
the forthcoming Annual General Meeting and being eligible will offer themselves for 
re-election.
Significant shareholdings
On 25 September 2008 the company had been notified, in accordance with Chapter 5
of the Disclosure and Transparency Rules, of the following voting rights as a
shareholder of the company;
Stephen Voller                                                     12.39%
Universities Superannuation Scheme 9.89%
Progressive Aim Realisation 8.04%
Barclays Wealth 7.66%
Share capital
Information relating to shares issued during the financial period is given in Note 18 to
the Financial Statements.
Charitable and political donations
The Group made no charitable or political donations during the year (2007: £nil).
Supplier payment policy
It is the Group’s policy to settle debts with its creditors on a timely basis, taking into
consideration the terms and conditions offered by each supplier. The number of
supplier days outstanding at the year end, based on the average monthly outstanding
Group creditor balances was 30 days (2007 30 days).
At the year end the Group had creditors of £307,000 (2007: £345,000). (See Note 17)
Financial instruments  
The Directors continue to monitor the Group’s financial assets, largely cash and short
term debtors, to ensure that the best returns are generated whilst balancing the
Group’s working capital requirements. 
Employee consultation
The Group places considerable value on the involvement of its employees and they are
regularly briefed on the Group’s activities. Their contribution is a key element to the
future success of the Group. Equal opportunity is given to all employees.
Disabled employees
Applications for employment by disabled persons are always fully considered, bearing
in mind the aptitudes of the applicant concerned. It is the policy of the Group that the
training, career development and promotion of disabled persons should, as far as
possible, be identical with that of other employees.
Stakeholder pension
The Company has designated a stakeholder pension scheme to which the employees
can contribute. The Company will not make any contribution to the stakeholder scheme. 09
Report of the Directors
for the year ended 30 June 2008
Voller Energy Group Plc
Annual Report & Accounts 2008
Directors responsibilities
The directors are responsible for preparing the Annual Report, the Directors
Remuneration 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 IFRS as adopted by the European Union and have also elected to
prepare Company financial statements in accordance with IFRS 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 group’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. However, 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; 
• provide additional disclosures when compliance with the specific requirements 
in IFRSs is insufficient to enable users to understand the impact of particular
transactions, other events and conditions on the entity’s financial position and
financial performance;
• make judgments and estimates that are reasonable and prudent; 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.
Other matters
The directors are responsible for the maintenance and integrity of the corporate and
financial information included on the company’s website. Legislation in the United
Kingdom governing the preparation and dissemination of financial statements may
differ from legislation in other jurisdictions.
Auditors
Each of the persons who is a director at the date of approval of this annual report
confirms that:
• so far as the director is aware, there is no relevant audit information of which 
the company’s auditors are unaware; and
• the director has taken all the 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.
Deloitte & T ouche LLP have expressed their willingness to continue in office as auditors
and a resolution to reappoint them will be proposed at the forthcoming Annual General
Meeting.
Annual General Meeting
The Annual General Meeting of the Company will be held at 10.00 am on 27 November
2008 at Rawdon House, Bond Close, Basingstoke, Hampshire RG24 8PZ.  The notice of
meeting is enclosed with this report.
By order of the Board
Colin Bonsey
Company Secretary
01 October 2008 10
Corporate governance 
statement
Voller Energy Group Plc
Annual Report & Accounts 2008
Compliance with the Combined Code
The Company’ s shares were admitted to trading on AIM of the London Stock Exchange on
1 February , 2005. AIM listed companies are not required to comply with the disclosures of
the Combined Code of Corporate Governance. However , the Board supports the principles
contained in the Combined Code and is committed to maintaining the highest standards
of Corporate Governance. Since admission to AIM, the Group’ s policy is to try to manage
the Group’ s affairs in accordance with the principles of the Code in so far as it considers it
practical to do so and is approporiate for a Company of its size.
Below is a brief description of the Board, its role and its committees followed by details
of the Group’s systems of internal control.
The Board
The Board consists of three Executive Directors, two Non Executive Directors (NEDs)
and a Non Executive Chairman. All Directors are equally accountable for the proper
stewardship of the Group’s affairs. The NEDs have a particular responsibility to
challenge constructively the strategy proposed by the Executive, to scrutinise
performance, assess risk and the integrity of financial information and controls and 
to ensure appropriate remuneration and succession planning arrangements for the
Executive Directors. The Board considers that all of the NEDs are independent in
character and judgement.
All Directors are subject to re-election by shareholders at least every three years. NEDs
are normally expected to serve two three-year terms commencing with the date of the
first Annual General Meeting after their date of appointment. There may be
circumstances where NEDs are invited, subject to re-election, to remain on the Board
for a further three-year period, after the expiry of their second three-year term.
The principal Board Committees are the Audit, Remuneration and Nomination
Committees; all report to the Board. During this year the Board has met eleven times.
Audit Committee
The Audit Committee comprises David Port (Chairman) and John Brown, both of whom
are NEDs, and is responsible for ensuring that the financial performance, position and
prospects of the Group are properly monitored and reported on. The Committee is also
responsible for meeting with the auditors and discussing their audit procedures and
the group internal financial controls. During this year the Committee has met twice.
The Audit Committee is responsible for making recommendations to the Board on the
appointment of external auditors and their remuneration, for reviewing the accounting
principles, policies and practices adopted in the preparation of the interim and annual
accounts and reviewing the scope and findings of the audit.
The Committee will keep under review the external auditors’ independence including
any non audit services that are to be provided by the external auditors. The auditors
are also required to confirm their independence at least annually . 11
Corporate governance 
statement
Voller Energy Group Plc
Annual Report & Accounts 2008
Remuneration Committee
The Remuneration Committee comprises David Cranston (Chairman) and John Brown,
both of whom are NEDs. The Committee reviews the performance of the Executive
Directors, sets their remuneration and determines the payment of any bonuses. It will
also consider the grant of options, under any share option scheme or other incentive
scheme of the Company and, in particular the price per share and the application of
performance standards to such grants. No Directors will be permitted to participate in
discussions or decisions concerning their own remuneration. During the year the
Committee has met four times.
Nomination Committee
The Nomination Committee comprises David Cranston (Chairman) and John Brown,
both of whom are NEDs and is responsible for dealing with appointments to the Board
and senior positions in the management of the Company as well as relevant
employment issues that arise in connection thereto. During the year the Committee 
has met four times.
Internal control and risk
In accordance with guidance for Directors on internal control, The Turnbull Guidance in
the Combined Code, the Board confirms that there is a process for identifying,
evaluating and managing the significant risks to the achievement of the Group’s
strategic objectives. The effectiveness of this process is reviewed regularly by the Audit
Committee which reports its findings for consideration by the Board.
Auditor independence
The Board has adopted a policy for the periodic review of its external auditors. 
Board effectiveness
The Board evaluates its effectiveness on an ongoing basis. In due course a more formal
evaluation will be arranged, probably involving external advice.
Shareholder communication
The Board encourages regular dialogue with the Group’s shareholders and, in addition,
all are invited to attend the Annual General Meeting. The Group’s website contains
information which shareholders, analysts and potential investors may find useful. 12
Unaudited remuneration 
report
Voller Energy Group Plc
Annual Report & Accounts 2008
The information included in the unaudited section of the remuneration report is
provided on a voluntary basis as there is no obligation for AIM companies to provide
such detail.
Remuneration policy
The Remuneration Committee sets directors’ remuneration and remuneration policies
for all staff. Remuneration levels are set in order to attract high calibre recruits and to
retain and motivate those directors and employees once they have joined the Group.
The individual components of the remuneration package offered to both executive
directors and employees at all levels are:
Basic salary and benefits
Basic salaries are reviewed annually . The review process is undertaken having regard
to the development of the Group and the contribution that individuals will continue to
make. The Group does not operate a Group pension scheme or provide other specific
benefits; however an additional amount is added to each individual’s salary to enable
them to determine the particular benefits they wish to put in place.
Bonuses
There are no contractual entitlements to bonuses. The remuneration packages of
executive directors may , in future, contain an element of performance-related bonus
where appropriate.
Share 0ptions
The Group has established an Enterprise Management Incentive ("EMI") share option
scheme and a policy for the granting of options to retain and motivate directors 
and employees.
Service contracts
Each of the executive directors has entered into a service agreement with the Company
which is terminable by either party on six months written notice.
Non executive directors
Non executive directors receive a fixed fee for their services and the reimbursement of
reasonable expenses incurred in attending meetings. The remuneration of the non-executive
directors is determined by the Board as a whole within the overall limits stipulated in the
Articles of Association. Non executive directors are not eligible for bonuses.
The services of the non executive directors Messrs Brown, Cranston and Port are
provided by letters of appointment with the Company . The appointment letters
provided for each of the appointments to be for an initial period of three years
commencing on their date of appointment. These appointments have now been
renewed on an annual contract basis subject to earlier termination by either party
giving one months’ written notice. 
Directors’ interests in shares
The Directors’ interests in the ordinary shares of the Company were as stated below:
Ordinary shares of 2p each
30 June June 30
2008 2007
No. shares No. shares
J Brown 666,000 666,000
M Clarke 1,864,750 1,864,750
C Bonsey 47,027 47,027
D Cranston 13,514 13,514
D Port 16,865 16,865 13
Audited remuneration 
report
Voller Energy Group Plc
Annual Report & Accounts 2008
Directors’ emoluments
The Directors received the following remuneration during the year:
Salary T otal T otal
and fees Bonus 2008 2007
Name of Director £££ £
Executive
Stephen Voller 151,418 - 151,418 169,500
Mike Clarke 151,418 - 151,418 164,500
Colin Bonsey 89,775 - 89,775 96,650
Robin Francis 90,000 - 90,000 56,465
Non- Executive
John Brown 24,425 - 24,425 24,960
David Cranston 18,317 - 18,317 18,720
David Port 18,317 - 18,317 18,720
543,670 - 543,670 549,515
Performance incentives
The Company has put in place an Enterprise Management Incentive (EMI) share option
scheme. Performance objectives have been identified for the scheme which are
appropriate to the successful development of the business.  
Directors’ interests in share options: 
Exercise Date of Outstanding
Price Grant Granted Lapsed Converted 30 June 08
C.P .Bonsey 75p 8 August 2005 100,000 None 100,000 -
31p 19 October 2006 125,000 None 125,000 -
2p 26 October 2007 325,000 None None 325,000
R.M.Clarke 24p28 November 2006 150,000 None 150,000 -
2p 26 October 2007 250,000 None None 250,000
R. Francis 31p 19 October 2006 150,000 None 150,000 -
2p 26 October 2007 250,000 None None 250,000 14
Report of the 
independent auditors
Voller Energy Group Plc
Annual Report & Accounts 2008
T o the shareholders of Voller Energy Group Plc
We have audited the Group and parent company financial statements (the “financial
statements’’) of Voller Energy Group Plc for the year ended 30 June 2008 which
comprise the Consolidated Income Statement, the Consolidated Statement of
Recognised Income and Expense, the Consolidated Balance Sheet, the Company
Balance Sheet, the Consolidated Cash Flow Statement and the related Notes 1 to 29.
These financial statements have been prepared under the accounting policies set out
therein. We have also audited the information in the Directors’ Remuneration Report
that is described as being audited.
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. T o 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, the Directors’
Remuneration Report and the financial statements in accordance with applicable law
and International Financial Reporting Standards (IFRS’s) as adopted by the European
Union, are set out in the Statement of Directors’ Responsibilities. 
Our responsibility is to audit the financial statements and the part of the Directors’
Remuneration Report to be audited, in accordance with relevant legal and regulatory
requirements and International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the financial statements give a true and fair
view and whether the financial statements and the part of the Directors’ Remuneration
Report to be audited have been properly prepared in accordance with the Companies
Act 1985 and, as regards the group financial statements, Article 4 of the IAS regulation.
We also report to you whether in our opinion the information given in the Directors’
Report is consistent with the financial statements.
In addition we report to you if, in our opinion, the Company has not kept proper
accounting records, if we have not received all the information and explanations 
we require for our audit, or if information specified by law regarding directors’
remuneration and other transactions is not disclosed.
We read the other information contained in the Annual Report as described in the
contents section and consider whether it is consistent with the audited financial
statements. This other information comprises only the Directors’ Report, the unaudited
part of the Directors’ Remuneration Report, the Chairman’s Statement and the 
Chief Executive’s Statement. We consider the implications for our report if we become
aware of any apparent misstatements or material inconsistencies with the financial
statements. Our responsibilities do not extend to any further information outside 
the Annual Report. 15
Report of the 
independent auditors
Voller Energy Group Plc
Annual Report & Accounts 2008
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing 
(UK and Ireland) issued by the Auditing Practices Board. An audit includes
examination, on a test basis, of evidence relevant to the amounts and disclosures in
the financial statements and the part of the Directors’ Remuneration Report to be
audited. It also includes an assessment of the significant estimates and judgments
made by the Directors in the preparation of the financial statements, and of whether
the accounting policies are appropriate to the Group’s and Company’s circumstances,
consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and
explanations which we considered necessary in order to provide us with sufficient
evidence to give reasonable assurance that the financial statements and the part of 
the Directors’ Remuneration Report to be audited are free from material misstatement,
whether caused by fraud or other irregularity or error. In forming our opinion we also
evaluated the overall adequacy of the presentation of information in the financial
statements and the part of the Directors’ Remuneration Report to be audited.
Opinion
In our opinion:
• The financial statements give a true and fair view, in accordance with International
Financial Reporting Standards as adopted by the European Union, of the state of
the Group’s and the parent company’s affairs as at 30 June 2008 and of the Group’s
loss and parent company’s loss for the year then ended;
• The financial statements and the part of the Directors’ Remuneration Report to be
audited have been properly prepared in accordance with the Companies Act 1985,
and, as regards the Group financial statements, Article 4 of the IAS Regulation; and 
• The information given in the Directors’ Report is consistent with the financial
statements.
Separate opinion in relation to IFRS 
As explained in Note 29 to the group financial statements, the group in addition to
complying with its legal obligations to comply with IFRSs as adopted by the European
Union, has also complied with IFRSs as issued by the International Accounting
Standards Board.
In our opinion the group financial statements give a true and fair view, in accordance
with IFRSs, of the state of the group’s affairs as at 30 June 2008 and of its loss for the
year then ended.
Emphasis of matter – Going concern 
Without qualifying our opinion, we draw attention to the disclosures made in Note 3 
of the financial statements concerning the company’s ability to continue as a going
concern, and in particular regarding the requirement to obtain further funding. The
conditions set forth in Note 3 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 the adjustments that would result if the
company was unable to continue as a going concern as it is not practicable to
determine or quantify them.
Deloitte & T ouche LLP
Charted Accountants &
Registered Auditors
Southampton, United Kingdom
01 October 2008 16
Consolidated income statement
for the year ended 30 June 2008
Restated
Note 2008 2007
£’000 £’000
Revenue 5 105 42
Cost of sales (310) (40)
Gross (loss)/profit (205) 2
Administrative expenses 6 (2,795) (2,543)
Operating loss (3,000) (2,541)
Investment revenues 5 201 293
Loss before taxation (2,799) (2,248)
T axation 10 260 238
Retained loss for the financial year (2,539) (2,010)
Basic and diluted loss per ordinary share 11 (11.03)p (8.74) p
All amounts relate to continuing operations.
Restated
2008 2007
£’000 £’000
Retained loss for the financial year (2,539) (2,010)
Prior year adjustment (see Note 29)  (28)
T otal recognised income and expense for the period (2,567)
The Notes on pages 20 to 39 form part of these financial statements.
Voller Energy Group Plc
Annual Report & Accounts 2008
Consolidated statement of total recognised income and expense 17
Consolidated balance sheet
as at 30 June 2008
Voller Energy Group Plc
Annual Report & Accounts 2008
Restated Restated
Note 2008 2008 2007 2007
£’000 £’000 £’000 £’000
Non current assets 
Property , plant and equipment 13 175 257
175 257
Current assets
Inventories 15 210 30
Trade and other receivables 16 526 312
Cash and cash equivalents 1,948 4,732
T otal current assets 2,684 5,074
Trade and other payables 17 (307) (345)
Net current assets 2,377 4,729
Net assets 2,552 4,986
Equity
Called up share capital 18 459 459
Share premium account 20 8,884 8,884
Merger reserve 20 161 161
Share option reserve 20 132 27
Retained loss 20 (7,084) (4,545)
T otal equity 2,552 4,986
The financial statements were approved by the Board on  01 October 2008 
Robin Francis Colin Bonsey 
Chief Executive Officer Finance Director 
The Notes on pages 20 to 39 form part of these financial statements. 18
Company balance sheet
at 30 June 2008
Voller Energy Group Plc
Annual Report & Accounts 2008
Note 2008 2007
£’000 £’000
Non Current Assets
Investments 14 321 216
Current assets
Trade and other receivables 16 2,552 5,014
Net Assets 2,873 5,230
Equity
Called up share capital 18 459 459
Share premium account 20 8,884 8,884
Share option reserve 20 132 27
Retained loss 20 (6,602) (4,140)
T otal equity 2,873 5,230
Reconciliation of movements in equity
Retained loss at start of the year (4,140) (2,180)
Provision against intercompany balance (2,462) (1,960)
Retained loss at end of the year (6,602) (4,140)
The financial statements were approved by the Board on  01 October 2008 
Robin Francis Colin Bonsey 
Chief Executive Officer Finance Director 
The Notes on pages 20 to 39 form part of these financial statements. 19
Consolidated cash flow satetment
for the year ended 30 June 2008
Voller Energy Group Plc
Annual Report & Accounts 2008
Note 2008 2008 2007 2007
£’000 £’000 £’000 £’000
Net cash outflow from operating activities 22 (2,989) (2,231)
Investing activities
Interest received 201 293
Purchase of property , plant and equipment (66) (120)
Disposal of property , plant and equipment 70 6
Net cash from financing activities 205 179
Decrease in cash and cash equivalents in the year (2,784) (2,052)
Cash and cash equivalents at beginning of the year 4,732 6,784
Cash and cash equivalents at end of the year 1,948 4,732
No Company cash flow statement is included in these accounts as all cash movements are recorded in its subsidiary Voller Energy Limited.
The Notes on pages 20 to 39 form part of these financial statements. 20
Notes to the consolidated financial statements
for the year ended 30 June 2008
Voller Energy Group Plc
Annual Report & Accounts 2008
1  General information 
Voller Energy Group Plc is a company incorporated in the United Kingdom under the Companies Act 1985. The address of the registered office is
given on the inside back cover. The nature of the group’s operations and its principal activities are shown in the Directors report. The financial
statements are presented in pounds sterling because that is the currency of the primary economic environment in which the group operates. 
2  Adoption of new and revised standards 
Adoption of International Financial Reporting Standards
In the current year, for the first time, the Group has prepared its consolidated and company financial statements in accordance with International
Financial Reporting Standards (IFRS) adopted for use in the European Union. In accordance with IFRS 1 First-time adoption of International
Financial Reporting Standards, the Group is required to present reconciliations of its equity at the date of transition, 1 July 2006 and at 30 June
2007 together with its income statement for the year ended 30 June 2007. 
The adoption of these new and revised Standards and Interpretations has resulted in changes to the Group’s accounting policies. The impact of
these changes in accounting policies is shown in Note 29. 
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 8 Operating segments
IFRIC 11 IFRS 2 – Group Treasury Share Transactions
IFRIC 12 Service Concession Arrangements
IFRIC 14 IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction 
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  Significant accounting policies 
Basis of accounting
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) adopted by the European
Union for the first time. The Group has historically reported under UK GAAP for statutory purposes. The disclosures required by IFRS concerning
the transition from UK GAAP to IFRS are given in Note 29. The date of transition to IFRS was 1 July 2006.
Basis of consolidation
The consolidated Group Financial statements incorporate the results of Voller Energy Group Plc and its subsidiary undertakings Voller Energy
Limited and Voller Energy Trading Limited (dormant) as at 30 June 2008. As provided by S230 of the Companies Act 1985, no Company income
statement is presented for Voller Energy Group Plc. 
Basis of preparation 
The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence 
for the foreseeable future. 
As a result of ongoing investment in the development of the Emerald product range and the recognition that it has not been possible during the
current financial year, nor is it likely that it will be possible during the next financial year, to recover the whole of the manufactured cost of the
product, the Company continues to be loss making.  21
Notes to the consolidated financial statements continued
for the year ended 30 June 2008
Voller Energy Group Plc
Annual Report & Accounts 2008
3  Significant accounting policies (continued)
The Company currently does not have sufficient cash resources to continue trading in its current form for a period of at least 12 months from the
date of these accounts and, therefore, there is a material uncertainty regarding the Group’s ability to continue in operation for the foreseeable
future without obtaining further funding. The Company appointed Deloitte Corporate Finance in February 2008 to conduct a strategic review of the
options available to raise further funding. Whilst the outcome of the process remains uncertain, in the opinion of the directors there is sufficient
reason to believe that the outcome, if successful, could provide sufficient funding for the Company to develop the business for the foreseeable
future. Consequently , the Company is dependent upon future investments to continue as a going concern. Without these anticipated cash inflows,
the company may be unable to realise its assets and discharge its liabilities in the normal course of business. 
Revenue recognition 
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services
provided in the normal course of business, net of discounts, VAT and other sales related taxes. Sales of goods are recognised when the goods 
are delivered and title has been passed. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective
interest rate applicable. 
Grants
Revenue grants are credited to the income statement (as a credit to administrative expenses) on a case-by-case basis. For revenue grants with
defined milestones, revenue is recognised only when the relevant milestone has been achieved and the associated cash has been received. 
T axation
The tax expense represents the sum of the tax currently payable and deferred tax. 
The tax currently payable is based on the taxable profit for the year. T axable profits 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 tax 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 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 and associates, and interests in joint
ventures, 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. 
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. 22
Notes to the consolidated financial statements continued
for the year ended 30 June 2008
Voller Energy Group Plc
Annual Report & Accounts 2008
3  Significant accounting policies (continued)
Property , plant and equipment
Leasehold improvements, fixtures and equipment are stated at cost less accumulated depreciation and any recognised impairment loss.
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction, over their estimated useful lives,
using the straight-line method, on the following bases:
Leasehold improvements over the term of the lease
Plant and equipment 5 years
Computer equipment 4 years
Office furniture and fittings 5 years
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.
Assets in the course of construction for production or research purposes, or for purposes not yet determined, are carried at cost, less any recognised
impairment loss. Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready for their intended use.
Impairment of tangible and intangible assets
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
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 “first in
first out” (FIFO) 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. 23
Notes to the consolidated financial statements continued
for the year ended 30 June 2008
Voller Energy Group Plc
Annual Report & Accounts 2008
3  Significant accounting policies (continued)
Financial instruments
Financial assets and financial liabilities are recognised on the Group’s balance sheet when the Group becomes a party to the contractual provisions
of the instrument.
Trade and other receivables
Trade and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as receivables.
Receivables are measured at amortised cost using the effective interest method, less any impairment. Interest income is recognised by applying
the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.
Trade receivables do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are
recognised in profit or loss when there is objective evidence that the asset is impaired.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each balance sheet date. Financial assets are impaired where there is objective
evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows 
of the investment have been impacted.
Investments – short term deposits
Short term deposit investments comprise short-term highly liquid investments that are readily convertible to a known amount of cash and are
subject to an insignificant risk of change in value.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and on 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 change 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.
Trade payables
Trade payables are non interest bearing and are stated at their nominal value.
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. 24
Notes to the consolidated financial statements continued
for the year ended 30 June 2008
Voller Energy Group Plc
Annual Report & Accounts 2008
3  Significant accounting policies (continued)
Share-based payments
The Group has applied the requirements of IFRS 2 Share-based Payments. In accordance with the transitional provisions, IFRS 2 has been applied
to all grants of equity instruments after 7 November 2002 that were unvested as of 1 July 2006. FRS 20 was applied for the comparative period.
The Group issues equity-settled share-based payments to certain employees. Equity-settled share-based payments are measured at fair value 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. Fair value is measured using a Black Scholes model.
Foreign currencies
Transactions in foreign currencies are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date,
monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date. Non-
monetary assets and liabilities carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date
when the fair value was determined. Gains and losses arising on retranslation are included in net profit or loss for the period.
Research and development
Research costs are expensed as incurred. Development expenditure is capitalised when it can be separately measured and its future recoverability
can be reasonably regarded as assured. Following initial recognition, the related asset is amortised over the period of expected future sales with
impairment reviews being carried out at least annually . The asset is carried at cost less any accumulated amortisation and impairment losses. 
The Group has not yet capitalised any development costs as the criteria set out in IAS 38 “Intangible Assets” have not been met. 
Leases
Leases are classified as financial leases whenever the terms of the lease transfer substantially all risks and rewards of ownership to the lessee. 
All other leases are classified as operating leases.  
The group as lessor
Amounts due from lessees under finance leases are recorded as receivables at the amount of the group’s net investment in the leases. Finance
lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the group’s net investment outstanding in
respect of the leases. 
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in
negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over
the term of the lease. 
The group as lessee
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
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, unless they are directly attributable to
qualifying assets, in which case they are capitalised in accordance with the group’s general policy on borrowing costs. 
Rentals payable under operating leases are charged to the 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 term of the lease.  25
Notes to the consolidated financial statements continued
for the year ended 30 June 2008
Voller Energy Group Plc
Annual Report & Accounts 2008
4  Critical accounting judgements and key sources of estimation uncertainty
In applying the Group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying
amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on
historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in
which the estimate is revised or in the period of the revision and future periods if relevant.
There are no judgements that are considered to be critical judgements that the directors have made in the process of applying the Group’s
accounting policies and that have any significant effect on the amounts recognised in the financial statements. However, additional funding is
required to enable the Group to continue trading in its current form (see Note 3).
5  Revenue
Revenue is wholly attributable to the principal activity of the Company . Turnover, results and assets are by origin located within the United Kingdom.
An analysis of the Group’s revenue is as follows: 
2008 2007
£’000 £’000
Continuing operations
Sales of goods 105 42
Revenue 105 42
Investment income 201 293
T otal revenue 306 335
Business and geographical segments
Business segments
For management purposes, the group is currently organised into one operating division. This division is the basis on which the group reports its
primary segment information.
The principal activity is the production of fuel cell systems being the only segment of the business. As per IAS 14 the Group is not required to
produce the segmental analysis as there is only one segment.
The following table provides an analysis of the Group’s sales by geographical market:
2008 2007
£’000 £’000
United Kingdom 79 6
Europe 4 13
North America 10 8
Asia Pacific 12 15
105 42
The analysis of the carrying amount of its non-current assets under IAS 14 and additions to tangible assets can be seen in the balance sheet and
Note 13. All assets are located in the United Kingdom. 26
Notes to the consolidated financial statements continued
for the year ended 30 June 2008
Voller Energy Group Plc
Annual Report & Accounts 2008
6  Loss for the year
2008 2007
£’000 £’000
This is arrived at after charging/(crediting):
Research and Development costs 1,101 1,031
Grant income (24) -
Depreciation 78 60
Exchange loss/(gain) 9 (3)
Operating rentals – land and buildings 100 73
The amounts payable to the Group’s auditors (shown in Note 7) have been charged within the loss before tax. 
7  Auditors’ remuneration
2008 2007
£’000 £’000
Fees payable to Company’s auditors for the audit of the Company’s annual accounts 15 15
The audit of the Company’s subsidiaries pursuant to legislation 4 4
T otal audit fees 19 19
T ax services 5 4
24 23
Fees payable to the Company’s auditors and their associates for other services to the Group (see Note below) 25 -
T otal 49 23
The other services amount represents the retainer cost of the strategic review effected by Deloitte Corporate Finance. 
8  Employees (Group and Company)
2008 2007
£’000 £’000
Staff costs for all employees, including directors, consist of:
Wages and salaries 1,240 1,070
Social security costs 143 119
1,383 1,189
The Company staff costs are £nil (2007: £nil). 
The average number of employees of the Group during the year, including Executive Directors, was 23 (2007: 20).
2008 2007
No. No.
Finance & Administration 7 7
Manufacturing 4 2
Sales & Marketing 1 3
Development 11 8
23 20 27
Notes to the consolidated financial statements continued
for the year ended 30 June 2008
Voller Energy Group Plc
Annual Report & Accounts 2008
9  Directors’ remuneration
2008 2007
£’000 £’000
Directors’ emoluments 544 550
Further disclosures on the remuneration of each individual Director is included in the Audited section of the Remuneration Report on page 13. 
10  T axation on loss from ordinary activities
2008 2007
£’000 £’000
UK corporation tax
Current tax on loss of the year - -
Adjustment in respect of previous periods 15 40
SME R&D tax credit 245 198
Current tax credit for the year 260 238
The tax credit for the year is lower (2007: lower) than the standard rate of corporation tax (30%) in the UK. 
The differences are explained below:
2008 2007
£’000 £’000
Loss on ordinary activities before tax (2,799) (2,220)
Loss on ordinary activities at the standard rate of corporation tax in the UK of 30% (2007: 30%) (840) (666)
Effects of:
Expenses not deductible for tax purposes 76 11
Depreciation in excess of capital allowances 27 (10)
Adjustment to tax charge in respect of previous years (15) (40)
Surrendered for R&D tax credit 61 50
Effect of the rate change 30 -
Current year losses carried forward 401 417
Current tax credit for the year 260 238
A deferred tax asset has not been recognised in respect of timing differences relating primarily to revenue losses as there is insufficient evidence
that the asset will be recovered. The amount of the asset not recognised is £1,336,000 (2007: £981,000). The asset would be recovered if there
were sufficient trading profits in the future.  28
Notes to the consolidated financial statements continued
for the year ended 30 June 2008
Voller Energy Group Plc
Annual Report & Accounts 2008
11  Loss per share
Weighted Weighted
average average
EPS loss Earnings number EPS loss Earnings number
per share £’000 of shares per share £’000 of shares
2008 2008 2008 2007 2007 2007
Basic and diluted (11.03)p (2,539) 23,000,513 (8.74)p (2,010) 23,000,513
IAS 33 requires presentation of diluted EPS when a company could be called upon to issue shares that would decrease net profit or increase net
loss per share. For a loss making company with outstanding share options, net loss would only be increased by the exercise of out-of-the-money
options. Since it seems inappropriate to assume that option holders would act irrationally , no adjustment has been made to diluted EPS for out-of-
the-money share options.
12  Loss for the financial year
Voller Energy Group Plc has taken advantage of the exemption allowed under Section 230 of the Companies Act 1985 and has not presented its
own income statement in these financial statements. The Company’s result for the year is a loss of £2,462,000 (2007: £1,960,000) 29
Notes to the consolidated financial statements continued
for the year ended 30 June 2008
Voller Energy Group Plc
Annual Report & Accounts 2008
13  Property , plant & equipment
Group Plant, Fixtures,
machinery fittings,
Leasehold Computer and tools and
improvements equipment vehicles equipment T otal
£’000 £’000 £’000 £’000 £’000
Cost
At 1 July 2006 74 56 101 21 252
Additions - 13 100 7 120
Disposals - - (9) - (9)
Transfers - 2 - (2) -
At 1 July 2007 74 71 192 26 363
Additions 46 8 12 - 66
Disposals - - (86) - (86)
At 30 June 2008 120 79 118 26 343
Depreciation
At 1 July 2006 918 17 5 49
Provision for the year 8 18 28 6 60
Disposals - - (3) - (3)
Transfers - 1 - (1) -
At 1 July 2007 17 37 42 10 106
Provision for the year 11 19 42 6 78
Disposals - - (16) - (16)
At 30 June 2008 28 56 68 16 168
Net book value
At 30 June 2008 92 23 50 10 175
At 30 June 2007 57 34 150 16 257 30
Notes to the consolidated financial statements continued
for the year ended 30 June 2008
Voller Energy Group Plc
Annual Report & Accounts 2008
14  Fixed asset investments
Amounts are shown at cost
2008 2007
Company £’000 £’000
Subsidiary undertakings:
Cost brought forward at 1 July 216 194
Additions 105 22
Cost as at 30 June 321 216
The additions represent share based payment charges, see Note 19.
Subsidiary undertakings
The following were subsidiary undertakings at the end of the year and have all been included in the consolidated financial statements:
Proportion of voting
Country of incorporation rights and ordinary
Name or registration share capital held Nature of business 
Voller Energy Limited England and Wales 100% Manufacturers and distributors of fuel cell products 
Voller Energy Trading Limited England and Wales 100% Dormant company 
Voller Energy Group Plc took advantage of the merger accounting relief provisions under s131 Companies Act 1985 when it issued equity shares on
a share-for-share basis to acquire a 100% interest in Voller Energy Limited.
15  Inventories 
Group Group Company Company
2008 2007 2008 2007
£’000 £’000 £’000 £’000
Raw materials 368 37 - -
Work in progress 7 9 - -
Finished goods - 2 - -
Less: Provision (165) (18) - -
210 30 - - 31
Notes to the consolidated financial statements continued
for the year ended 30 June 2008
Voller Energy Group Plc
Annual Report & Accounts 2008
16  Other financial assets 
Trade and other receivables
Group Group Company Company
2008 2007 2008 2007
£’000 £’000 £’000 £’000
Trade receivables 89 - - -
Amounts due from subsidiary undertakings - - 2,552 5,014
Corporation tax 241 198 - -
Other receivables 139 71 - -
Prepayments 57 43 - -
526 312 2,552 5,014
The directors consider that the carrying amount of trade and other receivables approximates to their fair value. Before accepting any new 
customer, the Group establishes a credit limit by customer. Included in the above amounts no customer is outside of the credit limits 
established, no amounts are beyond the agreed terms and no provisions have been made against amounts outstanding.  
Investments – short term deposits
These balances comprise of bank deposits with maturity of less than three months. The directors consider that the carrying amount of these 
assets approximates to their fair value.
Cash and cash equivalents
These balances comprise of cash and short-term bank deposits with an original maturity of three months or less. The directors consider that 
the carrying amount of these assets approximates to their fair value.
17  Other financial liabilities 
Trade and other payables 
Group Group Company Company
2008 2007 2008 2007
£’000 £’0010 £’000 £’000
Trade creditors 135 126 - -
T ax and social security creditor 37 40 - -
Other creditors 26 56 - -
Accruals 109 123 - -
307 345 - - 32
Notes to the consolidated financial statements continued
for the year ended 30 June 2008
Voller Energy Group Plc
Annual Report & Accounts 2008
18  Share capital
Authorised
2008 2007 2008 2007
Number Number £’000 £’000
Ordinary shares of 2p each 75,000,000 25,000,000 1,500 500
A resolution was passed on 24 October 2007 at the Company’s Annual General Meeting to increase the authorised share capital from £500,000 to
£1,500,000 by the creation of 50,000,000 additional ordinary shares of 2p each, ranking equally with the existing ordinary shares of 2p each. 
Allotted, called up and fully paid
2008 2007 2008 2007
Number Number £’000 £’000
Ordinary shares of 2p each 23,000,513 23,000,513 459 459
19  Share based payments 
Enterprise Management Scheme
1 July Options 30 June 
Number of Options 2007 Granted Exercised converted 2008
985,000 1,735,000 NIL (945,000) 1,775,000
Date from Last
Date of Grant Price which exercisable Last expiry date Number
26 October 2007 2p 31 December 2008 25 October 2014 660,000
26 October 2007 2p 31 December 2009 25 October 2014 1,075,000
The weighted average number of share options in issue during the year was 1,485,000 and the average share price of options in issue during the
same period was 13.36p. 33
Notes to the consolidated financial statements continued
for the year ended 30 June 2008
Voller Energy Group Plc
Annual Report & Accounts 2008
19  Share based payments (continued)
Equity settled share options scheme
The Company has a share option scheme for all employees of the Group. Options are exercisable at a price and a vesting date determined to be
appropriate by the Remuneration and Nominations Committee. Options are forfeited if the employee leaves the Group before the options vest.
In November 2007, the Company announced that it had made amendments to the scheme, which would only be applicable to new awards, 
in order to provide greater flexibility in the terms of awards made under the scheme. The main changes to the scheme are as follows: 
• Awards may now be granted as retentive performance shares, with a nominal exercise price.
• There will be greater flexibility in the performance targets that can apply to awards. Going forward these may be related to group or business
unit performance or product development goals. 
• Performance target periods and vesting periods are no longer required to be a fixed 3 year period. 
The Group has applied the requirements of IFRS 2 “share based payments”. In accordance with the transitional provisions, IFRS 2 has been
applied to all grants of equity instruments after 7 November 2002 that were unvested as of 1 July 2006. The Group issues equity-settled share
based payments to certain employees and directors. Equity-settled share based payments are measured at fair value at the date of the 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.
Fair value is measured by use of a Black-Scholes model.
The input into the Black-Scholes option pricing model are as follows:
2008 2007
Expected life 3.0 Years 5.0 Years
Expected volatility 40% 40%
Risk free rate of return 4.286% 4.286%
Expected dividends 0.0% 0.0%
Expected volatility was determined by calculating the historic volatility of the Group’s share price since listing on the AIM market and by
considering the volatility of other similarly listed AIM companies. 
The impact of implementing IFRS 2 “Share based payments” is as follows:
Group Group Company Company
2008 2007 2008 2007
£’000 £’000 £’000 £’000
Income statement
Administrative expenses 2,690 2,493 - -
IFRS 2 adjustment 105 22 - -
Revised total 2,795 2,515 - -
Balance sheet
Share option reserve (105) (27) (105) (27)
Income statement deficit 105 27 - -
Fixed asset investment - - 105 27
Increase in net assets - - 105 27
The amounts shown above have been included within administrative expenses for the relevant periods. 34
Notes to the consolidated financial statements continued
for the year ended 30 June 2008
Voller Energy Group Plc
Annual Report & Accounts 2008
20  Reserves
Share Share Profit
option premium Merger and loss
reserve account reserve account
£’000 £’000 £’000 £’000
Group
As at 1 July 2007 27 8,884 161 (4,545)
Loss for the year 105 - - (2,539)
At 30 June 2008 132 8,884 161 (7,084)
Company
At 1 July 2007 27 8,884 - (4,140)
Loss for the year 105 - - (2,462)
At 30 June 2008 132 8,884 - (6,602)
21  Reconciliation of movements in shareholders’ funds
Group Group Company Company
2008 2007 2008 2007
£’000 £’000 £’000 £’000
Loss for the year (2,539) (2,010) (2,462) (1,960)
IFRS 2 adjustment 105 22 105 22
Net reduction to shareholders’ funds (2,434) (1,988) (2,357) (1,938)
Opening shareholders’ funds 4,986 6,974 5,230 7,168
Closing shareholders’ funds 2,552 4,986 2,873 5,230
22  Reconciliation of operating loss to net cash outflow from operating activities
2008 2007
£’000 £’000
Operating loss (3,000) (2,513)
Depreciation 78 60
T axation 213 140
Increase in stocks (180) (1)
Increase in debtors (167) (24)
Increase in creditors 67 107
Net cash outflow from operating activities (2,989) (2,231) 35
Notes to the consolidated financial statements continued
for the year ended 30 June 2008
Voller Energy Group Plc
Annual Report & Accounts 2008
23  Reconciliation of net cash outflow to movement in net funds
2008 2007
£’000 £’000
Decrease in cash in the year (2,784) (2,052)
Change in net debt resulting from cash flows (2,784) (2,052)
Net funds at start of the year 4,732 6,784
Net funds at end of year 1,948 4,732
24  Financial instruments
Externally imposed capital requirement
The Group is not subject to externally imposed capital requirements.
Significant accounting policies
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.
Financial risk management objectives
The Group’s finance function monitors and manages the financial risks relating to the operations of the Group.
The Group’s activities expose it primarily to the financial risks of changes in interest rates.
The Group seeks to minimise the effects of these risks. The Group’s policies approved by the board of directors provide written principles on,
interest rate risk, and the investment of excess liquidity . Compliance with policies and exposure limits is reviewed on a continuous basis. The
Group does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes.
Credit risk management
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. The credit risk of liquid funds (cash, cash equivalents and short term deposits) 
is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
Liquidity and interest risk management
The Group is exposed to the interest rate risks associated with its holdings of cash and cash equivalents and short term deposits. The Group
invests its excess cash in fixed interest short-term deposits with maturity profiles up to one year.
Ultimate responsibility for liquidity risk management rests with the board of directors, which regularly monitors the Group’s short, medium and
long-term funding, and liquidity management requirements. The Group manages liquidity risk by maintaining adequate reserves and banking
facilities by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities.
The Group’s financial liabilities consist of trade and other payables as shown on the balance sheet. No interest
is paid on these balances and all amounts are due within 3 months.
Fair value of financial instruments
Carrying amounts of financial instruments are a reasonable approximation of the fair values of those instruments. 36
Notes to the consolidated financial statements continued
for the year ended 30 June 2008
Voller Energy Group PLC
Annual Report & Accounts 2008
25  Transactions with related parties
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed.
26  Controlling party
As at the date of these accounts, the directors, together, owned less than 50% of the issued share capital of the Company and hence, in the
opinion of the directors, there is no ultimate controlling party .
27  Operating lease arrangements 
The Group as lessee:
2008 2007
£’000 £’000
Minimum lease payments under operating leases recognised as an expense in the year 100 73
At the balance sheet date, the Group had outstanding commitments for future minimum lease payments under non-cancellable operating leases,
which fall due as follows:
2008 2007
£’000 £’000
Within one year 115 73
In the second to fifth year inclusive 458 291
After five years 191 194
764 558
28 Post balance sheet events
On 4 August 2008, it was announced that Stephen Voller had stepped down as Chief Executive Officer and that he would be replaced by Robin Francis. 37
Notes to the consolidated financial statements continued
for the year ended 30 June 2008
Voller Energy Group PLC
Annual Report & Accounts 2008
29 Explanation of Transition to IFRS
Reconciliation of equity as at 1 July 2006
Effect of
transition
UK GAAP to IFRS IFRS
£’000 £’000 £’000
Non-current assets
Property , plant & equipment 203 - 203
Current assets
Inventories 29 - 29
Trade and other receivables 190 - 190
Cash and cash equivalents 6,784 - 6,784
Current assets 7,003 - 7,003
Current liabilities
Trade and other payables 232 - 232
Net current assets 6,771 - 6,771
Net assets 6,974 - 6,974
Equity
Share capital 459 - 459
Share premium account 8,884 - 8,884
Merger reserve 161 - 161
Share option reserve 5- 5
Retained loss (2,535) - (2,535)
T otal equity 6,974 - 6,974
Details of changes 
The impact of implementing IAS19 “Employee Benefits” and IAS 17 “Leases” as at 1 July 2006, has been reviewed and the resulting adjustment
required deemed to be immaterial and therefore not adjusted. 38
Notes to the consolidated financial statements continued
for the year ended 30 June 2008
Voller Energy Group PLC
Annual Report & Accounts 2008
29 Explanation of Transition to IFRS (continued)
Reconciliation of equity as at 30 June 2007
Effect of
transition
UK GAAP to IFRS IFRS
£’000 £’000 £’000
Non-current assets
Property , plant & equipment 257 - 257
Current assets
Inventories 30 - 30
Trade and other receivables 312 - 312
Cash and cash equivalents 4,732 - 4,732
Current assets 5,074 - 5,074
Current liabilities
Trade and other payables 317 28 345
Net current assets 4,757 (28) 4,729
Net assets 5,014 (28) 4,986
Equity
Share capital 459 - 459
Share premium account 8,884 - 8,884
Merger reserve 161 - 161
Share option reserve 27 - 27
Retained loss (4,517) (28) (4,545)
T otal equity 5,014 (28) 4,986 39
Notes to the consolidated financial statements continued
for the year ended 30 June 2008
Voller Energy Group PLC
Annual Report & Accounts 2008
29 Explanation of Transition to IFRS (continued)
Reconciliation of profit for the year ended 30 June 2007 
Effect of
transition
UK GAAP to IFRS IFRS
£’000 £’000 £’000
Continuing operations
Revenue 42 - 42
Cost of sales 40 - 40
Gross profit 2- 2
Administrative expenses 2,515 28 2,543
Operating loss (2,513) (28) (2,541)
Investment revenue 293 - 293
Loss before taxation (2,220) (28) (2,248)
Tax 238 - 238
Loss for the period (1,982) (28) (2,010)
Summary of adjustments 
IAS 19 “Employee benefits” 15
IAS 17 “Leases” 13
28
Details of changes
IAS 19 “Employee benefits”
IAS 19 requires companies to make an accrual for holiday pay . At the date of transition of 1 July 2006, no adjustment was required but as of 
30 June 2007 a £15,000 holiday accrual was recognised with a corresponding adjustment being made to retained earnings. 
IAS 17 “Leases”
IAS 17 requires that any benefits received and receivable as an incentive to sign an operating lease are spread from the inception to the 
termination of the lease, whereas under UKGAAP the incentives are spread over the period to the break point under the lease. At the date of
transition no adjustment was required but as of 30 June 2007 a £13,000 non current liability was recognised with a corresponding adjustment
being made to retained earnings. 
These adjustments have no cash impact.  40
Notice of meeting
Voller Energy Group Plc
Annual Report & Accounts 2008
Notice is hereby given that the Annual General Meeting of Voller Energy Group Plc (the “Company”) will be held at 10.00 am on 27 November
2008 at Rawdon House, Bond Close, Basingstoke, Hampshire RG24 8PZ for the following purposes:-
T o consider and, if thought fit, pass the following resolutions of which resolutions 1-4 will be proposed as ordinary resolutions of the Company and
resolutions 5, 6 and 7 will be proposed as special resolutions of the Company .
Ordinary Business
1. T o receive the report of the directors and the accounts for the financial year ended 30 June 2008 and the auditor’s report thereon.
2. T o elect John Brown as a director of the Company who retires by rotation, in accordance with the Company’s articles of association, as a
director of the Company . 
3. T o re-elect Richard M Clarke who retires by rotation, in accordance with the Company’s articles of association, as a director of the Company .  
4. T o re-appoint Deloitte and T ouche LLP as auditors of the Company from the conclusion of this meeting until the conclusion of the next general
meeting at which accounts are laid before the shareholders and to authorise the directors to fix the auditors’ remuneration. 
Special Business
5. That the directors be and they are hereby generally empowered pursuant to section 95 of the Companies Act 1985 (the "Act") to allot equity
securities (within the meaning of section 94 of the Act) for cash, as if section 89(1) of the Act did not apply to the allotment.  
This power is limited to:-
(a) the allotment of equity securities where such securities have been offered (whether by way of a rights issue, open offer or otherwise) to
holders of ordinary shares in the capital of the Company made in proportion (as nearly as may be) to their existing holdings of ordinary
shares but subject to the directors having a right to make such exclusions or other arrangements in connection with the offering as they
deem necessary or expedient:- 
(i) to deal with equity securities representing fractional entitlements; 
and
(ii) to deal with legal or practical problems under the laws of any territory or the requirements of any regulatory body or stock exchange; 
and
(b) the allotment of equity securities for cash otherwise than pursuant to paragraph (a) up to an aggregate nominal amount of £69.000 
and this power will expire on the date 15 months from the date of this resolution or at the conclusion of the next annual general meeting of the
Company after the passing of this resolution, whichever first occurs (unless previously renewed, varied or revoked by the Company in general
meeting) but the Company may , before such expiry , make an offer or agreement which would or might require equity securities to be allotted
after such expiry and the directors may allot equity securities in pursuance of that offer or agreement as if the power conferred by this
resolution had not expired.  41
Notice of meeting
Voller Energy Group Plc
Annual Report & Accounts 2008
6. That the Company be and is hereby generally and unconditionally authorised for the purposes of section 166 of the Companies Act 1985 
(the "Act") to make market purchases (within the meaning of Section 163(3) of the Act) of ordinary shares of 2 pence each in the Company
provided that:-
(a) the maximum number of ordinary shares which may be purchased is 2,300,000; 
(b) the minimum price (exclusive of expenses) which may be paid for each ordinary share is 2 pence; 
(c) the maximum price (exclusive of expenses) which may be paid for each ordinary share is an amount equal to 105 per cent of the average 
of the middle market quotations of an ordinary share of the Company taken from the London Stock Exchange Daily Official List for the five
business days immediately preceding the day on which the share is contracted to be purchased; 
(d) this authority shall expire on the date 15 months from the date of this resolution or at the conclusion of the next annual general meeting 
of the Company after the passing of this resolution, whichever first occurs (unless previously renewed, varied or revoked by the Company
in general meeting); and
(e) the Company may , before such expiry , enter into one or more contracts to purchase ordinary shares under which such purchases may be
completed or executed wholly or partly after the expiry of this authority and may make a purchase of ordinary shares in pursuance of any
such contract or contracts. 
7. That, Articles 119-126 of the existing articles of association be deleted and new Articles 119-139 as set out in the document produced to the
Meeting and signed by the Chairman be substituted in their place and the existing Articles 127-166 be renumbered accordingly . 
By order of the Board
Colin Bonsey 
Company Secretary
Rawdon House, Bond Close, 
Basingstoke, Hants, RG24 8PZ
01 October 2008 42
Notice of meeting
Voller Energy Group Plc
Annual Report & Accounts 2008
Notes
1. A member entitled to attend and vote at the Meeting is also entitled to appoint a proxy or proxies to attend, speak and vote instead of him. A member may appoint more than one proxy
in relation to the Meeting, provided that each proxy is appointed to exercise the rights attached to a different share or shares held by that member. A proxy need not be a member of
the Company . Appointment of a proxy will not preclude a member from attending and voting in person at the Meeting. 
2. T o be effective, the instrument appointing a proxy and any power of attorney or other authority under which it is executed (or a notarially certified copy of such power or authority) must
be received by the Company’s registrars, Capita IRG not less than 48 hours before the time for holding the Meeting. A form of proxy is enclosed with this notice. 
3. In the case of joint holders of a share the vote of the senior who tenders a vote, whether in person or by proxy , shall be accepted to the exclusion of the votes of the other joint holders.
For this purpose seniority is determined by the order in which the names of the holders stand in the register of members in respect of the joint holding. 
4. The following documents, which are available for inspection during normal business hours at the registered office for the Company (public holidays excluded) will also be available for
inspection at the place of the Annual General Meeting from 09.45 am until its conclusion:-
(a) the register of interests of directors (and their families) in the share capital of the Company; 
(b) copies of all directors’ service contracts and letters of appointment; 
(c) the Articles of Association of the Company; and
(d) a copy of the amendments proposed to be made to the Articles of Association pursuant to resolution 7 above.
5. Pursuant to Regulation 41 of the Uncertificated Securities Regulations 2001, the time by which a person must be entered on the register of members in order to have the right to attend
and vote at the Annual General Meeting is 6.00 pm on 25 November 2008. If the Meeting is adjourned, the time by which a person must be entered on the register of members is 
6.00 pm on the day preceding the date fixed for the adjourned meeting. Changes to entries on the register of members after that time will be disregarded in determining the right of 
any person to attend or vote at the Meeting.
6. In order to facilitate voting by corporate representatives at the meeting, arrangements will be put in place at the meeting so that:
(a) if a corporate shareholder has appointed the Chairman of the meeting as its corporate representative with instructions to vote on a poll in accordance with the directions of all of
the other corporate representatives for that shareholder at the meeting, then on a poll those corporate representatives will give voting directions to the Chairman and the
Chairman will vote (or withhold a vote) as corporate representative in accordance with those directions; and
(b) if more than one corporate representative for the same corporate shareholder attends the meeting but the corporate shareholder has not appointed the Chairman of the meeting
as its corporate representative, a designated corporate representative will be nominated from those corporate representatives who attend, who will vote on a poll and the other
corporate representatives will give voting directions to that designated corporate representative.
Corporate shareholders are referred to the guidance issued by the Institute of Chartered Secretaries and Administrators on proxies and corporate representatives - www.icsa.org.uk -
for further details of this procedure. The guidance includes a sample form of representation letter if the Chairman is being appointed as described in sub-paragraph (a) above.
7. Persons who are not shareholders in the Company will not be admitted to the Meeting unless prior arrangements are made with the Company .
8. Explanatory Notes in relation to resolution number seven.
The Companies Act 2006 (the "2006 Act") is being implemented in stages. The phase that came into force on 1 October 2008 introduces changes relating to directors’ conflicts of interest.
The new provisions mean that a director must avoid a situation where there is, or might be, a direct or indirect interest that conflicts with the Company’s interests. The requirement is
very broad and could apply if a director becomes a director of another company or a trustee of a different organisation. The 2006 Act allows directors of public companies to authorise
conflicts and potential conflicts where the articles of association contain suitable provisions. The 2006 Act also allows the articles of association of a company to include provisions for
dealing with directors’ conflicts of interest to avoid any potential breach of duty on the part of the directors. The amendments proposed to be made to the Company’s articles of
association (the "Articles") pursuant to Resolution 7 give the directors authority to approve such situations and to allow conflicts of interest to be dealt with in a similar manner to the
way in which they are currently handled.
The new provisions include safeguards so that only directors who have no interest in the matter being considered will be able to take the decision and in making the decision the directors
must act in a way they consider most likely to promote the success of the company . The directors will also be able to impose limits or conditions on the authorisation that they have given.
The proposed amendments also contain provisions relating to confidential information to protect a director from being in breach of duty if a conflict of interest arises. These provisions
can only apply where the situation giving rise to the conflict has already been authorised by the directors.
9. Given the staged implementation of the 2006 Act, a comprehensive review of the Articles will be undertaken before the 2009 AGM and it is anticipated that further amendments to the
Articles will be proposed at that time. 43
Form of Proxy
Voller Energy Group Plc
Form of Proxy for use by ordinary shareholders for the Annual General Meeting to be held on 27 November 2008.
I/We (full name)
Of (address)
being (a) holder(s) of ordinary shares in the Company , hereby appoint the Chairman of the meeting or (Note 1). 
Or
as my/our proxy to vote for me/us and on my/our behalf at the Annual General Meeting of the Company to be held 
on 27 November 2008 and at any adjournment thereof.
I/We direct my/our proxy to vote as indicated by an X in the appropriate column (Note 2).
Resolutions F or Against V ote Withheld
1. Ordinary Resolution to receive the accounts and reports of the directors and auditors for the 
financial year ended 30 June 2008
2. Ordinary Resolution to re-appoint Mr J Brown as a director
3. Ordinary Resolution to re-appoint Mr R M Clarke as a director
4. Ordinary Resolution to re-appoint Deloitte & T ouche LLP as auditors of the Company and to 
authorise the directors to fix the auditors’ remuneration
5. Special Resolution to give the directors power to allot securities for cash without making an 
offer to shareholders
6. Special Resolution to give the Company power to make market purchases of its own shares
7. Special Resolution to give the Company authority to amend the Articles of Association 
The proxy may vote as he/she thinks fit (or abstain) on any resolutions where no specific direction is 
given or any other business which may properly come before this meeting.
Signature Date 2007
Notes:
1. If you wish to appoint a proxy other than the Chairman of the meeting, cross out the words “the Chairman of the meeting” and write the full name and address of your proxy on the
dotted line. The change should be initialled. A proxy need not be a member of the Company .
2. In the absence of instructions, the person appointed proxy may vote or abstain from voting as he/she thinks fit on the specified resolutions and, unless otherwise instructed, may
also vote or abstain from voting as he/she thinks fit on any other matter (including amendments to resolutions) which may properly come before the meeting. It should be noted 
that a vote withheld is not a vote in law and will not be counted as a vote for or against a resolution
3. This form must be signed and dated by the shareholder or his/her attorney duly authorised in writing. In the case of a corporation this form must be given under its common seal 
or signed on its behalf by a duly authorised officer or an attorney . In the case of joint holders the signature of any one holder will be sufficient but the names of all the joint holders
should be stated. The vote of the senior who tenders a vote whether in person or by proxy will be accepted to the exclusion of the votes of the other joint holders. For this purpose
seniority is determined by the order in which the names stand in the register of members in respect of the joint holding.
4. T o be effective at the meeting this form must be lodged at the Company’s Registrars, Capita Registrars, Proxies Department, PO Box 25, Beckenham, Kent, BR3 4BR not later than 48
hours before the time of the meeting together, if appropriate, with the power of attorney or other authority under which it is signed or a duly certified copy of that power or authority . Voller Energy Group Plc
Annual Report & Accounts 2008
44
Consolidated Profit & Loss Account
for the year ended 30 June 2008
1 1
BUSINESS REPLY SERVICE
Licence No. MB 122
Capita Registrars
Proxies Department
PO Box 25
BECKENHAM
Kent BR3 4BR
First fold
Second fold, then tuck in flap and tape along edge 45
Corporate Information
Voller Energy Group Plc
Annual Report & Accounts 2008
Company Secretary and Registered Office
Colin Bonsey
Rawdon House, Bond Close
Kingsland Business Park
Basingstoke, Hants RG24 8 PZ
Company Number
5140949
Corporate Brokers
Seymour Pierce
20 Old Bailey 
London, EC4M 7EN
Registrar
Capita IRG
7th Floor, Phoenix House
18 King William Street
London, EC4N 7HE
Lawyers
Pinsent Masons
1 Park Row
Leeds, LS1 5AB
Auditors
Deloitte & T ouche LLP
Mountbatten House
1 Grosvenor Square
Southampton, SO15 2BZ
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t +44 (0)20 7324 2668 / www.effektiv.co.uk Voller Energy Group Plc
Rawdon House, Bond Close
Kingsland Business Park
Basingstoke, Hampshire
RG24 8PZ, United Kingdom
T el : +44 (0)1256 813 900
Fax :+44 (0)1256 813 901
www.voller.com