Annual Report & Accounts 201 1 Jacques Vert Plc Annual Report & Accounts 2011
Jacques Vert
Occasion wear label Jacques Vert
offers a complete seasonal wardrobe
for the lady with a full social
calendar, with smart, feminine and
elegant occasion wear, all tailored to
coordinate with weddings, parties
and special occasions in mind in sizes
10-24 since 1972.
Windsmoor
Over 75 years of fashion heritage
and a quintessential British appeal
combine to make Windsmoor’s
clothing the hallmark of timeless
styling. Designed for a curvaceous
feminine figure in sizes 10-24,
Windsmoor offers sophisticated,
classic and glamorous styling with a
nod to contemporary trends.
Planet
Planet tailors sophisticated fashion
for the modern professional woman.
Planet has a strong foundation in
work wear and tailoring, with
confident, smart and stylish business
dress at the heart of the brand, but
also offers glamorous evening wear,
relaxed daytime fashion and
accessories for a complete wardrobe
in sizes 6-20. 
Precis
Specialists Precis tailor for all aspects
of a petite woman’s life; from work
and occasion wear to casual dressing.
Quality, style and attention to detail
are key to Precis’ contemporary,
polished and well-proportioned
clothes that fit and flatter the petite
woman in sizes 6-18. Jacques Vert Plc Annual Report & Accounts 2011 1
Contents
Highlights 3
Chairman’s statement 5
Chief Executive’s review 7
Directors’ report 10
Directors and advisers 13
Independent auditors’ report 14
Group income statement 15
Group statement of comprehensive income 16
Group statement of changes in equity 17
Group balance sheet 18
Group statement of cash flows 19
Notes to the ﬁnancial statements 20
Annexure – Audited financial statements of
Jacques Vert Plc under UK GAAP (the
Company):
Independent auditors’ report 41
Company balance sheet 42
Notes to the ﬁnancial statements 
of the parent company 43
J
acques Vert Plc, founded in 1972 and listed
on the Alternative Investment Market of the
London Stock Exchange, is a retailer of four
womenswear brands:
Jacques Vert, Planet, Windsmoor and Precis. 2 Jacques Vert Plc Annual Report & Accounts 2011 Highlights
Jacques Vert Plc Annual Report & Accounts 2011 3
53 weeks ended 52 weeks ended
Financial highlights 30 April 2011 24 April 2010
T urnover £118.4m £115.3m
Gross margin % of turnover 62.8% 63.7%
Profit before tax £5.3m £5.1m
Dividend per share proposed 0.67p 0.65p
Basic earnings per share 2.69p 2.60p
Fully diluted earnings per share 2.55p 2.51p
Cash and cash equivalents £10.1m £12.6m
Shareholders’ funds £25.5m £23.4m
T urnover £m
• Sales up 2.6% to £118.4 million.
• Like-for-like sales up 2.0% for the year.
• Profit before tax up 3.1% to £5.3 million.
• Dividend declared of 0.67p, up 3.0%.
115.3
118.4
2010 2011 2010 2011 2010 2011 2010 2011
Profit before
tax £m
5.1
5.3
Shareholders’
funds £m
23.4
25.5
Basic earnings
per share p
2.60
2.69  Chairman’s statement
Jacques Vert Plc Annual Report & Accounts 2011 5
The trading environment has been
difficult over the last year which has
affected most areas of the retail
market and against that background
I believe that our brands have
performed well.
Profit before tax for the year of
£5.3 million compares with a profit
of £5.1 million in the prior year. We
have made pleasing progress in
developing the ecommerce business
and it is also worth noting the
Jacques Vert and Precis brands have
both performed particularly strongly.
Our international business also
delivered encouraging growth.
On the operational front we have
taken significant steps forward and
the ongoing investment programme
in new systems and infrastructure
will position us well for the future.
The return to the dividend list
last year was well received by
shareholders and I am pleased to
report the Board is proposing an
increased final dividend of 3% to
0.67p per share in respect of the
year ended 30 April 2011. 
I believe that this financial year
will be challenging but I am pleased
with the start we have made and I
am confident that the business is
well positioned to benefit from any
improvement in the market.
Finally, I would like to extend my
thanks on behalf of the Board to all
our staff for their contribution and
support through the year.
Steve Bodger
Chairman
4 July 2011
We have taken significant steps forward
and the ongoing investment programme 
in new systems and infrastructure will
position us well for the future.  Chief Executive’s review
Jacques Vert Plc Annual Report & Accounts 2011 7
Group operating profit for the 53
weeks ended 30 April 2011 was
£5.4 million (2010: £5.3 million).
Profit before tax was £5.3 million
(2010: £5.1 million), an increase of
3.1%.
Against a backdrop of an
unpredictable retail climate the
business has performed well. T otal
sales for the year at £118.4 million
(2010: £115.3 million) were 2.6%
ahead of last year. Like for like sales
were 2.0% ahead of last year. 
At the end of the year the Group
operated from 874 outlets
compared with 960 outlets at the
beginning of the year.
One of the features of the
current retail market, which has
become increasingly apparent as the
year has progressed, is the level and
frequency of markdown activity
which has had a negative impact on
gross margins. In addition, as noted
at the time of the Interim statement,
gross margin is also being eroded by
supplier cost inflation. The
cumulative effect of these factors has
resulted in gross margin declining
slightly to 62.8% (2010: 63.7%). 
Distribution costs, which
comprise mainly of the costs of
operating stores, were £58.3 million
(2010: £56.9 million).
Administrative expenses at
£10.6 million (2010: £11.3 million)
have declined by 6% compared to
the prior year. The higher level of
administrative expenses in the prior
year was due to significant one off
costs and the level of expense in the
current year reflects a more normal
level of activity.
Cash and financing
Cash at the year end amounted to
£10.1 million (2010: £12.6 million).
The Group has embarked on a
significant investment programme to
replace its IT and ecommerce
systems and to invest in the retail
estate. As a result, capital
expenditure in the year amounted to
£2.9 million (2010: £1.1 million). In
addition there was a further outflow
of £2.3 million during the year
relating to the payment of a dividend
to shareholders (the first since 1995)
together with a purchase of shares
on behalf of the ESOP T rust of
£1.1 million.
Working capital requirements also
increased during the year to support
the increase in trading and in
particular the investment in stock for
ecommerce.
The Group has made an encouraging start
to the new financial year and sales in the
nine weeks since the year end have
increased by 1.7% on a like-for-like basis.   Chief Executive’s review continued
Jacques Vert Plc Annual Report & Accounts 2011 9
Current trading and prospects
Sales since the year end have
continued to be unpredictable and it
has been difficult to discern a
particular trend and, as a result, we
are cautious about the outlook for
this financial year. The Group has,
however, made an encouraging start
to the new financial year and sales in
the nine weeks since the year end
have increased by 1.7% on a like-
for-like basis. Gross margin is
marginally lower than last year,
primarily due to ongoing cost
pressures from suppliers. We
continue to re-evaluate our supply
base and the wider supply chain in
an effort to improve margins.
Despite the challenging market
conditions we are well placed for
the new financial year; the new
Jacques Vert Autumn/Winter 2011
collections have been well received
by customers, we have secured new
premium concession space in host
stores and believe there are further
opportunities to develop our
ecommerce business both in the UK
and internationally. In addition, when
the new systems implementation has
been completed it will open up
opportunities to improve
significantly the operating
effectiveness of the business,
although the benefits will not be
seen until the next financial year.
Paul Allen
Chief Executive
4 July 2011
Despite the challenging market conditions
we are well placed for the new financial
year; the new Jacques Vert Autumn/Winter
2011 collections have been well received
by customers. The Directors present their annual report together with
the audited consolidated financial statements of the
Group and the parent company for the 53 weeks ended
30 April 2011.
Business review
The principal activities of the Group and the parent
company are the design and retail sale of ladies’ fashion
wear. 
A review of the Group’s operations, recent
developments and prospects is set out in the Chief
executive’s statement on pages 7 to 9.
Details of financial key performance indicators are set
out on page 3.
The principal risks and uncertainties facing the Group
relate to the continued difficult retail trading
environment in the UK together with the fact that the
majority of the Group’s purchases of goods for resale
are denominated in non-sterling currencies, principally
the US dollar and Hong Kong dollar. In order to mitigate
the financial consequences of exchange rate fluctuations,
the Group enters into forward contracts to purchase
currency based on forecast purchasing requirements.
A commentary on the approach adopted in managing
the principal financial risks faced by the Group is given in
note 22.
Results and dividends
The trading results for the period are set out in the
Group income statement on page 15.
The profit for the year attributable to equity
shareholders was £4,997,000 (2010: £4,969,000). The
Group retained earnings increased to £1,159,000
(2010: deficit of £1,932,000). The Company had retained
earnings of £9,135,000 (2010: £7,902,000).
The Directors propose a final dividend of 0.67p per
share (2010: 0.65p ) amounting to £1,233,000
(2010: £1,196,000). The final dividend will be paid on
14 October 2011 to shareholders whose names are on
the Register of Members at the close of business on
16 September 2011.
Share capital
Details of the Company’s authorised and allotted share
capital are given in note 20. All ordinary shares and the
share premium thereon rank equally as a single class of
equity. There are no restrictions on the transfer of
shares or on the exercise of voting rights attached to
them. 
The rights and obligations attaching to the Company’s
ordinary shares, in addition to those conferred on their
holders by law, are set out in the Company’s Articles of
Association (“the Articles”), copies of which can be
obtained from Companies House in the UK or by
writing to the Company Secretary. 
The holders of ordinary shares are entitled to receive
the Company’s reports and accounts, to attend and
speak at general meetings of the Company, to appoint
proxies and to exercise voting rights.
Directors
The names and brief details of the current Directors are
set out on page 13. In accordance with the Company’s
articles of association, S Bodger and C Baker retire by
rotation and, being eligible, offer themselves for re-
election at the forthcoming Annual General Meeting. 
There were no contracts of significance during or at
the end of the financial year in which a Director of the
Company is or was materially interested.
A qualifying third-party indemnity provision as defined
in Section 234 of the Companies Act 2006 is in force for
the benefit of each of the Directors and the Company
Secretary (who is also a Director of certain subsidiaries
of the Company) in respect of liabilities incurred as a
result of their office, to the extent permitted by law. In
respect of those liabilities for which directors may not be
indemnified, the Company maintained a directors’ and
officers’ liability insurance policy throughout the financial
year.
Preparation of accounts
The consolidated financial statements are prepared
under International Financial Reporting Standards (IFRS)
as adopted by the EU.
The financial statements of the parent company have
been prepared under UK GAAP and are included in
Annexure A to the Annual Report on pages 41 to 48.
Directors’ report
10 Jacques Vert Plc Annual Report & Accounts 2011 Directors’ report continued
Jacques Vert Plc Annual Report & Accounts 2011 11
Substantial shareholdings
The Directors have been notified of the following
shareholders who had an interest amounting to 3% or
more in the ordinary shares of the Company as at
4 July 2011: 
Ordinary shares
Number %
Schroder Investment
Management Limited 40,085,263 22.91
Bandera Partners 20,650,000 10.73
Henderson Global Investors 14,687,500 7.63
Cavendish Asset
Management Limited 14,343,000 7.45
Blackrock Investment
Management 14,276,799 7.42
New Pistoia Income
Settlement 9,300,000 4.83
GAM London Limited 8,724,000 4.53
Jacques Vert Plc T rustees 8,398,178 4.36
Individuals & Private
Clients UK 6,351,831 3.30
Purchase of shares
During the year the Company purchased 7,000,000 of its
own shares at a cost of £1,055,000, through the
Employee Share Ownership T rust in order to hedge
commitments under the Long-term Incentive Plan (see
note 21). The shares have a nominal value of £70,000,
representing 3.64% of the called-up share capital of the
Company.
Annual General Meeting
The Annual General Meeting of the Company will be
held at the Company’s head office address, being
46 Colebrooke Row, London, N1 8AF at 11.30am on
30 September 2011.
The Notice of Meeting for the Annual General
Meeting, together with details of all resolutions
proposed, will be sent to all shareholders prior to the
meeting.
Health and safety
It is the Group’s policy to ensure that, so far as is
reasonably practicable, there is a working environment
which will minimise the risk to the health and safety of
employees and to those persons who are authorised to
be on its premises.
Employees
The Directors place considerable value on the
involvement of employees in the operation and
development of the business and keep them informed
on matters affecting them and the performance of the
Group. Information is given at both formal and informal
meetings throughout the Group.
In all employment matters, the Group maintains a
commitment to an equal opportunity policy.
The Group continues to give full and fair consideration
to applications for employment by disabled persons,
having regard to their respective aptitudes and abilities.
The Group has continued its policy of employee
involvement by making information available to employees
and encouraging their participation in schemes, which
are related to the Group’s progress and profitability.
Payment policy and practice
It is the Group’s policy to agree the terms of payment
with all suppliers when agreeing the terms of each
transaction, to ensure that all suppliers are made aware
of the terms of payment and to abide by the terms of
payment as far as possible. Group trade payables at
30 April 2011 were equivalent to 83 days of purchases
(2010: 91 days) made prior to that date.
Corporate governance
As an AIM-listed Company, compliance with the
Principles of Good Governance and code of Best
Practice (the “UK Corporate Governance Code”) is not
required. However, the Company seeks, where possible,
to comply with the UK Corporate Governance Code to
the extent that it is practicable and manageable for a
company of its size.
The Board has four non-executive Directors, whom
the Company considers are independent. The
Remuneration and Audit Committees are standing
committees of the Board, have written terms of
reference approved by the Board and are comprised of
the non-executive Directors. C Baker chairs both the
Audit and Remuneration Committees. He is also
Chairman of the Jacques Vert (2006) Pension Scheme
T rustee. The Directors have responsibility for, and review on a
regular basis, the Group’s systems of internal controls.
These are designed to provide reasonable assurance that
assets are safeguarded. The key elements of the Group’s
systems are summarised as follows:
• The organisation structure is clearly defined and
managers are aware of the level of their authority.
• The Board of Directors holds regular meetings during
the year to review the operating and financial
performance of the business. The Board has a
number of matters reserved for its approval including
major capital expenditure and the development of
Group budgets and plans.
Directors’ responsibilities
The following statement, which should be read in
conjunction with the report of the Independent Auditors
set out on page 14, is made with a view to distinguishing
for shareholders, the respective responsibilities of the
Directors and of the Independent Auditors in relation to
the financial statements.
The Directors are responsible for preparing the
Annual Report and the financial statements in accordance
with applicable law and regulations.
Company law requires the Directors to prepare
financial statements for each financial year. Under that
law the Directors have prepared the Group financial
statements in accordance with International Financial
Reporting Standards (IFRSs) as adopted by the European
Union, and the parent company financial statements in
accordance with United Kingdom Generally Accepted
Accounting Practice (United Kingdom Accounting
Standards and applicable law). Under company law the
Directors must not approve the financial statements
unless they are satisfied that they give a true and fair
view of the state of affairs of the Group and the
Company and of the profit or loss of the Group for that
period. In preparing these financial statements, the
Directors are required to: 
• select suitable accounting policies and then apply
them consistently;
• make judgements and accounting estimates that are
reasonable and prudent;
• state whether IFRSs as adopted by the European
Union and applicable UK Accounting Standards have
been followed, subject to any material departures
disclosed and explained in the Group and Company
financial statements respectively;
• prepare the financial statements on the going concern
basis unless it is inappropriate to presume that the
Company will continue in business.
The Directors are responsible for keeping adequate
accounting records that are sufficient to show and
explain the Company’s transactions and disclose with
reasonable accuracy at any time the financial position of
the Company and enable them to ensure that the
financial statements comply with the Companies Act
2006. They are also responsible for safeguarding the
assets of the Company and the Group and hence for
taking reasonable steps for the prevention and detection
of fraud and other irregularities.
Independent auditors and the disclosure of
information
So far as the Directors are aware, there is no relevant
audit information, being information required by the
auditors in connection with the preparation of the
auditors’ report, of which the auditors are unaware.
Having made enquiries of fellow directors and the
Group’s auditors, each Director has taken all steps that
he is obliged to take as a director in order to make
himself/herself aware of any relevant audit information
and to establish that the auditors are aware of that
information.
The Directors are responsible for the maintenance
and integrity of the Group’s websites. Legislation in the
United Kingdom governing the preparation and
dissemination of financial statements may differ from
legislation in other jurisdictions.
A resolution to reappoint PricewaterhouseCoopers
LLP as auditors to the Company will be proposed at the
Annual General Meeting.
By order of the Board
Ian Johnson
Company Secretary
4 July 2011
Directors’ report continued
12 Jacques Vert Plc Annual Report & Accounts 2011 Directors and advisers
Jacques Vert Plc Annual Report & Accounts 2011 13
Steve Bodger*
Non-executive Chairman
Aged 62, Steve was appointed a non-executive director
in November 2004 and was appointed non-executive
Chairman in November 2007. He is the Chairman of a
number of private companies and is the Senior
Independent Director of both Armour Group PLC and
Work Group PLC.
Paul Allen
Chief Executive
Aged 47, Paul joined the Company from Price
Waterhouse in October 1994 and was appointed Finance
Director in August 1997 and Chief Executive in May
2003.
Christopher Baker* MBE
Senior Independent Director
Aged 59, Christopher joined the Board in March 1999.
He is Chairman of the Audit and Remuneration
Committees. He has a background in corporate finance
and retail, is a non-executive director of a number of
public and private sector organisations and is non-
executive Chairman of the Aintree University Hospitals
NHS Foundation T rust and non-executive Chair of the
T raining and Development Agency for Schools. He is the
Chairman of the Baird Group Pension Scheme T rustee
and the Jacques Vert 2006 Pension Scheme T rustee.
Company Secretary
Ian Johnson
Registered office
46 Colebrooke Row
London
N1 8AF
Registered number
1075752
Registrars and transfer office
Computershare Investor Services Plc
PO Box 82
The Pavilions
Bridgewater Road
Bristol
BS99 7NH
Stockbrokers & financial advisers
Seymour Pierce
20 Old Bailey
London
EC4M 7EN
Bankers
HSBC plc
60 Queen Victoria Street
London
EC4N 4TR
Statutory auditors
PricewaterhouseCoopers LLP
1 Embankment Place
London
WC2N 6RH
Gillian Berkmen*
Independent Non-executive Director
Aged 51, Gillian was appointed to the Board in
November 2009. Gillian is currently the Group Brand
and Commercial Director of Mothercare. Before joining
Mothercare, Gillian was a Director of Watches of
Switzerland and jewellers Mappin & Webb. Prior to this
she spent 20 years working for well-known high street
brands such as Miss Selfridge, Bhs and River Island. 
Jessica Burley*
Independent Non-executive Director
Aged 45, Jessica was appointed to the board in
November 2009. Jessica is currently CEO of MCHI, a full
service advertising agency. Prior to joining MCHI Jessica
was Managing Director of The National Magazine
Company, the publisher of magazines such as Good
Housekeeping, Harper’s Bazaar and Cosmopolitan.
Jessica previously worked at publishers Gruner & Jahr
and the Financial Times.
Ian Johnson BSc ACA
Finance Director
Aged 51, Ian joined the Board in November 2003. He
qualified as a Chartered Accountant with Coopers &
Lybrand in 1984 and has held a number of Finance
Director positions within listed and private companies.
* Member of the Remuneration and Audit Committees Independent auditors’ report
to the members of Jacques Vert Plc
14 Jacques Vert Plc Annual Report & Accounts 2011
We have audited the Group financial statements of
Jacques Vert Plc for the 53 weeks ended 30 April 2011
which comprise the Group income statement, the
Group statement of comprehensive income, the Group
statement of changes in equity, the Group balance sheet,
the Group statement of cash flows and the related
notes. The financial reporting framework that has been
applied in their preparation is applicable law and
International Financial Reporting Standards (IFRSs) as
adopted by the European Union.
Respective responsibilities of directors and auditors
As explained more fully in the Directors’ Responsibilities
Statement set out on page 12, the Directors are
responsible for the preparation of the financial
statements and for being satisfied that they give a true
and fair view. Our responsibility is to audit and express
an opinion on the financial statements in accordance
with applicable law and International Standards on
Auditing (UK and Ireland). Those standards require us to
comply with the Auditing Practices Board’s Ethical
Standards for Auditors.
This report, including the opinions, has been prepared
for and only for the Company’s members as a body in
accordance with Chapter 3 of Part 16 of the Companies
Act 2006 and for no other purpose. We do not, in giving
these opinions, accept or assume responsibility for any
other purpose or to any other person to whom this
report is shown or into whose hands it may come save
where expressly agreed by our prior consent in writing.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts
and disclosures in the financial statements sufficient to
give reasonable assurance that the financial statements
are free from material misstatement, whether caused by
fraud or error. This includes an assessment of: whether
the accounting policies are appropriate to the Group’s
circumstances and have been consistently applied and
adequately disclosed; the reasonableness of significant
accounting estimates made by the Directors; and the
overall presentation of the financial statements.
In addition, we read all the financial and non-financial
information in the annual report to identify material
inconsistencies with the audited financial statements.
If we become aware of any apparent material
misstatements or inconsistencies we consider the
implications for our report.
Opinion on financial statements 
In our opinion the Group financial statements: 
• give a true and fair view of the state of the Group’s
affairs as at 30 April 2011 and of its profit and cash
flows for the year then ended;
• have been properly prepared in accordance with
IFRSs as adopted by the European Union; and 
• have been prepared in accordance with the
requirements of the Companies Act 2006.
Opinion on other matter prescribed by the
Companies Act 2006
In our opinion the information given in the Directors’
Report for the financial year for which the Group
financial statements are prepared is consistent with the
Group financial statements.
Matters on which we are required to report by
exception
We have nothing to report in respect of the following
matters where the Companies Act 2006 requires us to
report to you if, in our opinion: 
• certain disclosures of directors’ remuneration
specified by law are not made; or 
• we have not received all the information and
explanations we require for our audit. 
Other matter 
We have reported separately on the parent company
financial statements of Jacques Vert Plc for the 53 weeks
ended 30 April 2011. 
Fiona Kelsey
(Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London
4 July 2011 Group income statement
For the 53 weeks ended 30 April 2011
Jacques Vert Plc Annual Report & Accounts 2011 15
53 weeks ended 52 weeks ended 
30 April 2011 24 April 2010
Note £000 £000
Continuing operations
Revenue 118,371 115,320
Cost of sales (44,003) (41,815)
Gross profit 74,368 73,505
Distribution costs (58,346) (56,856)
Administrative expenses (10,638) (11,302)
Operating profit 5,384 5,347
Finance income 4a 118 19
Finance costs 4b (224) (247)
Profit before income tax 5 5,278 5,119
Income tax expense 7 (281) (150)
Profit for the year attributable to equity holders of the Group 4,997 4,969
Earnings per share for profit attributable to the equity holders of
the Group during the year Pence Pence
Basic earnings per share 9 2.69 2.60
Diluted earnings per share 9 2.55 2.51
The notes on pages 20 to 40 form part of these financial statements.
The financial statements of the Company have been prepared under UK GAAP and are set out in the Annexure on
pages 41 to 48. 
  Group statement of comprehensive income
For the 53 weeks ended 30 April 2011
16 Jacques Vert Plc Annual Report & Accounts 2011
53 weeks ended 52 weeks ended 
30 April 2011 24 April 2010
£000 £000
Profit for the year 4,997 4,969
Actuarial gain/(loss) arising in defined benefit pension schemes (note 23) 67 (108)
Cash flow hedges (618) (2,102)
Currency translation differences (355) 330
Other comprehensive expenses for the year, net of tax (906) (1,880)
T otal comprehensive income for the year attributable to
equity holders of the Group 4,091 3,089
The notes on pages 20 to 40 form part of these financial statements. Group statement of changes in equity
For the 53 weeks ended 30 April 2011
Jacques Vert Plc Annual Report & Accounts 2011 17
T ranslation Retained
Share capital Share premium Merger reserve Hedge reserve reserve earnings T otal equity
£000 £000 £000 £000 £000 £000 £000
Balance at 25 April 2009 19,244 4,599 969 2,056 246 (6,973) 20,141
Profit for the year – – – – – 4,969 4,969
Actuarial loss on pension schemes – – – – (108) (108)
Net change in fair value of 
cash flow hedges – – – (3,037) – – (3,037)
Fair value of cash flow hedges
transferred to inventories – – – 935 – – 935
Exchange rate movements – – – – 330 – 330
T otal comprehensive income for
the 52 weeks to 24 April 2010 – – – (2,102) 330 4,861 3,089
Adjustment for employee
share schemes – – – – – 243 243
Purchase of shares in ESOP – – – – – (63) (63)
Balance at 24 April 2010 19,244 4,599 969 (46) 576 (1,932) 23,410
Profit for the year – – – – – 4,997 4,997
Actuarial gain on pension schemes – – – – – 67 67
Net change in fair value of
cash flow hedges – – – (1,146) – – (1,146)
Fair value of cash flow hedges
transferred to inventories – – – 528 – – 528
Exchange rate movements – – – (355) – (355)
T otal comprehensive income for
the 53 weeks to 30 April 2011 – – – (618) (355) 5,064 4,091
Dividend relating to 2010 – – – – – (1,196) (1,196)
Adjustment for employee
share schemes – – – – – 278 278
Purchase of shares in ESOP – – – – – (1,055) (1,055)
Balance at 30 April 2011 19,244 4,599 969 (664) 221 1,159 25,528
The merger reserve arose on a business combination prior to transition to IFRS, which had been accounted for
according to the provisions of merger accounting.
The hedge reserve reflects the fair value of effective cash flow hedges, deferred in equity under the provisions of
hedge accounting, less amounts recognised in hedged inventories, received prior to the year end.
The translation reserve reflects the cumulative movement in the value of foreign denominated subsidiaries in the
financial statements from fluctuations in exchange rates. Group balance sheet
At 30 April 2011
18 Jacques Vert Plc Annual Report & Accounts 2011
30 April 2011 24 April 2010
Note £000 £000
Non current assets
Goodwill 11 2,431 2,431
Property, plant and equipment 12 5,087 3,175
Deferred tax asset 13 1,900 1,900
9,418 7,506
Current assets
Inventories 14 24,580 22,489
T rade and other receivables 15 10,845 11,510
Derivative financial instruments 16 101 894
Cash and cash equivalents 10,086 12,602
45,612 47,495
Current liabilities
T rade and other payables 17 (22,504) (23,500)
Derivative financial instruments 16 (993) (640)
(23,497) (24,140)
Non-current liabilities
Deferred income 17 (386) (504)
Provisions for liabilities and charges 19 (5,260) (6,303)
Pension schemes 19 (359) (644)
T otal liabilities (29,502) (31,591)
Net assets 25,528 23,410
Equity
Called-up share capital 20 19,244 19,244
Share premium 4,599 4,599
Merger reserve 969 969
Hedge reserve (664) (46)
T ranslation reserve 221 576
Retained earnings 1,159 (1,932)
T otal equity 25,528 23,410
The notes on pages 20 to 40 form part of these financial statements.
The financial statements on pages 15 to 40 were approved by the Board on 4 July 2011 and were signed on its behalf
by:
P C Allen I P Johnson
Director Director Group statement of cash ﬂows
For the 53 weeks ended 30 April 2011
Jacques Vert Plc Annual Report & Accounts 2011 19
53 weeks ended 52 weeks ended 
30 April 2011 24 April 2010
Note £000 £000
Cash flows from operating activities
Net cash inflow from continuing operations 26 2,972 9,411
Interest paid – (9)
Income tax paid (221) (232)
Net cash generated from operating activities 2,751 9,170
Cash flows from investing activities
Purchase of property, plant and equipment (2,938) (1,078)
Interest received 118 19
Net cash used in investing activities (2,820) (1,059)
Cash flows from financing activities
Dividends paid to the Company’s shareholders (1,196) –
Purchase of shares by ESOP T rust 21 (1,055) (63)
Net cash used in financing activities (2,251) (63)
Net (decrease)/increase in cash and cash equivalents (2,320) 8,048
Cash and cash equivalents at beginning of year 12,602 4,533
Exchange rate movements on cash and cash equivalents (196) 21
Cash and cash equivalents at end of year 10,086 12,602
The notes on pages 20 to 40 form part of these financial statements. Notes to the ﬁnancial statements
For the 53 weeks ended 30 April 2011
20 Jacques Vert Plc Annual Report & Accounts 2011
1. ACCOUNTING POLICIES
Basis of preparation
These consolidated financial statements are prepared in
accordance with International Financial Reporting
Standards (“IFRS”) as adopted by the EU, International
Financial Reporting Interpretations Committee (“IFRIC”)
interpretations and with those parts of the Companies
Act 2006 applicable to companies reporting under IFRS.
The consolidated financial statements have been
prepared on a going concern basis and the principal
accounting policies applied in the preparation of these
consolidated financial statements under the historical
cost convention are set out below. These policies have
been consistently applied to all the years presented,
unless otherwise stated. 
The following new standards, amendments and
interpretations issued by the International Accounting
Standards Board (“IASB”) are mandatory for the first
time for the financial year beginning 25 April 2010 but
none has had a material effect on the results or the net
assets of the Group:
• IFRIC 16, “Hedges of net investment in a foreign
operation”.
• IAS 39, “Financial Instruments: Recognition and
measurements” regarding eligible hedged items.
• Amendments to IFRS 1, “First time adoption” regarding
disclosures on financial instruments.
• IFRS 2, “Share-based payments” regarding group cash-
settled share-based payment transactions.
The following new interpretations are mandatory for
the first time for the financial year beginning 25 April
2010, but are not currently relevant for the Group:
• IFRIC 15, “Agreements for the construction of real
estate”.
• IFRIC 17, “Distributions of non-cash assets to owners”.
• IFRIC 18, “Transfer of assets from customers”.
The following new standards, amendments and
interpretations have been issued, but are not effective
for the financial year beginning 25 April 2010. They are
not currently relevant to the Group:
• Amendments to IAS 24 (revised), “Related party
disclosures”.
• Amendments to IFRIC 14, “IAS19 – the limit on defined
benefit assets” regarding the pre-payment of the
minimum funding requirement.
• IFRIC 19, “Extinguishing financial liabilities with equity
instruments”.
Accounting convention
The consolidated financial statements have been
prepared under the historical cost convention, as
modified by the revaluation of financial assets and
liabilities at fair value.
Basis of consolidation
The Group financial statements consolidate the results of
Jacques Vert Plc (“the Company”) and its subsidiary
undertakings (together “the Group”) under acquisition
accounting for the 53 weeks ended 30 April 2011.
Under this method, the assets and liabilities of
subsidiary undertakings acquired are incorporated at
their fair value at the date of acquisition and the Group
income statement includes only that proportion of the
result of subsidiaries arising whilst meeting the definition
of a subsidiary.
Subsidiaries are entities controlled by the Company.
Control exists when the Company has the power,
directly or indirectly, to govern the financial and
operating policies of an entity so as to obtain benefits
from its activities. 
Revenue recognition
Revenue represents sales by the Group to third parties,
net of returns, trade discounts and value added tax.
Retail revenue is shown net of provisions for
customer returns representing the Group’s estimate of
the amount of product sold during the year that will be
returned in the following year.
Revenue is recognised when the significant risks and
rewards of ownership of the goods have passed to the
buyer, which is generally when goods are delivered to
the customer.
Finance income and expenses
Interest income and interest payable is recognised in the
Group income statement as it accrues. Notes to the ﬁnancial statements continued
For the 53 weeks ended 30 April 2011
Jacques Vert Plc Annual Report & Accounts 2011 21
Share-based payments
The Group operates an equity settled Employee Share
Ownership Plan (“ESOP”). The Group has also granted
equity settled share options (“Options”). Share awards
made under the ESOP and the Options are measured at
fair value at the date of grant. The fair value is measured
by use of the Black-Scholes model and expensed on a
straight-line basis over the vesting period based on an
estimate of the number of shares that will eventually
vest. 
The level of vesting is reviewed annually together
with the value of employer NICs arising from the
expected vesting and the charge is adjusted to reflect
actual and estimated levels of vesting.
Shares held by the Employee Share Ownership T rust
(“the T rust”) to meet the commitments of the ESOP are
shown as a deduction from shareholders’ equity. The
cost of the ESOP is borne by the Group.
Pensions
The Group operates several defined contribution and
defined benefit schemes for its employees.  
Defined contribution schemes are pension schemes
under which the Group pays fixed contributions into
separate entities. The Group has no legal or constructive
obligations to pay further contributions if the fund does
not hold sufficient assets to pay all employees the
benefits relating to employee service in the current and
prior periods. Defined benefit schemes are pension
schemes that are not defined contribution schemes.
The liability recognised in the balance sheet in respect
of defined benefit pension schemes is the present value
of the defined benefit obligation at the balance sheet
date less the fair value of scheme assets, together with
adjustments for unrecognised past-service costs. The
defined benefit obligation is calculated annually by
independent actuaries using the projected unit credit
method. The present value of the defined benefit
obligation is determined by discounting the estimated
future cash outflows using interest rates of high-quality
corporate bonds that are denominated in the currency in
which the benefits will be paid, and that have terms to
maturity approximating to the terms of the related
pension liability.
Actuarial gains and losses arising from experience
adjustments and changes in actuarial assumptions are
charged or credited to equity in the Group statement of
comprehensive income in the period in which they arise.
Actuarial surpluses in defined benefit schemes are
recognised in the Group balance sheet to the extent of
the expected future cash receipts from the schemes.
1. ACCOUNTING POLICIES CONTINUED
Goodwill
Goodwill arising on consolidation represents the excess
of the cost of acquisitions over the Group’s interest in
the fair value of the identifiable assets and liabilities of
the acquired entities at the date of acquisition.
Goodwill is recognised as an asset and is assessed for
impairment at least annually. Any impairment is
recognised immediately in the Group income statement
and is not subsequently reversed.
Upon disposal of a subsidiary the attributable goodwill
is included in the calculation of the profit or loss arising
on disposal.
T axation
The tax charge comprises current tax payable and
movement on deferred tax.
The current tax payable is provided on taxable profits
using tax rates enacted or substantively enacted at the
balance sheet date.
Deferred tax is recognised in respect of all timing
differences that have originated but not reversed at the
balance sheet date, where transactions or events that
result in an obligation to pay more tax in the future or a
right to pay less tax in the future have occurred at the
balance sheet date.
A net deferred tax asset is recognised as recoverable
and therefore recognised only when, on the basis of all
available evidence, it can be regarded as more likely than
not that there will be suitable taxable profits against
which to recover carried forward tax losses and from
which the future reversal of underlying timing differences
can be deducted.
Deferred tax is measured at the average tax rates that
are expected to apply in the periods in which the timing
differences are expected to reverse, based on tax rates
and laws that have been enacted or substantively
enacted by the balance sheet date. Deferred tax is
measured on an undiscounted basis.
Deferred tax is recognised in respect of the retained
earnings of overseas subsidiaries only to the extent that,
at the balance sheet date, dividends have been accrued
as receivable or a binding agreement to distribute past
earnings in future periods has been entered into by the
subsidiary. Notes to the ﬁnancial statements continued
For the 53 weeks ended 30 April 2011
22 Jacques Vert Plc Annual Report & Accounts 2011
Property, plant and equipment 
Property, plant and equipment are stated at the lower of
cost less accumulated depreciation and recoverable
amount. Cost includes the original purchase price
of the asset plus the costs attributable to bring the asset
into working condition for its intended use. Depreciation
is calculated so as to write off the cost of property, plant
and equipment less any residual value over their
estimated useful economic lives by equal annual
instalments at the following rates:
Leasehold improvements Remaining period
of the lease
Plant, fixtures and equipment 10% – 33%
The assets’ residual values and useful lives are
reviewed, and adjusted if appropriate, at each balance
sheet date. Asset carrying values are written down
immediately to the estimated recoverable amount where
the estimated recoverable amount is less than the
carrying value.
Operating leases
Rentals payable under operating leases are charged to
the Group income statement on a straight-line basis over
the life of the lease.
The value of any lease incentives received on
leasehold properties is recognised as deferred income
and released to the Group income statement on a
straight-line basis over the life of the lease.
Inventories
Inventories are valued at the lower of cost and net
realisable value. Cost comprises the cost of direct
materials and labour and an appropriate proportion of
overheads. Net realisable value is the value at which
inventories and work in progress can be realised in the
ordinary course of business.
T rade receivables 
T rade receivables are amounts due from customers for
merchandise sold in the ordinary course of business.
T rade receivables are recognised at fair value less any
provision for impairment.
Foreign currencies
T ransactions denominated in foreign currencies are
translated at the exchange rates at the date of the
transaction unless the transaction has been identified as a
hedged item, in which case the transaction is translated
at the effective exchange rate of the hedge instrument.
Foreign exchange gains and losses arising from such
transactions and from the translation at year end
exchange rates of monetary assets and liabilities
denominated in foreign currencies are recognised in the
income statement. 
The results and financial position of subsidiaries,
which have a functional currency other than sterling are
translated as follows:
• assets and liabilities for each balance sheet presented
are translated at the closing rate at the date of the
balance sheet;
• income and expenses for each income statement
presented are translated at weighted average
exchange rates; and
• all resulting exchange differences are recognised as a
separate component of equity until the disposal of the
relevant subsidiary when they are recycled to the
income statement 
T rade payables
T rade payables are obligations to pay for goods and
services that have been acquired in the ordinary course
of business from suppliers. T rade payables are held at
their nominal value.
Derivative financial instruments
The Group uses derivative financial instruments, in
particular forward currency contracts, to manage the
financial risks associated with the Group’s underlying
business activities and the financing of those activities.
Such financial instruments are initially recorded at fair
value and are thereafter revalued to fair value at each
balance sheet date. The Group does not enter into
speculative currency contracts. 
Gains or losses on derivative financial instruments that
are designated as effective hedges against future cash
flows are recognised directly in equity (“hedge
accounting”). Any gain or loss relating to an ineffective
hedge or a derivative financial instrument that does not
qualify for hedge accounting is immediately recognised in
the Group income statement, and where material as an
exceptional item. 
1. ACCOUNTING POLICIES CONTINUED Notes to the ﬁnancial statements continued
For the 53 weeks ended 30 April 2011
Jacques Vert Plc Annual Report & Accounts 2011 23
Where a hedged commitment results in the
recognition of an asset or a liability, the gain or loss on
the hedge previously recognised in equity is thereafter
included in the initial measurement of the asset or
liability. For hedges that do not result in the recognition
of an asset or liability, amounts deferred in equity are
recognised in the income statement in the same period
in which the hedged commitment affects profit and loss. 
Hedge accounting ceases in respect of a financial
instrument when it expires or is sold, terminated or
exercised, or no longer qualifies for hedge accounting.
The cumulative gain or loss relating to the instrument
that has previously been recognised in equity is retained
in equity until the hedged transaction occurs, or hedge
accounting ceases to apply.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and
short-term deposits. Bank overdrafts that are repayable
on demand and form an integral part of the Group’s cash
management are included as a component of cash and
cash equivalents for the purpose of the statement of
cash flows.
Provisions
Provisions are recognised when either a legal or
constructive obligation, as a result of a past event, exists
at the balance sheet date and where the likely outcome
and the amount of the obligation can be measured with
reasonable certainty. Provisions are discounted at an
appropriate discount rate.
Impairments
Impairments are made against Group assets as follows:
• Goodwill is allocated to the Group’s cash generating
units (CGUs) and the recoverable amount of each
CGU is determined based on a value-in-use
calculation where appropriate. 
• Property, plant and equipment is tested when
circumstances indicate a possible impairment. In
those circumstances a value-in-use calculation is
performed.
Assumptions used in the calculations to assess
impairment of goodwill and property, plant and
equipment are based on performance and the latest
financial plans approved by the board. If the recoverable
amount of a CGU is less than the carrying value of all
assets allocated to that CGU, an impairment is
recognised. 
Goodwill is the first asset class to be impaired,
followed by property, plant and equipment.
1. ACCOUNTING POLICIES CONTINUED Notes to the ﬁnancial statements continued
For the 53 weeks ended 30 April 2011
24 Jacques Vert Plc Annual Report & Accounts 2011
2. CRITICAL ESTIMATES AND JUDGEMENTS
The preparation of financial statements under IFRS
requires management to make estimates that affect the
reported amounts of assets and liabilities, income and
expenses. These estimates are based on historical
experience and various other factors that are believed to
be reasonable in the particular circumstance. Actual
results may differ from these estimates.
The Group’s critical judgement areas relate to the
recognition of pension scheme assets, legacy and other
business provisions, including industrial disease claims
together with an assessment of the highly probable
nature of cash flow hedges as follows:
(a) Pension scheme assets – Jacques Vert (2006) Pension
Scheme
Any repayment to the Group of the surplus held within
the scheme at 30 April 2011 is at the discretion of the
pension scheme T rustee. It is currently considered that
no repayment will be made to the Group in the future.
At 30 April 2011, the value of the surplus was
£10,807,000 (2010: £8,277,000) (see note 23).
(b) Legacy and other business provisions
The level of provisions held against legacy and current
activities is assessed with reference to payments made
during the period, expectations of future payments and
receipts, and, where relevant, to independent advice.
At 30 April 2011, the value of such provisions was
£5,260,000 (2010: £6,303,000) (see note 19).
(c) Cash flow hedges
Cash flow hedges are tested for effectiveness based on
estimated currency requirements assuming a substantially
consistent supplier base. At 30 April 2011, the net value
of cash flow hedges was a liability of £892,000 (2010:
net asset of £254,000) (see note 16). Notes to the ﬁnancial statements continued
For the 53 weeks ended 30 April 2011
Jacques Vert Plc Annual Report & Accounts 2011 25
3. SEGMENT INFORMATION
The Group considers that its operations comprise a single business segment as they meet the aggregation criteria
included within IFRS 8 on the basis that the brands have similar economic characteristics and are similar in respect of
the nature of their products, production processes, type of customer and method of distribution. 
4. FINANCE INCOME AND COSTS
53 weeks ended 52 weeks ended 
30 April 2011 24 April 2010
£000 £000
a) Finance income
Interest receivable 118 19
b) Finance costs
Interest payable – (10)
Unwinding of discount relating to provisions (210) (106)
Net finance cost of pension schemes (14) (131)
(224) (247)
5. PROFIT BEFORE INCOME TAX
Profit before income tax is stated after charging the following:
53 weeks ended 52 weeks ended 
30 April 2011 24 April 2010
£000 £000
Fees payable to Company auditor for the audit of parent company
and consolidated financial statements 80 76
Fees payable to Company auditor and its associates for other services:
– the audit of the Company’s subsidiaries pursuant to legislation 4 4
– other services pursuant to legislation 15 16
– tax services 7 40
– Other services provided by the Company’s auditors 12 48
Depreciation of owned property, plant and equipment 1,512 1,683
Loss on disposal of property, plant and equipment – 16
Rentals payable under operating leases 4,502 4,652
Other services provided by the Company’s auditor during the year ended 30 April 2011 relate to confirming store
turnover to landlords. Notes to the ﬁnancial statements continued
For the 53 weeks ended 30 April 2011
26 Jacques Vert Plc Annual Report & Accounts 2011
6. STAFF NUMBERS AND COSTS
The average number of employees (including executive directors) and their aggregate remuneration was as follows:
53 weeks ended 52 weeks ended 
30 April 2011 24 April 2010
Number Number
Sales, distribution and administration 234 213
Retail 969 1,001
1,203 1,214
£000 £000
Wages and salaries 22,535 22,614
Social security costs 1,473 1,370
Pension costs 502 225
Charge relating to share-based payments (note 21) 278 243
24,788 24,452
Pension costs of £502,000 during the year to 30 April 2011 comprise payments to defined contribution schemes of
£272,000, together with a service cost of £5,000 relating to defined benefit schemes (see note 23) plus £225,000 in
respect of the marking-to-market of a phantom option over 10 million shares in Jacques Vert Plc (see note 19).
7. INCOME TAX EXPENSE
The tax charge comprises:
53 weeks ended 52 weeks ended 
30 April 2011 24 April 2010
£000 £000
Current tax
Overseas tax charge 281 150
Deferred tax
Origination and reversal of timing differences – –
T otal tax charge 281 150
The tax assessed for the year is lower (2010: lower) than the standard rate of corporation tax in the UK of 28%
(2010: 28%). The differences are explained below:
53 weeks ended 52 weeks ended 
30 April 2011 24 April 2010
£000 £000
Profit on ordinary activities before tax 5,278 5,119
Profit on ordinary activities before tax multiplied by the standard rate of
corporation tax in the UK of 28% (2010: 28%): 1,477 1,433
Effects of:
Non-deductible expenditure 191 88
Non-taxable income (24) (446)
Overseas tax rates 88 13
Utilisation of short-term timing differences not recognised (1,347) (938)
Tax effect of rate change (104) –
281 150 Notes to the ﬁnancial statements continued
For the 53 weeks ended 30 April 2011
Jacques Vert Plc Annual Report & Accounts 2011 27
8. DIRECTORS’ EMOLUMENTS
The key management of the Group consists of the Directors, whose remuneration for the year is as follows:
Pension Benefits 2011 2010
Salaries and other
Salary/fees Bonus contributions
1
in kind
2
T otal T otal
short-term benefits £000 £000 £000 £000 £000 £000
Executive directors:
P Allen 330 142 50 41 563 686
I Johnson 195 84 29 26 334 412
Non-executive directors:
C Baker 45 – – 1 46 46
S Bodger
3
55––– 55 55
G Berkmen
4
30––– 30 13
J Burley
5
30––– 30 13
685 226 79 68 1,058 1,225
S MacDonald
6
– –––– 3
685 226 79 68 1,058 1,228
Notes:
1
Contributions to money purchase pension schemes.
2
Benefits in kind typically include provision of a company car, fuel or allowances in lieu of these and private medical
insurance.
3
S Bodger’s fees are paid to Stratys Ltd, a company in which S Bodger has a beneficial interest.
4
G Berkmen was appointed to the Board on 18 November 2009.
5
J Burley was appointed to the Board on 18 November 2009.
6
S MacDonald resigned on 28 April 2009.
Performance related bonuses are at the discretion of the Remuneration Committee and are determined on the basis of
targets agreed at the outset of the year for the achievement of financial performance and personal objectives. 
Directors’ beneficial interests
Directors’ interests in the allotted share capital of the Company as at 30 April 2011 and 24 April 2010 were as follows:
30 April 2011 24 April 2010
P Allen 1,307,794 1,157,794
C Baker 10,000 10,000
G Berkmen 10,000 –
S Bodger 200,000 –
J Burley 10,000 –
I Johnson 845,671 695,671
In addition to the above shareholdings, Directors held awards under the Long-term Incentive Plan (the “Plan”) as
follows: Market value
of shares at
At 30 April 2011 At 24 April 2010 date of award Date on which exercisable 
P Allen 616,327 616,327 9.88p 18 August 2011
P Allen 709,043 709,043 5.75p 17 August 2012
P Allen 371,692 – 16.25p 8 August 2013
I Johnson 370,000 370,000 9.88p 18 August 2011
I Johnson 425,661 425,661 5.75p 17 August 2012
I Johnson 223,138 – 16.25p 8 August 2013
Details of the performance criteria attaching to awards under the plan are set out in note 21. The performance criteria
attached to the awards exercisable in August 2011 was met and the awards will vest. Notes to the ﬁnancial statements continued
For the 53 weeks ended 30 April 2011
28 Jacques Vert Plc Annual Report & Accounts 2011
8. DIRECTORS’ EMOLUMENTS CONTINUED
Share-based payments – options over ordinary shares
At 30 April 2011 At 24 April 2010 Exercise price Date from which exercisable Expiry date
P Allen – 3,000,000 15.25p 17 October 2005 17 October 2012
P Allen – 750,000 17.25p 9 July 2007 9 July 2014
P Allen 1,312,500 – – 29 June 2012 –
P Allen 1,312,500 – – 29 June 2013 –
I Johnson – 1,500,000 17.25p 9 July 2007 9 July 2014
I Johnson 525,000 – – 29 June 2012 –
I Johnson 525,000 – – 29 June 2013 –
On 29 June 2010, the Remuneration Committee and Board of Directors adopted the rules of the Jacques Vert Plc 2010
Conversion Plan. The main impact of this was the cancellation of the outstanding vested market priced options and
their replacement with a lower number of forfeitable non-priced options, granted on the basis of seven replacement
nil-cost options for every ten existing options surrendered.
9. EARNINGS PER SHARE
Basic/diluted earnings per share
The basic earnings per share have been calculated by dividing the profit after taxation for the year by the weighted
average number of shares in issue during the year excluding those held by the Employee Share Ownership T rust (“the
T rust”). At 30 April 2011 8,398,178 shares were held in the T rust (24 April 2010: 1,398,178) (see note 21).
For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume
conversion of all dilutive potential ordinary shares. The Group has two classes of dilutive potential ordinary shares:
those share options granted to Directors where the exercise price is lower than the average market price of the
Company’s ordinary shares during the year and the awards under the Jacques Vert Plc Long-term Incentive Plan (“the
Plan”) to the extent that performance criteria attached to those awards are expected to be met.
2011 2010
£000 £000
Profit for the year 4,997 4,969
Thousands Thousands
of shares of shares
Weighted average number of ordinary shares in issue 192,444 192,444
Adjustment for shares held by the T rust (6,851) (1,082)
Weighted average number of ordinary shares for basic earnings per share 185,593 191,362
Dilutive shares 10,542 6,762
Weighted average number of ordinary shares for diluted earnings per share 196,135 198,124
Pence Pence
Basic earnings per share 2.69 2.60
Diluted earnings per share 2.55 2.51
10. DIVIDENDS
The Directors propose a final dividend of 0.67p per share (2010: 0.65p) amounting to £1,233,000 (2010: £1,196,000).
The final dividend will be paid on 14 October 2011 to shareholders whose names are on the Register of Members at
the close of business on 16 September 2011.  Notes to the ﬁnancial statements continued
For the 53 weeks ended 30 April 2011
Jacques Vert Plc Annual Report & Accounts 2011 29
11. GOODWILL AND INVESTMENTS
£000
Goodwill – Cost and net book value
At 24 April 2010 and 30 April 2011 2,431
Goodwill arose on the purchase of William Baird Ltd (formerly William Baird PLC) on 12 December 2002. 
Goodwill is not amortised, but tested annually for impairment, with the recoverable amount being determined from
value in use calculations. The key assumptions for the value in use calculations are those regarding the discount rate,
growth rates and changes in income and costs.
The Group prepares discounted cash flows based on financial forecasts. Cash flows are extrapolated using a growth
rate of 2% (2010: 2%). The future cash flows have been discounted at a rate of 9.48% (2010: 9.48%), being the
Group’s weighted average cost of capital. 
Investments
The principal subsidiary undertakings of which the ordinary share capital is wholly-owned are shown in note A5 of the
Annexure to these financial statements.
12. PROPERTY, PLANT AND EQUIPMENT
Plant, fixtures
Short leasehold and equipment T otal
£000 £000 £000
Cost 
At 25 April 2009 1,859 15,188 17,047
Additions 68 1,026 1,094
Disposals – (94) (94)
Exchange rate adjustments – 90 90
At 24 April 2010 1,927 16,210 18,137
Additions 82 3,350 3,432
Exchange rate adjustments – (12) (12)
At 30 April 2011 2,009 19,548 21,557
Accumulated depreciation
At 25 April 2009 1,100 12,244 13,344
Disposals – (78) (78)
Charge for the year 337 1,346 1,683
Exchange rate adjustments – 13 13
At 24 April 2010 1,437 13,525 14,962
Charge for the year 269 1,243 1,512
Exchange rate adjustments – (4) (4)
At 30 April 2011 1,706 14,764 16,470
Net book value
At 30 April 2011 303 4,784 5,087
At 24 April 2010 490 2,685 3,175 Notes to the ﬁnancial statements continued
For the 53 weeks ended 30 April 2011
30 Jacques Vert Plc Annual Report & Accounts 2011
13. DEFERRED TAX ASSET
T otal
£000
At 24 April 2010 and 30 April 2011
Depreciation in excess of capital allowances 1,900
Deferred tax assets have been recognised only to the extent that it is more likely than not that they will be recoverable
against future taxable profits.
Of the deferred tax asset, £610,000 (2010: £514,000) will be recoverable after 12 months from the balance sheet date.
Unrecognised deferred tax assets at 30 April 2011 are £9,076,000 (2010: £11,253,000), comprising:
30 April 2011 24 April 2010
£000 £000
Depreciation in excess of capital allowances 4,628 6,799
Tax losses 3,188 2,907
Other timing differences 1,260 1,547
9,076 11,253
Factors affecting future tax charges
The Group has charged depreciation in excess of capital allowances, the deferred tax assets on which have been
recognised in part. This reflects the estimated recoverability of the assets in the foreseeable future. Where deferred
tax assets have not been recognised this is due to uncertainty over the availability of suitable profits, matched to
available tax allowances and losses, in the foreseeable future.
No deferred tax has been recognised on the unremitted earnings of overseas subsidiaries. No significant amounts of
tax are expected to be payable due to availability of double tax relief and losses in the United Kingdom.
Legislation in the UK has been enacted to cut the main rate of corporation tax to 27% from April 2011. There will
be further cuts in the main rate in future years which may affect further tax charges and the deferred tax asset.
Further, a resolution passed by parliament on 29 March 2011 reduced the main rate of corporation tax to 26% from
2011, however this was not substantively enacted by the balance sheet date. Accordingly, the deferred tax balances
recognised and not recognised at 30 April 2011, included within these financial statements, have been calculated at a
rate of 26% (2010: 28%).
14. INVENTORIES
Inventories comprise finished goods valued at £24,580,000 (2010: £22,489,000). The cost of inventories recognised as
an expense and included within cost of sales amounted to £43,047,000 (2010: £39,697,000).
15. TRADE AND OTHER RECEIVABLES
30 April 2011 24 April 2010
£000 £000
T rade receivables 8,161 9,070
Other receivables 149 15
Prepayments 2,535 2,425
10,845 11,510
All trade and other receivables are due within one year. No provision is held against trade receivables at 30 April 2011
(2010: £nil). Notes to the ﬁnancial statements continued
For the 53 weeks ended 30 April 2011
Jacques Vert Plc Annual Report & Accounts 2011 31
16. DERIVATIVE FINANCIAL INSTRUMENTS
30 April 2011 24 April 2010
Assets Liabilities Assets Liabilities
£000 £000 £000 £000
Forward foreign exchange contracts – cash flow hedges 101 (993) 894 (640)
Derivative financial instruments are used to hedge exposure to fluctuations in foreign exchange rates that arise in the
normal course of the Group’s business. 
An analysis of financial instruments held and the Group’s risk management policies is given in note 22.
Gains and losses on forward foreign exchange contracts as at 30 April 2011 are held in equity and will be released to
the Group income statement as the hedged transactions fall due, which is up to 18 months after the balance sheet
date. The ineffective portion arising from cash flow hedges recognised in the Group income statement is £nil (2010:
£nil).
17. TRADE AND OTHER PAYABLES
30 April 2011 24 April 2010
£000 £000
Current:
T rade payables 14,111 13,159
Overseas corporation tax creditor 122 62
Other taxation and social security 1,780 1,461
Other creditors 258 1,756
Accruals 6,115 6,688
Deferred income 118 374
22,504 23,500
Non-current:
Deferred income 386 504
18. BORROWING FACILITIES
The Group has recently renewed debt facilities totalling £18 million with HSBC plc (“the Bank”). These comprise a
£3 million overdraft and £15 million import line. The Bank has also agreed a $15 million forward exchange contract
facility. All facilities are due for renewal on 31 July 2011.
Bank borrowings are secured by debentures and fixed and floating charges over the Group’s assets. Certain Group
companies have also given unlimited multilateral cross guarantees to the Bank as security for their liabilities. Notes to the ﬁnancial statements continued
For the 53 weeks ended 30 April 2011
32 Jacques Vert Plc Annual Report & Accounts 2011
19. PROVISIONS FOR LIABILITIES AND CHARGES
Legacy business
Pension schemes provisions T otal
£000 £000 £000
At 25 April 2009 434 7,623 8,057
Utilised (229) (1,383) (1,612)
Charged/(credited) to the income statement 331 (43) 288
Actuarial loss on pension schemes 108 – 108
Discount unwinding – 106 106
At 24 April 2010 644 6,303 6,947
Utilised (232) (1,341) (1,573)
Charged to the income statement 14 88 102
Actuarial gain on pension schemes (67) – (67)
Discount unwinding – 210 210
At 30 April 2011 359 5,260 5,619
Legacy business provisions relate to costs faced by the Group which do not relate to current trading activity. They
include: the costs of onerous leasehold property including dilapidations; potential claims against the Group in respect of
industrial diseases; and the expected cost to the Group associated with the Group’s pension schemes.
The charge made during the year to 30 April 2011 comprised the movement in fair value of the phantom option
over 10 million shares in Jacques Vert Plc granted to the T rustee of the Jacques Vert (2006) Pension Scheme, together
with costs expected in connection with the Group’s pension schemes, less a release following the settlement of an
onerous lease during the year.
Of the legacy business provisions held at the year end, £350,000 is expected to be utilised within the next
12 months. The remaining provisions are expected to be utilised within 20 years.
See note 23 for further details relating to the movements on the Group’s pension schemes during the year.
20. CALLED-UP EQUITY SHARE CAPITAL
30 April 2011 24 April 2010
£000 £000
Authorised:
250,000,000 (2010: 250,000,000) Ordinary shares of 10p each 25,000 25,000
Allotted and fully paid:
192,444,078 (2010: 192,444,078) Ordinary shares of 10p each 19,244 19,244
All ordinary shares and the share premium thereon rank equally as a single class of equity. Notes to the ﬁnancial statements continued
For the 53 weeks ended 30 April 2011
Jacques Vert Plc Annual Report & Accounts 2011 33
21. LONG-TERM INCENTIVE PLAN
The Jacques Vert Plc Employee Share Ownership Plan T rust (“the T rust”) holds shares for its own benefit in order to
partly hedge the Group’s obligations under the Long-term Incentive Plan (“the Plan”). Movements in the holdings of
the T rust during the year ended 30 April 2011 were as follows:
% of total issued 
Purchase cost Nominal value share capital
Number of shares £000 £000 %
At 24 April 2010 1,398,178 117 14 0.72
Purchases 7,000,000 1,055 70 3.64
At 30 April 2011 8,398,178 1,172 84 4.36
The shares held by the T rust are taken as a deduction from shareholders’ equity. The market value of the shares held
at 30 April 2011 was £1,470,000 (24 April 2010: £210,000). 
Under the terms of the Plan, shares in the Company (“Restricted Shares”) can be awarded, for nil consideration,
subject to defined performance criteria. Members of the Plan are also invited to purchase shares in Jacques Vert Plc
(“Invested Shares”) which are held by the T rust for their benefit. These shares entitle the employee to be awarded an
equal number of shares (“Matching Shares”), for nil consideration, subject to the same performance criteria, as follows:
• The criteria for the August 2008 awards is based on the period between April 2008 and April 2011 and gives rise to
a vesting of shares provided that the adjusted EPS for the year ending April 2011 is no lower than the adjusted EPS
for the year ended 26 April 2008. The performance criteria attached to the awards has been met and the awards
will vest.
• The criteria for the August 2009 awards is based on the period between April 2009 and April 2012 and gives rise to
50% vesting of Restricted Shares on an incremental basis provided a minimum 6.66% compound growth in
undiluted adjusted EPS has been achieved. Full vesting of shares occurs if the overall compound growth in undiluted
adjusted EPS is 10.0% or greater.
• The criteria for the August 2010 awards is based on the period between April 2010 and April 2013 and gives rise to
50% vesting of Restricted Shares on an incremental basis provided a minimum 4% compound growth in basic EPS
has been achieved. Full vesting of shares occurs if the overall compound growth in basic EPS is 6% or greater. 
During the year 1,775,963 awards were granted to employees at a fair value of £288,000 based on the share price
of 16.25p at the date of the award.
A charge of £278,000 (2010: £243,000), relating to equity-settled share-based payments was made to the Group
income statement during the year ended 30 April 2011.  Notes to the ﬁnancial statements continued
For the 53 weeks ended 30 April 2011
34 Jacques Vert Plc Annual Report & Accounts 2011
22. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
a) Financial assets and liabilities
The financial assets and liabilities of the Group are as follows: 
30 April 2011 24 April 2010
£000 £000
T rade and other receivables – due within one year 8,310 9,085
Derivative financial instruments 101 894
Cash and cash equivalents 10,086 12,602
18,497 22,581
T rade and other payables (20,988) (22,481)
Derivative financial instruments (993) (640)
(21,981) (23,121)
T rade receivables comprise short-term debtor balances, which are receivable within three months of the year end.
The carrying value of short-term non-derivative financial assets and liabilities is considered to approximate the fair
values.
The fair values of derivative financial assets and liabilities, comprising forward contracts for foreign exchange, are
based on the relevant exchange rates at 30 April 2011.
The maturity profile of the financial liabilities with maturities in part greater than one year is as follows:
Between one Between two Greater
T otal Within one year and two years and five years than five years
£000 £000 £000 £000 £000
T rade and other payables
At 30 April 2011 (20,988) (20,602) (102) (246) (38)
At 24 April 2010 (22,481) (21,977) (118) (277) (109)
Derivative financial instruments
At 30 April 2011 (993) (920) (73) – –
At 24 April 2010 (640) (640) – – – Notes to the ﬁnancial statements continued
For the 53 weeks ended 30 April 2011
Jacques Vert Plc Annual Report & Accounts 2011 35
22. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT CONTINUED
b) Market risk
Market risk comprises the risk that changes in market prices, such as foreign exchange rates and interest rates will
affect the Group’s income or the value of its holdings of financial instruments. At the balance sheet date, the only
significant market risk to the Group arises from future commercial transactions or recognised assets or liabilities
denominated in a currency that is not the Group’s functional currency.
The Group operates internationally and is therefore exposed to foreign currency risk on purchases primarily
denominated in US dollars and Hong Kong dollars; and sales denominated in Canadian dollars and Euros.
The Board reviews and agrees policies for managing exchange rate risk on a regular basis. All transactions in
derivatives, principally forward exchange contracts, are taken solely to manage these risks. The Group’s policy is to
hedge substantially all of the risks of such currency fluctuation by using forward contracts in each major foreign
currency. No transactions of a speculative nature are entered into. 
i) Exposure to foreign currency risk
As at 30 April 2011, the sterling value of net financial assets and liabilities that are not denominated in the Group’s
functional currency are as follows: 
Hong Kong dollar US dollar Canadian dollar Euro
£000 £000 £000 £000
T rade receivables – – 1,141 701
T rade payables (4,891) (1,902) (162) (494)
Fair value of cash flow hedges (557) (321) (14) –
Cash and cash equivalents 188 1,922 2,631 1,123
At 30 April 2011 (5,260) (301) 3,596 1,330
At 24 April 2010 (3,632) (238) 1,260 1,012
ii) Exposure to interest rate risk
There were no fixed rate financial assets or liabilities at 30 April 2011 or 24 April 2010. Financial assets on which no
interest is received are due on demand. Floating rate financial assets attract interest based on local base interest rates.
c) Credit risk
Credit risk arises on credit exposure to customers including outstanding receivables and committed transactions. No
provision is held against trade receivables, which are predominantly due for payment within three months. 
d) Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate
amount of credit facilities. Due to the dynamic nature of the underlying business, flexibility in funding is maintained
under credit facilities as set out in note 18. 
The Board monitors rolling forecasts of the Group’s availability of funding (comprising undrawn borrowing facilities
plus cash and cash equivalents) on the basis of expected cash flows. Notes to the ﬁnancial statements continued
For the 53 weeks ended 30 April 2011
36 Jacques Vert Plc Annual Report & Accounts 2011
23. PENSION COSTS
The Group operates two funded defined benefit pension schemes – the Jacques Vert Pension Scheme and the Jacques
Vert (2006) Pension Scheme.
Jacques Vert Plc also operates a defined contribution pension scheme. Contributions during the year to the defined
contribution scheme amounted to £99,000 (2010: £84,000).
The Jacques Vert (2006) Pension Scheme was established during the year ended 26 April 2008 in respect of certain
members of the former Baird Group Pension Scheme, a scheme that is currently being wound up pursuant to a
compromise agreement between Jacques Vert Plc and the T rustee of the Baird Group Pension Scheme dated 7 July
2006.
Additionally, unfunded arrangements exist in respect of a small number of former employees.
Information required by IAS 19 “Employee benefits” in relation to the defined benefit schemes is provided annually
using an actuarial estimate provided by an independent actuary. All actuarial gains and losses are recognised in the
Group statement of comprehensive income in the period in which they arise.
The major assumptions used in producing the actuarial estimates of the defined benefit schemes were:
At 30 April 2011 At 24 April 2010 At 25 April 2009 At 26 April 2008 At 28 April 2007
Rate of salary increase
1
3.4% 3.6% 2.9% 2.9% 0.0%
Rate of increase in pensions in payment
2
3.4% 3.6% 3.0% 3.7% 3.2%
Discount rate 5.5% 5.6% 6.6% 6.7% 5.5%
Inflation assumption – RPI 3.4% 3.6% 2.9% 3.7% 3.2%
Inflation assumption – CPI 2.7% N/A N/A N/A N/A
1
Applies to Jacques Vert (2006) Pension Scheme only. 
2
Applies to Jacques Vert Pension Scheme only. For pensions which increase in line with CPI, a rate of 2.7% has been
assumed.
Assumptions regarding future mortality rates are set based on advice from the scheme actuaries, published statistics
and experience in the industry. Specifically, mortality tables PA92, YOB with medium cohort have been used in the
valuations at 30 April 2011. These tables use the mortality assumption at average ages of deferred and pensioner
members as follows:
Male Female
Deferred member 86 years, 6 months 90 years, 2 months
Retired member 87 years, 5 months 90 years, 3 months
The assets of the schemes and the expected rates of return based on the above assumptions were:
At 30 April 2011 At 24 April 2010
Expected rate Expected rate
Value of return Value of return
Jacques Vert Pension Scheme £000 % £000 %
Equities 284 7.0 685 7.8
Diversified growth assets 1,221 6.0 ––
Fixed interest 140 4.0 ––
Bonds 173 5.5 182 4.4
Cash and other 17 3.9 689 4.1
T otal market value of assets 1,835 1,556 Notes to the ﬁnancial statements continued
For the 53 weeks ended 30 April 2011
Jacques Vert Plc Annual Report & Accounts 2011 37
23. PENSION COSTS CONTINUED
At 30 April 2011 At 24 April 2010
Expected rate Expected rate
Value of return Value of return
Jacques Vert (2006) Pension Scheme £000 % £000 %
Equities 12,126 7.0 5,289 7.7
Bonds 17,022 5.3 52,738 5.1
Others 34,887 4.6 5,398 5.3
T otal market value of assets 64,035 63,425
Other assets includes investments in Fixed Income funds valued at £32,572,000 at 30 April 2011 (2010: £nil).
Valuations of the schemes were:
Jacques Vert (2006) Pension Scheme Jacques Vert Pension Scheme
At 30 April 2011 At 24 April 2010 At 30 April 2011 At 24 April 2010
£000 £000 £000 %
Present value of scheme liabilities (53,228) (55,148) (2,003) (1,969)
Fair value of scheme assets 64,035 63,425 1,835 1,556
Surplus/(deficit) 10,807 8,277 (168) (413)
Pension surpluses in defined benefit schemes are recognised to the extent of the expected future cash receipts from
the scheme. The Jacques Vert (2006) Pension Scheme is not expected to make any future payments to the Group and
accordingly the surplus on that scheme has not been recognised in the Group balance sheet.
Expected contributions to defined benefit schemes during the year ending April 2012 are £197,000.
The amounts charged to the Group income statement are determined as follows:
52 weeks ended 
53 weeks ended 30 April 2011 24 April 2010
Jacques Vert (2006) Jacques Vert
Pension Scheme Pension Scheme T otal T otal
£000 £000 £000 £000
Expected return on pension scheme assets 2,970 95 3,065 2,878
Interest on pension scheme liabilities (2,970) (109) (3,079) (3,009)
Net finance charge – (14) (14) (131)
Changes in the present values of the schemes’ liabilities are as follows: 
52 weeks ended 
53 weeks ended 30 April 2011 24 April 2010
Jacques Vert (2006) Jacques Vert
Pension Scheme Pension Scheme T otal T otal
£000 £000 £000 £000
Present values of schemes’ liabilities at
beginning of period 55,148 1,969 57,117 47,707
Interest cost 2,970 109 3,079 3,009
Benefits paid (3,780) (47) (3,827) (4,234)
Service cost 5 –5 6
Actuarial (gain)/loss (1,115) (28) (1,143) 10,629
Present values of schemes’ liabilities at
end of period 53,228 2,003 55,231 57,117 Notes to the ﬁnancial statements continued
For the 53 weeks ended 30 April 2011
38 Jacques Vert Plc Annual Report & Accounts 2011
23. PENSION COSTS CONTINUED
Changes in the present values of the schemes assets are as follows: 
52 weeks ended 
53 weeks ended 30 April 2011 24 April 2010
Jacques Vert (2006) Jacques Vert
Pension Scheme Pension Scheme T otal T otal
£000 £000 £000 £000
Present values of schemes’ assets at beginning of period 63,425 1,556 64,981 59,054
Expected return on assets 3,283 95 3,378 2,878
Contributions 175 192 367 369
Benefits paid (3,780) (47) (3,827) (4,234)
Actuarial gain 932 39 971 6,914
Present values of schemes’ assets at end of period 64,035 1,835 65,870 64,981
Actual return on schemes’ assets 4,674 134 4,808 9,792
The amount recognised in the Group statement of comprehensive income comprises:
52 weeks ended 
53 weeks ended 30 April 2011 24 April 2010
Jacques Vert (2006) Jacques Vert
Pension Scheme Pension Scheme T otal T otal
£000 £000 £000 £000
Actuarial gain on assets 932 39 971 6,914
Actuarial gain/(loss) on liabilities 1,115 28 1,143 (10,629)
Movement on unrecognised pension surplus (2,047) – (2,047) 3,607
– 67 67 (108)
30 April 2011 24 April 2010
The provision for pension schemes comprises: £000 £000
Net surplus on defined benefit pension schemes 10,639 7,864
Surplus not recognised (10,807) (8,277)
Provision for unfunded schemes and liabilities (191) (231)
Provisions for pension schemes (see note 19) (359) (644) Notes to the ﬁnancial statements continued
For the 53 weeks ended 30 April 2011
Jacques Vert Plc Annual Report & Accounts 2011 39
23. PENSION COSTS CONTINUED
The valuation of the schemes under IAS 19 varies if the main financial assumptions change, particularly the discount rate.
If the assumed discount rate were to be increased/decreased by 0.1% the IAS 19 surplus would increase/decrease by
approximately £800,000 as at 30 April 2011. 
The cumulative actuarial loss on the Jacques Vert Pension Scheme recognised in the Group statement of comprehensive
income is £227,000 (2010: loss of £294,000).
53 weeks ended 52 weeks ended 52 weeks ended 52 weeks ended 52 weeks ended
30 April 2011 24 April 2010 25 April 2009 26 April 2008 28 April 2007
T otal Total Total Total Total 
History of pension surplus: £000 £000 £000 £000 £000
Experience adjustments arising on
schemes’ assets
Amount 971 6,914 (7,959) 868 (10,836)
Percentage of schemes’ assets 1.5% 10.6% (13.5%) 1.1% (10.1%)
Experience adjustments arising on
schemes’ liabilities
Amount 1,143 (10,629) 713 7,944 13,085
Percentage of schemes’ liabilities (2.1%) 18.6% 1.5% 12.2% 13.3%
Present values of schemes’ liabilities (55,231) (57,117) (47,707) (65,263) (98,223)
Present values of schemes’ assets 65,870 64,981 59,054 81,975 106,869
T otal net surplus 10,639 7,864 11,347 16,712 8,646
24. COMMITMENTS
(a) Capital expenditure contracted for by the Group at 30 April 2011 but not yet incurred, amounted to £1,121,000
(2010: £484,000).
(b) The future aggregate minimum lease payments under non-cancellable operating leases are as follows:
2011 2010
Land & buildings Other Land & buildings Other
£000 £000 £000 £000
Within one year 113 109 151 131
Within two to five years 3,891 168 6,372 100
After five years 14,459 – 22,302 –
18,463 277 28,825 231
25. RELATED PARTY TRANSACTIONS
Details of Directors’ shareholdings and their entitlement to share options are set out in note 8.
Information relating to the pension scheme arrangements is disclosed in note 23. Other than the transactions
described in note 23 there have been no transactions between the Group or its related parties and any employee
pension schemes. Notes to the ﬁnancial statements continued
For the 53 weeks ended 30 April 2011
40 Jacques Vert Plc Annual Report & Accounts 2011
26. NOTES TO THE CASH FLOW STATEMENT
53 weeks ended 52 weeks ended 
30 April 2011 24 April 2010
T otal T otal
Reconciliation of operating profit to net cash inflow from operating activities £000 £000
Continuing operations
Operating profit 5,384 5,347
Loss on disposal of property, plant and equipment – 16
Depreciation charge 1,512 1,683
Change in inventories (1,685) 2,099
Change in debtors 628 (990)
Change in creditors (1,660) 2,468
Change in provisions (1,485) (1,455)
Charge relating to share-based payments 278 243
Net cash inflow from operating activities 2,972 9,411 Annexure A – Audited financial statements of Jacques Vert Plc under UK GAAP (the Company)
Independent auditors’ report
to the members of Jacques Vert Plc
Jacques Vert Plc Annual Report & Accounts 2011 41
We have audited the parent company financial
statements of Jacques Vert Plc for the 53 weeks ended
30 April 2010 which comprise the balance sheet and the
related notes. The financial reporting framework that has
been applied in their preparation is applicable law and
United Kingdom Accounting Standards (United Kingdom
Generally Accepted Accounting Practice).
Respective responsibilities of directors and
auditors
As explained more fully in the Directors’ Responsibilities
Statement set out on page 12, the Directors are
responsible for the preparation of the parent company
financial statements and for being satisfied that they give
a true and fair view. Our responsibility is to audit the
financial statements in accordance with applicable law
and International Standards on Auditing (UK and Ireland).
Those standards require us to comply with the Auditing
Practices Board’s Ethical Standards for Auditors.
This report, including the opinions, has been prepared
for and only for the Company’s members as a body in
accordance with  chapter 3 of Part 16 of the Companies
Act 2006 and for no other purpose. We do not, in giving
these opinions, accept or assume responsibility for any
other purpose or to any other person to whom this
report is shown or into whose hands it may come save
where expressly agreed by our prior consent in writing.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts
and disclosures in the financial statements sufficient to
give reasonable assurance that the financial statements
are free from material misstatement, whether caused by
fraud or error. This includes an assessment of: whether
the accounting policies are appropriate to the parent
Company’s circumstances and have been consistently
applied and adequately disclosed; the reasonableness of
significant accounting estimates made by the Directors;
and the overall presentation of the financial statements.
In addition, we read all the financial and non-financial
information in the annual report to identify material
inconsistencies with the audited financial statements. If
we become aware of any apparent material
misstatements or inconsistencies we consider the
implications for our report.
Opinion on financial statements 
In our opinion the parent company financial statements: 
• give a true and fair view of the state of the
Company’s affairs as at 30 April 2011;
• have been properly prepared in accordance with
United Kingdom Generally Accepted Accounting
Practice; and 
• have been prepared in accordance with the
requirements of the Companies Act 2006.
Opinion on other matter prescribed by the
Companies Act 2006
In our opinion the information given in the Directors’
Report for the financial year for which the parent
company financial statements are prepared is consistent
with the parent company financial statements.
Matters on which we are required to report by
exception
We have nothing to report in respect of the following
matters where the Companies Act 2006 requires us to
report to you if, in our opinion: 
• adequate accounting records have not been kept by
the parent company, or returns adequate for our
audit have not been received from branches not
visited by us; or
• the parent company financial statements are not in
agreement with the accounting records and returns;
or 
• certain disclosures of directors’ remuneration
specified by law are not made; or 
• we have not received all the information and
explanations we require for our audit.
Other matter 
We have reported separately on the Group financial
statements of Jacques Vert Plc for the 53 weeks ended
30 April 2011. 
Fiona Kelsey
(Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London
4 July 2011 Company balance sheet
At 30 April 2011
42 Jacques Vert Plc Annual Report & Accounts 2011
30 April 2011 24 April 2010
Note £000 £000
Fixed assets
Goodwill A3 32,064 34,068
Tangible assets A4 4,698 2,646
Investments A5 17,258 17,258
54,020 53,972
Current assets
Stocks – finished goods 24,592 21,958
Debtors A6 21,512 21,658
Cash at bank and in hand 27,121 30,507
73,225 74,123
Creditors: amounts due within one year A7 (21,414) (21,916)
Net current assets 51,811 52,207
T otal assets less current liabilities 105,831 106,179
Creditors: amount due after one year
Amounts due to subsidiary undertakings (67,607) (67,946)
Provisions for liabilities and charges A8 (4,277) (5,519)
Net assets 33,947 32,714
Capital and reserves
Called-up equity share capital 19,244 19,244
Share premium account A10 4,599 4,599
Merger reserve A10 969 969
Profit and loss account A10 9,135 7,902
T otal shareholders’ funds 33,947 32,714
In accordance with s408 of the Companies Act 2006, the profit and loss account of the Company has not been
presented.
The notes on pages 43 to 48 form part of these financial statements.
Approved by the Board on 4 July 2011
P C Allen I P Johnson
Director Director Notes to the ﬁnancial statements of the parent company
For the 53 weeks ended 30 April 2011
Jacques Vert Plc Annual Report & Accounts 2011 43
A1. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared in
accordance with United Kingdom Generally Accepted
Accounting Practice under the historical cost accounting
convention on a going concern basis and in accordance
with the Companies Act 2006 and applicable accounting
standards.
Pensions
The Group operates several defined contribution and
defined benefit schemes for its employees. 
Defined contribution schemes are pension schemes
under which the Company pays fixed contributions into
separate entities. The Company has no legal or
constructive obligations to pay further contributions if
the fund does not hold sufficient assets to pay all
employees the benefits relating to the employee service
in the current and prior periods. Defined benefit
schemes are pension schemes that are not defined
contribution schemes.
The liability recognised in the balance sheet in respect
of defined benefit pension schemes is the present value
of the defined benefit obligation at the balance sheet
date less the fair value of plan assets, together with
adjustments for unrecognised past-service costs. The
defined benefit obligation is calculated annually by
independent actuaries using the projected unit credit
method. The present value of the defined benefit
obligation is determined by discounting the estimated
future cash outflows using interest rates of high-quality
corporate bonds that are denominated in the currency in
which the benefits will be paid, and that have terms to
maturity approximating to the terms of the related
pension liability.  
Actuarial gains and losses arising from experience
adjustments and changes in actuarial assumptions are
charged or credited to equity in the period in which they
arise.
For defined contribution plans, the Company pays
contributions to publicly or privately administered
pension insurance plans on a mandatory, contractual or
voluntary basis. The Company has no further payment
obligations once the contributions have been paid. The
contributions are recognised as employee benefit
expense when they are due.
T angible fixed assets and depreciation
Tangible fixed assets are stated at the lower of cost less
accumulated depreciation and recoverable amount. Cost
includes the original purchase price of the asset plus the
costs attributable to bring the asset into working
condition for its intended use. Depreciation is calculated
so as to write off the cost of tangible fixed assets over
their estimated useful economic lives by equal annual
instalments at the following rates:
Leasehold improvements Remaining period
of the lease
Plant, fixtures and equipment 10% – 33%
Operating leases
Rentals payable under operating leases are charged to
the profit and loss account on a straight-line basis over
the life of the lease.
Rent free periods on short leasehold properties are
treated as deferred income and released to the profit
and loss account on a straight-line basis up to the date of
the first rent review.
Goodwill
Goodwill is treated as an intangible asset in the balance
sheet and written off to the profit and loss account over
20 years.
Investments in subsidiary undertakings
Investments are held at cost, less any provisions made
for impairment.
T urnover
T urnover represents sales by the Company to third
parties, net of returns, trade discounts and value added
tax.
In accordance with FRS 5 Application Note G
“Revenue Recognition” sales through retail outlets are
shown net of unredeemed customer loyalty vouchers
and a provision for customer returns representing the
Company’s estimate of the amount of product sold
during the year which will be returned in the following
year.
T urnover is recognised when the significant risks and
rewards of ownership of the goods have passed to the
buyer which is generally when goods are delivered to
the customer. Notes to the ﬁnancial statements of the parent company continued
For the 53 weeks ended 30 April 2011
44 Jacques Vert Plc Annual Report & Accounts 2011
Finance income and expenses 
Interest income and interest payable is recognised in the
profit and loss account as it accrues.
Dividend income is recognised in the profit and loss
account on the date at which the entity’s right to receive
payments is established.
Stocks
Stocks are valued at the lower of cost and net realisable
value. Cost comprises the cost of direct materials and
labour and an appropriate proportion of overheads. Net
realisable value is the value at which stocks and work-in-
progress can be realised in the ordinary course of
business.
Foreign currencies
Monetary assets and liabilities denominated in foreign
currencies are translated into sterling at the rates of
exchange ruling at the balance sheet date or at the
contracted rate if the asset/liability is covered by a
forward exchange contract. Exchange differences on
trading items are dealt with in the profit and loss account
at the exchange rate on the date of transaction.
Impairment of fixed assets and goodwill
Fixed assets and goodwill are subject to review for
impairment in accordance with FRS 11 “Impairment of
fixed assets and goodwill”. Any impairment is recognised
in the profit and loss account in the year in which it
occurs.
Deferred taxation
Deferred tax is recognised in respect of all timing
differences that have originated but not reversed at the
balance sheet date where transactions or events that
result in an obligation to pay more, or a right to pay less,
tax in the future have occurred at the balance sheet
date, with the following exceptions:
• Provision is made for gains on disposal of fixed assets
that have been rolled over into replacement assets
only if, at the balance sheet date, there is a
commitment to dispose of the replacement assets.
• Provision is made for deferred tax that would arise on
remittance of net earnings from overseas subsidiaries,
associates and joint ventures, only to the extent that
at the balance sheet date dividends have been
accrued as receivable.
• Deferred tax assets are recognised only to the extent
that the Directors consider that it is more likely than
not that there will be suitable taxable profits from
which future reversal of the underlying timing
differences can be deducted.
Deferred tax is measured on a non-discounted basis
at the tax rates that are expected to apply in the periods
in which timing differences reverse, based on tax rates
and laws enacted or substantively enacted at the balance
sheet date.
Employee Share Ownership Plan (“ESOP”)
Shares held on behalf of the ESOP are shown as a
deduction from Shareholders’ funds. The cost of the
ESOP is borne by the Company.
Provisions
Provisions are recognised when either a legal or
constructive obligation, as a result of a past event, exists
at the balance sheet date and where the likely outcome
and the amount of the obligation can be measured with
reasonable certainty. Provisions are discounted at an
appropriate rate.
Financial instruments and risk management
The risk management policies and practice of the
Company are the same as that of the Group and are set
out in note 22 of the Group financial statements.
An analysis of financial instruments is given in note 22
of the Group financial statements.
1. ACCOUNTING POLICIES CONTINUED Notes to the ﬁnancial statements of the parent company continued
For the 53 weeks ended 30 April 2011
Jacques Vert Plc Annual Report & Accounts 2011 45
A2. PROFIT AND LOSS
The Company recorded a profit of £3,139,000 in the year ended 30 April 2011 (2010: £2,391,000).
During the year the company received a dividend of C$1,000,000 from it’s wholly-owned subsidiary Jacques Vert
(Canada) Inc.  
A3. GOODWILL
T otal
£000
Cost 
At 24 April 2010 and 30 April 2011 40,080
Accumulated amortisation
At 24 April 2010 6,012
Charged in year 2,004
At 30 April 2011 8,016
Net book value
At 30 April 2011 32,064
At 24 April 2010 34,068
Goodwill arose on the purchase of various trade and business assets from other Group companies on 29 April 2007. 
A4. TANGIBLE ASSETS
Plant, fixtures
Short leasehold and equipment T otal
£000 £000 £000
Cost 
At 24 April 2010 935 8,490 9,425
Additions 82 3,336 3,418
At 30 April 2011 1,017 11,826 12,843
Accumulated depreciation
At 24 April 2010 680 6,099 6,779
Charge for the year 231 1,135 1,366
At 30 April 2011 911 7,234 8,145
Net book value
At 30 April 2011 106 4,592 4,698
At 24 April 2010 255 2,391 2,646 Notes to the ﬁnancial statements of the parent company continued
For the 53 weeks ended 30 April 2011
46 Jacques Vert Plc Annual Report & Accounts 2011
A5. INVESTMENTS
£000
Investments in subsidiary undertakings
At 24 April 2010 and 30 April 2011 17,258
The principal subsidiary undertakings of which all the ordinary share capital is wholly-owned and which are
incorporated and operate in the United Kingdom, are as follows:
Country of incorporation Nature of business
Jacques Vert (Canada) Inc. Canada Retailing
William Baird Ltd (formerly William Baird PLC) United Kingdom Investment Holding Co.
The Directors believe that the carrying value of investments is supported by their underlying net assets.
A6. DEBTORS
30 April 2011 24 April 2010
£000 £000
T rade debtors 7,471 8,247
Amounts owed by Group undertakings 9,465 9,029
Other debtors 149 14
Prepayments 2,527 2,468
Deferred tax asset (see note A9) 1,900 1,900
21,512 21,658
Of the deferred tax asset, £610,000 (2010: £514,000) is recoverable after 12 months from the balance sheet date.
A7. TRADE AND OTHER CREDITORS
30 April 2011 24 April 2010
£000 £000
Amounts due within one year:
T rade creditors 14,085 13,134
Overseas corporation tax creditor 203 45
Other taxation and social security 1,738 1,392
Other creditors 203 1,833
Amounts due to Group undertakings – 96
Accruals 5,185 5,416
21,414 21,916 Notes to the ﬁnancial statements of the parent company continued
For the 53 weeks ended 30 April 2011
Jacques Vert Plc Annual Report & Accounts 2011 47
A8. PROVISIONS FOR LIABILITIES AND CHARGES
Legacy business
Pension schemes provisions T otal
£000 £000 £000
At 24 April 2010 413 5,106 5,519
Utilised (192)(1,179)(1,371)
Charge to profit and loss account 14 88 102
Actuarial gain (67) – (67)
Discount unwinding – 94 94
At 30 April 2011 168 4,109 4,277
Of the provisions held at year end £270,000 is expected to be utilised within the next 12 months. The remaining
provisions are expected to be utilised within 12 years.
The charge made during the year to 30 April 2011 comprised the movement in fair value of the phantom option
over 10 million shares in Jacques Vert Plc granted to the T rustee of the Jacques Vert (2006) Pension Scheme, together
with costs expected in connection with the Group’s pension schemes, less a release following the settlement of an
onerous lease during the year.
A9. DEFERRED TAX
Deferred tax asset £000
At 24 April 2010 and 30 April 2011
Capital allowances in excess of depreciation 1,900
Unrecognised deferred tax assets within the Company comprise:
30 April 2011 24 April 2010
£000 £000
Tax losses 610 –
Capital allowances in excess of depreciation 4,571 6,742
Other timing differences 1,210 1,482
6,391 8,224
Deferred tax assets that have not been recognised will be recoverable when there are taxable profits against which
they can be relieved.
Factors affecting future tax charges
The Company has charged depreciation in excess of capital allowances, the deferred tax asset on which has been
recognised in part. This reflects the estimated recoverability of the assets in the foreseeable future. Where deferred
tax assets have not been recognised this has been due to uncertainty over the availability of suitable profits in the
foreseeable future.
No deferred tax has been recognised on the unremitted earnings of overseas subsidiaries and associates. No
significant amounts of tax are expected to be payable due to availability of double tax relief and losses in the United
Kingdom.
Legislation in the UK has been enacted to cut the main rate of corporation tax to 27% from April 2011. There will
be further cuts in the main rate in future years which may affect future tax charges and the deferred tax asset. Further,
a resolution passed by parliament on 29 March 2011 reduced the main rate of corporation tax to 26% from April
2011, however, this was not substantively enacted by the balance sheet date. Accordingly, the deferred tax balances
recognised and not recognised at 30 April 2011, included within these financial statements, have been calculated at a
rate of 26% (2010: 28%).  Notes to the ﬁnancial statements of the parent company continued
For the 53 weeks ended 30 April 2011
48 Jacques Vert Plc Annual Report & Accounts 2011
A10. RECONCILIATION OF RESERVES
Share premium Profit and loss
Merger reserve account account T otal
£000 £000 £000 £000
At 24 April 2010 969 4,599 7,902 13,470
Retained profit for the year – – 3,139 3,139
Dividend paid to Company’s shareholders – – (1,196) (1,196)
Actuarial gain on pension scheme – – 67 67
Purchase of own shares – – (1,055) (1,055)
Adjustment in respect of employee share schemes – – 278 278
At 30 April 2011 969 4,599 9,135 14,703
A11. RELATED PARTIES
The Company has taken advantage of the exemption contained within FRS 8 “Related party disclosures”, and has not
disclosed transactions with Group companies. Jacques Vert Plc Annual Report & Accounts 2011
Information Service
Jacques Vert Plc welcomes contact with its shareholders
and customers. If you have any questions or enquiries
about the Company please contact:
The Company Secretary
Jacques Vert Plc
46 Colebrooke Row
London
N1 8AF
If you are seeking names and addresses of local stockists
please telephone or write to:
Jacques Vert Plc
Customer Services Department
Hall Dene Way
Seaham Grange Industrial Estate
Seaham
Durham
SR7 0PZ
T elephone: 0191 521 3888
Facsimile: 0191 521 9100
Email: info@jacques-vert-plc.co.uk
www.jacques-vert-plc.co.uk
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