Annual report and accounts 2009 Cyril Sweett Group plc Global Knowhow
Cyril Sweett Group plc
Annual report and accounts 2009
Global Knowhow: Delivering world-class construction and property consultancy
www.cyrilsweett.com
Cyril Sweett Group plc
Registered in the United Kingdom
Company Registered Number: 03452251
VAT number: 927 1066 31
Registered office:
60 Gray’s Inn Road
London WC1X 8AQ Business review
Who we are 1
What we do 2
Financial highlights 4
Chairman’s statement 5
Chief Executive’s review 6
Financial review 10
Governance
Board of directors 14
Report of the directors 16
Statement of directors’ 
responsibilities 20
Corporate Governance 21
Directors’ remuneration report 24
Independent auditors’ report 27
Financial statements
Consolidated income statement 28
Statements of recognised income 
and expense 29
Consolidated balance sheet 30
Company balance sheet 31
Cash ﬂow statements 32
Notes to the ﬁnancial statements 33
Company information
Company information 76
Cover photography (left to right):
1. Dubai Metro, Dubai
2. The London Eye, UK
3. Kent BSF, UK
4. Yas Island, Abu Dhabi
More detailed information can be found 
online at: www.cyrilsweett.com
Cyril Sweett Group plc 77
Annual report and accounts 2009
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This report is available at: http://www.cyrilsweett.com/investors/reports.htm Who we are
Cyril Sweett Group plc 1
Annual report and accounts 2009
Business review
Cyril Sweett is a leading international construction and property
consultancy offering expertise in quantity surveying, project
management, management consultancy and a comprehensive
range of specialist services.
Cyril Sweett was founded in 1928 and is a top ten UK based
consultancy that currently employs approximately 750 people, 
in 29 ofﬁces throughout the United Kingdom, Australia, France,
India, Ireland, Singapore, Spain and the Middle East.
Cyril Sweett provides its clients with world-class expertise 
and services that cover every stage of the lifecycle of a building. 
Our portfolio of services includes cost, project, programme,
development and facilities management services as well as 
a range of complementary services such as sustainability and
legal advice, building surveying and health & safety consultancy . 
We deliver bespoke and personalised knowhow to our clients,
creating value that enhances their projects and their businesses.
Our vision is ‘to be the natural choice for construction and property
consultancy services by being the best at everything we do’.
Who we are Quantity surveying
Cyril Sweett’s quantity surveyors
advise clients on costing and
procurement issues throughout the
duration of a construction project. 
The main services are cost planning
and feasibility studies, procurement,
cost management and whole life costing.
2 Cyril Sweett Group plc
Annual report and accounts 2009
Business review
What we do
Some facts
750 people_29 locations_11 countries 
Business activity
> benchmarking
> claims management
> cost planning and pre contract cost control
> feasibility and master planning
> insurance valuations
> post contract cost control
> procurement and contract advice
> risk advice
> services engineering advice
> tender documentation and evaluation
> value engineering
> whole life costing
Services
Project management
Cyril Sweett provides experienced
project managers to control the
development and construction
process for its clients. Project
managers typically have overall
responsibility for the complete
management of a project from
inception to occupation of the
building, but their role can be for a
specific task or activity.
> development management consultancy
> employer’s agent
> handover management
> planning and programming
> post project/programme evaluation
> project management 
> project monitoring 
> technical advisor 
Specialist services and 
management consultancy
Cyril Sweett offers a range of services
which complement the core project
management and quantity surveying
services. These are offered either as
stand-alone services direct to clients
or are integrated into core service
commissions. 
> building surveying 
> business case development 
> capital allowances/property tax 
> dispute resolution and claims 
> due diligence 
> energy services 
> expert witness 
> facilitation services 
> facilities management consultancy 
> framework set up and management
> health and safety services
> PPP/PFI consultancy 
> PPP/PFI investment and management
> risk management 
> service and space planning 
> strategic procurement advice
> sustainability consultancy 
> training 
> value management 
> business improvement
> research 
> project appraisals 
> project audit and recovery
> property portfolio advice
The rest of the world
Australia Brisbane, Melbourne, Sydney 
Asia Hong Kong, India, Singapore 
Europe Madrid, Paris 
Middle East Abu Dhabi, Dubai, 
Saudi Arabia
Global reach
Cyril Sweett offices
Specialist services
Management consultancy
UK & Ireland
Belfast, Bristol, Cambridge, Cardiff,
Coleraine, Dublin, Edinburgh, Exeter,
Glasgow, Leamington Spa, Leeds,
London, Manchester, Newcastle,
Norwich, Plymouth, Southampton, Truro. What we do
Cyril Sweett Group plc 3
Annual report and accounts 2009
Business review
1
1 Offices 17%
2 Defence 1%
3 Education 12%
4 Energy, waste and utilities 1%
5 Health 17%
6 Hotel and leisure 6%
7 Life sciences 2%
8 Government/local authority 9%
9 Retail & mixed use 20%
10 Residential 5%
11 Transport & infrastructure 10%
2
4
3
5
7
8
9
10
11
6
Revenue by sector – year ended 31/03/09
1
1 UK & Ireland 78%
2 Europe 2%
3 Middle East/North Africa 11%
4 Asia 3%
5 Australia 6%
2
5
4
3
Revenue by destination – year ended 31/03/09
Sector and regional revenue
www.cyrilsweett.com/
sectors/defence
Defence
www.cyrilsweett.com/
sectors/hotelandleisure
Hotel and leisure
www.cyrilsweett.com/sectors/
governmentandlocalauthority
Government/local authority
www.cyrilsweett.com/
sectors/education
Education
www.cyrilsweett.com/
sectors/industrial
Industrial
www.cyrilsweett.com/
sectors/residential
Residential
www.cyrilsweett.com/
sectors/energywasteutilities
Energy, waste, utilities
www.cyrilsweett.com/
sectors/lifesciences
Life sciences
www.cyrilsweett.com/
sectors/retailandmixeduse
Retail & mixed use
www.cyrilsweett.com/
sectors/transportandinfrastructure
Transport & infrastructure
www.cyrilsweett.com/
sectors/health
Health
www.cyrilsweett.com/
sectors/offices
Offices
Sectors 4 Cyril Sweett Group plc
Annual report and accounts 2009
Business review
Financial highlights
*Before exceptional administrative expenses of £3.76m.
**After exceptional administrative expenses of £3.76m.
Revenue £m
05 07 08 09
36.4
52.1
62.7
78.9
06
44.8
Profit before tax £m
05 07 08 09
3.5
4.6
5.9
2.5**
06
4.2
Earnings per share
05 07 08 09
5.8p
7.4p
8.3p
2.9p**
06
6.5p
Operating profit £m
05 07 08 09
3.5
4.7
5.8
6.2*
06
4.2
Net assets £m
05 07 08 09
8.9
14.1
26.6
28.3
06
11.1
Dividend per share
05 07 08 09
2.40p
3.12p
2.40p 2.40p
06
2.90p Section heading
Cyril Sweett Group plc 5
Annual report and accounts 2009
Business review
Chairman’s statement
Welcome
I have pleasure in presenting our Annual Report for the year ended
31 March 2009.
Cyril Sweett had a strong year of growth and development,
exceeding its past performance in revenue and profitability, before
exceptional expenses, thereby meeting market expectations on this
basis. This robust performance reflects the swift and decisive
actions taken by management during the period to pro-actively
manage the downturn. Trading conditions in the construction and
property sector in particular have been tough and are likely to
remain uncertain for some time. Given these tough conditions, 
I am pleased with the overall strong performance of the Group.
It has been a year of adjustment for the Group. At the beginning 
of the year acquisitions were completed to advance our strategy 
to grow the Group globally, further diversify the business and
secure a greater proportion of UK public sector workload. All 
of the acquisitions have been successfully integrated into the Group 
and we are delighted that, having joined us, the excellent senior
management have embraced their new roles in the enlarged
organisation. 
By the mid point in the year, our expectation of a toughening
economic climate had been realised, and management took the
difficult but necessary action to right size the cost base of the
business to fit the market conditions. This responsive action,
combined with our strong balance sheet and net cash position, 
has ensured a robust business that will be able to flex and adjust 
to future market conditions.
Each member of the management team has experience of
dealing with recessions in the past, and the recent appointment 
of Chris Goscomb as Chief Financial Officer has further
strengthened the Executive. All of Cyril Sweett’s management 
and staff upheld excellent standards throughout the year by
continuing to develop new business and deliver high quality advice
and services to our clients. Our people are central to our success
and without their diligence and spirit we would not have delivered
such a good performance. On behalf of the Group Board I would
like to thank them sincerely for all their hard work.
As reported at the half year, I shall become non-executive
Chairman following the September AGM, but I do so with full
confidence that the Executive Team is well placed to steer the
Group through this difficult period and to continue to diversify the
business to meet opportunities as they arise. 
Outlook
We anticipate that the retail and commercial markets will remain
uncertain for some time and there is likely to be some slowdown
in UK public expenditure from early 2010. Overseas markets will
also depend on the economic welfare of each individual country
or region, and some will fare better than others. Whilst we will
therefore be responsive to the short-term environment and focus
on our strong market positions, we will also look to develop the
business in line with our 2012 Strategic Plan. This will drive the
extension of our offering into new sectors in the UK, the
development of our position as a leader in sustainable
development and the establishment of our services in a wider
range of territories overseas.
With a clear focus on operational development, cash
management and client delivery, we are confident that the
business will emerge from the downturn stronger and leaner 
and will be well placed to benefit from the recovery. 
Francis Ives – Chairman
I am pleased with the 
overall strong performance 
of the Group.
‘‘
Francis Ives Chairman 6 Cyril Sweett Group plc
Annual report and accounts 2009
Business review
Chief 
Executive’s
review
1.0 Introduction
Cyril Sweett is an international construction, property consultancy
and investment Group, delivering expertise in quantity surveying,
project and facilities management, management consultancy 
and a comprehensive range of specialist services.
The Group floated on the AIM market of the London Stock
Exchange over 18 months ago, and there is no doubt that
conditions in the construction sector have deteriorated since
then, particularly over the last 12 months.
The Group continues to expand its services across a wide range 
of sectors including commercial and retail, health, education,
prisons, social housing, life sciences, rail, air, waste, energy and
infrastructure. The Group operates from 29 offices throughout the
UK, Europe, Middle East, India and Australasia. From these bases
the Group is providing services in 11 countries.
The resilience of the Group in dealing with the ongoing tough
conditions in the construction sector is centred on its diverse
sector and geographic penetration, combined with the willingness
of our employees to be flexible, mobile and adaptable across the
markets in which we now operate.
The responsiveness of the Group has been demonstrated by the
rapid and decisive action it took between November and February
to close two offices, reduce the cost base and right size the
business to 750 people.
The financial strength of the Group is underpinned by a very
strong balance sheet, a net cash position and long-term banking
facilities. The order book stands at £74m and continues to be
supported by increasing levels of repeat appointments,
framework based commissions and opportunities in 
emerging sectors. 
Additionally, the expansion to our overseas workload is
underpinned by the high barriers to entry in UK-style quantity
surveying and project management, as global construction
markets become more focused on the capital cost, life cycle 
and sustainability of the built environment. 
Going forward we are confident that the Group is well positioned
to gain market share during the downturn and emerge stronger
when its markets improve.
Financial performance
Revenue increased by 26% to £78.9m. Operating profit before
exceptional expenses increased by 6% to £6.2m, but decreased 
by 59% on a post-exceptional basis, adversely affecting basic
earnings per share, which are down to 2.9p. At the same time,
operating margins pre-exceptional expenses decreased from 9%
to 8%. Our activities were cash generative at an operational level
and we ended the year with net cash. Whilst the business in the
UK had to be right sized to take the downturn into consideration, 
both the international and investment businesses made excellent
progress. The Group’s order book currently stands at £74m. 
The Board has proposed a final dividend in respect of the year 
of 1.5p per share, which together with the interim dividend totals
‘‘
Dean Webster Chief Executive Officer
Going forward we are confident
that the Group is well positioned
to gain market share during the
downturn and emerge stronger
when its markets improve. Chief Executive’s review
Cyril Sweett Group plc 7
Annual report and accounts 2009
Business review
2.4p per share. The final dividend will be paid on 18 September
2009 to shareholders on the register at 21 August 2009. 
2.0 Group strategy
The downturn in the construction and property sector is evident on
a global basis. Nevertheless, the highly fragmented nature of our
traditional markets, combined with the high demand for UK-style
quantity surveying and project management expertise overseas,
will create significant opportunities for the Group. 
In anticipation of a prolonged period of difficult conditions, we have
recently refocused our business strategy to align with the
opportunities that do exist in the future. Our strategy to 2012 will
therefore focus on six core elements:
> Penetrate our existing sectors and concentrate on winning
further framework agreements;
> Develop our resources to diversify into sectors that present
growth opportunity including energy and utilities;
> Utilise our expertise in construction sustainability by developing
a much wider range of services in the cost and project
management arena;
> In addition to our new offices in Saudi Arabia and Hong Kong, 
we now plan to continue expanding in Asia, Middle East/North
Africa and Australasia; 
> Continue to grow our PPP Investment business across a wider
sector base; and
> Leverage our skill set up and down the value chain.
Initially we aim to deliver these objectives organically, whilst at the
same time preserving our balance sheet strength and lack of debt.
Nevertheless, we are in a position where we are able to acquire
either distressed businesses that fit our model, or, alternatively, 
to pursue other acquisition opportunities in order to accelerate 
our advance in new markets or locations.
3.0 Future
The Group’s diversity and flexibility, when combined with its
financial strength, will allow it to continue to be responsive to
market conditions. I am confident that Cyril Sweett remains a
strong business with exciting growth prospects, the foundations 
of which are being promoted in our 2012 Strategic Plan. 
Therefore, despite the tough market conditions, we look forward 
to the year ahead with confidence.
4.0 Review of operations
Cyril Sweett has continued to grow progressively since its buyout
in 1998, as a result of both continued organic growth and selective
acquisition. Throughout this period the expansion of the Group
has been as a result of a focus on diversification across a range 
of sectors, geographies and new routes to market.
During 2008/09 we continued with developing our strategy by:
> Acquiring three businesses which together extended 
our public sector base in the UK, supported our growth in 
the Middle East, and delivered new markets in Singapore 
and Australia;
> Consolidating our PPP Investment business with two further
wins and providing support to clients on other successful bids;
> Opening an office in Saudi Arabia and winning our first 
major commission;
> Publishing industry leading sustainability research with
Investment Property Forum, WRAP and Communities
and Local Government (CLG);
> Increasing overseas exposure to further diversify our business
model, with overseas now accounting for 30% of our forward
order book;
> Consolidating our longer term order book with 17 new
frameworks;
> Restructuring our management teams under one new
Executive Committee that will co-ordinate the activities 
of the whole business;
> Implementing a new intranet which encompass our global
experience and capabilities; and
> Ensuring active cash management in order to maximise our
liquid resources.
Nevertheless, in the face of tough construction market conditions,
particularly in the commercial and retail sectors, the management
team took decisive action between November 2008 and February
2009 to right size the business.
This required the business to be scaled down from 950 to 750
employees through a combination of natural wastage and
voluntary and compulsory redundancies. This initiative applied to
personnel in the UK and Ireland, Middle East, India and Australia
offices. In addition, having right sized our resources to match our
future workload expectations, the management instigated further
economies by reducing salaries across all levels of personnel.
The aim is to ensure the ongoing competitiveness of the Group 
in the face of increasing pressure on margins and pricing. 8 Cyril Sweett Group plc
Annual report and accounts 2009
Business review
Chief 
Executive’s
review
(continued)
The cost of right sizing the business, which has been treated as
exceptional for trading purposes, amounted to £1.5m, and this has
been reflected in the income statement. Further exceptional costs
of £1.8m and £0.5m were recognised for bad debt provisions and
onerous leases respectively. In the case of the bad debt provisions,
management decided that, in view of the credit crunch affecting
clients’ ability to pay, the establishment of these provisions was
necessary. Of this amount, 76% represented UK clients and 24%
overseas. 
In the case of empty office space, this is largely as a result of the
Drury Lane, London accommodation that came with the acquisition
of Nisbet LLP . Re-occupation of this space is no longer anticipated
before the expiration of the lease of our main London premises in
2011. Between now and 2011 we will seek ways to alleviate our
premises costs.
Whilst managed under one main Executive Committee, the Group
activity is co-ordinated via three main operating units: UK &
Ireland, International and PFI/PPP Investments. 
The operational review of each unit is as follows:
4.1 UK & Ireland operations
Cyril Sweett continues to gain market share in its UK and Irish
markets with revenue by destination up 9% to £61.8m, accounting
for 78% of Group revenues. The UK & Ireland business is
structured via five main regional hubs, co-ordinating 18 regional
offices.
In terms of service quality, we are committed to offering our clients
the highest standards of service and expertise. Our quality
management systems are managed centrally across our network
of offices enabling us to ensure that local delivery is maintained at
a constant standard across every project. Our service won Project
Management Firm of the Year by Building magazine in 2008, which
acknowledged our excellence, innovation and professionalism.
In the year we have integrated the acquisitions of Nisbet LLP and
Roger Richards Partnership and have been able to promote a wider
range of services via our new offices in Cardiff, Leamington Spa,
Plymouth and Truro. We have also been able to achieve operational
efficiencies by the consolidation of our offices in Bristol, Exeter,
Leeds and London.
The UK & Ireland operations comprise 600 people having adjusted
the overall size of the operation to meet the expected workload for
the 2009/10 financial year . The business operates across a range of
sectors which we continue to diversify progressively. Our progress
during the reporting year includes:
Public
The public sector represents 60% of UK & Ireland revenue 
(2008: 58%).
Within the public sector, Cyril Sweett has strengthened its
capabilities with the acquisition of Nisbet, particularly the
‘purchaser side’ of our public sector client base which
complements our existing depth of ‘provider side’ clients. 
We continue to regard education and health as key growth areas
for the Group and we have continued to be extremely active in
providing a broad range of services. The buoyant pipeline of
contracts in these areas has enabled us to redeploy staff from 
the UK private commercial sector where many projects have 
been delayed or put on hold.
Our work continues throughout the different stages of the
education life cycle. We have been particularly successful in
securing work through the Partnerships for Schools framework
on the Building Schools for the Future programme. Contracts
over the last year have been secured across the UK in Barnsley,
Coventry, Doncaster, Greenwich, Hertfordshire, Hull, Kent,
Lewisham, Luton, Newcastle, Lambeth, Tower Hamlets, Waltham
Forest and Westminster . Further and higher education contracts
have been a growing area for the business over the last year, 
due partly to our appointment on the University Partnerships
Programme framework. We are currently advising Anglia Ruskin
University, Cambridge University, King’s College, Napier
University, Robert Gordon University and University of Warwick
with their redevelopment programmes.
In the health sector Cyril Sweett continues to be the market
leader in providing a broad range of services to trusts, SPVs,
contractors and banks. We have been particularly successful 
in securing P21 contracts because of our strong contractor
relationships and we are actively working on projects in North
Tees and Hartlepool, Brighton, Sherwood Forest, Bradgate &
Belvoir . A major win for our Scottish business was our
appointment to the Construction Integrated Supply Chain 
NHS Scotland for the Common Service Agency framework.
Our UK transport division has performed well and has secured
additional contracts as part of our ongoing framework at
Heathrow Airport. In rail our role has been extended by Network
Rail on the King’s Cross redevelopment project and capacity
enhancement plans at Waterloo station. Our work on Thameslink
continues at London Bridge, Blackfriars and Farringdon stations
where we are additionally involved in incorporating enabling
works for Crossrail. In Scotland, as Programme Managers with
Transport Scotland, we continue to work on the portfolio of rail
and tram schemes underway.
Prisons and Custodial continues to be a strong sector for us. As
part of our ongoing strategic alliance with the Ministry of Justice
(MOJ), new contracts have been secured at Belmarsh, Coltishall,
Maidstone and Brixton as well as other commissions throughout
the MOJ estate. New commissions are also being secured as the
UKBA (United Kingdom Borders Agency) increase their custodial
portfolio including a major new facility at Bullingdon. Chief Executive’s review
Cyril Sweett Group plc 9
Annual report and accounts 2009
Business review
We continue to advise clients across other public sectors including
defence and social housing. In addition, as part of our strategy to
diversify into emerging sectors, we have secured a number of
commissions in the Waste Management sector and are currently
active on four UK waste schemes at the planning and procurement
stage.
Private
The private sector represents 40% of UK and Ireland (2008: 42%)
which is a reflection of the spend pattern in the current recession.
Due to the softening of activity in UK property development we have
redeployed some of our staff to work on public sector contracts as
the balance of workload has altered and have also reduced
headcount where it became necessary. Despite the downturn 
there has nevertheless been ongoing activity in the private sector,
particularly with our corporate client base. We have been able to
build on our strong profile and we successfully secured contracts
with Prudential Assurance Company, ING Real Estate and 
JP Morgan Chase. 
Going forward we are actively developing areas which are still
experiencing recurring workload such as the budget hotel market
and developments for the food retailing market. Over the last year
we have secured further contracts with Premier Inn, Tesco and
Selfridge & Co and we are actively researching other opportunities
in this arena. It is our intention to increase our penetration in a
number of markets where we can add value to our clients’
activities, at the same time further diversifying our service offering
and spreading our operational risk.
4.2 Overseas operations 
Cyril Sweett continues to gain increasing international exposure
with revenue by destination of £17.1m, up from £6.2m and now
accounting for 22% of Group revenues. Since the Group’s flotation,
the international business has made significant progress both
organically and through acquisitions. We have grown our headcount
by 194% and established a healthy order book, which currently
stands at over £21m. 
The integration of BurnsBridge into the Group has been very
successful and the management teams in Australia, Singapore and
Abu Dhabi now help lead our activities in these regions. These
offices are driving expansion into wider territories in South East
Asia and China. In the period, we opened an office in Hong Kong
and registered a business in Bangkok.
Strong demand for our services continues in the Middle East. 
As a result we have widened our client base and expanded our
geographic capabilities. We have opened an office in Riyadh, Saudi
Arabia, where we secured a contract to provide both Project and
Cost Management on the tallest building in the Kingdom. We plan
to open further offices throughout the Middle East where major
project opportunities are opening up to the Group as a result of our
investment over the last nine months. 
In continental Europe our offices in Paris and Madrid remain
strong despite challenging local market conditions. The Spanish
office has been retained for further commissions for Primark in
both Spain and Portugal and has expanded its operation into
Gibraltar . In France we have entered the energy market by
supporting a client on two power stations.
4.3 Investment activities
The Group’s Investment business was established in 2007 to work
with strategic partners offering a unique consultancy led
approach to bid manage, direct and invest in Special Purpose
Vehicles (SPVs) in PFI and PPP projects. The business specialises
in a number of key UK sectors including community health,
education, emergency services, social housing, student
accommodation and waste markets. The Investment team has
continued to build a highly successful reputation in the PPP
marketplace for having the capabilities to manage, direct and
invest in projects that have been specifically identified as
opportunities where we can add best value. 
The Investment business continues to gain increasing exposure
with revenues for consultancy activities (up 24% to £1.16m),
accounting for 1.5% of Group revenues
1
. There is an encouraging
pipeline of potential future projects currently at various short-
listing stages.
During the period our first Schools investment, South Ayrshire
Schools, was successfully completed and became operational. 
In terms of expanding our pipeline of opportunities, we achieved
financial close on the £80m Inverclyde Schools project, supported
mandates to financial close on Salford and Wigan BSF and
Enniskillen Hospital. In March 2009 our consortium was
appointed to the LIFT Partners for the Express LIFT (Local
Improvement Finance Trust) framework providing us with access
to a range of future LIFT programmes as both an equity investor
and service provider . 
The Investment team works in close collaboration with other
parts of the Group to ensure effective project delivery. By
undertaking the delivery within the Group we can ensure that the
best service is delivered to our clients, partners and ultimately the
public sector .
Dean Webster – Chief Executive Officer
1 Included in revenue under UK and Ireland operations. 10 Cyril Sweett Group plc
Annual report and accounts 2009
Business review
Financial review
Chris Goscomb Chief Financial Officer
Profit before tax £m
05 07 08 09
3.50
4.60
5.90
6.00*
06
4.20
Group revenue £m
05 07 08 09
36.4
52.1
62.7
78.9
06
44.8
*Before exceptional administrative expenses of £3.76m. Financial review
Cyril Sweett Group plc 11
Annual report and accounts 2009
Business review
The Group’s cash generation 
reflects a continued improvement 
in the management of working 
capital during the year . 
Record year
The year to 31 March 2009 was another successful year for 
Cyril Sweett.
Group revenue increased by 26% to £78.9m with growth in UK 
and Ireland project revenues (by destination) of 9% and growth 
in overseas project revenues of 176%. Profit before tax, before
exceptional expenses, increased by 2% to £5.96m and net assets
increased by 7% to £28.3m.
The pre-exceptional profit performance was reduced by exceptional
expenses amounting to £3.8m, which are described in note 5 to the
financial statements, yet the Group was still able to deliver a net
profit after taxation of 3%, compared with 6% in the previous year .
Cash generated from operations was £3.9m (£4.4m when adjusted
for contributions to fund the pension scheme deficit). The Group’s
cash generation reflects a continued improvement in the
management of working capital during the year . 
At the time of writing, the Group order book stood at approximately
£74m compared with £86m at the same time in 2008. Approximately
30% of this order book is represented by overseas projects.
Key events
The key external events were the three acquisitions which occurred
in April 2008 and their subsequent integration with the Group’s
business. An analysis of the consideration for these appears in 
note 26 to the financial statements.
Prior to the flotation in October 2007 and until 31 March 2008, 
the Group’s UK business was conducted predominantly directly
through Cyril Sweett Group plc. With effect from 1 April 2008, the
three separate trades involved were transferred to new wholly-
owned subsidiary companies formed for the purpose, being Cyril
Sweett Limited, Cyril Sweett International (Holdings) Limited and
Cyril Sweett Investment Management Limited, enabling Cyril
Sweett Group plc to operate as a more traditional holding company. 
Underlying profit margins
The gross profit margin decreased to 32% from 36%, the operating
profit margin, before exceptional costs, decreased to 8% from 9%
and the profit before tax margin decreased to 3% from 9%.
Tax
The effective tax rate was 25.8%. This is partly due to the impact of
overseas results which are taxed at different tax rates from the UK.
Earnings per share
Basic earnings per share decreased, due to the exceptional
expenses incurred, to 2.9p (2008: 8.3p) and fully diluted earnings
per share decreased to 2.8p (2008: 7.8p). Earnings per share are
calculated by adding back shares held by employee trusts to the
weighted average number of shares.
Balance sheet
The Group ended the year with;
> Cash and cash equivalents less financial liabilities of £0.1m,
which compared with £5.8m as at 31 March 2008;
> Net assets of £28.3m, which compared with net assets 
of £26.6m as at 31 March 2008;
> Net work in progress of £5.1m compared with £4.2m 
at 31 March 2008; and
> Trade receivables of £17.7m compared with £16.5m 
at 31 March 2008.
We continue to invest in fixed assets to ensure that as the
business environment becomes more complex and technology
evolves, the Group’s IT systems and equipment are kept up-to-
date and properly serve the business.
Banking facilities
The Group funds its activities through cash generated from
operations and supplemented, where necessary and appropriate,
with bank borrowings and finance leases.
The Group’s principal banker is Bank of Scotland plc, which
provides Cyril Sweett with overdraft, revolving credit, loan and
asset finance facilities as well as a letter of credit facility in
relation to the ongoing equity and debt obligations of the Group’s
PPP investment projects.
At 31 March 2009, the amount undrawn under the Group’s credit
lines was £11.0m (2008: £13.8m).
Dividends
An interim dividend for the year to 31 March 2009 of 0.9p per
share was paid on 16 January 2009 to all shareholders on the
register on 19 December 2008. The directors are recommending 
a final dividend of 1.5p per share which, if approved by the
shareholders at the AGM, will be paid on 18 September 2009 to all
shareholders on the register on 21 August 2009. 
Employee Benefit Trust
The Group’s Employee Benefit Trust (EBT) is a separately
administered discretionary trust in Jersey for the benefit of
employees. Shares owned by the EBT are shown as a reduction in
capital and reserves as Treasury shares. Periodically, payments
are made by Cyril Sweett to the EBT to reimburse the EBT for
awarding shares or transferring shares to employees on the
exercise of options.
‘‘ 12 Cyril Sweett Group plc
Annual report and accounts 2009
Business review
Financial review
(continued)
Share Incentive Plan
The Share Incentive Plan, originally launched in February 2001,
enables UK resident employees to acquire shares in the Group out
of untaxed income and provides a tax-efficient means of awarding
shares to employees. Dividends received by the plan in cash are
used to purchase additional shares on behalf of employees. 
Free shares may be awarded to qualifying employees based 
on remuneration. Shares held in the plan which have not been
allocated to individual employees are shown as a reduction in
capital and reserves as Treasury shares.
Risk management
Risk management involves identifying the principal risks relating 
to the Group and its business, establishing appropriate controls to
manage those risks and ensuring that appropriate monitoring and
reporting systems are in place. The Group’s risk management
process balances cost against risk and is consistent with the
prudent management of a diverse professional organisation.
The Group is exposed to a wide range of risks inherent in most
parts of its business. 
> Reputational risks
Our reputation for being able to deliver large projects relies heavily
on the perception of our clients and how this is portrayed in the
public arena. The risk of failure due to poor quality cost advice 
or project management could adversely affect our ability to win
future work. We mitigate this risk by ensuring we have robust cost
and project management systems linked to our internal quality
processes, which are regularly audited by independent consultants
against industry standards.
The Board considers reputational risk to be one of the most
significant risks in a professional service organisation. Awareness
of the importance of the Group’s reputation and individual integrity
underpins our business ethics and culture. This risk could arise as
a result of other failures in other operational or financial controls.
> Changes in Government policy and spending
Some of the market sectors in which the Group operates are
funded and regulated by Government bodies. These sectors may be
affected by changes in UK and overseas governments, government
policy, spending, regulation or procurement practices.
There is a risk that a reduction in public sector funding will impact
our operations. The Group seeks to mitigate this risk by working in
a diverse number of sectors and markets and regularly monitors
public sector spending patterns.
> The current state of the property and construction market
The Group is also at risk from reduced spend in the private sector .
This risk has been mitigated by reductions in its staff numbers 
and salary levels and further action will be taken if this proves
necessary.
> Retention of key employees
Skilled people are our key resource and the recruitment,
development and retention of top quality staff are crucial to our
future success. Failure to do so would prevent the Group from
achieving its maximum potential. The skills needed are in short
supply both in the UK and overseas and the Group has to compete
with a number of other organisations to secure the best people.
The Group has developed a competency framework that defines
our unique people-orientated performance culture against which
we can recruit, develop, appraise and promote our best people. 
It has established a company-wide Graduate Recruitment 
and Development Scheme to ensure internal succession and
meet growth targets. It has also established a master-class
development programme for Board directors and an accredited
management skills training programme for middle management
and introduced an internal job opportunities framework aimed at
developing increased mobility.
> Health, safety and the environment
The Group’s business is concerned with the built environment 
and this entails significant health, safety and environmental 
risks. Should the Group’s policy or practice in this area prove
inadequate there is a consequent risk to employees, clients,
contractors and third parties.
The Group takes health, safety and environmental issues very
seriously and ensures that all employees are appropriately
trained and that procedures are continuously reviewed and
improved. Our aim is to go further than base legal requirements
and proactively manage issues and identify solutions before
problems arise.
In all cases of managing the health and safety risks, Cyril Sweett
ensures at all times that its duties are compliant with The
Construction (Design & Management) Regulations 2007 (CDM
2007). The Group employs a team of full-time health and safety
consultants with experience of working across various business
sectors, whose role it is to act as CDM Co-ordinators and Health
and Safety Consultants on construction projects. We also
recognise that our cost consultants and project managers need to
fully understand the requirements of CDM, in order to provide a
comprehensive professional service to our clients. 
> Foreign currency risk
The Group, through its ownership of branches and subsidiaries
based outside the UK, has foreign currency-denominated assets.
To mitigate the effect of currency exposure arising from net
investments overseas, it is the Group’s policy to hedge those
exposures, where material, using borrowings denominated in
foreign currency. Loans denominated in foreign currency
amounted to £1.9m at 31 March 2009 (2008: £nil).  Financial review
Cyril Sweett Group plc 13
Annual report and accounts 2009
Business review
The Group also has transactional currency exposures. These
exposures arise from revenues or costs deriving in currencies
other than its branch or subsidiaries’ functional currencies and
also on intra-group funding/trading balances. It is the Group’s
policy to hedge such risk, where material, using forward currency
contracts. At 31 March 2009 and 2008 the Group had no
outstanding forward foreign exchange contracts.
The bulk of the intra-group exposure has been hedged to 31 March
2010 subsequent to the year-end.
> Professional negligence
The Group’s business may be subject to claims for professional
negligence. The professional services provided by the Group involve
risk of contractual and professional errors and omissions and
other liability claims as well as the risk of adverse publicity that
may impact the financial performance and condition. This risk
applies to the work carried out by Cyril Sweett’s own employees
and by the other professional firms and individuals Cyril Sweett
regularly employs in a sub-consultant capacity and for whose work
Cyril Sweett is contractually liable.
In common with other professional advisory businesses, the Group
has professional liability insurance policies in place; however it is
exposed to residual levels of risk on an ongoing basis. The Board
considers that these insurance policies, together with internal
quality management systems and accreditation processes, are
adequate to minimise the risk to the Group. 
> Business continuity
The Group has undertaken a business continuity review and
established disaster recovery procedures; however, residual risk
exists should the Group lose one of its major regional offices due to
fire, flood, etc. Such a loss of one of the major offices could cause
operational disruption and have a negative impact on regional
performance.
> Closed defined benefit pension scheme
The defined benefit pension scheme was closed to new members
with effect from 1 January 1999 and the Group ceased making
contributions in respect of members’ future service with effect
from 30 June 2003.
The Group made contributions to its defined benefit pension
scheme during the year totalling £0.6m (2008: £0.7m), including life
assurance premiums. After charging £0.1m to the current year
income statement and charging £1.2m to reserves in respect of
actuarial losses the balance sheet records a net pension liability of
£1.3m, in respect of the scheme at the year end (2008: £nil).
The directors recognise that the underlying longevity and
investment risks remain a potential risk to the financial
performance of the Group.
> Price risk
The Group faces two distinct pricing risks. The first of these
relates to possible mis-pricing of its contract selling prices and/or
the costs to execute a project in accordance with contracted
scope. The second relates to the current state of certain of the
Group's markets, where some customers are exerting downward
pressure on tender prices, leading to a highly-competitive
environment.
These issues are both mitigated. In the first instance, this is
through thorough review of prices and costs before proposals are
submitted; in the second by maintaining an ongoing relationship
and dialogue with our principal clients and by ensuring that the
cost of our resource base, both internal and external, is
commensurate with our contracted order book values.
Summary
Cyril Sweett has continued its successful financial progress
during the year to 31 March 2009. The Group’s balance sheet is
very strong and when combined with the skills, professionalism
and dynamism of its employees, provides an excellent platform
for the anticipated development and transformation of Cyril
Sweett to become an international service provider of the 
highest quality.
Chris Goscomb – Chief Financial Officer
30 July 2009 14 Cyril Sweett Group plc
Annual report and accounts 2009
Business review
Board of directors
01. Francis Ives FRICS Dip.Proj.Man
Chairman
Francis has considerable experience in the construction industry.
Shortly after joining the company in 1970, he qualified as a
quantity surveyor in 1972 and as a Fellow of the RICS, Francis has
in the past been a President of the British Council of Shopping
Centres and the Vice Chairman of the Joint Contracts Tribunal.
Currently he is a board member of the British Council for Offices.
Francis also sat on the RICS Contracts Panel and represents the
RICS on the JCT. He has chaired the Group for the past 18 years.
Aged 61.
02. Dean Webster MBA, BSc, MRICS, MAPM
Chief Executive Officer
Dean joined the company in 1980, qualified as a member of the
RICS in 1986, is a member of the Association of Project Managers
and has completed a Henley MBA. Between 1995 and 2004 Dean
was responsible for steering the company’s project management
business from a team of 35 to 120 people and setting strategy for
the future. Appointed Chief Executive in 2005, Dean now drives
the Group's overall strategy and is responsible for the delivery 
of mergers and acquisitions and performance of business
operations. Aged 49.
03. Chris Goscomb FCA
Chief Financial Officer
Prior to joining the Board, Chris had worked as the Group
Treasurer for nearly two years. Before he joined Cyril Sweett,
Chris was Finance Director of EMCOR (UK) Limited and previously
Group Finance Director of Biwater plc. His construction industry
background brings valuable experience to Cyril Sweett in both its
UK and international business. Chris has full responsibility for the
Group finance function and IT. Aged 57.
04. Derek Pitcher BSc, FRICS Dip.Proj.Man
Executive Director, Operations
Derek joined Cyril Sweett in 1978, became a Partner at the age 
of 30 and Managing Director of the Quantity Surveying business 
in 1996.
Derek’s main area of responsibility is as UK Managing Director
and he is the Honorary Treasurer of the British Council of
Shopping Centres and an active member of BCO, Design and
Build Foundation and also the RICS Procurement panel. Aged 50.
01
02
03
04 Governance
Cyril Sweett Group plc 15
Annual report and accounts 2009
Business review
05. Michael Henderson FCA, FRSA, KHS
Non-Executive Director
Michael enjoys a long standing reputation for his expertise and
network in industrial and financial management. He was
Managing Director and Chief Executive of Cookson Group PLC (a
FTSE 100 company) for 12 years and has also been a Director of
Guinness Mahon Holdings PLC and Tioxide Group PLC. He was
also Chairman of Henderson Crossthwaite Ltd. At present he is
also Vice Chairman of Quexco Inc., the largest lead producer in
the world. Michael was appointed Non-Executive Director in 1998.
Aged 70.
06. Roger Mabey CMG, FCIOB, FRSA
Non-Executive Director
Roger has a wealth of knowledge of operating in international and
UK construction markets. He has 40 years’ experience in the
construction and property industry, previously as Managing
Director at Bovis International Ltd and as Director at Bovis
Lendlease Ltd. He is currently Vice Chairman for Housing
Solutions Ltd, a Fellow of the Chartered Institute of Building and a
Fellow of the Royal Society of Arts. He was appointed Non-
Executive Director in 2003. Aged 64. 
07. Paul Nicholas Woollacott, BSc CIGEM
Non-Executive Director
Nicholas is an experienced director of both listed and unlisted
companies. As a Group Managing Director of Lattice plc he was
previously a FTSE 100 main board director and as the former
Senior Independent Director and acting Chairman of Enterprise
plc, and now a Director of Goldshield plc, he also has extensive
experience of working with AIM and smaller companies.
Following a degree in Physics, Nicholas’s career has ranged from
oil trading with Shell through leading the first comprehensive
assessment of renewable energy in Britain to developing,
financing and running major power and gas infrastructure
projects both in the UK and overseas. He was appointed Non-
Executive Director in 2007. Aged 61.
05
06
07 The directors have pleasure in presenting their report and the audited annual financial statements for the year ended 31 March 2009.
Principal activities
The principal activities of the Group continue to be the provision of construction cost consultancy, project management and other
specialised consultancy services, including building surveying.
During the year these services were delivered through a network of wholly-owned companies and offices in Australia, France, India,
Ireland, Spain, the UAE and the UK.
Business review
Details of the Group’s performance and activities during the year are contained in the Chairman’s statement and the Chief Executive’s
review on pages 5 to 9.
Results
The results for the year and the Group’s financial position at the end of the year are shown in the attached financial statements.
Branches outside the UK
The results of the Group’s overseas branches in the UAE and France are included in these financial statements.
Future developments
An indication of future developments is contained in the Chairman’s statement and the Chief Executive’s review on pages 5 to 9.
Dividends
The directors recommend the payment of a final dividend of 1.5p per share, making, with the interim dividend of 0.9p per share, a total
dividend of 2.4p per share.
Post balance sheet events
There have been no significant post balance sheet events.
Directors and their interests in the shares of the company
The directors who held office during the year were as follows:
Francis Ives Michael Henderson (non-executive)
Dean Webster Roger Mabey (non-executive)
Derek Pitcher Nicholas Woollacott (non-executive)
Christopher Goscomb
Michael Kemsley
Michael Kemsley resigned on 19 January 2009 and Christopher Goscomb was appointed on 19 January 2009.
Details of the directors’ interests in shares in the company appear in the Directors’ remuneration report on pages 24 to 26.
16 Cyril Sweett Group plc
Annual report and accounts 2009
Governance
Report of the directors Governance
Cyril Sweett Group plc 17
Annual report and accounts 2009
Governance
Substantial interests in shares
As at 1 July 2009, the following interests in 3% or more of the company’s Ordinary share capital had been notified to the company:
Number Percentage 
of shares held
Cyril Sweett Trustee Company Limited 9,509,105 16.51%
Octopus Investments Nominees Limited 5,209,065 9.21%
Close Asset Management Limited 4,031,111 7.00%
Francis Robert Ives 2,801,291 4.86%
Treasury shares
Treasury shares included in the annual financial statements comprise Cyril Sweett Group plc Ordinary shares held by the Cyril Sweett
Employee Benefit Trust and the Cyril Sweett Share Incentive Plan, details of which are included at note 23 to the annual financial
statements.
Employment policy
The Group is an Equal Opportunity Employer and its policy is to ensure that all employees and job applicants are given equal opportunity,
irrespective of their sex, race, ethnic origin, disability, age, marital status, sexual orientation or religious affiliation in all respects of
employment and training and that no such person is placed at a disadvantage by requirements or conditions which cannot be shown to
be justified.
The Group encourages, where possible, the employment of disabled people and retention of those who become disabled during their
employment with the Group.
The Group seeks to ensure that all its businesses operate sound and progressive employment policies to the mutual benefit of employees
and the company.
Consultation with employees has continued at all levels, with the aim of ensuring that their views are taken into account when decisions
are made that are likely to affect their interests and that all employees are aware of the financial and economic performance of their
businesses units and of the Group as a whole.
The Group encourages employees’ interest in the financial performance of the Group through various share schemes, details of which
are included at notes 23 and 24 to the financial statements.
Environmental policy
The Group recognises the benefits of sustainable construction and protecting the environment whilst carrying out construction projects
and associated activities.
All activities are undertaken in a manner that manages our environmental impact, fulfils opportunities to enhance the environment,
prevents pollution, minimises waste, controls noise, uses materials and resources efficiently and protects wildlife.
The Group complies with environmental legislation and environmental codes of practice applicable to the construction industry. Corporate social responsibility
At Cyril Sweett we believe that Corporate Social Responsibility (CSR) is a driver that influences and encompasses all of our business
activities. We recognise that CSR has a major influence on our economic, social and environmental impact. We have been working hard
to devise an effective and coherent strategy, one that reflects our ambitions of growth and corresponds with the demands of modern
business. Our CSR strategy encompasses four main areas:
1. People – looking after and listening to our staff, facilitating improvements and encouraging everyone to ‘get involved’ in ensuring that
Cyril Sweett is an enjoyable and dynamic place to work. We adopt the approach of ‘leadership from the top, development from the
bottom’ and our senior staff members are proud to recognise and commend employees that have gone beyond their normal job
requirements in order contribute to wider CSR goals.
2. Environment – analysing our effect on the environment both internally and externally and identifying how to reduce detrimental, 
and promote beneficial, activities, harnessing our expertise with regard to sustainable development and demonstrating to our clients
its importance and role in their business objectives.
3. Community – recognising the importance of working with local communities and identifying ways that our skills and knowledge can 
be useful to those organisations that do not have the same pool of resources. Our long-term aim is to develop strong relationships with
individuals and groups from a wide range of backgrounds to assist and learn wherever possible.
4. Charity – supporting numerous worthwhile causes, be it on a local or national scale, through fundraising activities, knowledge transfer
and education. Often the venture will be on a company-wide basis yet, in addition, we also support our individual staff through matched
funding and other forms of sponsorship in situations where they have assigned themselves the task of raising funds/awareness for a
specific charity.
Health and safety policy
It is Group policy to fulfil its duties under the Health and Safety at Work Act 1974 and all other associated acts and legal obligations
applicable to the construction industry. In order to achieve the standards required, line management will provide suitable and sufficient
resources and properly trained supervision to ensure all work places can carry out their activities in a safe manner .
It is the responsibility of the Group’s management at all levels to be conversant with the contents of the policy and to plan work such that
foreseeable risks are identified and reduced to an acceptable level through the implementation of risk assessments.
All employees must take care of the health and safety of themselves and actively participate and co-operate with the Group to enable 
it to discharge its statutory responsibilities and fulfil its desire for continual improvement in all safety, health and welfare matters.
Supplier payment policy
The Group applies a policy of agreeing and clearly communicating terms and conditions for business transactions with its suppliers.
Payment is then made in accordance with these terms, subject to terms and conditions being met by the suppliers. As at 31 March 2009
the Group had 23 (2008: 16) days of purchases in trade payables and the company, following its corporate restructuring, had no trade
payables (2008: 18 days).
Risks and uncertainties
Details of the risks and uncertainties faced by the Group can be found in the Financial review.
18 Cyril Sweett Group plc
Annual report and accounts 2009
Governance
Report of the directors
continued Governance
Cyril Sweett Group plc 19
Annual report and accounts 2009
Governance
Financial instruments
The main risks arising from the Group’s financial instruments are foreign currency risk, credit risk and liquidity risk. Our policy is 
to manage these risks in a manner which ensures straightforward administration and operational flexibility, whilst minimising risk.
The financial instruments used by the Group comprise internal cash resources, borrowings and receivables and payables arising from
normal trading activities. Banking facilities are negotiated to provide working capital and acquisition finance to meet current and future
requirements.
It is the Group’s policy that no speculative trading in financial instruments shall be undertaken. The Board reviews and agrees policies 
for managing each of these risks and they are summarised at note 28 to the financial statements.
Corporate governance
A report on the Group’s corporate governance compliance is set out in the corporate governance section of this Annual Report.
Donations
During the year, the Group made no political contributions (2008: £nil) but made various charitable contributions totalling £12,952 (2008:
£11,402) details of which are as follows:
2009 2008
££
Children’s charities 3,215 1,000
Charities Aid Foundation and other registered charities 7,695 7,000
Other non-registered charities 797 2,555
Donations of £100 or less: 19 (2008: 19) 1,245 847
12,952 11,402
Disclosure of information to auditors
In the case of each of the directors at the time of approval of this report, each director confirms that:
• So far as the director is aware, there is no relevant audit information of which the company’s auditors are unaware, and
• He has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information
and to establish that the company’s auditors are aware of that information.
Auditors
PricewaterhouseCoopers LLP have indicated their willingness to continue in office and a resolution that they be re-appointed will be
proposed at the Annual General Meeting.
By order of the Board
Francesca Wilson
Company Secretary
30 July 2009 The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law 
and regulations.
Company law requires the directors to prepare financial statements for each financial year . Under that law the directors have elected 
to prepare the Group and Parent Company financial statements in accordance with International Financial Reporting Standards (IFRSs) 
as adopted by the European Union. The financial statements are required by law to give a true and fair view of the state of affairs of the
company and the Group and of the profit or loss of the Group for that period.
In preparing those financial statements, the directors are required to:
• Select suitable accounting policies and then apply them consistently;
• Make judgements and estimates that are reasonable and prudent;
• State that the financial statements comply with IFRSs as adopted by the European Union; and
• Prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the Group will continue in
business, in which case there should be supporting assumptions or qualifications as necessary.
The directors confirm that they have complied with the above requirements in preparing the financial statements.
The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial
position of the company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 1985.
They are also responsible for safeguarding the assets of the company and the Group and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the company’s website and legislation in the United Kingdom
governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
By order of the Board
Francesca Wilson
Company Secretary
30 July 2009
20 Cyril Sweett Group plc
Annual report and accounts 2009
Governance
Statement of directors’ responsibilities in respect of the
Annual Report and the financial statements Governance
Cyril Sweett Group plc 21
Annual report and accounts 2009
Governance
Whilst the Group is not required to comply with the Combined Code 2006, the Group is committed to high standards of Corporate
Governance and considers sound governance and transparency to be fundamental to achieving its objective of enhancing shareholder
value. The policy of the Board is to manage the affairs of the Group in accordance with the principles of corporate governance contained
in the Combined Code of Corporate Governance, in so far as is practicable for a company of its size.
The Board of directors
The Board comprises four executive directors and three non-executive directors. Its role is to determine the strategic direction of the
Group within a framework of best practice corporate governance and prudent and effective controls which enables risks to be assessed
and managed. It sets the Group’s values and standards, including matters relating to corporate social responsibility and ensures that its
obligations to its shareholders and others are understood and met.
The mix of skills and business experience of the non-executive directors is a major contribution to the proper functioning of the Board,
ensuring matters are debated and that no individual or group dominates the Board decision-making process.
The roles of the Chairman and Chief Executive are separate and clearly defined.
Specific responsibilities reserved to the Board include:
• The acquisition or disposal of a business or of shares in a company;
• The establishment of a new business or closure of an existing business;
• The annual budget and strategic plan;
• Significant capital expenditure, IT equipment and leasing arrangements;
• Proposed contracts satisfying specific criteria;
• Changes to the organisational structure or management structure; and
• Dividend policy.
The Board is assisted by certain committees and a description of the specific responsibilities which have been delegated to them is set
out below.
Audit Committee
The company has established an Audit Committee comprised of the non-executive directors. The Audit Committee meets not less than
three times per year and is responsible for making recommendations to the Board on the appointment of the auditors and the audit fee,
reviewing the conduct and control of the annual audit and reviewing the operation of the internal financial control environment. It also
has responsibility for the reporting of the financial performance of the Group and for reviewing financial statements prior to publication.
The Audit Committee is chaired by Michael Henderson.
Remuneration Committee
The company has established a Remuneration Committee currently comprised of the non-executive directors. It reviews the performance
of the executive directors and sets the scale and structure of their remuneration and the basis of their service agreements with due
regard to the interest of shareholders. The Remuneration Committee also determines the allocation of share options to employees. It is a
rule of the Remuneration Committee that a director shall not participate in discussions or decisions concerning his/her own
remuneration.
The Group has adopted the Model Code for directors’ dealing as set out in the Listing Rules of the UK Listing Authority and as applicable
to AIM companies and will take all reasonable steps to ensure compliance by directors and relevant employees. The Remuneration
Committee is chaired by Michael Henderson.
Corporate Governance Nominations Committee
The company has established a Nominations Committee comprising one executive director, the non-executive directors and the
Chairman of the Company. The Nominations Committee meets at least twice a year and is responsible for reviewing the Board structure,
size and composition, making recommendations to the Board with regard to any adjustments that are deemed necessary and identifying
candidates for the approval of the Board to fill Board places as and when they arise. The Nominations Committee is chaired by Nicholas
Woollacott.
Board processes
The Company Secretary supports the Chairman in ensuring that directors receive appropriate training. Between January 2007 and July
2008, executive directors of the plc Board and two subsidiary Boards attended a number of training sessions as part of the master-class
development programme, provided by Harper Craven. This programme covered a wide range of strategic, managerial and governance
issues and included a 360º assessment and individual coaching where required. Further training is provided as and when necessary and
may be identified as part of the annual evaluation process. An induction pack detailing Board procedures, directors’ responsibilities and
various governance-related issues is produced for all new directors.
All directors have access to the advice and services of the Company Secretary and there is a procedure for directors to seek independent
professional advice, in furtherance of their duties, at the company’s expense. The Company Secretary is responsible for ensuring that
Board procedures and applicable rules and regulations are followed. The Company Secretary, in consultation with the Chairman, ensures
that the information presented to the Board is not only timely but of sufficient quality to enable members to make an informed decision.
There were ten full Board meetings during the financial year and the table below details the attendance by directors at these meetings.
Maximum 
number
of meetings 
that could 
have been
Attendance attended
Executive
Francis Ives 10 10
Dean Webster 10 10
Derek Pitcher 10 10
Michael Kemsley (resigned on 19 January 2009) 6 7
Chris Goscomb (appointed on 19 January 2009) 3 3
Non-executive
Michael Henderson 10 10
Roger Mabey 910
Nicholas Woollacott 10 10
Following the admission to AIM, all directors are submitted for re-election at regular intervals of not more than three years at the Annual
General Meeting, subject to continued satisfactory performance.
22 Cyril Sweett Group plc
Annual report and accounts 2009
Governance
Corporate Governance
continued Governance
Cyril Sweett Group plc 23
Annual report and accounts 2009
Governance
Board performance and evaluation
The Board is committed to evaluating its own performance. During the year the Board undertook an initial evaluation of its performance
and of individual directors, the findings of which are being implemented. This was done in parallel with the development of a Group 
Risk Register which is being used to further the development of an internal audit function. The Board will continue to develop its annual
evaluation programme for its own performance and that of its committees and individual directors. The evaluation process will be used
constructively as a mechanism to improve Board effectiveness, maximise strengths and tackle weaknesses.
Internal audit
During the year the Audit Committee employed an external Internal Audit consultant to assist with the development of a Group Risk
Register and an Internal Audit implementation plan. In July 2009 an Internal Audit manager has been recruited to progress the
implementation of this function.
Non-executive directors
The non-executive directors are appointed by the Board, on the recommendation of the Nominations Committee, for specified terms. 
They are subject to periodic re-appointment by shareholders and statutory provisions regarding removal.
All three non-executive directors have significant external commercial experience and bring expert advice and strong judgement to the
Board. The Board believes that the non-executive directors are independent of management and have no business or other relationships
which could materially interfere with the exercise of their independent judgement. The Board believes that the relatively low value of
shares held by non-executive directors does not impair their independence.
The remuneration of the non-executive directors is detailed in the Directors’ remuneration report.
Internal control and risk management
The Board is responsible for establishing, reviewing and maintaining the Group’s systems of internal control and risk management and
ensuring that these systems are effective for managing the business risk within the Group. The Group has established a framework for
identifying, evaluating and managing significant risks faced by the Group. The framework of risk management and internal control
operating within the Group has been in place throughout the year and is designed to safeguard shareholders’ investments and the
Group’s assets whilst ensuring that proper accounting records are maintained. This framework is reviewed annually.
It is the responsibility of the management to ensure that the controls and procedures that operate within the framework are followed 
and that the Board is kept fully appraised of any risks and control issues, both operational and financial. The Board recognises that any
system of internal control exists to minimise the risk of failure rather than eliminate it, and that any system of internal control can only
provide reasonable, not absolute, assurance against material misstatement or loss.
The risk management of joint ventures and strategic partnerships is agreed between the parties and periodic reviews carried out 
where appropriate.
The Group reviews the effectiveness of the risk management system and its internal controls annually.
Relations with shareholders
The Board is committed to a continuing dialogue with its shareholders. Following the announcement and presentation of the interim and
year end results, there is a series of formal meetings with institutional shareholders. These meetings enable the executive directors to
appraise the investors of the Group’s business and future plans and the shareholders can communicate any concerns they may have. 
The Group’s brokers and financial PR advisors provide feedback from the shareholder and analyst meetings and present the results to
the Board.
The Group’s investor relations section on its website contains information on the Group’s financial results and its stock exchange
announcements. Additionally, the AGM provides a useful interface with shareholders. All shareholders are invited to attend the AGM and
the Board will be available at the meeting to answer questions. Full Interim and Annual Reports are made available to all shareholders. The Group is not required to prepare a full remuneration report.
Remuneration Committee
The Remuneration Committee comprises the non-executive directors of the company and is chaired by Michael Henderson.
Executive directors’ remuneration policy
The Remuneration Committee determines the overall remuneration package for each executive director, with the aim of attracting,
motivating and retaining executive directors of a high calibre. To this end, the Remuneration Committee takes external independent 
advice where it considers it appropriate to do so.
Basic salary
The salary of each executive director is determined by the Committee, taking into account their personal performance and the prevailing
rates in the employment market for executives of comparable status, responsibility, skill and position in other relevant companies. 
When determining directors’ salaries the Committee is always sensitive to pay and employment conditions throughout the Group.
Executive bonus scheme
In view of changing market conditions, the discretionary executive bonus scheme was suspended in the year to 31 March 2009 along 
with the staff bonus scheme. A more formal bonus scheme is being developed under which bonuses earned will be linked to agreed 
key performance indicators and will operate in respect of the year to 31 March 2010.
Share Option Plans
The executive directors hold options under the Enterprise Management Incentive share options scheme, the HMRC approved Company
Share Option Plan and the unapproved Company Share Option Plan. The company no longer qualifies to grant further options under the
Enterprise Management Incentive scheme.
Other benefits
Each of the executive directors is provided with the use of a car or receives an annual cash allowance in lieu of this provision. Each also
has the option of receiving the benefit of private medical insurance for themselves and/or their spouse and/or children. Other benefits
provided include the payment of professional subscriptions and access to the Group’s gym membership scheme.
Non-executive directors’ remuneration policy
The remuneration of the non-executive directors is determined by the Board and the level of remuneration reflects the time commitment
and responsibilities of their roles.
24 Cyril Sweett Group plc
Annual report and accounts 2009
Governance
Directors’ remuneration report
Unaudited information Governance
Cyril Sweett Group plc 25
Annual report and accounts 2009
Governance
Service contracts
Details of the directors’ service agreements are set out below:
Notice period Notice period 
Directors Date of agreement by company by director
Executives
Francis Ives 31 October 2007 12 months 12 months
Dean Webster 31 October 2007 12 months 12 months
Derek Pitcher 31 October 2007 12 months 12 months
Christopher Goscomb 19 January 2009 6 months 6 months
Non-executives
Michael Henderson 31 October 2007 3 months 3 months
Roger Mabey 31 October 2007 3 months 3 months
Nicholas Woollacott 21 November 2007 3 months 3 months
Directors’ emoluments
Compensation 
Bonus Pension Other for loss Total Total 
Salary/fees scheme contributions benefits of office 2009 2008
Directors £’000 £’000 £’000 £’000 £’000 £’000 £’000
Executives
Francis Ives 125 37 4 28 – 194 274
Dean Webster 157 37 13 8 – 215 190
Michael Kemsley* 88 25 9 9 119 250 140
(resigned on 19 January 2009)
Derek Pitcher 140 22 10 16 – 188 187
Christopher Goscomb* 20–1–– 21 –
(appointed on 19 January 2009)
Jimmi Bradbury – 47
Andrew Hemsley – 131
Non-executives
Michael Henderson 35–––– 35 29
Roger Mabey 35–––– 35 33
Nicholas Woollacott 35–––– 35 13
*Emoluments in respect of the period during which they served as directors.
The directors are not accruing benefits under money purchase pension schemes (2008: £nil).
Included in the 2009 cash bonus figure for Mr M Kemsley is an amount of £16,670 that was waived (2008: £nil).
No other director waived emoluments in respect of years ended 31 March 2009 or 31 March 2008.
The compensation for loss of office payment to Mr M Kemsley, who resigned on 19 January 2009, comprised payment in lieu of notice 
of £98,310, payment in lieu of benefits of £9,840 and payment to Mr Kemsley’s personal pension scheme of £10,700. The company also
contributed £8,000 towards Mr Kemsley’s legal costs. The discretionary elements of this compensation were approved by the
Remuneration Committee and were paid in respect of past services to the company. Directors’ share options
At the end of the year, the following directors had unexercised options to purchase Ordinary shares:
Exercise 
Earliest  price Number at Number at 
exercise (pence 31 March Granted Exercised Lapsed 31 March 
Director Date of grant date Expiry date per share) 2008 in the year in the year in the year 2009
F Ives 20/11/2000 20/11/2003 20/11/2010 13.6 100,000––– 100,000
28/11/2005 28/11/2008 28/11/2015 33.5 59,701––– 59,701
D Webster 28/11/2005 28/11/2008 28/11/2015 33.5 59,701––– 59,701
31/10/2007 31/10/2010 31/10/2017 110.0 100,000––– 100,000
D Pitcher 20/11/2000 20/11/2003 20/11/2010 13.6 75,000––– 75,000
06/10/2003 06/10/2006 06/10/2013 20.8 216,346––– 216,346
28/11/2005 28/11/2008 28/11/2015 33.5 59,701––– 59,701
31/10/2007 31/10/2010 31/10/2017 110.0 75,000––– 75,000
C Goscomb 31/03/2008 31/03/2011 31/03/2018 94.5 30,000––– 30,000
M Kemsley 28/11/2005 28/11/2008 28/11/2015 33.5 59,701 – – 59,701 –
31/10/2007 31/10/2010 31/10/2017 110.0 75,000 – – 75,000 –
None of the terms and conditions of the share options was varied during the year . All options were granted in respect of qualifying services.
The market price of the company’s shares at the end of the financial year was 25.0p and the range of market prices during the year was
between 19.5p and 104.5p.
Directors’ interests in shares
The interests of the directors (including their spouses’ interests) in the shares of the Company at 31 March 2009 were as follows:
At 31 March At 31 March 
2009 2008
Ordinary Ordinary 
Directors shares shares
Francis Ives 2,799,191 2,659,534
Dean Webster 909,006 851,858
Derek Pitcher 1,487,093 1,435,030
Christopher Goscomb (appointed on 19 January 2009) 46,042 –
Michael Henderson 255,227 210,350
Roger Mabey 255,052 209,872
Nicholas Woollacott 40,000 –
Michael Kemsley (resigned on 19 January 2009) – 1,012,218
Pensions
F R Ives is a deferred member of the Final Salary Pension Scheme and as such, no benefits accrue to him other than the annual cost 
of living increase. None of the other directors is a member of the scheme.
This report has been approved by the Board and has been signed on behalf of the Board by:
Michael Henderson
Chairman of the Remuneration Committee
30 July 2009
26 Cyril Sweett Group plc
Annual report and accounts 2009
Governance
Directors’ remuneration report
Unaudited information continued Governance
Cyril Sweett Group plc 27
Annual report and accounts 2009
Governance
We have audited the Group and Parent Company financial statements (the ‘financial statements’) of Cyril Sweett Group plc for the year
ended 31 March 2009 which comprise the Consolidated income statement, the Consolidated and company balance sheets, the
Consolidated and company cash flow statements, the Consolidated and company statements of recognised income and expense and the
related notes. These financial statements have been prepared under the accounting policies set out therein.
Respective responsibilities of directors and auditors
The directors’ responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and
International Financial Reporting Standards (IFRSs) as adopted by the European Union are set out in the Statement of directors’
responsibilities.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International
Standards on Auditing (UK and Ireland). This report, including the opinion, has been prepared for and only for the company’s members as
a body in accordance with Section 235 of the Companies Act 1985 and for no other purpose. We do not, in giving this opinion, 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.
We report to you our opinion as to whether the financial statements give a true and fair view and have been properly prepared in
accordance with the Companies Act 1985. We also report to you whether in our opinion the information given in the Report of the
directors is consistent with the financial statements. The information given in the Report of the directors includes that specific
information presented in the Business review section.
In addition we report to you if, in our opinion, the company has not kept proper accounting records, if we have not received all the
information and explanations we require for our audit, or if information specified by law regarding directors’ remuneration and other
transactions is not disclosed.
We read other information contained in the Annual Report and consider whether it is consistent with the audited financial statements.
The other information comprises only the Report of the directors, the Business review section (including financial highlights, business
highlights, Chairman’s statement, Chief Executive’s review and financial review), the Board of directors, Statement of directors’
responsibilities, Directors’ remuneration report, Company information and the Corporate Governance Statement. We consider the
implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements.
Our responsibilities do not extend to any other information.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board.
An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also
includes an assessment of the significant estimates and judgements made by the directors in the preparation of the financial statements,
and of whether the accounting policies are appropriate to the Group’s and company’s circumstances, consistently applied and adequately
disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to
provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement,
whether caused by fraud or other irregularity or error . In forming our opinion we also evaluated the overall adequacy of the presentation
of information in the financial statements.
Opinion
In our opinion:
• The Group financial statements give a true and fair view, in accordance with IFRSs as adopted by the European Union, of the state of the
Group’s affairs as at 31 March 2009 and of its profit and cash flows for the year then ended;
• The Parent Company financial statements give a true and fair view, in accordance with IFRSs as adopted by the European Union as
applied in accordance with the provisions of the Companies Act 1985, of the state of the Parent Company’s affairs as at 31 March 2009
and cash flows for the year then ended;
• The financial statements have been properly prepared in accordance with the Companies Act 1985; and
• The information given in the Report of the directors is consistent with the financial statements.
PricewaterhouseCoopers LLP
Chartered Accountants and Registered Auditors
London
30 July 2009 
Independent auditors’ report to the members 
of Cyril Sweett Group plc 2009 2008
Notes £’000 £’000
Revenue 3 78,912 62,705
Cost of sales (54,043) (40,394)
Gross profit 24,869 22,311
Administrative expenses before exceptional expenses (18,703) (16,501)
Exceptional administrative expenses 5 (3,761) –
Total administrative expenses (22,464) (16,501)
Operating profit before exceptional administrative expenses 6,166 5,810
Exceptional administrative expenses 5 (3,761) –
Operating profit 2,405 5,810
Finance income 4 249 222
Finance expense 4 (452) (173)
Net finance (expense)/income (203) 49
Profit before taxation 2,202 5,859
Taxation 7 (568) (1,809)
Profit for the year 1,634 4,050
Profit attributable to:
Equity shareholders of the parent 1,634 4,050
Basic earnings per share (pence) 9 2.9 8.3
Diluted earnings per share (pence) 9 2.8 7.8
The notes on pages 33 to 75 are an integral part of these financial statements.
The Parent Company has elected to take the exemption under Section 230 of the Companies Act 1985 to not present the company’s
income statement. The profit for the company for the year was £7,752,000 (2008: £3,664,000).
28 Cyril Sweett Group plc
Annual report and accounts 2009
Financial statements
Consolidated income statement 
for the year ended 31 March Financial statements
Cyril Sweett Group plc 29
Annual report and accounts 2009
Financial statements
2009 2008
Group Company Group Company
£’000 £’000 £’000 £’000
Foreign exchange translation difference 690 – 280 (2)
Available-for-sale investments:
Valuation loss taken to equity (325) – ––
Deferred tax on valuation loss 91 – ––
Adjustment to change in tax rates –– 12 –
Actuarial (loss)/gain on pension scheme (1,727) (1,727) 651 651
Deferred tax on actuarial (loss)/gain 484 484 (182) (182)
Net (expense)/income recognised directly in equity (787) (1,243) 761 467
Profit for the year 1,634 7,752 4,050 3,664
Total recognised income for the year 847 6,509 4,811 4,131
Attributable to:
Equity shareholders 847 6,509 4,811 4,131
Cumulative actuarial gain/loss recognised through the statement of recognised income and expense is £1,145,000 loss 
(2008: £582,000 gain).
Statements of recognised income and expense
for the year ended 31 March  2009 2008
Notes £’000 £’000
Non-current assets
Goodwill 10 10,572 3,320
Other intangible assets 11 1,920 354
Property, plant and equipment 12 1,862 1,279
Financial assets 13 627 941
Deferred income tax asset 15 817 769
Total non-current assets 15,798 6,663
Current assets
Trade and other receivables 16 27,744 24,438
Cash and cash equivalents 17 3,818 6,730
31,562 31,168
Current liabilities 
Financial liabilities 18 (277) (793)
Trade and other payables 19 (13,300) (9,368)
Current income tax liabilities – (805)
Total current liabilities (13,577) (10,966)
Net current assets 17,985 20,202
Total assets less current liabilities 33,783 26,865
Non-current liabilities
Financial liabilities 18 (3,431) (96)
Trade and other payables 19 (643) –
Deferred income tax liability 15 (77) (168)
Retirement benefit obligations 20 (1,290) –
Total non-current liabilities (5,441) (264)
Net assets 28,342 26,601
Equity
Share capital 21 5,759 5,534
Share premium 22 11,955 9,987
Treasury shares 23 (118) (341)
Share option reserve 24 249 615
Retained earnings 25 10,497 10,806
Total equity shareholders’ funds 25 28,342 26,601
The notes on pages 33 to 75 are an integral part of these financial statements.
The financial statements were authorised for issue by the Board of directors on 30 July 2009 and were signed on its behalf. 
Dean Webster Christopher Goscomb 
30 July 2009
30 Cyril Sweett Group plc
Annual report and accounts 2009
Financial statements
Consolidated balance sheet
as at 31 March Financial statements
Cyril Sweett Group plc 31
Annual report and accounts 2009
Financial statements
2009 2008
Notes £’000 £’000
Non-current assets
Goodwill 10 2,703 2,703
Other intangible assets 11 – 352
Property, plant and equipment 12 – 1,145
Investments 13a 27,859 1,402
Deferred income tax asset 15 483 769
Total non-current assets 31,045 6,371
Current assets
Trade and other receivables 16 3,981 23,131
Cash and cash equivalents 17 153 5,101
4,134 28,232
Current liabilities 
Financial liabilities 18 (182) (788)
Trade and other payables 19 (1,069) (8,818)
Current income tax liabilities – (509)
Total current liabilities (1,251) (10,115)
Net current assets 2,883 18,117
Total assets less current liabilities 33,928 24,488
Non-current liabilities
Financial liabilities 18 (1,568) (86)
Retirement benefit obligations 20 (1,290) –
Total non-current liabilities (2,858) (86)
Net assets 31,070 24,402
Equity
Share capital 21 5,759 5,534
Share premium 22 11,955 9,987
Treasury shares 23 (118) (341)
Share option reserve 24 249 615
Retained earnings 25 13,225 8,607
Total equity shareholders’ funds 25 31,070 24,402
The notes on pages 33 to 75 are an integral part of these financial statements.
The financial statements were authorised for issue by the Board of directors on 30 July 2009 and were signed on its behalf. 
Dean Webster Christopher Goscomb 
30 July 2009
Company balance sheet
as at 31 March 2009 2008
Group Company Group Company
Notes £’000 £’000 £’000 £’000
Cash flows from operating activities
Cash flows from operations 27 3,912 (3,610) 3,939 3,409
Interest received 210 142 210 144
Interest paid (240) (27) (178) (177)
Income taxes paid (1,767) (836) (1,341) (1,345)
Net cash generated from/(used in) operating activities 2,115 (4,331) 2,630 2,031
Cash flows from investing activities
Proceeds on disposal of property, plant and equipment 4 – 3 3
Purchase of property, plant and equipment (1,229) – (628) (550)
Purchase of computer software (347) – (203) (203)
Decrease/(increase) in financial assets 13 38 – (37) –
Decrease in treasury shares 223 223 13 13
Acquisitions, net of cash acquired 26 (4,228) (15) 68 (104)
Net cash used in investing activities (5,539) 208 (784) (841)
Cash flows from financing activities
Dividends paid 8 (1,430) (1,439) (1,390) (1,390)
Repayments of borrowings (672) (672) (1,772) (1,772)
Repayments of obligations under finance leases (115) – (262) (262)
Proceeds on issue of Ordinary shares 25 – – 10,715 10,715
Issue costs – – (1,568) (1,568)
Purchase of own shares in satisfaction of acquisition consideration (881) (202) – –
Purchase of own shares in satisfaction of share options 25 (262) (262) (595) (595)
New bank loans raised 3,606 1,750 786 786
Net cash generated from/(used in) financing activities 246 (825) 5,914 5,914
Net (decrease)/increase in cash and cash equivalents (3,178) (4,948) 7,760 7,104
Cash, cash equivalents and bank overdrafts at beginning of year 6,730 5,101 (1,084) (2,006)
Exchange gains on cash, cash equivalents and bank overdrafts 266 – 54 3
Cash and cash equivalents at end of year 17 3,818 153 6,730 5,101
32 Cyril Sweett Group plc
Annual report and accounts 2009
Financial statements
Cash flow statements
for the year ended 31 March Financial statements
Cyril Sweett Group plc 33
Annual report and accounts 2009
Financial statements
1. General information
Cyril Sweett Group plc is an unlisted company, quoted on the Alternative Investment Market, and is incorporated and domiciled in 
the United Kingdom under the Companies Act 1985. The address of the registered office is 60 Gray’s Inn Road, London WC1X 8AQ. 
The principal activities of the Group include the provision of construction cost consultancy, project management and other specialised
consultancy services, including building surveying. 
2. Significant accounting policies
The principal accounting policies in the preparation of this financial information are set out below. These policies have been consistently
applied to all years presented, unless otherwise stated.
Basis of preparation
The consolidated financial statements of Cyril Sweett Group plc have been prepared in accordance with International Financial Reporting
Standards as adopted by the European Union (IFRSs as adopted by the EU), IFRIC Interpretations and the Companies Act 1985 applicable
to companies reporting under IFRS. The consolidated financial statements have been prepared under the historical cost convention, 
as modified to include the re-valuation of available-for-sale assets to equity and financial assets and financial liabilities at fair value
through the income statement.
The preparation of financial statements in conformity with IFRS requires the use of judgements, estimates and assumptions that affect
the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical
experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of
making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may
differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis and revisions are recognised
in the period in which the estimate or assumption is revised. The key areas where estimates have been used and assumptions applied
are in impairment testing of goodwill, certain intangible assets, taxation, costs to complete on fixed price contracts and in assessing 
the defined benefit pension scheme liabilities (see notes 10, 11, 15, 16 and 20 respectively).
(a) Standards early adopted by the Group
IFRIC 14, ‘IAS 19 – The limit on a defined benefit asset, minimum funding requirements and their interaction’, provides guidance on
assessing the limit in IAS 19 on the amount of the surplus that can be recognised as an asset. It also explains how the pension asset or
liability may be affected by a statutory or contractual minimum funding requirement. This interpretation does not have any impact on the
Group’s and company’s financial statements, as the Group and the company have a pension deficit and are not subject to any minimum
funding requirements.
IFRIC 11, ‘IFRS 2 – Group and treasury share transactions’, provides guidance on whether share-based transactions involving Treasury
shares or involving Group entities should be accounted for as equity-settled or cash-settled share-based payment transactions in the
stand-alone accounts of the parent and group companies. This interpretation does not have an impact on the Group’s financial
statements. The company’s accounting policy for share-based compensation arrangements is already in compliance with the
interpretation.
(b) Interpretations effective in 2008 but not relevant
The following interpretation to published standards is mandatory for accounting periods beginning on or after 1 January 2008 but is 
not relevant to the Group’s operations:
• IFRIC 12, ‘Service concession arrangements’; and
• IFRIC 13, ‘Customer loyalty programmes’.
Notes to the financial statements 2. Significant accounting policies (continued)
(c) Standards, amendments and interpretations to existing standards that are not yet effective and have not been early adopted by 
the Group
The following standards and amendments to existing standards have been published and are mandatory for the Group’s accounting
periods beginning on or after 1 January 2009 or later periods, but the Group has not early adopted them:
IAS 23 (amendment), ‘Borrowing costs’ (effective from 1 January 2009). The amendment to the standard is still subject to endorsement
by the EU. This standard is not expected to have a material impact on the Group’s consolidated financial information.
IAS 1 (revised), ‘Presentation of financial statements’ (effective from 1 January 2009). The standard is still subject to endorsement by the
EU. This standard is not expected to have a material impact on the Group’s consolidated financial information.
IFRS 1 (amendment), ‘First time adoption of IFRS’, and IAS 27, ‘Consolidated and separate financial statements’, (effective from 
1 January 2009). The revised standard is still subject to endorsement by the EU. The amendment will not have any impact on the 
Group or company’s financial statements which are already prepared under IFRS.
IAS 27 (revised), ‘Consolidated and separate financial statements’, (effective from 1 July 2009). The amendment to the standard is still
subject to endorsement by the EU. The Group will apply IAS 27 (revised) prospectively to transactions with non-controlling interests from
1 January 2010, subject to endorsement by the EU.
IFRS 3 (revised), ‘Business combinations’ (effective from 1 July 2009). The revised standard is still subject to endorsement by the EU. 
The Group will also apply IFRS 3 (revised) prospectively to all business combinations from January 2010, subject to endorsement by EU.
IFRS 5 (amendment), ‘Non-current assets held-for-sale and discontinued operations’, (and consequential amendment to IFRS 1, 
‘First-time adoption’) (effective from 1 July 2009). The revised standard is still subject to endorsement by the EU. The Group will apply 
the IFRS 5 (amendment) prospectively to all partial disposals of subsidiaries from 1 January 2010 subject to endorsement by the EU.
IFRS 8, ‘Operating segments’ (effective from 1 January 2009). IFRS 8 replaces IAS 14, ‘Segment reporting’, and aligns segment reporting
with the requirements of the US standard SFAS 131, ‘disclosures about segments of an enterprise and related information’. The new
standard requires a ‘management approach’, under which segment information is presented on the same basis as that used for internal
reporting purposes. This standard is expected to have a material impact on the segmental disclosures of the Group’s consolidated
financial information.
IAS 20 (amendment), ‘Accounting for government grants and disclosure of government assistance’ (effective from 1 January 2009). 
The amendment will not have an impact on the Group or company’s operations as described above.
IAS 28 (amendment), ‘Investments in associates’ (and consequential amendments to IAS 32, ‘Financial Instruments: Presentation’, and
IFRS 7, ‘Financial instruments: Disclosures’) (effective from 1 January 2009). The revised standard is still subject to endorsement by the
EU. The Group will apply the IAS 28 (amendment) to impairment tests related to investments in associates and any related impairment
losses from 1 January 2009, subject to endorsement by the EU.
IAS 36 (amendment), ‘Impairment of assets’, (effective from 1 January 2009). The revised standard is still subject to endorsement by the
EU. The Group and company will apply the IAS 36 (amendment) and provide the required disclosure where applicable for impairment
tests from 1 April 2009, subject to endorsement by the EU.
IAS 38 (amendment), ‘Intangible assets’, (effective from 1 January 2009). The revised standard is still subject to endorsement by the EU.
The Group will apply the IAS 38 (amendment) from 1 April 2009, subject to endorsement by the EU.
34 Cyril Sweett Group plc
Annual report and accounts 2009
Financial statements Financial statements
Cyril Sweett Group plc 35
Annual report and accounts 2009
Financial statements
2. Significant accounting policies (continued)
IAS 39 (amendment), ‘Financial instruments: Recognition and measurement’ (effective from 1 January 2009). The revised standard is
still subject to endorsement by the EU. The Group will apply the IAS 19 (amendment) from 1 April 2009, subject to endorsement by the
EU. This standard is not expected to have a material impact on the Group’s consolidated financial information.
There are a number of minor amendments to IFRS 7, ‘Financial instruments: Disclosures’, IAS 8 ‘Accounting policies, changes in
accounting estimates and errors’, IAS 10, ‘Events after the reporting period’, IAS 18, ‘Revenue’, and IAS 34, ‘Interim financial reporting’.
The revised standards are still subject to endorsement by the EU. These standards, subject to endorsement by the EU, are not expected
to have a material impact on the Group’s consolidated financial information.
IFRIC 15, ‘Agreements for construction of real estates’ (effective from 1 January 2009). It is not expected to have a material impact on the
Group or company’s financial statements.
IFRIC 16, ‘Hedges of a net investment in foreign operation’ (effective from 1 October 2008). The amendment to the interpretation is still
subject to endorsement by the EU. The Group will apply IFRIC 16 from 1 April 2009. It is not expected to have a material impact on the
Group or company’s financial statements.
(d) Interpretations and amendments to existing standards that are not yet effective and not relevant for the Group’s operations
IAS 16 (amendment), ‘Property, plant and equipment’ (and consequential amendment to IAS 7, ‘Statement of cash flows’) (effective from
1 January 2009). The amendment will not have an impact on the Group or company’s operations because none of the Group’s companies
ordinary activities comprise renting and subsequently selling assets.
IAS 29 (amendment), ‘Financial reporting in hyperinflationary economies’ (effective from 1 January 2009). The amendment will not 
have an impact on the Group or company’s operations, as none of the Group’s subsidiaries or associates or company operate in
hyperinflationary economies.
IAS 31 (amendment), ‘Interests in joint ventures’, (and consequential amendments to IAS 32 and IFRS 7) (effective from 1 January 2009).
The amendment will not have an impact on the Group’s operations as there are no interests held in joint ventures.
IAS 40 (amendment), ‘Investment property’ (and consequential amendments to IAS 16) (effective from 1 January 2009). The amendment
will not have an impact on the Group or company’s operations, as there are no investment properties are held by the Group or company.
IAS 41 (amendment), ‘Agriculture’ (effective from 1 January 2009). The amendment will not have an impact on the Group or company’s
operations as no agricultural activities are undertaken.
The financial statements are presented in sterling to the nearest thousand (£’000).
Consolidation
The consolidated financial statements incorporate the results of Cyril Sweett Group plc and all of its subsidiary undertakings made up 
to 31 March 2009, adjusted to eliminate intra-group balances, transactions, income and expenses. The Group has used the acquisition
method of accounting to consolidate the results of subsidiary undertakings, which are included from the date of acquisition. 2. Significant accounting policies (continued)
Basis of consolidation
Subsidiaries
The consolidated financial information incorporates the financial information of the company and entities controlled by the company (its
subsidiaries) made up to 31 March each year .
Acquisitions of subsidiaries and businesses are accounted for under the purchase method. On acquisition, the identifiable assets,
liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition. Any excess of the cost of
acquisition over the fair values of the identifiable net assets acquired is recognised as goodwill. Any deficiency of the cost of acquisition
below the fair values of the identifiable net assets acquired (i.e. discount on acquisition) is credited to the income statement in the period
of acquisition. The interest of minority shareholders is stated at the minority’s proportion of the fair values of the assets and liabilities
recognised.
The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective
date of acquisition or up to the effective date of disposal, as appropriate, being the date at which control passes.
Where necessary, adjustments are made to the financial information of subsidiaries to bring the accounting policies used into line with
those used by the Group.
Associates
An associate is an entity over which the Group is in a position to exercise significant influence, but not control or jointly control, through
participation in the financial and operating policy decisions of that entity. Investments in associates are accounted for by the equity
method of accounting. Investments in associates are initially recognised at cost. The Group’s investment in associates includes goodwill
identified at acquisition, net of any accumulated impairment loss. Under this method the Group’s share of the post-acquisition profits 
or losses of associates is recognised in the income statement and its share of post-acquisition movements in reserves is recognised in
reserves. The cumulative post-acquisition movements are adjusted against the cost of the investment.
Joint ventures
A joint venture is an entity in which the Group holds a long-term investment which is jointly controlled by the Group and one or more 
other ventures under a contractual arrangement. The results of the joint ventures are consolidated using the equity accounting method,
as described above.
Segmental reporting
A segment is a distinguishable component of the Group that is engaged in providing services. As the risks and rates of return 
are unaffected by differences in respect of these services, the primary format for reporting segment information is based on 
geographical location.
Foreign currency translation
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing on the dates of the transactions.
At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates
prevailing on the balance sheet date. Translation differences on non-monetary items carried at fair value are reported as part of the fair
value gain or loss. Gains and losses arising on retranslation are included in the income statement. Gains or losses on the translation of
opening and closing net assets are recognised in the consolidated statement of changes in shareholders’ equity.
The consolidated financial information is presented in pounds sterling, which is the company’s functional and presentational currency. 
On consolidation, income statements and cash flows of foreign entities are translated into pounds sterling at average exchange rates 
for the year and their balance sheets are translated at the exchange rates ruling at the balance sheet date.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity
and translated at the exchange rate ruling on the date of acquisition. Under previous UK GAAP accounting policies, the Group has
treated goodwill and fair value adjustments arising on acquisitions prior to 1 April 2004 as sterling denominated assets and liabilities.
36 Cyril Sweett Group plc
Annual report and accounts 2009
Financial statements Financial statements
Cyril Sweett Group plc 37
Annual report and accounts 2009
Financial statements
2. Significant accounting policies (continued)
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and
services provided in the normal course of business, net of discounts, value added tax and other sales related taxes and after eliminating
intra-group sales.
Contract work in progress
Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of
the contract activity at the balance sheet date. This is normally measured by surveys of work performed to date. Variations in contract
work, claims and incentive payments are included to the extent that it is probable that they will result in revenue and they are capable 
of being reliably measured. Where any long-term project is substantially incomplete, it is normal in terms of the relevant accounting
standards and prudence in general to restrict any profit recognition by valuing the related work in progress at the lower of cost and net
realisable value. Recognising the low risks attaching to Cyril Sweett’s fee-based business, but with due regard to market conditions 
and out-turns on recently-completed contracts, all substantially incomplete contracts at each valuation date showing thin margins on
projected out-turns are critically reviewed and the profit restricted to the lower of cost and net realisable value if considered necessary.
Any forecast loss will in any event be recognised immediately.
Where the outcome of a contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred
that it is probable will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When it is
probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.
Pre-contract costs
Pre-contract costs are capitalised and treated as work in progress only if they can be separately identified, measured reliably and it is
probable that the related contract will be won. This is generally presumed to be when preferred bidder status is awarded. Until this
status is reached, all such costs are expensed to the income statement in the period in which they are incurred. 
Time-based contracts
Revenue on time-based products is recognised in line with labour hours delivered.
Interest
Interest income is recognised on a time-proportion basis using the effective interest method.
Dividend
Dividend income is recognised when the right to receive payment is established.
Intangible assets
(i) Goodwill
Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group’s interest in the fair value of the
identifiable assets and liabilities of a subsidiary or associate at the date of acquisition. Each acquisition is treated as a separate 
cash-generating unit.
For subsidiaries, goodwill is recognised as an intangible asset and for associates it is included within the investment in associates, 
both are reviewed for impairment at least annually. Any impairment is recognised immediately in the income statement and is not
subsequently reversed. On disposal of a subsidiary or associate, the attributable amount of goodwill is included in the determination 
of the profit or loss on disposal.
(ii) Computer software
Acquired computer software licences are capitalised on the basis of costs incurred to acquire and bring to use the specific software.
Computer software licences are held at cost and amortised on a straight-line basis over three years.
Costs associated with developing or maintaining computer software programmes are recognised as an expense as incurred. 
Costs directly associated with identifiable and unique software products controlled by the Group and which are expected to generate
economic benefits beyond one year, are recognised as intangible assets and amortised over their estimated useful economic lives. 2. Significant accounting policies (continued)
(iii) Other intangible assets
Other Intangible assets identified in a business combination are capitalised at fair value as at the date of acquisition. Following initial
recognition, the carrying amount of such an intangible asset is its cost less any accumulated amortisation and any accumulated
impairment loss. Useful economic lives of intangible assets are assessed on acquisition to be either indefinite or finite. Amortisation is
charged as appropriate on those intangibles with finite lives, while those with indefinite lives are tested for impairment.
The identified fair value of customer relationships and order books acquired on business combinations is being amortised over a period
of between 7 and 10 years.
Property, plant and equipment
Property, plant and equipment is shown at cost less subsequent accumulated depreciation and impairment. Cost includes expenditure
that is directly attributable to the acquisition of these assets.
Subsequent costs are included in the asset’s carrying amount, only when it is probable that future economic benefits associated with 
the item will flow to the Group and the cost of the item can be measured reliably. Repairs and maintenance are charged to the income
statement during the financial period in which they are incurred.
Depreciation is calculated to write off their cost less residual value on a straight-line basis over their expected useful lives.
The rates of depreciation used for the assets are as follows:
Fixtures and fittings 20% – straight line
Computer hardware 33.3% – 50% – straight line
Assets held under finance leases are depreciated over their expected useful lives on the same basis as owned assets, or, where shorter,
over the term of the relevant lease.
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the
carrying amount of the asset and is included in the income statement.
Impairment of non-financial assets
Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment and whenever events or
changes in circumstance indicate that the carrying amount may not be recoverable. Assets that are subject to amortisation are tested for
impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment
loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the
higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the
lowest levels for which there are separately identifiable cash flows (cash-generating units).
Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that
the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount
recognised as a provision at the balance sheet date is the best estimate of the consideration required to settle the present obligation
taking into account the risks and uncertainties surrounding the obligation. Where there is a material effect the expected future payments
are discounted. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party,
the receivable is recognised as an asset only if it is virtually certain that reimbursement will be received and the amount of the receivable
can be measured reliably.
Financial assets
Financial assets are classified as ’available for sale’ financial assets and ’loans and receivables’. Available for sale financial assets are
recorded at fair value less transaction costs. Gains and losses arising from changes in fair value are recognised directly in equity, until
the asset is disposed of or is determined to be impaired, at which time the cumulative gain or loss previously recognised in equity is
included in the income statement for the period. Impairment losses on equity available for sale financial assets are not reversed. Loans
and receivables are classified as financial assets when they are non-derivative financial assets with fixed or determinable payments that
are not quoted in an active market and are initially measured at fair value and subsequently measured at amortised cost using the
effective interest method less accumulated impairment losses.
38 Cyril Sweett Group plc
Annual report and accounts 2009
Financial statements Financial statements
Cyril Sweett Group plc 39
Annual report and accounts 2009
Financial statements
2. Significant accounting policies (continued)
Trade receivables
Trade receivables are carried at original invoice amount less provision made for impairment of these receivables. A provision for
impairment of trade receivables is established when there is objective evidence that the Group will not be able to collect all amounts 
due according to the original terms. The amount of the provision is recognised in administrative expenses.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held with banks and other short-term highly liquid investments with original
maturities of three months or less. Bank overdrafts are shown within current financial liabilities on the balance sheet.
For the purposes of the cash flow statement cash and cash equivalents are net of bank overdrafts.
Share capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from 
the proceeds.
Where any group company purchases the company’s equity share capital (Treasury shares), the consideration paid, including any directly
attributable incremental costs (net of income taxes) is deducted from equity attributable to the company’s equity holders until the shares
are cancelled or reissued.  Where such shares are subsequently reissued, any consideration received, net of any directly attributable
incremental transaction costs and the related income tax effects and is included in equity attributable to the company’s equity holders.
Impairment of financial assets
The Group assesses at each balance sheet date whether there is objective evidence that a financial asset has been impaired. 
Impairment losses are recognised in the consolidated income statement. 
Financial liabilities
Financial liabilities are classified as either financial liabilities as ’at fair value through profit or loss’, or other financial liabilities. 
Financial liabilities are classified as ’at fair value through profit or loss’ where the financial liability is either held for trading or it is
designated as ’at fair value through profit or loss’.
Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs and subsequently at
amortised cost.
Borrowings
Interest-bearing bank loans and overdrafts are initially recorded at the proceeds received, net of direct issue costs. Finance charges,
including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis to the income
statement using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not
settled in the period in which they arise.
Trade payables
Trade payables are recognised initially at fair value and subsequently measured at amortised cost.
Leases
Leases of property, plant and equipment by which the Group has substantially all the risks and rewards of ownership are classified as
finance leases. Finance leases are capitalised at the inception of the lease at the lower of fair value and the estimated present value of
the underlying lease payments, with a corresponding liability established. Each lease payment is allocated between the liability and
finance charges so as to achieve a constant rate of interest on the finance balance outstanding. The corresponding rental obligations, 
net of finance charges, are included in liabilities. The interest element of the finance cost is charged to the income statement over the
lease period. Property, plant and equipment acquired under finance leases are depreciated over the shorter of the asset’s useful life 
and the lease term. Leases where a significant portion of the risks and rewards of ownership are retained by the lessor are classified as
operating leases. Payments made under operating leases are charged to the income statement on a straight-line basis over the period 
of the lease. 2. Significant accounting policies (continued)
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for
the year . Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that
are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group liability for current
tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is the tax
expected to be payable or recoverable on differences between the carrying amount of assets and liabilities in the financial information
and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the liability method. Deferred tax is
not accounted for if it arises from initial recognition of an asset or liability in a transaction, other than in a business combination, that at
the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates and laws that
have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related tax asset is realised or
the tax liability is settled.
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary
differences can be utilised.
Deferred tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of 
the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in 
the foreseeable future. Deferred tax relating to items recognised directly in equity is recognised in equity and not in the consolidated
income statement.
Employee benefits
Pension obligations
Group companies operate various pension schemes. The schemes are funded through payments to insurance companies or trustee-
administered funds. The Group has both defined benefit and defined contribution plans. A defined benefit plan is a pension plan that
defines an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as
age, years of service and compensation. The pension cost for defined benefit schemes is assessed in accordance with the advice of
qualified independent actuaries.
The liability records the defined benefit obligation at the balance sheet date less the fair value of plan assets. Independent actuaries
calculate the obligation annually using the “projected unit” funding method. Actuarial gains and losses are recognised in full in the
period in which they occur . They are not recognised in the income statement and are presented in the statement of recognised income
and expense. As permitted under IFRS 1 all actuarial gains and losses as at 1 April 2004, the date of transition to IFRS, were recognised
for each plan.
Past-service costs are recognised immediately in the consolidated income statement, unless the changes to the scheme are conditional
upon employees remaining in service for a specified period, in which case the past-service costs are amortised on a straight-line basis
over this period.
A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. 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. Contributions are recognised as an expense in the income statement when
they are due.
40 Cyril Sweett Group plc
Annual report and accounts 2009
Financial statements Financial statements
Cyril Sweett Group plc 41
Annual report and accounts 2009
Financial statements
2. Significant accounting policies (continued)
Share-based payments
The company operates executive and employee share schemes. For all grants of share options and awards, the fair value as at the date
of grant is calculated using an appropriate option pricing model and the corresponding expense is recognised over the period to which
the associated employee’s service relates. The company has taken advantage of the transitional provisions of IFRS 2 only to recognise
equity settled awards granted after 7 November 2002 that had not vested before 1 January 2005.
The grant by the company of options over its equity instruments to the employees of subsidiary undertakings in the Group is treated as a
capital contribution. The fair value of employee services received, measured by reference to the grant date fair value, is recognised over
the investing period as an increase to investment in subsidiary undertakings, with a corresponding credit to equity.
Employee Benefit Trust (EBT)
The company’s EBT is a separately administered discretionary trust for the benefit of employees. The assets of the EBT mainly comprise
shares in the company. The assets, liabilities, income and costs of the EBT are consolidated in the financial information. The investment
in own shares is treated as a deduction in Shareholders’ Funds.
Critical accounting estimates
The preparation of the financial information requires the Group to make estimates, judgements and assumptions that affect the reported
amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. The directors base their
estimates on historical experience and various other assumptions that they believe are reasonable under the circumstances, the results
of which form the basis for making judgements about the carrying value of assets and liabilities that are not readily apparent from other
sources. Actual results may differ from these estimates under different assumptions or conditions.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and
liabilities are addressed below:
(a) Estimated impairment of goodwill
The Group tests annually whether goodwill has suffered any impairment, in accordance with the accounting policy. The Group carries 
out a sensitivity analysis in circumstances where carrying value is close to value in use calculations. The goodwill has a carrying value 
of £10.6m at the year end. 
(b) Revenue recognition
The Group uses the percentage of completion method in accounting for its fixed price contracts to deliver services. Use of the
percentage of completion method requires the Group to estimate the work performed to date as a proportion of the expected work for
the whole contract.
(c) Pension benefits
The present value of the pension obligations depends on a number of factors that are determined on an actuarial basis using a number
of assumptions. The assumptions used in determining the net cost for pensions include the discount rate. Any changes in these
assumptions will impact the carrying amount of pension obligations.
Other key assumptions for pension obligations are based in part on current market conditions. Additional information is disclosed 
in note 20.
Significant judgements
The Group believes that the most significant critical judgement areas in the application of its accounting policies are revenue recognition
and the assessment of the value of work-in-progress. The other principal areas where judgements have been made are defined benefit
pension assumptions and impairment of goodwill. 3. Segmental analysis
For management purposes, the company manages its operations through three geographical regions, which are viewed as the primary
segments. Allocations have been made on the basis of the location of assets, with the exception of certain corporate costs which have
remained unallocated.
Primary segments
UK and  Other 2009 UK and Other 2008
Ireland overseas Total Ireland overseas Total
£’000s £’000s £’000s £’000s £’000s £’000s
Revenue by geographical regions
External sales 66,635 12,277 78,912 59,809 2,896 62,705
Gross profit 20,598 4,271 24,869 21,505 806 22,311
Administrative expenses before 
exceptional expenses (14,325) (3,798) (18,123) (14,572) (912) (15,484)
Exceptional administrative expenses (3,553) (208) (3,761) –––
Total administrative expenses (17,878) (4,006) (21,884) (14,572) (912) (15,484)
Segment results 2,720 265 2,985 6,933 (106) 6,827
Unallocated corporate costs (580) (1,017)
Finance income 249 222
Finance expense (452) (173)
Profit before tax 2,202 5,859
Taxation (568) (1,809)
Profit for the year 1,634 4,050
*Unallocated corporate costs comprise directors’ remuneration, advertising, public relations, corporate financing costs and legal 
and professional fees.
UK and Other 2009 UK and Other 2008
Ireland overseas Total Ireland overseas Total
£’000s £’000s £’000s £’000s £’000s £’000s
Other information
Capital additions 2,145 1,377 3,522 925 74 999
Depreciation and amortisation 1,111 243 1,354 835 13 848
Capital additions comprise the acquisition of property, plant and equipment and other intangible assets.
42 Cyril Sweett Group plc
Annual report and accounts 2009
Financial statements Financial statements
Cyril Sweett Group plc 43
Annual report and accounts 2009
Financial statements
3. Segmental analysis (continued)
UK and Other 2009 UK and Other 2008
Ireland overseas Total Ireland overseas Total
£’000s £’000s £’000s £’000s £’000s £’000s
Balance sheet
Assets
Segmental assets 32,222 14,321 46,543 34,758 2,304 37,062
Unallocated corporate assets 817 769
Consolidated total assets 47,360 37,831
Liabilities
Segmental liabilities 11,511 3,799 15,310 9,250 286 9,536
Unallocated corporate liabilities 3,708 1,694
Consolidated total liabilities 19,018 11,230
The assets of the segments include intangible assets, property, plant and equipment, assets from finance leases, financial assets,
investments accounted for using the equity method, trade receivables and other receivables and cash and cash equivalents. The
liabilities comprise trade and other payables and retirement benefit obligations. Unallocated corporate assets comprise deferred tax
assets and unallocated corporate liabilities comprise financial liabilities and current income tax liabilities.
Segment assets and liabilities are reconciled to entity assets and liabilities as follows:
2009 2008
Assets Liabilities Assets Liabilities
£’000 £’000 £’000 £’000 
Segment assets/liabilities 46,543 15,310 37,062 9,536
Unallocated:
Deferred tax asset 817 – 769 –
Current tax –– – 805
Current borrowings – 270 – 674
Non-current borrowings – 3,424 –86
Current obligations under finance leases –7 – 119
Non-current obligations under finance leases –7 –10
Total 47,360 19,018 37,831 11,230 3. Segmental analysis (continued)
Secondary formats
2009 2008
£’000 £’000
Revenue by business activity
Quantity Surveying 39,172 32,986 
Project Management 31,118 20,576 
Specialist Services/Management Consultancy 8,622 9,143 
78,912 62,705 
The Group’s two business segments operate in two main geographical regions, even though they are managed on a worldwide basis.
Additional information
2009 2008
£’000 £’000
Revenue by geographical destination
United Kingdom 58,977 53,265
Republic of Ireland 2,853 3,243
Other overseas 17,082 6,197
78,912 62,705 
The Group manages its business through segments based on geographical regions. Business activities are not controlled independently
and separate information for segmental assets and capital expenditure is not available. All revenue is generated from the rendering 
of services.
4. Net finance (expense)/income
2009 2008
£’000 £’000
Finance income
Interest receivable on bank deposits 200 180
Interest receivable on subordinated debt 49 42
249 222
Finance expense
Interest payable on bank and other borrowings (239) (147)
Interest expense on unwinding of discount (208) –
Finance leases (5) (26)
(452) (173)
Net finance (expense)/income (203) 49
44 Cyril Sweett Group plc
Annual report and accounts 2009
Financial statements Financial statements
Cyril Sweett Group plc 45
Annual report and accounts 2009
Financial statements
5. Profit before taxation is stated after charging/ (crediting):
2009 2008
£’000 £’000
Employee benefit expense (note 6) 47,654 39,132
Depreciation of property, plant and equipment
Owned assets 870 515
Under finance leases 4 110
Amortisation of intangible assets (included in administrative expenses)
Owned assets 480 171
Under finance leases – 52
Impairment loss recognised on trade receivables 1,264 307 
Loss on sale of property, plant and equipment 21 28
Operating lease rentals
Plant and equipment 726 593
Property 2,304 1,523
Auditors’ remuneration (see below) 163 664
Exchange gain (468) (28)
Exceptional costs:
Restructuring costs 1,459 –
Bad and doubtful debts 1,788 –
Vacant property costs 514 –
3,761 –
Restructuring costs included redundancy costs of £1.23m and other restructuring costs of £0.23m. Further details of the above
exceptional costs are provided in the Chief Executive’s review.
Services provided by the company’s auditors and its associates
2009 2008
£’000 £’000
Fees payable to company’s auditor for the audit of the parent company and consolidated financial statements 15 85
Fees payable to company’s auditor for other services
– the audit of company’s subsidiaries pursuant to legislation 100 6
– tax advisory and compliance services 51 36
– Pension advisory 10 –
– General consultancy 7 537
183 664
Included in the general consultancy are fees amounting to £nil (2008: £332,000), in respect of due diligence reviews, which have 
been capitalised. 6. Directors and employees
2009 2008
Group Company Group Company
£’000 £’000 £’000 £’000
Staff costs, including directors, were as follows:
Wages and salaries 40,934 824 34,345 32,042
Social security costs 4,091 115 3,589 3,462
Share-based payments 105 20 77 77
Redundancy costs 1,225 – ––
Compensation for loss of office (director) 119 119 ––
Post-employment benefit
Defined contribution plan 1,070 52 910 826
Defined benefit plan 110 – 211 211
Total employee benefit expense 47,654 1,130 39,132 36,618
The average number of employees during the year:
Fee earners 743 – 580 542
Administration 219 11 129 120
Total staff 962 11 709 662
2009 2008
Group and company £’000 £’000
Directors’ emoluments
Aggregate emoluments 817 874
Aggregate gains made on exercise of share options – 128
Company contributions to money purchase scheme 37 42
Compensation for loss of office 119 –
973 1,044
2009 2008
£’000 £’000
Highest paid director:
Aggregate emoluments 202 210
Aggregate gains made on exercise of share options – 52
Company contributions to money purchase scheme 13 12
215 274
The highest paid director did not exercise options during the year (2008: 216,346).
2009 2008
Number Number
Number of directors earning pension entitlement through company pension contributions 5 6
Directors exercising share options:
Number of directors exercising share options – 2
46 Cyril Sweett Group plc
Annual report and accounts 2009
Financial statements Financial statements
Cyril Sweett Group plc 47
Annual report and accounts 2009
Financial statements
6. Directors and employees (continued)
Key management compensation
Key management of the company are considered to be the directors.
2009 2008
Group and company £’000 £’000
Aggregate emoluments 817 874
Share-based payments 15 11
Company contributions to money purchase scheme 37 42
Compensation for loss of office 119 –
988 927
7. Taxation
(a) Analysis of charge in the year
2009 2008
£’000 £’000
Current tax:
UK corporation tax 421 1,577 
Overseas tax 68 106 
Double tax relief – (41)
Adjustments in respect of previous years 14 44 
503 1,686 
Deferred taxation:
Origination and reversal of timing differences – note 15 65 123 
Income tax expense – note 7(b) 568 1,809 
(b) Factors affecting the tax charge for the year:
The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate
applicable to the profits of the consolidated entities as follows: 
2009 2008
£’000 £’000
Profit before tax 2,202 5,859
Tax calculated at domestic tax rates applicable to profits in the respective entities 617 1,758
Tax effect of:
Expenses not deductible for tax purposes 293 430
Deferred tax charge/(relief) in respect of share options – (384)
Different tax rates on overseas earnings (378) (133)
Prior year adjustments (other than changes in provisions) 36 45
Impact of deferred tax on changes in tax rates – 10
Other timing differences – 83
Total taxation 568 1,809 
The weighted average applicable tax rate was 25.8% (2008: 30.9%). The decrease is caused by a change in the profitability of the Group’s
subsidiaries in the respective countries net against the impact of expenses not deductible for tax purposes. 7. Taxation (continued)
The income tax (charged)/credited to equity during the year was as follows:
2009 2008
£’000 £’000
Deferred taxation:
Fair value reserves in shareholders’ equity:
– Available-for-sale financial assets (note 13) 91 –
Tax on actuarial loss/gain on retirement benefit scheme 484 (182)
Impact of change in the UK tax rate on deferred tax – 12
Share option scheme (459) 459
116 289
8. Dividends
2009 2008
£’000 £’000
Interim dividend paid of 0.90p per share in respect of the year ended 31 March 2009 510 443 
Final dividend paid of 1.60p per share in respect of the year ended 31 March 2008 920 947 
1,430 1,390 
Dividend per share in respect of the financial year:
Interim dividend per share paid during the year 0.90p 0.80p
Final dividend per share declared for the year 1.50p 1.60p
The Board has declared a final dividend in respect of the year ended 31 March 2009 of 1.50p per share amounting to £863,735 
(2008: 1.60p per share amounting to £920,637). These financial statements do not reflect the final dividend for 2009.
9. Earnings per share
2009 2008
£’000 £’000
Profit for the financial year attributable to equity shareholders 1,634 4,050
Number Number
Weighted average number of shares in issue 57,184,008 49,098,651
Basic earnings per share (pence) 2.9 8.3
Weighted average number of shares in issue 57,184,008 49,098,651
Adjustment for: 
Diluted effect of share options 1,345,095 2,877,532
Weighted average number of ordinary shares for diluted earnings per share 58,529,103 51,976,183
Diluted earnings per share (pence) 2.8 7.8
48 Cyril Sweett Group plc
Annual report and accounts 2009
Financial statements Financial statements
Cyril Sweett Group plc 49
Annual report and accounts 2009
Financial statements
9. Earnings per share (continued)
Basic
Basic earnings per share is calculated by dividing the profit attributable to equity shareholders by the weighted average number of
ordinary shares in issue during the year excluding Ordinary shares purchased by the company and held as treasury shares (note 23).
Diluted
Diluted earnings per share is calculated by adjusting the weighted average number of Ordinary shares outstanding to assume
conversion of all dilutive potential ordinary shares. The company’s dilutive potential Ordinary shares are share options. A calculation is
done to determine the number of shares that could have been acquired at fair value (determined as the average annual market share
price of the company’s shares) based on the monetary value of the subscription rights attached to outstanding share options. The
number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise of the
share options.
10. Goodwill
Goodwill
Group £’000
Cost
At 1 April 2008 3,615 
Additions 7,252 
At 31 March 2009 10,867 
Impairment
At 1 April 2008 and at 31 March 2009 295
Net book amount
At 31 March 2009 10,572
At 31 March 2008 3,320
Goodwill
Company £’000
Cost
At 1 April 2008 and at 31 March 2009 2,940
Impairment
At 1 April 2008 and at 31 March 2009 237
Net book amount
At 31 March 2009 2,703
At 31 March 2008 2,703  10. Goodwill (continued)
On 1 April 2008 Cyril Sweett Australia Pty Limited, the Company’s wholly-owned subsidiary undertaking in Australia, completed the
acquisition of the entire share capital of Burns Bridge Holdings Pty Limited and its subsidiary companies. Goodwill arising on this
acquisition amounted to £3.0m.
On 3 April 2008, Cyril Sweett Limited, the company’s wholly-owned subsidiary, completed the acquisition of the trade, certain assets and
goodwill of Nisbet LLP together with 100% of the share capital of Nisbet Project Safety Limited. Goodwill arising on these acquisitions
amounted to £3.8m and £0.2m respectively.
On 4 April 2008, Cyril Sweett Limited, the company’s wholly-owned subsidiary, completed the acquisition of the trade, certain assets and
goodwill of Roger Richards Partnership. Goodwill arising on this acquisition amounted to £0.2m.
Further details of the above acquisitions are included at note 26.
The key assumptions used in the value in use calculations for the evaluation of the carrying value of goodwill relating to the acquisition 
of the Cyril Sweett Group, BoydCreedSweett Limited, Nisbet LLP, Nisbet Project Safety Limited, Roger Richards Partnership and Cyril
Sweett Australia Pty Limited were:
• Revenue and profit before tax to grow in line with the rate of inflation, estimated at 3%;
• A pre-tax discount rate of 10%.
The directors consider the assumption used to be prudent in light of the historical performance of each cash-generating unit and
economic and industry measures and forecasts.
11. Other intangible assets
Order book  
and customer Computer 
relationships software Total
Group £’000 £’000 £’000
Cost
At 1 April 2008 – 922 922 
Exchange differences – 1 1 
Additions – 347 347 
Acquired on business combinations (note 26) 1,692 7 1,699
Disposals – (120) (120)
At 31 March 2009 1,692 1,157 2,849 
Accumulated amortisation and impairment
At 1 April 2008 – 568 568 
Exchange differences – 1 1 
Charge for the year 201 279 480 
Disposals – (120) (120)
At 31 March 2009 201 728 929 
Net book amount
At 31 March 2009 1,491 429 1,920
At 31 March 2008 – 354 354 
50 Cyril Sweett Group plc
Annual report and accounts 2009
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Cyril Sweett Group plc 51
Annual report and accounts 2009
Financial statements
11. Other intangible assets (continued)
On 1 April 2008 Cyril Sweett Australia Pty Limited, the Company’s wholly-owned subsidiary undertaking in Australia, completed the
acquisition of the entire share capital of Burns Bridge Holdings Pty Limited and its subsidiary companies. The fair value of the “order
book and customer relationships” included in the purchase consideration amounted to £0.7m.
On 3 April 2008, Cyril Sweett Limited, the company’s wholly owned subsidiary, completed the acquisition of the trade, certain assets and
goodwill of Nisbet LLP . The fair value of the ‘order book and customer relationships’ included in the purchase consideration amounted to
£1.0m.
The net book amount of computer software [opposite] includes assets held on finance lease with a net book amount of £nil (2008: £48,000).
Amortisation of £480,000 (2008: £223,000) is included in ‘administrative expenses’.
Computer 
software
Company £’000
Cost
At 1 April 2008 920 
Transfer to subsidiary undertaking (920)
At 31 March 2009 –
Accumulated amortisation and impairment
At 1 April 2008 568 
Transfer to subsidiary undertaking (568) 
At 31 March 2009 – 
Net book amount
At 31 March 2009 –
At 31 March 2008 352 
The net book amount of computer software above includes assets held on finance lease with a net book value of £nil (2008: £48,000).
Amortisation of £nil (2008: £223,000) is included in ’administrative expenses’. 12. Property, plant and equipment
Fixtures Computer 
and fittings hardware Total
Group £’000 £’000 £’000
Cost
At 1 April 2008 1,785 1,027 2,812 
Exchange differences 44 15 59
Additions 681 402 1,083
Acquired on business combinations (note 26) 241 152 393
Disposals (59) (75) (134)
At 31 March 2009 2,692 1,521 4,213
Accumulated depreciation
At 1 April 2008 831 702 1,533
Exchange differences 27 26 53
Charge for the year 471 403 874
Disposals (34) (75) (109)
At 31 March 2009 1,295 1,056 2,351
Net book amount
At 31 March 2009 1,397 465 1,862
At 31 March 2008 954 325 1,279 
The net book amount of property, plant and equipment above includes computer hardware held on finance lease with a net book amount
of £7,000 (2008: £145,000).
Depreciation expense of £874,000 (2008: £625,000) is included in ’administrative expenses’. 
The Group leases various items of computer hardware under non-cancellable finance lease agreements. The lease terms are between
one and five years and ownership of the assets lies with the Group. 
52 Cyril Sweett Group plc
Annual report and accounts 2009
Financial statements Financial statements
Cyril Sweett Group plc 53
Annual report and accounts 2009
Financial statements
12. Property, plant and equipment (continued)
Fixtures Computer 
and fittings hardware Total
Company £’000 £’000 £’000
Cost
At 1 April 2008 1,659 905 2,564 
Transfer to subsidiary undertaking (1,659) (905) (2,564)
At 31 March 2009 –––
Accumulated depreciation
At 1 April 2008 774 645 1,419
Transfer to subsidiary undertaking (774) (645) (1,419)
At 31 March 2009 – – –
Net book amount
At 31 March 2009 –––
At 31 March 2008 885 260 1,145 
The net book amount of property, plant and equipment above includes computer hardware held on finance lease with a net book amount
of £nil (2008: £135,000).
Depreciation expense of £nil (2008: £588,000) is included in ’administrative expenses’. 
13. Financial assets
Available-for- Loans and 
sale assets receivables Total
Group £’000 £’000 £’000
Cost or fair value
At 1 April 2008 612 329 941 
Additions –1111
Fair value adjustment (325) – (325)
At 31 March 2009 287 340 627  13. Financial assets (continued)
Financial assets available for sale primarily relate to the capital cost of 19% of the issued share capital of Lift Investments Limited, 
a company incorporated in England and Wales, 5% of the issued share capital of Education 4 Ayrshire (Holdings) Limited, a company
incorporated in Scotland and 15% of Education 4 Dumfries & Galloway Limited, a company incorporated in Scotland. Fair values 
are based upon the prevailing secondary market discount rate for such assets together with prices obtained on the sale of 
similar investments. 
Loans and receivables are subordinated loans to Lift Investments Limited together with accrued interest (note 29).
13a. Investments
Shares in 
subsidiary 
undertakings
Company £’000
Cost or fair value
At 1 April 2008 1,767
Additions 27,445
Capital contribution relating to share-based payments 85
Revaluation of shares in subsidiary undertakings to fair value 2,357
Sale of investments to subsidiary undertakings (3,430)
At 31 March 2009 28,224
Provisions for impairment
At 1 April 2008 and at 31 March 2009 365
Net book amount
At 31 March 2009 27,859
At 31 March 2008 1,402 
Prior to the flotation of the company on AIM in October 2007 and until 31 March 2008, the Group’s UK business was conducted
predominantly directly through Cyril Sweett Group plc. With effect from 1 April 2008, the three separate trades involved were transferred
to new wholly-owned subsidiary companies formed for the purpose, being Cyril Sweett Limited, Cyril Sweett International (Holdings)
Limited and Cyril Sweett Investment Management Limited, enabling Cyril Sweett Group plc to operate as a more traditional holding
company. The assets involved were transferred at valuation, the consideration being satisfied by the issue of shares to Cyril Sweett 
Group plc by the subsidiary companies.
The capital contribution relating to share based payments relates to 3.7 million share options granted by the company to employees 
of subsidiary undertakings in the Group. Refer to note 24 for further details of the Group’s share option schemes.
54 Cyril Sweett Group plc
Annual report and accounts 2009
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Cyril Sweett Group plc 55
Annual report and accounts 2009
Financial statements
14. Subsidiary undertakings
Group’s Class of Country of
interest shares held registration Principal activities
Cyril Sweett Investments Limited 100% Ordinary England Intermediate holding company
Cyril Sweett International (Holdings) Limited 100% Ordinary England Intermediate holding company
Cyril Sweett Limited 100% Ordinary England Construction consultancy
Cyril Sweett & Partners Limited + 100% Ordinary England Dormant
C.E. Ball & Partners Limited + 100% Ordinary England Dormant
Cyril Sweett Trustee Company Limited * + 100% Ordinary England Corporate Trustee
Lift Partnerships Limited + 100% Ordinary England Construction consultancy
Nisbet Project Safety Limited + 100% Ordinary England Construction consultancy
CSBC (Healthcare) Limited + 100% Ordinary Ireland Construction consultancy
Cyril Sweett Limited (formerly 100% Ordinary Ireland Construction consultancy
BoydCreedSweett Limited) +
Cyril Sweett Espana S.L. + 100% Ordinary Spain Construction consultancy
Cyril Sweett International Limited + 100% Ordinary Cyprus Intermediate holding company
Cyril Sweett (Cyprus) Limited + 100% Ordinary Cyprus Intermediate holding company
Cyril Sweett (India) Private Limited + 100% Ordinary India Construction consultancy
Cyril Sweett Australia Pty Limited + 100% Ordinary Australia Intermediate holding company
Cyril Sweett France SAS 100% Ordinary France Non-trading
Cyril Sweett HK Limited + 100% Ordinary Hon Kong Non-trading
BurnsBridge Sweett Holdings Pty Limited + 100% Ordinary Australia Intermediate holding company
BurnsBridge Sweett Pty Limited + 100% Ordinary Australia Construction consultancy
Burns Bridge UAE Pty Limited + 100% Ordinary Australia Construction consultancy
BurnsBridge Sweett Pte Limited + 100% Ordinary Singapore Construction consultancy
All subsidiary undertakings are direct holdings of the company unless denoted by +.
*Cyril Sweett Trustee Company Limited is the corporate trustee of the Cyril Sweett Share Incentive Plan.
The above subsidiary undertakings are all included in these consolidated accounts. 15. Deferred taxation
The movement in deferred income tax assets and liabilities during the year, without taking into account the off-setting of balances with
the same tax jurisdiction, is as follows:
2009 2008
Group Company Group Company
£’000 £’000 £’000 £’000
Deferred tax:
At 1 April 601 769 435 615
Transfer to subsidiary undertaking – (133) ––
Charged to the income statement (65) (178) (123) (123)
Acquired on business combinations (note 26) 88 – ––
Credited directly to reserves 116 25 289 277
At 31 March 740 483 601 769
Disclosed as:
Deferred tax asset 817 483 769 769
Deferred tax liability 77 – 168 –
Deferred taxation provided in the accounts is as follows:
Capital allowances in advance of depreciation 334 – 101 101
Outstanding share options –– 615 615
Other timing differences (78) (1) (115) 53
Retirement benefit obligations (note 20) 484 484 ––
At 31 March 740 483 601 769
Deferred tax estimated to be recoverable within one year is £186,000 (2008: £162,000). There are no material unrecognised deferred 
tax assets.
16. Trade and other receivables
2009 2008
Group Company Group Company
Current receivables £’000 £’000 £’000 £’000
Gross amount due from customers for contract work 97,110 – 60,593 56,210
Less: progress payments received (90,489) – (54,932) (51,247)
6,621 – 5,661 4,963
Trade receivables 19,858 – 17,442 14,905
Less: provision for impairment (2,154) – (947) (902)
17,704 – 16,495 14,003
Amounts due from Group undertakings – 3,656 – 2,572
Other receivables 1,542 325 811 193
Prepayments and accrued income 1,877 – 1,471 1,400
27,744 3,981 24,438 23,131
Amounts due from the Group undertakings are unsecured, interest free and repayable on demand.
56 Cyril Sweett Group plc
Annual report and accounts 2009
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Cyril Sweett Group plc 57
Annual report and accounts 2009
Financial statements
16. Trade and other receivables (continued)
As at 31 March 2009, trade receivables of £2,634,000 (2008: £2,246,000) were impaired by either a bad debt or credit note provision. 
The amount of the debt provision was £2,154,000 (2008: £947,000). The individually impaired receivables relate to clients’ inability to 
raise funding in the current climate, the impact of the recession on clients’ ability to pay and ongoing minor disputes with clients. 
The ageing of these receivables is as follows:
2009 2008
Group Company Group Company
£’000 £’000 £’000 £’000
Less than 90 days 12 – 436 430 
Over 90 days 2,622 – 1,810 1,765 
2,634 – 2,246 2,195 
As of 31 March 2009, trade receivables of £9,810,000 (2008: £7,826,000) were past due but not impaired. These relate to a number of
independent customers for whom there is no recent history of default. The ageing analysis of these trade receivables is as follows:
2009 2008
Group Company Group Company
£’000 £’000 £’000 £’000
Less than 90 days 5,542 – 5,601 4,653
Over 90 days 4,268 – 2,225 1,069
9,810 – 7,826 5,722
The carrying amounts of receivables are denominated in the following currencies:
2009 2008
Group Company Group Company
£’000 £’000 £’000 £’000
Pounds 11,636 – 13,773 13,768 
Euros 2,082 – 2,331 235 
Dirhams 2,144 – 356 – 
Indian rupees 763 – 35 – 
Australian dollars 738 – ––
Singapore dollars 341 – ––
17,704 – 16,495 14,003  16. Trade and other receivables (continued)
Movements on the provision for impairment of trade receivables are as follows:
2009 2008
Group Company Group Company
£’000 £’000 £’000 £’000
At 1 April 947 902 640 638 
Exchange differences 67 – ––
Transfer to subsidiary undertaking – (902) ––
Provision for receivables impairment 1,664 – 550 507 
Amounts reversed or utilised (524) – (243) (243)
At 31 March 2,154 – 947 902 
The Group has a very good history of receivable recovery but the exceptional nature of the current economic climate and the effect of 
the ‘credit crunch’ have adversely affected clients’ ability to pay. The creation of provisions for impaired receivables for 2009 has been
included in ’exceptional administrative expenses’ in the income statement. Amounts charged to the allowance account are generally
written off when there is no expectation of recovering additional cash.
The other classes of trade and other receivables do not contain impaired assets.
The maximum exposure to credit risk at the reporting date is the book value of the receivable balances mentioned above. The Group
does not hold any collateral as security.
17. Cash and cash equivalents 
2009 2008
Group Company Group Company
£’000 £’000 £’000 £’000
Cash at bank and in hand 3,818 153 6,730 5,101
The effective interest rate on cash balances was 4.5% (2008: 5.6%).
18. Financial liabilities
2009 2008
Group Company Group Company
Current £’000 £’000 £’000 £’000
Bank loans 270 182 674 674 
Obligations under finance lease and hire purchase contracts 7– 119 114 
277 182 793 788 
2009 2009 2008 2008
Non-current £’000 £’000 £’000 £’000
Bank loans 3,424 1,568 86 86 
Obligations under finance lease and hire purchase contracts 7– 10 – 
3,431 1,568 96 86 
58 Cyril Sweett Group plc
Annual report and accounts 2009
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Cyril Sweett Group plc 59
Annual report and accounts 2009
Financial statements
18. Financial liabilities (continued)
2009 2008
Group Company Group Company
Bank loans £’000 £’000 £’000 £’000
Analysis of maturity of debt:
Within one year or on demand 270 182 674 674 
Between one and two years 182 182 86 86 
Between two and five years 3,242 1,386 – – 
3,694 1,750 760 760 
The fair value of financial liabilities was the same as the carrying value. 
The Group’s principal banker is Bank of Scotland plc, which has provided the following arrangements secured by a first and only
debenture and a cross-guarantee of the Group and certain subsidiaries:
1. A multi-currency revolving credit facility of up to £5m for the financing of acquisitions. The rate of interest is 1.1% over LIBOR or
EURIBOR and draw downs are repayable in 2013, with prepayment in whole or in part permitted. £3.1m of this facility was used 
at the balance sheet date.
2. A share purchase loan of up to £3m, £2m of which is committed and £1m of which is uncommitted, with interest at 1.85% over LIBOR
and repayable by instalments with the final instalment, if fully drawn, in 2013. £0.5m of this facility was used at the balance sheet date;
3. A £4m committed overdraft facility repayable on 30 November 2009 with interest at 1.35% over Bank of Scotland plc base rate; and
4. A letter of credit facility for £4m for use in guaranteeing debt obligation to the Group’s PPP/PFI investments whilst under construction.
Further bank loans of £88,000 (2008: £760,000) in respect of asset finance are unsecured.
The present value of finance leases liabilities falls due as follows:
2009 2008
Group Company Group Company
£’000 £’000 £’000 £’000
Within one year or on demand 7– 123 118 
Between one and two years 8– 11 – 
15 – 134 118 
Future finance charges on finance leases (1) – (5) (4)
Present value of finance lease liabilities 14 – 129 114 
The present value of finance leases liabilities falls due as follows:
2009 2008
Group Company Group Company
£’000 £’000 £’000 £’000
Analysis of maturity of debt:
Within one year or on demand 7– 119 114 
Between one and two years 7– 10 – 
14 – 129 114  19. Trade and other payables
2009 2008
Group Company Group Company
Current £’000 £’000 £’000 £’000
Amounts due to customers on long-term contracts 1,482 – 1,495 969
Trade payables 2,003 – 993 981
Amounts due to Group undertakings – 910 – 651
Other taxes and social security costs 2,902 31 2,890 2,691
Other payables (see below) 4,200 123 1,909 1,858
Accruals and deferred income 2,713 5 2,081 1,668
13,300 1,069 9,368 8,818
2009 2008
Group Company Group Company
Other payables £’000 £’000 £’000 £’000
Dilapidation provision 300 – 150 150
Profit sharing 118 – 1,180 1,180
Restructuring costs 846 – ––
Deferred acquisition consideration 1,817 – ––
Other payables 1,119 123 579 528
4,200 123 1,909 1,858
2009 2008
Group Company Group Company
Non-current £’000 £’000 £’000 £’000
Other payables (deferred acquisition consideration) 643 – ––
Further details of deferred acquisition consideration are shown at note 26. The fair value of other payables approximates to their 
carrying value.
20. Retirement benefit obligations
Defined benefit pension schemes
The company’s funded defined benefit pension scheme was closed to new members from 1 January 1999 and with effect from 
30 June 2003 the company stopped making contributions to this scheme for current members in respect of their future service.
Contributions that previously would have been paid into this scheme are now being paid into the Cyril Sweett Group Personal 
Pension Scheme.
Full actuarial valuations are prepared every three years and the valuation due at 30 June 2008 is currently being completed using the
following annual growth rate assumptions:
Investment return 5.3% – 6.8%
Salary increases n/a
Pension increases 3.85%
At the latest actuarial valuation being completed as at 30 June 2008 the market value of the assets was £9,106,000 which represented
73% of the benefits accrued to members on an ongoing basis, the resulting deficit being £3,297,000.
60 Cyril Sweett Group plc
Annual report and accounts 2009
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Cyril Sweett Group plc 61
Annual report and accounts 2009
Financial statements
20. Retirement benefit obligations (continued)
During the year the company contributed at the rate of £40,000 per month and the current schedule of contributions requires ongoing
contributions of this amount to continue for the coming year .
The most recent and full actuarial valuation was carried out at 30 June 2005, by an independent actuary, and has been updated to 
31 March 2009 for the purposes of inclusion of information about the pension scheme in these accounts. The main assumptions used 
by the actuary were:
% % % % 
per annum per annum per annum per annum
31 March 31 March 31 March 31 March
2009 2008 2007 2006
Rate of increase of salaries n/a n/a n/a n/a
Rate of increase of index-linked pensions in payment 3.1% 3.6% 3.3% 3.1%
Discount rate 7.0% 6.8% 5.4% 5.0%
Inflation assumption 3.1% 3.6% 3.3% 3.1%
The assumptions used by the actuary are best estimates chosen from a range of possible actuarial assumptions which, due to the
timescale covered, may not necessarily be borne out in practice.
The amounts recognised in the balance sheet are determined as follows:
2009 2008 2007 2006
£’000 £’000 £’000 £’000
Present value of plan assets 8,006 9,199 9,140 8,609
Present value of funded obligation (9,296) (9,199) (10,351) (10,347)
Liability in the balance sheet (1,290) – (1,211) (1,738)
Related deferred tax asset 484 – 363 521
Net pension liability (806) – (848) (1,217)
The amounts recognised in the income statement are as follows:
2009 2008 2007 2006
£’000 £’000 £’000 £’000
Current service costs 110 211 180 142
Expected return on plan assets (569) (630) (587) (485)
Interest cost 612 551 509 467
Total included in administrative expenses 153 132 102 124
Actuarial gains and (losses) shown in the Statement of Recognised Income and Expense (SORIE) are as follows:
2009 2008
£’000 £’000
Actuarial (losses)/gains (1,727) 651
Limit on recognition of assets – –
(1,727) 651
Cumulative (losses) and gains recognised in the SORIE (1,145) 582 20. Retirement benefit obligations (continued)
Reconciliation of opening and closing balances of the present value of the defined benefit obligation
2009 2008
£’000 £’000
Benefit obligation at beginning of year 9,199 10,351
Service cost 110 211
Interest cost 612 551
Actuarial gain (117) (1,395)
Benefits paid (508) (519)
Benefit obligation at end of year 9,296 9,199
Reconciliation of opening and closing balances of the fair value of plan assets
2009 2008
£’000 £’000
Fair value of plan assets at beginning of year 9,199 9,140
Expected return on plan assets 569 630
Actuarial loss (1,844) (744)
Contributions by employers 590 692
Benefits paid (508) (519)
Fair value of plan assets at end of year 8,006 9,199
The major categories of plan assets and the expected rate of return at the balance sheet date for each category, is as follows:
Long-term Long-term 
rate of return rate of return
expected at Fair value at expected at Fair value at
31 March 31 March 31 March 31 March
2009 2009 2008 2008
p.a. £’000 p.a. £’000
Equities and property 8.20% 3,376 7.50% 4,744
Fixed interest 4.70% 2,118 5.00% 1,993
Index linked gilts 4.20% 2,511 4.50% 2,397
Cash and other 0.50% 1 5.25% 65
8,006 9,199
The actual return on assets over the period was: (1,275) (114)
Present value of defined obligation:
Funded plans 9,296 9,199
Unfunded plans – –
Total 9,296 9,199
Present value of unfunded obligations 1,290 –
Unrecognised actuarial gains (losses) – –
Net liability in balance sheet 1,290 –
In 2009 there was a negative return on plan assets of £1,275,000 (2008: £114,000).
The contribution expected to be paid during the financial year to 31 March 2010 amounts to £480,000.
62 Cyril Sweett Group plc
Annual report and accounts 2009
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Cyril Sweett Group plc 63
Annual report and accounts 2009
Financial statements
20. Retirement benefit obligations (continued)
The fair value of the scheme’s assets, which are not intended to be realised in the short term and may be subject to significant change
before they are realised, and the present value of the scheme’s liabilities, which are derived from cash flow projections over long periods,
are thus inherently uncertain.
The history of scheme assets, obligations and experience adjustments is as follows:
As at As at As at As at As at
31 March 31 March 31 March 31 March 31 March
2009 2008 2007 2006 2005
£’000 £’000 £’000 £’000 £’000
Present value of defined benefit obligation 9,296 9,199 10,351 10,347 8,756
Fair value of scheme assets 8,006 9,199 9,140 8,609 6,811
(Deficit)/surplus in the scheme (1,290) – (1,211) (1,738) (1,945)
Experience adjustments arising on scheme liabilities (117) (1,395) (170) 1,357 193
Experience item as a percentage of scheme liabilities (1%) (15%) (2%) 13% 2%
Experience adjustments arising on scheme assets (1,844) (744) (230) 1,327 214
Experience item as a percentage of scheme assets (23%) (8%) (3%) 15% 3%
Money purchase pension schemes
The contribution to the Cyril Sweett Group plc Group personal pension scheme for the period 1 April 2008 to 31 March 2009 was
£875,000 (2008: £878,000).
The company also contributes to employees’ personal pension schemes and the charge for the year was £114,000 (2008: £120,000).
At the year end the accounts included an accrual for pension contributions of £76,000 (2008: £71,000).
21. Share capital
2009 2008
Group and company £’000 £’000
Authorised:
75,000,000 (2008: 75,000,000) Ordinary shares of 10p each 7,500 7,500
2009 2008
£’000 £’000
Called up and fully paid:
Ordinary shares of 10p each 5,759 5,534
2009 2008
000’s 000’s
Number of shares
Ordinary shares of 10p each 57,582 55,336
2009 2008
Movement in share capital £’000 £’000
At 1 April 5,534 4,451
Shares issued (note 22) 225 1,083
At 31 March 5,759 5,534 22. Share premium account
2009 2008
Group and company £’000 £’000
At 1 April 9,987 1,923
Shares issued 1,998 9,632
Issue costs (30) (1,568)
At 31 March 11,955 9,987
On 3 April 2008 the company issued 2,203,928 Ordinary shares of 10p each at a premium of 90p per share, in part satisfaction of the
acquisition of the trade, certain assets and goodwill of Nisbet LLP . 
On 10 December 2008 the company issued 42,533 Ordinary shares of 10p each at a premium of 34p per share, in part satisfaction 
of the award of ’Free shares’ to employees, in accordance with the terms of the Cyril Sweett All Employee Share Ownership Plan (SIP).
The shares were issued to Cyril Sweett Trustee Company Limited, the corporate trustee of the SIP .
23. Treasury shares
2009 2008
Group and company £’000 £’000
At 1 April 341 354 
Disposals (223) (13)
At 31 March 118 341
As at 31 March 2009, the Treasury shares represent 368,838 Ordinary shares of 10p each (2008: 354,006 Ordinary shares of 10p each) of
the company held by the company’s Employee Benefit Trust and Share Incentive Plan set out below with a value of £118,000 (2008:
£341,000). These shares represented 0.6% (2008: 0.6%) of the company’s issued share capital. 
Cyril Sweett Employee Benefit Trust
The Employee Benefit Trust was established as a scheme for encouraging or facilitating the holding of shares in the company by or for
the benefit of bona fide employees of the company. Assets and liabilities recorded by the Employee Benefit Trust are treated as assets
and liabilities of the company, but are under the day-to-day control of trustees. 
The trustees have the power to grant options over any shares held by the trust or to sell or transfer any such shares to any beneficiaries
from time to time provided always that the trustees consider that the grant of options or sale of shares will be advantageous to the
beneficiaries. Costs of the Employees Benefit Trust have been recorded as a part of operating expenses of the company. At 31 March
2009 the Employee Benefit Trust held 7,895 shares (2008: 209,081 shares) which were valued at £3,000 (2008: £212,000).
Cyril Sweett Share Incentive Plan
The Share Incentive Plan was established to enable qualifying employees to acquire shares in the company out of untaxed income and
provides a tax efficient means of granting shares to employees. Dividends received by the plan in cash are used to purchase additional
shares on behalf of individuals. Free shares are awarded to qualifying employees based on remuneration.
As of 31 March 2009 the plan held 360,943 shares (2008: 144,295 shares) with a value of £115,000 (2008: £129,000) which had not been
allocated to individual employees.
64 Cyril Sweett Group plc
Annual report and accounts 2009
Financial statements Financial statements
Cyril Sweett Group plc 65
Annual report and accounts 2009
Financial statements
24. Equity settled share-based payments
The company has granted certain unapproved share options together with share options under its Approved Company Share Option Plan
(CSOP) and its Enterprise Management Incentive (EMI) scheme. These options have a contractual life of 10 years and are exercisable 
on the third anniversary from the date of grant. The Group has no legal or constructive obligation to repurchase or settle the options in
cash and options lapse if an option holder is not a full-time employee of the Group. The unexercised options at the end of the year are
stated below.
Option 
exercise 2009 2008
price Shares Shares
Date of grant of option per share ’000 ’000
Unapproved options
20 November 2000 13.6p 175 175
31 October 2007 110.0p 805 920
14 January 2008 110.0p 30 30
1 October 2008 67.5p 246 –
1,256 1,125
CSOP
20 November 2000 13.6p – 65
21 September 2001 15.9p 157 157
29 January 2007 42.7p 100 100
31 March 2007 45.0p 44 44
31 March 2008 94.5p 30 30
3 April 2008 95.5p 157 –
31 July 2008 95.5p 31 –
31 July 2008 52.5p 19 –
538 396
EMI
6 October 2003 20.8p 362 559
28 November 2005 33.5p 1,067 1,223
16 October 2006 42.7p 1,320 1,490
2,749 3,272
The estimated fair values of these share options range between 5p per share and 20p per share. This was calculated by applying a
binomial option pricing model. The model inputs were the share price at grant date, the appropriate exercise price, expected volatility of
30% (2008: 30%), expected dividend yield of 2.5% (2008: 2.5%), contractual life of 10 years and a risk-free interest rate of 5.5% (2008:
5.5%). It was assumed that employees would exercise their options during the first year after the option vesting date. The volatility of 
30% represents the average of the volatility of a range of listed companies which operate in the same or similar sector as this company.
The value of employee services provided of £105,000 (2008: £77,000) has been charged to the income statement. 24. Equity settled share-based payments (continued)
Further details of the three share option plans are as follows:
2009 2008
Weighted Weighted 
average average
exercise exercise
Number price Number price
of options 000’s of options 000’s
Outstanding at the start of the period 4,793 49.7p 5,534 30.5p
Granted 453 78.5p 980 110.0p
Forfeited (425) 57.8p (202) 36.9p
Exercised (278) 19.8p (1,519) 20.2p
Outstanding at the end of the period 4,543 38.4p 4,793 49.7p
Exercisable at the end of the period 1,760 38.4p 956 49.7p
Options exercised during 2009, over 278,002 shares, were satisfied by shares held in the Cyril Sweett Employee Benefit Trust (2008:
697,115 shares were issued at 20.8p each and 125,000 shares were issued at 13.6p each). The related weighted average share price 
at the time of exercises was 49.7p (2008: 30.5p) per share.
Share options outstanding at the end of the year have the following expiry dates and exercise prices:
Exercise price
Shares
Expiry date of option per share 2009 2008
20 November 2010 13.6p 175,000 240,000
21 September 2011 15.9p 157,233 157,233
6 October 2013 20.8p 360,577 558,654
28 November 2015 33.5p 1,067,159 1,222,636
16 October 2016 42.7p 1,320,000 1,490,000
29 January 2017 42.7p 100,257 100,257
1 March 2017 45.0p 44,444 44,444
31 October 2017 110.0p 805,000 920,000
14 January 2018 110.0p 30,000 30,000
31 March 2018 94.5p 30,000 30,000
3 April 2018 95.5p 157,068 –
31 July 2018 52.5p 19,047 –
31 July 2018 95.5p 31,412 –
1 October 2018 67.5p 245,926 –
4,543,123 4,793,224
Share option reserve
2009 2008
Group and company £’000 £’000
At 1 April 615 154
Value of employee services provided 105 77
Deferred tax on unexercised options (459) 459
Transfer to retained earnings on exercise (12) (75)
At 31 March 249 615
66 Cyril Sweett Group plc
Annual report and accounts 2009
Financial statements Financial statements
Cyril Sweett Group plc 67
Annual report and accounts 2009
Financial statements
25. Statement of changes in shareholders’ equity 
Share Share Treasury Share option Retained 
capital premium shares reserve earnings Total equity
Group £’000 £’000 £’000 £’000 £’000 £’000
At 1 April 2007 4,451 1,923 (354) 154 7,905 14,079
Exchange differences –––– 280 280
Profit for the year –––– 4,050 4,050
Dividends –––– (1,390) (1,390)
Actuarial gain –––– 651 651
Deferred tax on actuarial gain –––– (182) (182)
Deferred tax on available for sale investments –––– 12 12
Employee share option scheme
– value of services provided – – – 77 – 77
– exercise of awards – – – (75) 75 –
– deferred tax on unexercised options – – – 459 – 459
Purchase of shares by the EBT less exercise 
price of options exercised over these shares –––– (595) (595)
Disposal of shares during the year – – 13 – – 13
New shares issued during the year 1,083 9,632––– 10,715
Issue costs – (1,568) – – – (1,568)
At 31 March 2008 5,534 9,987 (341) 615 10,806 26,601
Exchange differences –––– 690 690
Profit for the year –––– 1,634 1,634
Dividends –––– (1,430) (1,430)
Actuarial loss –––– (1,727) (1,727)
Deferred tax on actuarial loss –––– 484 484
Financial assets available for sale
– Fair value adjustment –––– (325) (325)
– Deferred tax adjustment –––– 91 91
Employee share option scheme
– value of services provided – – – 105 – 105
– exercise of awards – – – (12) 12 –
– deferred tax on unexercised options – – – (459) – (459)
Purchase of shares by the EBT less exercise 
price of options exercised over these shares –––– (262) (262)
Cost of treasury shares less value transferred in 
settlement of deferred acquisition consideration –––– (202) (202)
Revaluation of shares held in treasury –––– 726 726
Disposals during the year – – 223 – – 223
New shares issued during the year 225 1,998––– 2,223
Issue costs – (30) – – – (30)
At 31 March 2009 5,759 11,955 (118) 249 10,497 28,342
Cumulative exchange gains recorded through the statement of changes in shareholders’ equity amounted to £817,000 (2008: £127,000).
Included in retained earnings is an amount of £198,000 (2008: £432,000) which is not available for distribution. 25. Statement of changes in shareholders’ equity (continued)
Share Share Treasury Share option Retained 
capital premium shares reserves earnings Total equity
Company £’000 £’000 £’000 £’000 £’000 £’000
At 1 April 2007 4,451 1,923 (354) 154 6,386 12,560
Exchange differences –––– (2) (2)
Profit for the year –––– 3,664 3,664
Dividends –––– (1,390) (1,390)
Actuarial gain –––– 651 651
Deferred tax on actuarial gain –––– (182) (182)
Employee share option scheme
– value of services provided – – – 77 – 77
– exercise of awards – – – (75) 75 –
– deferred tax on unexercised options – – – 459 – 459
Purchase of shares by the EBT less exercise 
price of options exercised over these shares –––– (595) (595)
Disposals during the year – – 13 – – 13
New shares issued during the year 1,083 9,632––– 10,715
Issue costs – (1,568) – – – (1,568)
At 31 March 2008 5,534 9,987 (341) 615 8,607 24,402
Exchange differences ––––––
Profit for the year –––– 7,752 7,752
Dividends –––– (1,439) (1,439)
Actuarial loss –––– (1,727) (1,727)
Deferred tax on actuarial loss –––– 484 484
Employee share option scheme
– value of services provided – – – 105 – 105
– exercise of awards – – – (12) 12 –
– deferred tax on unexercised options – – – (459) – (459)
Purchase of shares by the EBT less exercise 
price of options exercised over these shares –––– (262) (262)
Cost of treasury shares less value transferred in 
settlement of deferred acquisition consideration –––– (202) (202)
Disposals during the year – – 223 – – 223
New shares issued during the year 225 1,998––– 2,223
Issue costs – (30) – – – (30)
At 31 March 2009 5,759 11,955 (118) 249 13,225 31,070
68 Cyril Sweett Group plc
Annual report and accounts 2009
Financial statements Financial statements
Cyril Sweett Group plc 69
Annual report and accounts 2009
Financial statements
26. Acquisitions
In April 2008 the Group acquired the business, goodwill and certain assets of Nisbet LLP and Roger Richards Partnership, together with
100% of the share capital of Nisbet Project Safety Limited and BurnsBridge Sweett Holdings Pty Limited and its subsidiaries.
BurnsBridge Sweett Holdings Pty Limited contributed revenues of approximately £7,143,000 during the year and a net profit of £474,000.
The businesses of Nisbet LLP, Nisbet Project Safety Limited and Roger Richards Partnership have been fully integrated into the
business of Cyril Sweett Limited in the UK and accordingly it is not possible to quantify accurately the revenues, profits or losses
contributed by these businesses.
Details of net assets and goodwill are as follows:
Purchase consideration:
Nisbet Roger
Nisbet Project Richards 2009 2008
BurnsBridge LLP Safety Partnership £’000 £’000
Cash paid 1,856 1,727 250 120 3,953 104
Direct costs relating to the acquisitions 248 90 1 32 371 –
Fair value of shares issued – 2,204 – – 2,204 –
Fair value of treasury shares 991 375 – 40 1,406 –
Transfer from shares in joint venture –––– – 220
Deferred consideration payable 1,202 1,238 – 20 2,460 –
Total purchase consideration 4,297 5,634 251 212 10,394 324
The fair value of assets and liabilities was the same as the carrying value, with the exception of identified customer relationships and
order book. The fair value of assets and liabilities as of 1 April 2008 arising from acquisitions was as follows:
Nisbet Roger
Nisbet Project Richards 2009 2008
BurnsBridge LLP Safety Partnership £’000 £’000
Cash and cash equivalents 80 – 16 – 96 172
Property, plant and equipment 
(including computer software) 189 205 6 – 400 22
Customer relationships and order book 
(included in intangibles – note 11) 735 957 – – 1,692 –
Deferred tax assets 88––– 88 –
Trade and other receivables 1,545 640 141 – 2,326 628
Trade and other payables (1,256) – (83) – (1,339) (822)
Current tax liabilities (121) – – – (121) –
Net assets acquired 1,260 1,802 80 – 3,142 –
Goodwill 3,037 3,832 171 212 7,252 324
Total purchase consideration 4,297 5,634 251 212 10,394 324 26. Acquisitions (continued)
Nisbet Roger
Nisbet Project Richards 2009 2008
BurnsBridge LLP Safety Partnership £’000 £’000
Purchase consideration settled in cash 2,104 1,817 251 152 4,324 104
Cash and cash equivalents in subsidiaries acquired (80) – (16) – (96) (172)
Cash outflow/(inflow) on acquisitions 2,024 1,817 235 152 4,228 (68)
27. Cash flows from operations
2009 2008
Group Company Group Company
£’000 £’000 £’000 £’000
Operating profit/(loss) 2,405 (1,535) 5,810 5,394
Adjustment for:
Depreciation of property, plant and equipment 874 – 625 588
Amortisation of intangible assets 480 – 223 223
Loss on disposal of plant and equipment 21 – 28 28
Share-based payments 105 20 77 77
Operating cash flows before movements in working capital 3,885 (1,515) 6,763 6,310
(Increase)/decrease in receivables (328) 3,879 (2,434) (3,524)
Increase/(decrease) in payables 355 (5,974) (390) 623
3,912 (3,610) 3,939 3,409
28. Financial risk management
The main risks arising from the Group’s financial instruments are foreign currency risk, credit risk and liquidity risk. The Group seeks 
to manage these risks in a manner which ensures straightforward administration and operational flexibility, whilst minimising risk. 
The financial instruments used by the Group comprise internal cash resources, borrowings and debtors and creditors arising from
normal trading activities. Banking facilities are negotiated to provide working capital and acquisition finance to meet current and 
future requirements.
Foreign currency risk
Most of the Group’s trading activity is denominated in the currency relevant to the trading entity, thereby matching the currency with its
cost base. Where contracts are denominated in non-local currency, the policy is to mitigate the risk having regard to all the relevant
circumstances, normally by seeking to hedge the resultant currency exposure by way of a contract with the bank.
70 Cyril Sweett Group plc
Annual report and accounts 2009
Financial statements Financial statements
Cyril Sweett Group plc 71
Annual report and accounts 2009
Financial statements
28. Financial risk management (continued)
Liquidity risk
The Group’s objective is to ensure that sufficient cash reserves are available to fund ongoing activities and future development plans. 
This risk is managed by the policy of regular invoicing on long-term contracts.
Interest risk
The Group has an exposure to interest rate increases on its long-term debt. While interest rates remain at their current low levels, 
this risk has not been hedged.
Credit risk
The Group has no significant concentration of credit risk in terms of unusually large amounts due from individual clients. In the 
current economic climate, there is an inherent risk in exposure to the property market which the Group seeks to mitigate by regular
credit checks, regular payment requirements in its standard terms and conditions and the implementation of appropriate credit 
control procedures.
Capital risk
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide
returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the long-term cost 
of capital. 
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital 
to shareholders, issue new shares or sell assets to reduce debt.
The maturity of financial liabilities is as follows:
2009 2008
Group Company Group Company
£’000 £’000 £’000 £’000
Within one year 277 182 793 788
Between one and two years 189 182 96 86
Between two and five years 3,242 1,386 ––
3,708 1,750 889 874
The Group’s principal banker is Bank of Scotland Plc. The principal cash facilities available comprise a committed overdraft facility of
£4m, a five year committed revolving credit facility of £5m to be used for acquisition finance and a £2m four year committed Term Loan 
facility to be used for the purchases of the company’s own shares, either for cancellation or for treasury. In addition to these facilities, 
the principal banker has made available £1m on an uncommitted basis for purchases of the company’s own shares.
The facilities are subject to the following covenants:
• Net worth, including goodwill, shall not at any time be less than £20m;
• The ratio of earnings before interest, tax, depreciation and amortisation to total interest payable for each quarterly test date shall not
be less than 4:1.
The Group had £3,818,000 (2008: £6,730,000) of cash and cash equivalents at the year end held in bank accounts which was immediately
available for use. Cash surplus to short-term requirements is usually invested overnight on the money market to earn interest at rates
close to the prevailing local base rates. For the first six months of the year term deposits were also placed. The effective interest rate on
cash held was 4.5% (2008 5.6%). 28. Financial risk management (continued)
Financial instruments by category
Loans and Available-
receivables for-sale Total
Group £’000 £’000 £’000
At 31 March 2009
Assets as per balance sheet
Available for sale assets – 287 287
Trade and other receivables 26,207 – 26,207
Cash and cash equivalents 3,818 – 3,818
Total 30,025 287 30,312
Other
financial
liabilities at 
amortised 
cost
£’000
At 31 March 2009
Liabilities as per balance sheet
Borrowings (excluding finance lease liabilities) 3,694
Finance lease liabilities 14
Trade and other payables excluding statutory liabilities 9,777
Total 13,485
Loans and Available-
receivables for-sale Total
£’000 £’000 £’000
At 31 March 2008
Assets as per balance sheet
Available-for-sale assets – 612 612
Trade and other receivables 23,296 – 23,296
Cash and cash equivalents 6,730 – 6,730
Total 30,026 612 30,638
Other
financial
liabilities at 
amortised 
cost
£’000
At 31 March 2008
Liabilities as per balance sheet
Borrowings (excluding finance lease liabilities) 760
Finance lease liabilities 129
Trade and other payables excluding statutory liabilities 5,148
Total 6,037
72 Cyril Sweett Group plc
Annual report and accounts 2009
Financial statements Financial statements
Cyril Sweett Group plc 73
Annual report and accounts 2009
Financial statements
28. Financial risk management (continued)
Loans and Available-
receivables for-sale Total
Company £’000 £’000 £’000
At 31 March 2009
Assets as per balance sheet
Trade and other receivables 3,981 – 3,981
Cash and cash equivalents 153 – 153
Total 4,134 – 4,134
Other
financial
liabilities at 
amortised 
cost
£’000
At 31 March 2009
Liabilities as per balance sheet
Borrowings (excluding finance lease liabilities) 1,750
Trade and other payables excluding statutory liabilities 1,038
Total 2,788
Loans and Available-
receivables for-sale Total
£’000 £’000 £’000
At 31 March 2008
Assets as per balance sheet
Trade and other receivables 21,731 – 21,731
Cash and cash equivalents 5,101 – 5,101
Total 26,832 – 26,832
Other
financial
liabilities at 
amortised 
cost
£’000
At 31 March 2008
Liabilities as per balance sheet
Borrowings (excluding finance lease liabilities) 760
Finance lease liabilities 114
Trade and other payables excluding statutory liabilities 4,797
Total 5,671
Fair values
The fair values of the Group’s financial assets and liabilities are equal to their carrying value. 29. Related party transactions 
Group
During the year the company’s wholly-owned subsidiary, Cyril Sweett Limited, entered into transactions totalling £6,000 (2008:£ 15,000)
with The British Council of Offices, of which Francis Ives is a director . At the year end £2,000 was owed to this company (2008: £1,000).
Additionally, the company’s wholly-owned subsidiary, Cyril Sweett Limited, entered into transactions totalling £17,000 (2008: £26,000) 
with The British Council of Shopping Centres, of which Derek Pitcher is a director . At the year end no monies were owed to this company
(2008: £nil).
Mr M Kemsley is a shareholder of Fieldwick Kemsley and Partners Limited, which provided accountancy and company secretarial
services to the company during the year at a cost of £nil (2008: £7,000). At the year end no monies were owed to this company (2008:
£nil).
The directors are of the opinion that the above transactions were on normal commercial terms.
Cyril Sweett Investments Limited holds 19% of the issued share capital of Lift Investments Limited, to which it has advanced
subordinated debt funding on which it earns interest at the rate of 12.5%. The subordinated debt repayable at 31 March 2009 was
£340,000 (2008: £330,000) and interest earned during the year was £49,000 (2008: £42,000).
Other receivables of the Group include the following amounts receivable from directors in respect of season ticket loans. All advances
are interest free and repayable by monthly instalments.
31 March 31 March 
2009 2008
Director £’000 £’000
F Ives – –
M Kemsley (resigned on 19 January 2009) – 2
D Pitcher – –
C Goscomb 1 –
D Webster 3 3
Maximum loan outstanding 
during the year to 31 March
2009 2008
Director £’000 £’000
F R Ives – –
M Kemsley (resigned on 19 January 2009) 1 2
D R Pitcher 1 2
C Goscomb 2 –
D Webster 5 5
74 Cyril Sweett Group plc
Annual report and accounts 2009
Financial statements Financial statements
Cyril Sweett Group plc 75
Annual report and accounts 2009
Financial statements
29. Related party transactions (continued)
Company
2009 2008
Sales of goods and services £’000 £’000
Sales of services to related parties
Fellow Group undertakings – 1,118
Purchases of services from related parties
Fellow Group undertakings – 17
Year end balances arising from sales and purchases of services are as follows:
Receivable from related parties
Fellow Group undertakings – 2,572
Payables to related parties
Fellow Group undertakings – 651
30. Operating lease commitments – minimum lease payments
Future commitments under non-cancellable operating leases:
2009 2008
£’000 £’000
Land and buildings
Within one year 2,338 1,885
Within two to five years 3,022 3,195
After five years 126 –
5,486 5,080
Plant and machinery
Within one year 658 576
Within two to five years 1,139 909
1,797 1,485
The Group leases land and buildings, plant and machinery under non-cancellable operating lease arrangements, which have various
terms and renewal rights.
31. Capital and other financial commitments
At 31 March 2009 the Group had no significant capital expenditure commitments (2008: £nil).
32. Post balance sheet events
There have been no significant post balance sheet events. Company registration number 03452251
Directors F R Ives FRICS DIP.PROJ.MAN (Chairman)
D L Webster MBA, BSC, MRICS, MAPM (Chief Executive Officer)
C R J Goscomb FCA (Chief Financial Officer)
D R Pitcher BSC, FRICS DIP.PROJ.MAN (Executive Director, Operations)
M J G Henderson FCA, FRSA, KHS (Non-executive)
R S Mabey CMG, FCIOB, FRSA (Non-executive)
P N Woollacott BSC CIGEM (Non-executive)
Secretary F J Wilson ACIS BSC
Registered office 60 Gray’s Inn Road
London
WC1X 8AQ
Nominated advisor and broker Brewin Dolphin Limited
12 Smithfield Street
London
E1A 9BD
Registered auditors PricewaterhouseCoopers LLP
1 Embankment Place
London
WC2N 6RH
Bankers Bank of Scotland plc
The Mound
Edinburgh
EH1 1YZ
Registrars Capita Registrars
Northern House
Woodsome Park
Fenay Bridge
Huddersfield
HD8 0LA
Head office 60 Gray’s Inn Road
London
WC1X 8AQ
Telephone number (0)20 7061 9000
Fax number (0)20 7430 0603
www.cyrilsweett.com
76 Cyril Sweett Group plc
Annual report and accounts 2009
Company information
Company information Business review
Who we are 1
What we do 2
Financial highlights 4
Chairman’s statement 5
Chief Executive’s review 6
Financial review 10
Governance
Board of directors 14
Report of the directors 16
Statement of directors’ 
responsibilities 20
Corporate Governance 21
Directors’ remuneration report 24
Independent auditors’ report 27
Financial statements
Consolidated income statement 28
Statements of recognised income 
and expense 29
Consolidated balance sheet 30
Company balance sheet 31
Cash ﬂow statements 32
Notes to the ﬁnancial statements 33
Company information
Company information 76
Cover photography (left to right):
1. Dubai Metro, Dubai
2. The London Eye, UK
3. Kent BSF, UK
4. Yas Island, Abu Dhabi
More detailed information can be found 
online at: www.cyrilsweett.com
Cyril Sweett Group plc 77
Annual report and accounts 2009
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This report is available at: http://www.cyrilsweett.com/investors/reports.htm Annual report and accounts 2009 Cyril Sweett Group plc Global Knowhow
Cyril Sweett Group plc
Annual report and accounts 2009
Global Knowhow: Delivering world-class construction and property consultancy
www.cyrilsweett.com
Cyril Sweett Group plc
Registered in the United Kingdom
Company Registered Number: 03452251
VAT number: 927 1066 31
Registered office:
60 Gray’s Inn Road
London WC1X 8AQ