Annual Report and Accounts 2011
25 years of excellence and innovation
WorkPlace Systems International plc
Precedent Drive
Rooksley
Milton Keynes MK13 8PP
t: +44 (0)1908 242 042 f: +44 (0)1908 201 148
w: www.workplacesystems.com
WorkPlace Systems International plc Annual Report and Accounts 2011 Directors and advisers
Directors
Ian F Lenagan 
Bernard Quinn 
Paul Wright 
Alex Davis 
Ian Mills 
Nigel Garrett 
Anthony Knight 
John Herring
Secretary
Paul Wright
Registered Office
Precedent Drive 
Rooksley 
Milton Keynes MK13 8PP
Auditors
Mazars LLP 
The Pinnacle  
160 Midsummer Boulevard  
Milton Keynes MK9 1FF
Solicitors
SNR Denton UK LLP 
The Pinnacle 
170 Midsummer Boulevard  
Milton Keynes MK9 1FE
Principal Banker
HSBC plc 
Metropolitan House  
321 Avebury Boulevard  
Milton Keynes MK9 2GA 
Stockbroker
Altium 
30 St James’ Square 
London SW1Y 4AL
Registrars
Capita Registrars Ltd 
34 Beckenham Road 
Beckenham 
Kent BR3 4TU
Report contents
Highlights IFC
At a glance 02
Chairman’s statement 04
Chief Executive’s statement  06
Board of Directors  09
Directors’ report  10
Corporate governance report 13
Unaudited Directors’  
remuneration report  15
Statement of Directors’  
responsibilities  18
Independent auditors’ report  19
Consolidated statement  
of comprehensive income  20
Consolidated statement  
of financial position  21
Company statement  
of financial position 22
Statement of changes  
in equity 23
Consolidated statement  
of cash flows  24
Company statement  
of cash flows  24
Notes to the  
financial statements  25
Directors and advisers  IBC
During the year the Company continued its development 
into the SaaS business increasing customers and 
revenue as the move towards SaaS gathers pace.
A Increased sales and new customers
 A Global SaaS revenue reaches £2.5m
 A SaaS business accounts for 27% of total sales
 A New UK and European retail customers
A Continued growth in US
A New office opening in Chicago
A UK data centre established through enhanced partnership 
with Navisite
A Continued rollout of on-premise solutions to existing customers 
across Europe
Group revenue
£9.1m
for year ended 31 March 2011
SaaS revenue
£2.5m
for year ended 31 March 2011
Recurring revenue
£4.6m
for year ended 31 March 2011
Highlights
Find more online
Annual reports and other shareholder information can be found at 
www.workplacesystems.com
WorkPlace Systems International plc  
Annual Report and Accounts 2011 Improving performance
Boosting effectiveness
For 25 years WorkPlace Systems 
has enabled organisations to improve 
their financial and overall performance 
by increasing employee utilisation, 
efficiency and effectiveness. 
WorkPlace Systems customers exist 
in a wide variety of sectors and range 
from 50 to 300,000 staff in centralised 
or multi-site operations, with up to 
2,000 locations over 32 countries. WorkPlace Systems International plc  
Annual Report and Accounts 2011
02
A world-leader of Workforce 
Management Solutions
At a glance
WorkPlace Systems provides workforce management 
software solutions and consulting services to enable 
organisations to improve their financial and overall 
performance by increasing employee utilisation,  
efficiency and effectiveness.
25 years of excellence and innovation
1986 1998
The benefits
A  Visibility of the workforce across the organisation
A Reduced labour cost 2-7%
A Improved customer service
A  Reduced administration and pay errors
What makes WorkPlace Systems different
A   Quicker implementation in weeks not months or years 
A   Rapid payback and a dramatic ROL for customers
A  Sector focus in retail 
A   Exceptional staff with detailed customers and market knowledge
A  World leading reference customers
Enables customers to ensure that they have the right people 
in the right place at the right time
WorkPlace Systems 
established 
1990
WorkPlace 
secures first 
order Burtons 
Biscuits 
Development of Oracle 
product portfolio 
Acquisition of Imago 
Payroll + Personnel Ltd 
Success in Middle East 
Acquired GEC/Plessey 
Telecoms Customer base 
Partnership with 
Concept in Australia
1988 1989 1993 1995
02
WorkPlace Systems International plc  
Annual Report and Accounts 2011
Care Interactive Software 
acquired and WorkPlace 
employs 100th employee
Moved to  
new HQ in  
Milton 
Keynes 03
  Visit our website at www.workplacesystems.com
WorkPlace Systems International plc  
Annual Report and Accounts 2011
2001 2006 2011
WorkPlace OnLine  
SaaS WFM launched
Awarded “One to Watch” 
in Best Companies to 
Work For
Metro Group commence 
rollout to 32 countries
Investment in WorkBuddy 
and launch of Task 
Management Module
...for leading worldwide companies across 
a range of sectors, including:
How we do it
A suite of integrated, web-enabled  
software solutions
At the heart of our business solutions is WorkPlace, a suite 
of integrated, web-enabled software that addresses all areas 
of Workforce Management.
+ Expert consulting services
To complement the software products, WorkPlace has developed a 
set of innovative WFM consulting services that span the entire 
practice and process of WFM.
...deployed in international/ 
multi-language environments
WorkPlace software is designed to accommodate the various  
needs and requirements of each country’s labour laws, standards  
and language to provide a truly global solution.
1 3
4 2
Floated on London 
Stock Exchange
2000 2008 2009
Celebrating 25 
years in WFM
WorkPlace OnLine 
deployed by a major 
US retailer with 4,300 
stores in 12 weeks
2010
Launch of scheduling product
WorkPlace wins Microsoft 
EMEA Retail Application 
Developer (RAD) Award
Move to the AIM 
Market of LSE
2002 2005
Business overview Review of the year Corporate governance Financial statements
03
 Visit our website at www.workplacesystems.com
Opening of  
Chicago Office
WorkPlace Systems International plc  
Annual Report and Accounts 2011
...which generates cost 
savings between 2-7%  
and significantly improves 
efficiency and service levels
BBC
British 
Airways
Coral
Eurostar
Fiskars
H&M
Kuwait 
Airways
Melbourne 
Cricket Ground
Menzies 
Aviation
Merseyrail
Metro Group
Next
Ritchies
South West 
Water
Stockmann
Subway
Walmart
Wickes
World Duty 
Free  WorkPlace Systems International plc  
Annual Report and Accounts 2011
04
Business overview
Chairman’s statement
The Financial Year ended 
31 March 2011 saw increased 
interest in the WorkPlace 
Software-as-a-Service 
(“SaaS”) business model, 
particularly from the Retail 
and Hospitality markets.
The Financial Year ended 31 March 2011 
saw increased interest in the WorkPlace 
Software-as-a-Service (“SaaS”) business 
model, particularly from the Retail and 
Hospitality markets, which addressed the 
challenges of this sector to increase revenues 
whilst tightly controlling on-going expenditure.
During the first half, business confidence 
remained weak and this was reflected in the 
first half results reported in October 2010. 
During the second half, activity levels increased 
significantly in the UK market enabling the 
Company to trade profitably once again on 
the back of a number of pilots for UK Retail 
and Hospitality groups. The pilot or phased 
project approach by customers to this new 
business model had been anticipated by the 
Board. However, the economic conditions 
caused a greater level of business uncertainty 
within the targeted sectors and, as a result, 
a number of these pilots were extended and 
are now likely to be rolled out during 2011/12.
In the Financial Year, the Company 
maintained its total revenue at prior year 
levels whilst continuing the transition to 
a SaaS model which grew to 27% of total 
revenue compared to 17% in the year 
ended 31 March 2010.
The difficult trading conditions of 2009 and 
early 2010 meant that the Board prioritised 
the conservation of cash and tight control 
over the Company’s cost base for the 
2010-2011 Financial Year, whilst continuing 
to develop the Company’s products and 
respond to opportunities. During the 
year, the Group spent 25% of turnover on 
Research and Development, focusing on 
the internationalisation of the SaaS service 
for Europe and North America whilst continuing 
to develop the traditional WorkPlace products 
and to integrate the two business technologies. 
This level of expenditure is similar to previous 
years and is expected to be continued in 
the future to enable the Company to extend 
its SaaS offering into Europe and other 
geographic areas.
The Company continues to maintain a 
strong customer base in the UK and Europe 
and during the year supported a number of 
clients in their international expansion within 
Europe. The business continues to provide a 
strong level of Annual Use and Maintenance 
revenue on conventional products which, 
together with our growing SaaS business, 
increased Recurring Revenues to over 51% 
of total revenues, compared with 44% in 
the prior year.
Summary
A The Company maintained its total revenue 
at prior year levels whilst continuing 
the transition to a SaaS model. 
A During the second half, activity levels 
increased significantly in the UK market 
enabling the Company to trade profitably.
A WorkPlace remains debt free and 
maintains cash balances of £2.3m. Business overview Review of the year Corporate governance Financial statements
05
  Visit our website at www.workplacesystems.com
WorkPlace Systems International plc  
Annual Report and Accounts 2011
WorkPlace’s US operation continued to 
be profitable during the year and additional 
staff were employed in Chicago to support 
existing customers and to develop the SaaS 
business in this market. The Company is 
developing a strong reputation within the 
US and in the International Pharmacy Retail 
sector. We expect to see further benefits in 
the coming year.
Whilst the rate of progress was slower than 
originally anticipated, particularly during the 
first half of the year, the Board believes that 
the underlying strength of the WorkPlace 
customer base together with the growth in 
the WorkPlace OnLine SaaS business sets the 
foundations for significant growth in the future.
During the Financial Year, the Company 
contracted with Navisite to establish a UK 
Hosting Centre on a similar configuration 
to that of the US Centre set up during 2010. 
The establishment of this data centre provides 
the Group with global hosting coverage and the 
ability to provide fully-mirrored environments 
to ensure the SaaS service meets both internal 
targets and contracted service levels.
Financial Results
Revenue for the year ended 31 March 2011 
was £9.1m (2010: £9.1m). Gross margins 
reduced to 89% (2010: 91%) reflecting the 
move to the SaaS model and the recognition 
of hosting costs as a cost of sale. Recurring 
revenue received from Annual Use Licences, 
Managed Services and SaaS revenues rose 
to £4.6m (2010 £4.0m) and accounts for 51% 
of total revenue (2010: 44%).
Following the First-Half loss, a Second-Half 
profit of £130k (2010: £17k) resulted in a loss 
for the year of £355k (2010: profit of £46k). 
Finance income on deposits generated £6k 
(2010: £4k) and the Loss before Tax was £349k 
(2010: profit £50k).
EPS was a loss of 0.24p per share 
(2010: profit 0.03p).
Cash Position
WorkPlace remains debt free and, in spite 
of the loss incurred during the financial 
year, maintains cash balances of £2.3m, 
a small increase compared with the prior year 
(31 March 2010: £2.1m). These balances are 
held predominately in short term deposits 
denominated in sterling with operating levels 
of currency held in US Dollars, Euro and 
Australian Dollars. At a time of continued 
pressure on credit and increasing cost 
of borrowing, the Board believes that this 
positions WorkPlace strongly when compared 
to a number of our highly geared competitors. 
Cash balances at 31 March 2011 were £2.3m 
(2010: £2.1m). 
Dividend
The Board does not propose a dividend to 
be paid based on the results for the Financial 
Year ended 31 March 2011. In the current 
climate the Board considers it prudent to 
conserve cash within the Company with the 
expectation of a resumption of dividend 
payments in future periods when trading 
conditions improve.
Outlook
The Company has started the new 
Financial Year with a number of pilots 
being undertaken by customers in the UK 
and the expectation that a number of these 
will develop into full roll-out within the 
current Financial Year. Whilst the decision 
making within a number of customers 
remains cautious, business levels for 
both the Company’s SaaS and On Premise 
customer base have continued to grow 
and provide the basis for strong confidence 
in the future.
Ian Lenagan
Chairman
1 July 2011 06
Review of the year
WorkPlace Systems International plc  
Annual Report and Accounts 2011
The Financial Year under review continued our 
development and transformation to a SaaS 
provider of Workforce Management Solutions 
with WorkPlace OnLine. Commercial gains 
were made with WorkPlace OnLine in all three 
regions in which the Group operates – Europe, 
North America and Australia.
In these difficult times, the SaaS speed 
of deployment methodology with its operational 
payment plan results in an early return of 
investment for WorkPlace’s clients. The model 
is now becoming widely understood and 
accepted, and this augurs well for your 
Company as we go forward. 
The SaaS business has grown from 17% 
to 27% as a percentage of revenue during 
the year.
The Company continued to roll-out solutions 
with its existing On Premise, StaffPlanner and 
StaffTracker, clients and new customers were 
also added for this range of products in the UK.
Whilst the economic climate during the last 
two years has been challenging, the Company 
has continued to invest in its products. 
During the year under review we invested 
£2.2m into Research and Development, a 
similar level to the previous financial year. 
Investment was undertaken to add new 
modules to WorkPlace OnLine which provided 
our customers with greater integration with 
their existing systems, introduced new features 
and resulted in our clients being provided 
with increased value from the service. 
The Company also continued to invest 
in its large On Premise solutions.
It is important to note that computing power 
and high availability are very important in the 
SaaS world. The year saw the opening of a UK 
data centre, operated by the Company’s US 
Partner Navisite to run WorkPlace OnLine, 
which replicates the SAS70 environment that 
is offered to customers in North America. 
This allows UK clients to enjoy the high level 
of service provided in North America.
Chief Executive’s statement
Summary
A The WorkPlace OnLine SaaS business has 
grown from 17% to 27% as a percentage 
of revenue during the year.
A A number of large organisations in the 
UK have chosen to pilot our WorkPlace 
OnLine solution as a means to introduce 
this new service to their organisations. 
A The infrastructure for our SaaS solution 
has been put in place and I believe that 
this will enable the Company to benefit in 
the future from the decisions and transition 
made by the Board during the last two years.
WorkPlace OnLine
WorkPlace OnLine delivers a 
comprehensive suite of WFM solutions 
over the web; including Workload Demand 
Forecasting, AutoScheduling, Schedule 
Management, Attendance Management 
(T&A). Historically WFM vendors have 
assumed that in order to improve 
schedules, one first needed to create 
a highly detailed forecast. Their next step 
was to convert this forecast through an 
optimising engine into workforce shifts. 
Sounds logical but unfortunately this 
approach rarely works.
It can take months to model the business to 
create a suitable forecast, and then to build 
all the constraints and preferences into the 
schedule optimiser is fraught with difficulty, 
taking additional months, and rarely 
produces schedules acceptable to the 
existing staff.
In the meantime, schedulers are still managing 
schedules on paper or in spreadsheets and 
gain no benefit from the system. WorkPlace 
starts by giving schedulers what they need, 
simple template-driven scheduling tools. 
In the Financial Year under 
review commercial gains were 
made with WorkPlace OnLine 
in all three regions in which 
the Group operates, Europe, 
North America and Australia. Business overview Review of the year Corporate governance Financial statements
07
  Visit our website at www.workplacesystems.com
WorkPlace Systems International plc  
Annual Report and Accounts 2011
Review of the year
Employees work schedules to which they are 
accustomed; schedulers see costs, overtime, 
premiums, work-rule conflicts etc. Then, at 
the appropriate time, the labour forecast is 
used to analyse these schedules and 
propose improvements.
1   2   3   4   5   6   7   8   9   0
Forecasting
Business intelligence/dashboards
Autoscheduling
Schedule 
management
legend a
legend b
legend c
legend c
legend d
Attendance 
management
Region/area End user
UK and Europe
A number of large organisations in the UK 
have chosen to pilot the WorkPlace OnLine 
solution as a means to introduce this new 
service to their organisations. The number 
of clients who are running pilots of the SaaS 
solution in the UK has grown to eight, with 
several of these pilots commencing after 
the year end. Initial feedback from these 
customers is that the pilots are achieving 
their business case requirements and the 
Company is confident that a number will 
convert to roll-out in the current financial year.
During the year the focus continued on the 
Retail Sector with success in the international 
expansion of major customers including 
Metro and H&M. In addition, new customers 
were signed including Fiskars, the international 
consumer products group, who have chosen 
to roll-out the WorkPlace OnLine solution 
across Europe. 
In other sectors the breadth of functionality 
within the Company’s products allowed 
WorkPlace to win further business in 
transportation and other sectors, including 
the expansion of the Menzies Aviation 
contract and the previously announced 
win at Mersey Rail.
North America
Progress in North America has continued 
on the back of the Company’s major US 
customer who ordered additional services 
during the year. Following WorkPlace’s well 
publicised success at this major pharmacist, 
the Company has entered into talks with 
a number of other large US groups and 
believes that it is creating a reputation as 
a specialist in this area. WorkPlace OnLine 
in the US has proved extremely reliable with 
uptime in excess of 99.98% throughout the 
twelve month period on a 24/7 basis, the 
downtime of 0.02% including scheduled 
maintenance time.
Australia
The potential of the Australian operation 
continues to grow as WorkBuddy, the 
Company’s Australian subsidiary, has benefited 
from the size and experience of the Group to 
sell to larger customers in its local market. 
During the financial year WorkBuddy moved 
into profitability for the first time and the SaaS 
revenue model in Australia enables the 
Company to view the future success of this 
operation with confidence.
Product Development 
In our SaaS suite, WorkPlace OnLine, the 
Company further developed the integration 
between modules to facilitate the more 
seamless transfer of data. The look and feel 
of our User Interface was upgraded and 
standardised across modules to give a very 
easy to use and efficient user experience. 
Working closely with its customers 
the Company enhanced a number of the 
core modules to support mobile devices.  08
Review of the year
WorkPlace Systems International plc  
Annual Report and Accounts 2011
Revenue from SaaS (£’000)
As at 31 March 2011
2010 2011
2,495
1,555
 Software licence and bespoke  
development charges 1,764
 Recurring revenue from  
maintenance and hosted services 4,594
 Consultancy and  
implementation services 2,085
 Other 654
Revenue of sales by type (£’000)
As at 31 March 2011
 Software licence and bespoke  
development charges 1,764
 Recurring revenue from  
maintenance and hosted services 4,594
 Consultancy and  
implementation services 2,085
 Other 654
 UK and Europe 7,002
 North America 1,462
 Australia 633
 UK and Europe 7,002
 North America 1,462
 Australia 633
Revenue invoiced to third parties (£’000)
As at 31 March 2011
 Software licence and bespoke  
development charges 1,764
 Recurring revenue from  
maintenance and hosted services 4,594
 Consultancy and  
implementation services 2,085
 Other 654
 UK and Europe 7,002
 North America 1,462
 Australia 633
Chief Executive’s statement
 continued
Summary
A Our WorkPlace OnLine SaaS solution in 
the United States has proved extremely 
reliable with uptime in excess of 99.98% 
throughout the twelve month period on 
a 24 by 7 basis. The downtime of 0.02% 
includes scheduled maintenance time.
A During the financial year WorkBuddy 
moved into profitability for the first time.
A The Company invested £2.2m in design 
and development of our product set 
during the financial year.
Product Development continued
This enhancement allows fast accurate 
dissemination of schedule, assignment 
and other information to handheld devices 
irrespective of location of the users. 
These new features have been made 
available across the product range.
Customers of the On Premise solutions 
continue to rely on WorkPlace expertise to 
extend and enhance the software with new 
features. These enhancements have helped 
customers to extend the use of WorkPlace 
solutions and further empower their 
employees to improve productivity.
Direction
The pipeline has grown throughout the financial 
year and I believe that our continued investment 
in the SaaS solution will generate solid returns 
in the coming years as it addresses many 
issues facing our customers in the current 
business environment.
The infrastructure for our SaaS solution has 
been put in place and I believe that this will 
enable the Company to benefit in the future 
from the decisions and transition made by 
the Board during the last two years. 
Barney Quinn 
Chief Executive
1 July 2011 Business overview Review of the year Corporate governance Financial statements
09
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WorkPlace Systems International plc  
Annual Report and Accounts 2011
Board of Directors
The Board comprises seven Executive Directors and one Non-Executive Director:
Ian Lenagan, Chairman (65)
Ian founded WorkPlace Systems plc in 
1986. He has more than 25 years experience 
in the computer software business. Prior 
to founding WorkPlace, he worked for 
Burroughs Corporation (now Unisys) for 
10 years and was then Managing Director 
of Ring Electrical Limited, Banbury Homes 
& Gardens Limited and Digico Limited over 
a period of a further 7 years. He holds a BSc 
in Mathematics from Manchester University 
and an MSc in Magnetohydrodynamics from 
Liverpool University.
Bernard Quinn, Chief Executive (58)
Barney has over 30 years experience in 
application software IT companies including in 
North America. For 13 years Barney was a Main 
Board Director of Sherwood International plc, 
a provider of software and services to the 
insurance industry. Latterly, Barney became 
Director of Worldwide Operations/Chief 
Operating Officer of Sherwood from 2001 
to 2004. Barney is also Non Executive 
Chairman of Becrypt Ltd the encryption 
software company.
Paul Wright, Chief Finance Officer (54)
Since qualifying with KPMG in London, Paul 
has worked as Finance Director of a number 
of quoted and privately owned companies 
including 10 years as the Group Finance 
Director of three technology organisations: 
Vocalis Group plc, CWB Systems Services plc 
and Rolfe & Nolan plc. Paul joined the Board 
of WorkPlace Systems in September 2008.
Ian Mills, Design Director (47)
Ian joined WorkPlace in 1988 and has been 
responsible for the design and development 
of all WorkPlace software products since 
1993. He holds a first-class honours degree 
in Computer Science and worked for two 
years for EDS prior to joining WorkPlace.
Nigel Garrett, Sales Director (48)
Nigel joined WorkPlace in 1993 and has 
been responsible since 1998 for the sales 
and marketing of WorkPlace products in 
the UK and Internationally. He graduated 
with a BSc in Mechanical Engineering in 
1985 and gained an MBA in 1992.
Alex Davis, Chief Technology Officer (53)
Alex joined WorkPlace in 2009. He has worked 
in a variety of roles developing and deploying 
application software over the past 30 years. He 
spent 14 years with Sherwood International plc, 
7 of these in the role of Development Director. 
He worked on multi-national applications for 
New York Life International. Most recently 
he was Programme Director at Equifax.
Tony Knight, Client Services Director (55)
Tony has over 30 years experience within the 
IT industry in which time he has held director 
level positions within the disciplines of sales, 
marketing, client services and operations 
within both quoted and privately held 
companies. For a period of 6 years Tony 
was Managing Director of TeleWare plc, 
a provider of software and services within 
the communications market. Tony joined 
WorkPlace Systems in July 2006 as Director 
of Client Services.
John Herring, Non-Executive Director (54)
John has acted in an advisory capacity to the 
Group since December 1999 and was appointed 
a Non-Executive Director in June 2000. He 
qualified as a chartered accountant with 
Touche Ross & Co in 1982 and subsequently 
joined Dresdner Kleinwort Benson, becoming 
a Director in 1992. From 1996 to 2001 he was 
Managing Director of GdeZ Capital, a corporate 
advisory and venture capital Company. 
He is presently a Non-Executive Director 
of J D Wetherspoon plc and a number of 
private companies. He is a member of both 
the Audit and Remuneration Committees. 10
Corporate governance
WorkPlace Systems International plc  
Annual Report and Accounts 2011
Directors’ report
The Directors submit their report and the consolidated financial statements for the year ended 31 March 2011 for WorkPlace Systems 
International plc, a company incorporated in England and Wales (registered no 3966381).
Principal activity
The principal activity of WorkPlace Systems International plc continued to be the development, supply and implementation of software 
products and services for workforce management.
Results and dividends
The consolidated trading results and year end financial position are shown in the financial statements on pages 20 to 24.
The loss after tax for the financial period was £349,000 (2010: profit £50,000). No dividend was paid during the year in respect of the results 
for the year ended 31 March 2011.
The Board does not propose a final dividend for the year (2010: nil).
Review of business
A review of the business of the Group and description of the key performance indicators are included within the Chairman’s Statement 
on pages 4 and 5 and the Chief Executive’s Statement on pages 6 to 8. Future developments are detailed in the Chairman’s Statement 
on pages 4 and 5.
Risks and uncertainties
The Group is faced with a number of risks and uncertainties which could have a material impact on the Group’s long term performance 
and cause actual results to differ materially from expected and historical results.
Management seek to identify material risks and mitigate the Group’s potential exposure. The Group’s risk management policies and 
procedures are also set out in the Corporate Governance Report on pages 13 to 14.
A summary of the key risks is given below:
Competitor risk
The market for workforce management is becoming increasingly competitive. To mitigate this risk, management works to build strong 
customer relationships and to continually develop the Group’s product offering.
Credit risk
Credit risk is managed on a Group basis. Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions, 
as well as committed transactions. Individual risk limits are set based on internal or external ratings in accordance with limits set by the 
Board. The utilisation of credit limits is regularly monitored.
The Group has focused on selling to a “blue chip” customer base thereby minimising the risk of incurring bad debts. 
Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an 
adequate amount of committed credit facilities and the ability to close out market positions. The Group maintains flexibility by maintaining 
appropriate headroom in its cash position. 
Management monitors forecasts of the Group’s liquidity comprising undrawn borrowing facilities and cash and cash equivalents on the basis 
of expected cash flows. This is carried out in accordance with recommended accounting practice and limits set by the Group. The Board 
reviews the Group’s liquidity at its monthly meetings.
Management policy involves projecting cash flows in major currencies and considering the level of liquid assets necessary to meet 
these requirements.  Business overview Review of the year Corporate governance Financial statements
11
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WorkPlace Systems International plc  
Annual Report and Accounts 2011
Risks and uncertainties continued
Foreign currency risk
As an exporter to Europe, North America and Australia the Group is exposed to foreign currency exchange risk through transactions 
with customers and, to a lesser extent, suppliers. The Directors monitor the position at their regular meetings and, where they consider 
it necessary, undertake hedging arrangements through the purchase of forward contracts. 
The Group has certain investments in foreign operations, whose net assets are exposed to foreign currency translation risk. 
Interest rate risk
The Group’s main sources of revenue and operating cash flows are substantially independent of changes in market interest rates. The Group 
has significant interest-bearing assets on which it seeks to obtain a commercial rate of return from AA or above rated UK institutions whilst 
not impacting on cash flow. There are no significant interest-bearing liabilities.
Going concern
In accordance with the Guidance on Going Concern and liquidity risk: Guidance for directors of UK Companies 2009, the Directors confirm that, 
after making enquiries, they have a reasonable expectation that the Company and the Group has adequate resources to continue in operational 
existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
Research and development
The Group is committed to considerable software research and development activities and is continually developing its standard software 
products. All expenditure on research activities is written off to the Statement of Comprehensive Income immediately as it is incurred. 
Development expenditure is also written off as incurred unless the Board considers that an intangible asset has arisen from the Group’s 
software development and only if the conditions of IAS 38 as disclosed in the accounting policy are met.
As disclosed in note 5, £1,715,000 was expensed in the year (2010: £1,768,000). A Research and Development expenditure claim for the 
financial year 2009/10 was made from HMRC to reclaim tax credits for Research and Development expenditure incurred in that year. 
This was received in the form of a cash repayment and recognised as a credit against Intangible Assets to match the accounting 
treatment of the underlying expenditure.
Directors and their interests
The Directors in position at the year-end and their biographical details are shown on page 9.
Mr A Knight who was appointed as a Director since the last Annual General Meeting is retiring in accordance with the Company’s Articles 
of Association and offers himself for re-election.
Mr I Mills and Mr I F Lenagan retire by rotation and being eligible, offer themselves for re-election.
Details of Directors’ interests in the Company’s capital are disclosed on page 17. Details of transactions between the Company and other 
organisations in which Directors have a material interest are disclosed in note 24 to these financial statements.
The Company maintains Directors and Officers insurance on behalf of the Company’s officers. 12
Corporate governance
WorkPlace Systems International plc  
Annual Report and Accounts 2011
Directors’ report continued
Substantial shareholdings and interests
In addition to the Directors’ interests, the Company has been notified or is aware of the following interest in 3% or more of the Company’s 
ordinary shares as at 31 May 2011:
       Number Holding
Liontrust Investment Management       19,459,887 13.14%
Schroder Investment Management       6,770,642 4.57%
T M Westaway       4,842,875 3.27%
J F Watkinson and family members       5,000,000 3.38%
M D Wailing       7,333,300 4.95%
Charitable and political donations
During the year the Group made charitable donations totalling £942 (2010: £nil). There were no political donations made during the year (2010: £nil).
Payment of suppliers
It is the Group’s policy that in respect of all its suppliers, the Group intends to settle payment under the agreed terms. The Group also intends 
to abide by and to ensure that the suppliers are aware of the terms of payment. For the twelve months ended 31 March 2011 the Group’s creditor 
payment period was 31 days (2010: 40 days). 
Events subsequent to the statement of financial position
On 30 April 2011 the Company agreed to the sale of its interest in Ease Inc. for a consideration of $300,000 together with an extended 
exclusive right to the distribution of the Retail EASE product for a period of three years. 
During the year a number of dormant UK subsidiary companies applied to be struck off the Companies House Register and dissolved. 
This process was completed in April 2011 when notification of the dissolutions was received.
Statement as to disclosure of information to auditors
So far as each of the Directors are aware, there is no relevant audit information of which the Company’s auditors are unaware, and each of the 
Directors has taken all the steps that they ought to have taken as Directors in order to make themselves aware of any relevant audit information 
and to establish that the Company’s auditors are aware of that information.
Auditors
Mazars LLP have expressed their willingness to continue in office as auditors and a resolution to reappoint them will be proposed at the 
forthcoming Annual General Meeting.
By order of the Board
Paul Wright
Company Secretary
1 July 2011 Business overview Review of the year Corporate governance Financial statements
13
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WorkPlace Systems International plc  
Annual Report and Accounts 2011
Corporate governance report
Principles
The Board of Directors is accountable to the Company’s shareholders for good corporate governance and this statement describes how  
the principles identified in the Combined Code on Corporate Governance (the “Code”), published in June 2008, are applied by the Company.  
As the Company transferred its listing to AIM in August 2005 compliance with the Combined Code is voluntary.
The Board
The Board comprises seven Executive Directors including the Chairman and one Non-Executive Director. 
Mr J Herring is the sole Non-Executive Director.
The Board meets at least nine times a year with additional meetings to progress the Company’s business, as necessary. Regular and ad hoc 
reports and presentations to the Board ensure it is supplied in a timely fashion with the information it needs.
The Board has reserved certain matters for its decision and monitoring. It establishes the principal aims and strategic direction of the Group’s 
businesses, monitors progress, reviews corporate objectives and guidelines and approves any changes. This includes acquisition and development 
policy, major capital expenditure and significant financing, annual operating budgets and the Group’s management control structures and 
procedures. Operational decision making is delegated to the Executive Directors.
Audit Committee
The Audit Committee, with Mr J Herring as Chairman, meets at least twice a year, to review the published financial information, the role and 
effectiveness of external audit and internal controls and risk management procedures. It provides communication between the Group’s auditors 
and the Non-Executive Director who has full authority to investigate the Group’s affairs, calling on external expertise as he deems necessary. 
The Chief Financial Officer usually attends the meetings of the Audit Committee and the other Executive Directors have the right to attend.
The Audit Committee assists the Board in seeking to ensure the integrity of information supplied to shareholders in relation to the Group’s 
financial performance. The Committee is responsible for reviewing the Group’s system of internal financial controls. The Committee meets 
with the external auditors to review the full year annual report and accounts.
The Committee holds responsibility for maintaining an appropriate relationship with the Group’s external auditors. The Committee considers 
the external auditors’ independence and objectivity and also the proposed nature and scope of their work before the audit commences. The 
Committee monitors fees paid to the external auditors in respect of non-audit services. The external auditors attend the Committee’s meetings 
and may request that a meeting be convened.
Remuneration Committee
The Remuneration Committee, with Mr J Herring as Chairman, meets at least once a year to review the remuneration of the Executive Directors, 
approve policies for remuneration of other senior executives and decide upon grants of options under the Company’s share option schemes. 
The Chairman and other Executive Directors may attend but are not involved in any discussion on their own remuneration.
The Board’s membership remains under constant review. The Directors discuss the possible promotion or external appointment of a new 
Director and so a Nomination Committee has not been established because of the small size of the Board.
The Board and Committee’s terms of reference are reviewed regularly.
Independent Directors
The Non-Executive Director fulfils an important role in corporate accountability and bringing his particular expertise to decision making. 
The Board considers the Non-Executive Director to be independent in character and judgement and that he meets the independence criteria 
set out in the Code.
Mr J Herring is free of any business or other relationship likely to materially interfere with the exercise of his independent judgement. 14
Corporate governance
WorkPlace Systems International plc  
Annual Report and Accounts 2011
Corporate governance report continued
Relationship with shareholders
WorkPlace Systems International plc values dialogue with its investors irrespective of size and strives to improve communications by keeping 
them informed about the Company’s policies and progress. Shareholders have access to the Company via the Company Secretary and its Registrars.
The need for effective two-way communication with institutional investors and market analysts in particular is actively pursued. Private investors 
are encouraged to participate in the Annual General Meeting (“AGM”) where, in addition to the formal business, the Chairman and other 
Directors talk about current business activity and are available to answer questions and to meet informally after the meeting.
Whilst the nature of the Company’s share ownership dictates that the focus of dialogue should be with institutions, care is exercised to ensure 
that any price sensitive information is released at the same time to all shareholders, the market and media.
The AGM Notice is sent to shareholders more than 20 working days before the meeting. Shareholders are given the opportunity of voting 
separately on each issue with the auditors’ re-appointment and their fees treated as one. 
The proxies lodged for and against each resolution will be declared after voting.
Recognising the increasing use of Trusts and nominee holdings by individuals, the Company provides copies of all shareholder communications 
on request and beneficial owners are welcome to attend the AGM. In addition all copies of all statements are posted on the Investor Relations 
section of the Company website.
Financial reporting
Detailed reviews of the performance and financial position of the business are included in the Chairman’s and Chief Executive’s Statements. 
The Board uses these, together with the Directors Report on pages 10 to 12, to present a balanced and understandable assessment of the 
Company’s position and prospects. The Directors’ responsibilities for the financial statements are described on page 18.
Internal control
The Board is responsible for establishing and maintaining the Group’s system of internal control and reviewing its effectiveness. The internal 
control systems are designed to meet the particular needs of the Group and the risks to which it is exposed. 
As might be expected in a Group of this size, a key control procedure is the day to day supervision of the business by the Executive Directors, 
supported by managers responsible for operations and the key central and divisional support functions of finance, information systems and 
human resources.
The Executive Directors are involved in the budget setting process, constantly monitoring key statistics and reviewing management accounts 
on a monthly basis, noting and investigating major variances. All significant capital expenditure decisions are approved by the Board as a whole.
Information on the Group’s significant risks, together with the relevant control and monitoring procedures, is reviewed for completeness and accuracy 
by the Group’s senior management. This information is presented to the Board for Directors to assess the effectiveness of the system of 
internal control. In addition, the Committees of the Board, details of which are set out elsewhere in this Report, monitor the Group’s significant 
risks on an ongoing basis. In particular the Audit Committee meets twice a year to review key documents and discuss pertinent matters.
The Board has considered the need for an internal audit function, but has decided that, because of the size of the Group and the systems 
and controls in place, it is not appropriate at present. The Board will continue to review this on a regular basis.
The Group’s system of internal controls is designed to manage rather than eliminate the risk of failure to achieve business objectives 
and can only provide reasonable and not absolute assurance against misstatement or loss. Business overview Review of the year Corporate governance Financial statements
15
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WorkPlace Systems International plc  
Annual Report and Accounts 2011
Unaudited Directors’ remuneration report
Introduction
This Report describes how the Board has voluntarily applied the Principles of Good Governance relating to Director’s remuneration and includes 
the disclosures set out in Schedule 8 of the Large and Medium sized Companies and Groups (Accounts and Report) Regulations 2008. The report 
also provides the information required to be reported on Directors’ remuneration under AIM Rule 19.
Remuneration committee
The Company has established a Remuneration Committee chaired by Non-Executive Director Mr J Herring.
No Director acting as a member of the Committee has any involvement in matters in which they have a personal financial interest 
(other than as shareholders). 
Remuneration policy
Executive remuneration packages will be designed to attract, motivate and retain Directors of the high calibre needed to maintain the Group’s 
position as a market leader and to reward them for enhancing value to shareholders. The performance measurement of the Executive Directors 
and key members of senior management and the determination of their annual remuneration package is undertaken by the Committee. 
The remuneration of the Non-Executive Director is determined by the Board of Directors.
During the financial year the Director’s remuneration was set following careful consideration of the market conditions. In line with 
all Company employees there was no upward adjustment of salaries or benefits in line with inflation.
Executive Directors are entitled to accept appointments outside the Company providing that the Chairman’s permission is sought.
The following comprises the components of the remuneration of all Executive Directors:
Salary
Salaries and other benefits are determined annually after a review of the individual’s performance by reference to industry and other 
comparisons and consideration of reports from specialist consultants.
Annual performance-related payments
It is the policy of the Company to operate bonus arrangements for the Executive Directors which are performance related, the primary 
measures being the achievement of financial targets and personal performance. No bonuses were paid in the year to 31 March 2011.
Benefits in kind
A range of taxable benefits is available to Executive Directors. These benefits primarily comprise the provision of a Company car allowance, 
life assurance and private medical insurance. 
Share options schemes
In the year ended 31 March 2001 the Company established Approved and Unapproved Executive Share Option Schemes which were 
augmented in June 2007 by the adoption of a new Enterprise Management Incentive (EMI) Share Option Scheme. All Executive Directors 
and employees of the Company and its subsidiaries are eligible to be nominated for participation in the Schemes. Options are granted by 
the Board of the Company at the market value of an ordinary share on the day on which the option is granted and are subject to, in part, 
the achievement of certain shareholder value targets. Subject to any conditions specific to individual option grants, options are exercisable 
between the third and tenth anniversaries of the date of the grant by any option holder who remains a Director or employee.
The Share Options of Ian Mills, Nigel Garrett and Tony Knight were granted prior to 2008 and do not carry any conditions of vesting above 
a requirement of continued employment and a minimum three year term as this was standard practice of the Group at that time in line with 
options granted to other staff. The Share Options granted to Barney Quinn, Paul Wright and Alex Davis carry an additional requirement that 
they will only vest on the Company share price reaching 30p or on the acquisition of control or takeover by another entity or individual.
The Company also operates a SAYE Share Option Scheme for eligible employees under which options may be granted to a discount of up 
to 20% of market value.  16
Corporate governance
WorkPlace Systems International plc  
Annual Report and Accounts 2011
Unaudited Directors’ remuneration report continued
Remuneration policy continued
Share options
The Company does not operate any long term incentive schemes other than the share option schemes described on page 15. Certain Executive 
Directors benefit from share options and the save as you earn scheme. Details are set out in note 18 to these financial statements.
Pension arrangements
The service agreements provide for the Company to pay contributions into certain Executive Director’s personal pension plans. 
Other Executive Directors manage their own pension arrangements.
Executive Directors contracts
All Executive Directors have one year rolling employment contracts.
There are no provisions for termination payments within the Directors’ contracts.
Non-Executive Directors’ contracts
The Non-Executive Director was appointed under a letter of engagement with no specific engagement term, with a twelve month notice period 
and no provisions for termination payments. Mr J Herring was appointed in June 2000. His remuneration is determined by the Board and he is 
not eligible to participate in any of the Company’s share option schemes.
Directors’ emoluments
    Fees/basic Benefits  Pension  2011 2010 
    Salary in kind contribution total total 
    £ £ £ £ £
Executive Directors
Ian F Lenagan    181,584 48,329 13,461 243,374 255,127
Barney Quinn     135,000 9,706 — 144,706 153,398
Ian Mills    89,775 8,768 — 98,543 104,292
Nigel Garrett    88,292 8,325 — 96,617 111,394
Paul Wright    108,000 9,510 — 117,510 119,900
Alex Davis    99,000 9,706 — 108,706 114,441
Tony Knight*    46,435 4,835 — 51,270 —
Non-Executive Director
John Herring    27,000 — — 27,000 28,750
Total remuneration    775,086 99,179 13,461 887,726 887,302
* From date of appointment. Business overview Review of the year Corporate governance Financial statements
17
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WorkPlace Systems International plc  
Annual Report and Accounts 2011
Non-Executive Directors’ contracts continued
Directors’ beneficial interest in the Ordinary shares of the Company (which included those of their families) were as follows:
 Ordinary shares of 5p each
   Share  SAYE   
 Shares held  options held   options held  Movements  Total 
 at 1 April  at 1 April  at 1 April  during  at March 
 2010  2010   2010  year  2011
Ian F Lenagan 68,328,276  —  —  —  68,328,276
Barney Quinn  1,370,000  10,000,000  —  —  11,370,000
Paul Wright 680,000  1,000,000  —  281,412  1,961,412
Ian Mills 519,684  600,000  30,808  —  1,150,492
Nigel Garrett 2,195,845  650,000  13,174  —  2,859,019
Alex Davis 653,300  500,000  —  500,000  1,653,300
Tony Knight* 252,834  150,000  —  —  402,834
John Herring 588,956  —  —  —  588,956
* The interests of Mr A Knight are shown as at the date of his appointment.
Movements during the year are detailed in note 18.
The mid-market price of the shares at 31 March 2011 was 12.5p. The range during the year was 7.5p to 16.5p. None of the Directors had any 
beneficial interest at the year end in the shares of any other Group Company. 
This report was approved by the Board of Directors on 1 July 2011 and signed on its behalf by:
John Herring 
Chairman
Remuneration Committee
1 July 2011 18
Corporate governance
WorkPlace Systems International plc  
Annual Report and Accounts 2011
Statement of Directors’ responsibilities
The Directors are responsible for preparing the annual report and financial statements. 
United Kingdom company law requires the Directors to prepare consolidated financial statements in accordance with International Financial 
Reporting Standards (IFRS) as adopted by the European Union and the Directors have elected to prepare financial statements for the Company 
in accordance with IFRS as adopted by the European Union.
International Accounting Standard 1 requires that financial statements present fairly for each financial year the Group’s and Company’s 
financial position and cash flows. This requires the fair representation of the effects of transactions, other events and conditions in accordance 
with the definitions and recognition criteria for assets, liabilities, income and expenses set out in the International Accounting Standards 
Board’s ‘Framework for the preparation and presentation of financial statements’. In virtually all circumstances, a fair presentation will 
be achieved by compliance with all applicable International Financial Reporting Standards. 
The Directors are required to:
• properly select and apply accounting policies; 
•  present information, including accounting policies in a manner that provides relevant, reliable, comparable and understandable information;
•  provide additional disclosures when compliance with the specific requirements in IFRS is insufficient to enable users to understand 
the impact of particular transactions, other events and conditions on the entity’s financial position and financial performance; and
•  prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial 
position of the Group and to enable them to ensure that the consolidated financial statements comply with the Companies Act 2006. They 
are also responsible for the system of internal control, for safeguarding the assets of the Group and hence for taking reasonable steps 
for the prevention and detection of fraud and other irregularities.
Financial statements are published on the Group’s website in accordance with legislation in the United Kingdom governing the preparation and 
dissemination of consolidated financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the 
Group’s website is the responsibility of the Directors. The Directors’ responsibility also extends to the ongoing integrity of the consolidated financial 
statements contained therein. Business overview Review of the year Corporate governance Financial statements
19
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WorkPlace Systems International plc  
Annual Report and Accounts 2011
Independent auditors’ report
to the members of WorkPlace Systems International plc
We have audited the financial statements of WorkPlace Systems International plc for the year ended 31 March 2011 which comprise the 
Consolidated and Company Statements of Financial Position, the Consolidated Statement of Comprehensive Income, the Consolidated and 
Company Statements of Cash Flows, the Statement of Changes in Equity and the related notes. The financial reporting framework that has 
been applied in their preparation is applicable law and International Financial Reporting Standards (IFRS) as adopted by the European Union 
and, as regards the parent company financial statements, as applied in accordance with the provisions of the Companies Act 2006.
Respective responsibilities of directors and auditor
As explained more fully in the Directors’ Responsibilities Statement set out on page 18, the Directors are responsible for the preparation 
of the financial statements and for being satisfied that they give a true and fair view. 
Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards 
on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors. 
This report is made solely to the Company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit 
work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditors’ 
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the 
Company and the Company’s members as a body for our audit work, for this report, or for the opinions we have formed.
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements is provided on the APB’s website at www.frc.org.uk/apb/scope/private.cfm.
Opinion on the financial statements
In our opinion:
•  the financial statements give a true and fair view of the state of the Group’s and of the parent Company’s affairs as at 31 March 2011 
and of the Group’s loss for the year then ended;
• the Group financial statements have been properly prepared in accordance with IFRS as adopted by the European Union; 
•  the parent Company financial statements have been properly prepared in accordance with IFRS as adopted by the European Union 
and as applied in accordance with the provisions of the Companies Act 2006; and
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Directors’ Report for the financial year for which the financial statements are prepared 
is consistent with the financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
•  adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from 
branches not visited by us; or
• the parent Company financial statements are not in agreement with the accounting records and returns; or
• certain disclosures of Directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
Stephen Brown (Senior Statutory Auditor)  
for and on behalf of Mazars LLP
Chartered Accountants and Statutory Auditor  
The Pinnacle 
160 Midsummer Boulevard 
Milton Keynes 
MK9 1FF 
1 July 2011 20
Financial statements
WorkPlace Systems International plc  
Annual Report and Accounts 2011
Consolidated statement of comprehensive income
for the year ended 31 March 2011
  2011 2010 
Continuing operations Notes £’000 £’000
Revenue 4 9,097 9,064
Cost of sales  (970) (839)
Gross profit  8,127 8,225
Administration expenses  (8,482) (8,179)
(Loss)/profit from operations 5 (355) 46
Finance income 7 6 4
(Loss)/profit before tax  (349) 50
Tax  8 — —
(Loss)/profit for the year  (349) 50
Other comprehensive income
Exchange differences arising on translation of foreign operations  (36) (9)
Total comprehensive income for the year  (385) 41
(Loss)/profit attributable to:
Equity holders of the Company  (383) 49
Non-controlling interests  34 1
  (349) 50
Total comprehensive income attributable to:
Equity holders of the Company  (419) 40
Non-controlling interests  34 1
  (385) 41
(Loss)/earnings per share
Basic (pence per share) 9 (0.24) 0.03
Diluted (pence per share) 9 (0.24) 0.03
The Group did not have any other income or expense in the year other than the loss for the year. 
The accompanying accounting policies and notes on pages 25 to 44 are an integral part of these consolidated financial statements.  Business overview Review of the year Corporate governance Financial statements
21
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WorkPlace Systems International plc  
Annual Report and Accounts 2011
Consolidated statement of financial position
as at 31 March 2011
  2011 2010 
 Notes £’000 £’000
Non-current assets
Goodwill 10 1,663 1,663
Other intangible assets  10 750 671
Property, plant and equipment 11 335 389
Investments 12 204 204
  2,952 2,927
Current assets
Trade and other receivables 13 2,534 3,174
Cash and cash equivalents  2,256 2,077
  4,790 5,251
Total assets  7,742 8,178
Current liabilities
Trade and other payables 14 (1,356) (1,509)
Current tax payable   — —
Deferred revenue  14 (2,622) (2,523)
  (3,978) (4,032)
Non-current liabilities
Trade and other payables 14 (68) (194)
Total liabilities  (4,046) (4,226)
Net assets  3,696 3,952
Equity
Share capital 16 7,403 7,379
Capital redemption reserve  1,871 1,871
Share premium  8,825 8,811
Retained earnings  (14,996) (14,577)
Share option reserve  579 488
Equity
Attributable to equity holders of the parent  3,682 3,972
Non-controlling interests  14 (20)
Total equity  3,696 3,952
The accompanying accounting polices and notes on pages 25 to 44 are an integral part of these consolidated financial statements. 
The financial statements on pages 20 to 24 were authorised and approved for issue by the Board of Directors on 1 July 2011 and were signed 
on its behalf by:
Paul Wright Registered no.
Director  3966381
1 July 2011 22
Financial statements
WorkPlace Systems International plc  
Annual Report and Accounts 2011
Company statement of financial position
as at 31 March 2011
  2011 2010 
 Notes £’000 £’000
Non-current assets
Investments 12 13,658 13,658
  13,658 13,658
Current assets 
Trade and other receivables  13 4,811 5,544
Cash and cash equivalents  939 502
  5,750 6,046
Total assets  19,408 19,704
Current liabilities
Trade and other payables 14 (244) (744)
Total liabilities  (244) (744)
Net assets  19,164 18,960
Equity
Share capital 16 7,403 7,379
Capital redemption reserve  1,871 1,871
Share premium  8,825 8,811
Retained earnings  692 619
Share option reserve  373 280
Total equity
Attributable to equity holders of the Company  19,164 18,960
The accompanying accounting policies and notes on pages 25 to 44 are an integral part of these consolidated financial statements. 
The financial statements on pages 20 to 24 were authorised and approved for issue by the Board of Directors on 1 July 2011 and were signed 
on its behalf by:
Paul Wright Registered no.
Director  3966381
1 July 2011 Business overview Review of the year Corporate governance Financial statements
23
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WorkPlace Systems International plc  
Annual Report and Accounts 2011
Statement of changes in equity
for the year ended 31 March 2011
      Total equity 
   Capital Share  attributable Non- 
 Share Share redemption option Retained to owners controlling 
 capital premium reserve reserve earnings of parent interests Total 
Group £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
At 1 April 2009  7,338 8,811 1,871 378 (14,618) 3,780 — 3,780
Profit for the year — — — — 49 49 — 49
–  exchange differences arising on 
translation of foreign operations — — — — (9) (9) — (9)
Total comprehensive income — — — — 40 40 — 40
Issue of equity shares 41 — — — — 41 — 41
Share option costs — — — 110 — 110 — 110
Non-controlling interest — — — — 1 1 — 1
Share of retained earnings relating  
to previously held ownership interest  
arising on business combination — — — — — — (20) (20)
At 1 April 2010  7,379 8,811 1,871 488 (14,577) 3,972 (20) 3,952
Loss for the year — — — — (383) (383) 34 (349)
–   exchange differences arising on 
translation of foreign operations — — — — (36) (36) — (36)
Total comprehensive income — — — — (419) (419) 34 (385)
Issue of equity shares 24 14 — — — 38 — 38
Share option costs — — — 91 — 91 — 91
At 31 March 2011 7,403 8,825 1,871 579 (14,996) 3,682 14 3,696
      Total equity 
   Capital Share  attributable Non- 
 Share Share redemption option Retained to owners controlling 
 capital premium reserve reserve earnings of parent interests Total 
Company £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
At 1 April 2009  7,338 8,811 1,871 170 563 18,753 — 18,753
Profit for the year and  
total comprehensive income — — — — 56 56 — 56
Issue of equity shares 41 — — — — 41 — 41
Share option costs — — — 110 — 110 — 110
At 1 April 2010  7,379 8,811 1,871 280 619 18,960 — 18,960
Profit for the year and  
total comprehensive income — — — — 73 73 — 73
Issue of equity shares 24 14 — — — 38 — 38
Share option costs — — — 93 — 93 — 93
At 31 March 2011 7,403 8,825 1,871 373 692 19,164 — 19,164
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent Company is not presented as 
part of these accounts. The parent Company’s retained profit for the financial year amounted to £73,000 (2010: £56,000).
The share premium account is non-distributable and represents the consideration received in excess of the par value of shares issued.
The capital redemption reserve is non-distributable and represents the buy back of shares by the Company.
The share option reserve is distributable and represents the cost to the Group of issuing options to employees. Further details are provided in note 18.  24
Financial statements
WorkPlace Systems International plc  
Annual Report and Accounts 2011
  2011 2010 
 Notes £’000 £’000
Net cash generated from operating activities 19 626 160
Cash flows (used in)/from investing activities
Internally generated intangible assets 10 (447) (371)
Net increase of cash on acquisition 12 — 77
Purchases of computer software 10 — (59)
Purchases of property, plant and equipment 11 (32) (67)
Net cash flows used in investing activities  (479) (420)
Cash flows from financing activities
Issue of share capital  38 6
Finance income 7 6 4
Net cash flows from financing activities  44 10
Increase/(decrease) in cash and cash equivalents  191 (250)
Cash and cash equivalents
At the beginning of the year  2,077 2,374
Effect of foreign exchange rate changes  (12) (47)
At the end of the year  2,256 2,077
  2011 2010 
 Notes £’000 £’000
Net cash expended from operating activities 19 866 1,187
Cash flows used in investing activities
Purchase of investment 12 — (27)
Net cash flows used in investing activities  — (27)
Cash flows from/(used in) financing activities
Issue of share capital  38 6
Finance income 7 6 4
Net cash flows from financing activities  44 10
Increase in cash and cash equivalents  910 1,170
Cash and cash equivalents
At the beginning of the year  29 (1,141)
At the end of the year  939 29
The accompanying accounting policies and notes on pages 25 to 44 are an integral part of these consolidated financial statements.
Consolidated statement of cash flows
for the year ended 31 March 2011
Company statement of cash flows
for the year ended 31 March 2011 Business overview Review of the year Corporate governance Financial statements
25
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WorkPlace Systems International plc  
Annual Report and Accounts 2011
1 General information
WorkPlace Systems International plc is a Company incorporated in England and Wales. The Group is principally engaged in the development, 
supply and implementation of software products and services for workforce management.
These financial statements are presented in United Kingdom pounds sterling because that is the currency of the primary economic environment 
in which the Group operates. Foreign operations are included in accordance with the policies set out in note 2.
2 Principal accounting policies
Basis of preparation
The consolidated and Company financial statements for the year ended 31 March 2011 and the comparative year have been prepared under 
the historical cost convention. United Kingdom company law requires the Directors to prepare consolidated financial statements in accordance 
with International Financial Reporting Standards (IFRS) as adopted by the European Union and the Directors have elected to prepare financial 
statements for the Company in accordance with IFRS as adopted by the European Union.
The following principal accounting policies have been used consistently in the preparation of these consolidated financial statements.
The Company has prepared a consolidated Statement of Comprehensive Income, but has elected to take the exemption under S408 of the 
Companies Act 2006 not to present the parent Company Statement of Comprehensive Income. 
Basis of consolidation
The Group financial statements comprise the financial statements of WorkPlace Systems International plc and all of its subsidiaries made up 
to 31 March 2011, on an acquisition accounting basis. Control is achieved where the Company has the power to govern the financial and operating 
policies of an investee entity so as to obtain benefits from its activities.
All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. 
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable in accordance with the 
Group’s principal activities, net of VAT.
Software licence revenue is recognised when customer contractual obligations have been performed.
Revenue from consulting services and project management are recognised monthly as incurred, or as services are completed, as appropriate.
Fees for annual use maintenance contracts are contracted for and paid annually in advance, being non-cancellable. Revenue is recognised 
on a straight line basis over the period of the contract. The revenue which has been received in advance is shown within current liabilities as 
deferred revenue.
Goodwill
Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group’s interest in the net fair value of the separable 
assets, liabilities and contingent liabilities of the subsidiary or an interest in an associate undertaking recognised at the date of acquisition. 
Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses on an 
annual basis. Any impairment is recognised immediately in the Statement of Comprehensive Income and is not subsequently reversed.
Cash generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication 
that the unit may be impaired. If the recoverable amount of the cash generating asset is less than the carrying amount of the cash generating 
unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the cash generating unit. 
Any goodwill arising on acquisitions before the date of transition to IFRS has been retained at the previous UK GAAP amounts, subject to being 
tested for impairment at that date.
Exceptional items
Exceptional items are those significant items which are separately disclosed by virtue of their size or incidence to enable a full understanding 
of the Group’s financial performance. Transactions which may give rise to exceptional items are principally costs incurred in relation to 
restructuring programmes.
Notes to the financial statements
for the year ended 31 March 2011 26
Financial statements
WorkPlace Systems International plc  
Annual Report and Accounts 2011
2 Principal accounting policies continued
Property, plant and equipment 
Property, plant and equipment are stated at cost less accumulated depreciation and any recognised impairment loss. 
Depreciation is charged so as to write off the cost or valuation of assets over their estimated useful lives, using the straight line method, 
on the following bases:
Freehold property  – Over 50 years 
Computer equipment – 25% on cost 
Fixtures and fittings – 20- 33
1
/ 3% on cost 
Development expenditure – 33
1
/ 3% on cost
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sale proceeds and the carrying 
amount of the asset and is recognised in income.
Internally-generated intangible assets – development expenditure
An internally-generated intangible asset arising from the Group’s software development is recognised only if all of the following conditions 
are met:
• an asset is created that can be identified (such as software and new processes); 
• it is probable that the asset created will generate future economic benefits;  
• the development cost of the asset can be measured reliably; 
• the product or process is technically and commercially feasible; and  
• sufficient resources are available to complete the development to either sell or use the asset.
Internally-generated intangible assets are amortised on a straight line basis over their useful lives. Where no internally-generated intangible 
asset can be recognised, development expenditure is recognised as an expense in the year in which it is incurred.
The useful economic lives of internally-generated intangible assets are considered by the Directors to be a period of three years and 
amortisation is charged to Administration expenses in the Statement of Comprehensive Income.
Computer software and software rights and licences
Acquired computer software and software licences are capitalised on the basis of the costs incurred to acquire and to bring to use the 
specific software. These costs are amortised over their estimated useful economic lives of four years on a straight line basis and charged 
to Administration expenses in the Statement of Comprehensive Income.
Impairment of tangible and intangible assets excluding goodwill
At each Reporting date, the Group reviews the net book amounts of its tangible and intangible assets to determine whether there is any indication 
that those assets have suffered an impairment loss. If such an indication of impairment is identified, the recoverable amount of the asset is 
estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent 
from other assets, the Group estimates the recoverable amount of the cash generating unit to which the asset belongs. An intangible asset 
with an indefinite useful life is tested for impairment annually and whenever there is an indication that the asset may be impaired.
If the recoverable amount is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable 
amount. An impairment loss is recognised as an expense immediately.
Investments in subsidiaries
Investments held are stated at cost less any provision for impairment.
Leasing
Rentals payable under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the term of the 
relevant lease.
Financial instruments
Financial assets and financial liabilities are recognised on the Statement of Financial Position when the Company or Group becomes a party 
to the contractual provisions of the instrument.
Notes to the financial statements continued
for the year ended 31 March 2011 Business overview Review of the year Corporate governance Financial statements
27
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WorkPlace Systems International plc  
Annual Report and Accounts 2011
2 Principal accounting policies continued
Financial instruments continued
Financial assets, including trade and other receivables together with intercompany receivables, are classified as loans and receivables 
as they have fixed or determinable payments that are not quoted in active market.
Financial liabilities, including trade and other payables, intercompany payables and obligations under finance leases, are classified 
as financial liabilities measured at amortised cost.
All investments are classified as available for sale under IFRS and are carried at cost where the fair value cannot be reliably measured. 
On sale the net gain or loss is included in income. Dividends are recognised in the Statement of Comprehensive Income when the right 
to receive payment has been established.
Trade receivables do not carry any interest and are stated at their nominal value as reduced by appropriate allowances for estimated 
irrecoverable amounts.
Trade payables are not interest-bearing and are stated at their nominal value.
Cash and cash equivalents in the Statement of Financial Position comprise cash at bank and in hand and short-term deposits with 
maturities of less than three months.
Ordinary shares are classified as equity. 
Incremental costs directly attributable to new shares or options are shown in equity as a deduction, net of tax, from the proceeds. 
Share-based payments
The Group has applied the requirements of IFRS 2 Share-based Payments. 
The Group issues equity settled share-based payments to certain employees. Equity settled share-based payments are measured at fair 
value at the date of grant. The fair value determined at the grant date of the equity settled share-based payments is expensed on a straight 
line basis over the vesting period, based on the Group’s best estimate of shares that will eventually vest.
Fair value is measured by use of both a binomial lattice pricing model and by the Black-Scholes method. The expected lives used in the models have 
been adjusted based on management’s best estimate, for the effect of non-transferability, exercise restrictions, and behavioural considerations.
Retirement benefit costs
Where the Group contributes towards employees personal pension schemes contributions are charged to the Statement of Comprehensive 
Income as they become payable in accordance with the rules of the schemes. During the year £13,461 was charged to the Statement of 
Comprehensive Income (2010: £20,000). At 31 March 2011 contributions payable amounted to £nil (2010: £nil) which were included within 
trade and other payables. 
The Company provided no other post-retirement benefits to its employees.
Taxation
The taxation (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 Statement of 
Comprehensive Income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 
items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted 
or substantively enacted by the reporting date.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the 
financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the Statement of 
Financial Position liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax 
assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can 
be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other 
than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. 28
Financial statements
WorkPlace Systems International plc  
Annual Report and Accounts 2011
Notes to the financial statements continued
for the year ended 31 March 2011
2 Principal accounting policies continued
Taxation continued
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able 
to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that 
sufficient taxable profits will be available to allow all or part of the assets to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the year when the liability is settled or the asset is realised. Deferred 
tax is charged or credited in the Statement of Comprehensive Income, except when it relates to items charged or credited directly to equity, 
in which case the deferred tax is also dealt with in equity.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange prevailing at the accounting date. 
Transactions in foreign currencies are translated at the rate prevailing at the date of transaction.
On consolidation, revenues, costs and cash flows of undertakings abroad are included in the Statement of Comprehensive Income at average 
rates of exchange for the year. The assets and liabilities denominated in foreign currencies are translated into United Kingdom pounds sterling 
using rates of exchange ruling at the reporting date.
Exchange differences on the re-translation of opening net assets and results for the year of foreign subsidiary undertakings are dealt with 
through reserves net of differences on related foreign currency borrowings. Other gains and losses arising from foreign currency transactions, 
including trading, are included in the Statement of Comprehensive Income.
Adoption of new standards during the year
The Group has adopted
IFRS 2 Amendment – Share-based Payment 
IFRS 8 Amendment – Operating Segments 
IAS 1 Amendment – Presentation of Financial Statements 
IAS 7 Amendment – Statement of Cash Flows 
IAS 17 Amendment – Leases 
IAS 27 Amendment – Consolidated Separate Financial Statements 
IAS 32 Amendment – Financial Instruments Presentation 
IAS 36 Amendment – Impairment of Assets 
IAS 38 Amendment – Intangible Assets 
IAS 39 Amendment – Financial Instruments Recognition and Measurement
The adoption of these statements has not impacted the Annual Report and Accounts.
Standards, interpretations and amendments to published standards that are not yet effective
Certain new standards, amendments and interpretations to existing standards have been issued by the IASB that are not yet effective. The Group 
has not adopted any of these standards, amendments or interpretations early.
International Financial Reporting Standards: 
IFRS 1 Amendment – Annual improvements to IFRS’s 
IFRS 3 Amendment – Business combinations 
IFRS 7 Amendment – Financial instruments disclosures 
IFRS 9 Classification and measurement of financial instruments 
IFRS 10 Consolidated Financial Statements 
IFRS 12 Disclosure of Interests in Other Entities 
IFRS 13 Fair Value Measurement 
IAS 1 Amendment – Presentation of financial statements 
IAS 12 Amendment – Income taxes 
IAS 24 Revision – Related party disclosures 
IAS 27 Amendment – Consolidated and separate financial statements 
IAS 28 Accounting for Investments in Associates 
IAS 34 Amendment – Interim Financial Reporting Business overview Review of the year Corporate governance Financial statements
29
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WorkPlace Systems International plc  
Annual Report and Accounts 2011
2 Principal accounting policies continued
Standards, interpretations and amendments to published standards that are not yet effective continued
IFRIC interpretations: 
IFRIC 13 Customer loyalty programmes 
IFRIC 14 IAS 19 – defined benefit assets 
IFRIC 19 Extinguishing financial liabilities with equity instruments
The other standards, amendments and interpretations are not expected to have significant effects on the Group.
Derivative financial instruments and hedging activities
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their 
fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, 
and if so, the nature of the item being hedged. The Group designates derivatives as hedges of a particular risk associated with a recognised 
asset or liability or a highly probable forecast transactions (cash flow hedges).
The Group documents at the inception of the transaction the relationship between the hedging instruments and hedged items, as well as its 
risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at 
hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting 
changes in fair values or cash flows of hedged items.
The fair values of various derivative instruments used for hedging purposes are disclosed in note 23. Movements on the hedging reserve in 
shareholders’ equity are shown in the Statement of Changes in Equity. The full fair value of a hedging derivative is classified as a non-current 
asset or liability when the remaining hedged item is more than twelve months, and as a current asset or liability when the remaining maturity 
of the hedged item is less than twelve months. Derivatives held for trading are classified as a current asset or liability.
Cash flow hedge
The effective proportion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recognised in equity. 
The gain or loss relating to the ineffective portion is recognised immediately in the income statement within ‘other gains/(losses) – net’.
Amounts accumulated in equity are recycled in the income statement in the periods when the hedged item affects profit or loss.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss 
existing in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in the income statement. 
When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred 
to the income statement within ‘other gains/losses) – net’.
3 Financial risks
3.1 Financial risk factors
The Group’s and Company’s activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk 
and cash flow risk), credit risk and liquidity risk. The Group’s overall risk management programme seeks to minimise potential adverse affects 
on the Group’s financial performance. 
(a) Market risk
i. Foreign exchange risk
As an exporter to Europe and to North America, the Group is exposed to foreign currency exchange risk through transactions with customers 
and, to a lesser extent, suppliers. The Directors monitor the position at their regular meetings and, where they consider it necessary, undertake 
hedging arrangements through the purchase of forward contracts. 
The Group has certain investments in foreign operations, whose net assets are exposed to foreign currency translation risk. 
ii. Fair value interest rate risk and cash flow risk
The Group’s main sources of revenue and operating cash flows are substantially independent of changes in market interest rates. The Group 
has significant interest-bearing assets on which it seeks to obtain a commercial rate of return from AA or above rated UK institutions whilst 
not impacting on cash flow. There are no significant interest-bearing liabilities. 30
Financial statements
WorkPlace Systems International plc  
Annual Report and Accounts 2011
Notes to the financial statements continued
for the year ended 31 March 2011
3 Financial risks continued
3.1 Financial risk factors continued
(b) Credit risk
Credit risk is managed on a Group basis. Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions, 
as well as committed transactions. Management assess the other factors. Individual risk limits are set based on internal or external ratings 
in accordance with limits set by the Board. The utilisation of credit limits is regularly monitored.
The Group has focused on selling to a “blue chip” customer base thereby minimising the risk of incurring bad debts. 
(c) Liquidity risk 
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an 
adequate amount of committed credit facilities and the ability to close out market positions. The Group maintains flexibility by maintaining 
significant headroom in its cash position. 
Management monitors forecasts of the Group’s liquidity comprising undrawn borrowing facilities and cash and cash equivalents on the basis 
of expected cash flows. This is carried out in accordance with recommended accounting practice and limits set by the Group. The Board reviews 
the Group’s liquidity at its monthly meetings.
Management policy involves projecting cash flows in major currencies and considering the level of liquid assets necessary to meet 
these requirements. 
3.2 Capital risk management
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 cost of capital.
The Group monitors capital by maintaining or adjusting the capital structure by adjusting the amount of dividends paid to shareholders, 
issuing new shares or selling assets to maintain financial resources.
The capital employed by the Group is composed of equity attributable to the shareholders, as detailed in the Statement of Changes in Equity.
3.3 Fair value estimation
The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined 
by using valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing 
at each reporting date. 
The fair value of share options held within the Group has been assessed on the basis of binomial lattice pricing and Black-Scholes pricing models.
The net book amount less impairment provision of trade receivables and payables are assumed to approximate their fair values. The fair 
value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market 
interest rate that is available to the Group for similar financial instruments. 
3.4 Critical accounting judgements and key sources of estimation uncertainty
The application of the Group’s accounting policies requires management to make judgements, estimates and assumptions that affect 
the reported amounts of assets and 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 net book amounts 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. Revisions to accounting estimates are recognised in the year 
in which the estimate is revised if the revision affects only that year, or in the year of the revision and future years if the revision affects both 
current and future years.
Material estimates and assumptions are made in particular with regard to share-based payments, the amortisation period for intangible 
assets and impairment reviews and impairment of trade receivables. Business overview Review of the year Corporate governance Financial statements
31
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WorkPlace Systems International plc  
Annual Report and Accounts 2011
3 Financial risks continued
3.4 Critical accounting judgements and key sources of estimation uncertainty continued
Determining whether goodwill and investments are impaired requires an estimation of the value in use of the cash generating units 
to which goodwill has been allocated. The value in use calculation requires the Group to estimate future cash flows expected to arise 
from the cash generating units and a suitable discount rate in order to calculate present value. Actual events may vary materially from 
management expectations.
For other intangible assets, management consider the recognition criteria as set out in the accounting policies which includes estimates 
regarding future economic benefits. Actual events may vary from management expectations.
The assumptions used as part of the calculation of share-based payment expenses are reviewed annually and are detailed in note 18.
4 Segmental analysis
The Board of Directors are considered to be the chief operating decision makers of the Group.
Management has determined the operating segments based on reports reviewed by the Board that are used to make strategic decisions. 
The Group uses three distinct operating geographical areas with different economic conditions and a different client base and client 
requirements. These are: United Kingdom and Europe, North America and Australia.
In addition the Board reviews its Global SaaS and on-premise software businesses to make strategic decisions. 
The Board does not review information about total assets and total liabilities for each reportable segment and therefore this information 
is not separately provided.
Interest income and expense are not allocated to segments as this type of activity is driven on a central basis. Accordingly, this information 
is not separately reported to the Board for each reportable segment and therefore this information is not separately provided.
The Group does not report information to the Board about additions to property, plant and equipment and intangible assets within the 
information provided on segment assets.
An analysis of the revenue invoiced to third parties is given below:
       2011 2010 
       £’000 £’000
United Kingdom and Europe       7,002 7,280
North America       1,462 1,535
Australia       633 249
       9,097 9,064
All revenue represents sales to external customers and represents the sale of software related services.
Two customers (2010: two) are defined as major customers by revenue, each contributing more than 10% of the Group revenue. These two 
customers accounted for £1,114,000 (2010: £1,273,000) and £1,491,000 (2010: £1,072,000) respectively.
An analysis of revenue by product type is given below:
       2011 2010 
       £’000 £’000
SaaS related revenue       2,495 1,555
On-premise software related revenue       6,602 7,509
       9,097 9,064 32
Financial statements
WorkPlace Systems International plc  
Annual Report and Accounts 2011
Notes to the financial statements continued
for the year ended 31 March 2011
4 Segmental analysis continued
An analysis of revenue by sales type is given below:
       2011 2010 
       £’000 £’000
Software licence and bespoke development charges       1,764 2,432
Recurring revenue from maintenance and hosted services      4,594 3,962
Consultancy and implementation services       2,085 2,207
Other       654 463
       9,097 9,064
An analysis of the operating (loss)/profit before transfer pricing, exceptional items and tax together with a reconciliation to profit before tax 
is given below:
       2011 2010 
       £’000 £’000
United Kingdom and Europe       (682) (628)
North America       260 671
Australia       67 3
       (355) 46
Central finance income       6 4
(Loss)/profit before tax       (349) 50
The Group does not report information to the Board about the operating profits of individual product types since a number of resources in the UK 
are shared between the products during the periods to 31 March 2011 and 31 March 2010 and therefore this information is not separately provided.
All amortisation, depreciation and non-cash items charged in the Financial Statements are attributed to the United Kingdom and Europe segment.
All non-current assets of the Group are located in the United Kingdom.
5 (Loss)/profit from operations
The (loss)/profit from operations in the year to 31 March 2011 has been arrived at after charging the following amounts: 
       2011 2010 
       £’000 £’000
Research and development expenditure       1,715 1,768
Depreciation of property, plant and equipment       86 109
Amortisation of intangible assets       368 233
Auditors’ remuneration:
 Audit services       7 7
 Audit of subsidiary undertakings       23 23
 Taxation       6 6
 Other services       1 —
(Release)/provision for doubtful debts       (170) 124
Operating leases – land and buildings       289 326
(Loss)/profit on foreign exchange       (54) — Business overview Review of the year Corporate governance Financial statements
33
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WorkPlace Systems International plc  
Annual Report and Accounts 2011
6 Staff costs
The average number of people employed by the Group (including Directors) during the year was:
       2011 2010 
       Number Number
Sales       12 12
Operations       43 39
Product development       49 47
Administration       15 16
       119 114
Staff costs for above employees:
       2011 2010 
       £’000 £’000
Wages and salaries        5,484 5,470
Social security       593 571
Other pension costs       13 20
Share option costs       93 110
       6,183 6,171
Included within staff costs are Directors emoluments amounting to:
       2011 2010 
       £’000 £’000
Emoluments       874 867
Money purchase pension contributions       13 20
Share option costs       93 110
Total emoluments       980 997
Directors’ emoluments include amounts paid to the highest paid Director of:
       2011 2010 
       £’000 £’000
Emoluments       230 235
Money purchase pension contributions       13 20
Total emoluments       243 255
During the year one (2010: one) Director accrued benefits under the money purchase pension scheme.
During the year two Directors exercised SAYE share options (2010: nil). 
Further details relating to Directors’ remuneration are set out in the Unaudited Directors’ Remuneration Report. 34
Financial statements
WorkPlace Systems International plc  
Annual Report and Accounts 2011
Notes to the financial statements continued
for the year ended 31 March 2011
7 Finance income
       2011 2010 
       £’000 £’000
Interest on bank deposits       6 4
8 Tax
       2011 2010 
       £’000 £’000
Current taxation
– UK corporation tax expense       — —
Deferred taxation
– Current year       — —
Total tax in Statement of Comprehensive Income       — —
The tax rate used for the reconciliations above is the corporate tax rate of 28% (2010: 28%) payable by corporate entities in the United Kingdom 
on taxable profits under tax law in that jurisdiction.
Following a change in the tax rate from 1 April 2011, deferred tax has been provided for as disclosed in note 15 at a rate of 27% (2010: 28%).
The charge for the year can be reconciled to the (loss)/profit per the Statement of Comprehensive Income as follows:
       2011 2010 
       £’000 £’000
(Loss)/profit before taxation       (349) 50
(Loss)/profit multiplied by standard rate of corporation tax in the UK of 28% (2010: 28%)    (98) 14
Tax effect of:
Expenses not deductible for tax purposes       (180) (33)
Temporary differences       278 19
Total tax        — —
9 Earnings per share
       2011 2010
Basic (loss)/profit per share       (0.24)p 0.03p
Diluted (loss)/profit per share       (0.24)p 0.03p
       2011 2010 
Number of shares       ‘000 ‘000
Weighted average number of shares       147,654 147,333
Effect of dilutive potential ordinary shares:
Share options       16,232 15,770
Weighted average number of shares for calculating diluted profit per share     163,886 163,103
16,232,000 shares have been excluded (2010: 15,770,000) from the diluted earnings per share on the basis that they are anti-dilutive. Business overview Review of the year Corporate governance Financial statements
35
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WorkPlace Systems International plc  
Annual Report and Accounts 2011
10 Goodwill and other intangible assets
      Research 
      and   
      development Computer  
     Goodwill costs software Total 
Consolidated     £’000 £’000 £’000 £’000
Cost
At 1 April 2009     3,324 544 28 3,896
Additions     222 371 59 652
At 1 April 2010     3,546 915 87 4,548
Additions     — 447 — 447
At 31 March 2011     3,546 1,362 87 4,995
Amortisation and impairment
At 1 April 2009     1,883 87 11 1,981
Charge for the year     — 231 2 233
At 1 April 2010     1,883 318 13 2,214
Charge for the year     — 366 2 368
At 31 March 2011     1,883 684 15 2,582
Net book amount
At 31 March 2009     1,441 457 17 1,915
At 31 March 2010     1,663 597 74 2,334
At 31 March 2011     1,663 678 72 2,413
The goodwill on consolidation as at 1 April 2010 and 31 March 2011 relates to the acquisitions of Labor Solutions International Inc. and 
WorkBuddy Solutions Pty Ltd. 
Goodwill is not amortised but is reviewed for impairment on an annual basis or more frequently if there are indications that goodwill may 
be impaired.
Any goodwill arising on acquisitions before the date of transition to IFRSs has been retained at the previous UK GAAP amounts, subject to 
being tested for impairment at that date.
Analysis of goodwill by cash generating unit:
       2011 2010 
       £’000 £’000
North America       1,441 1,441
Australia       222 222
Total goodwill       1,663 1,663
Goodwill has been tested for impairment based on its future value in use. Future value has been calculated on a discounted cash flow basis 
using the 2012 budgeted profit for each unit as approved by the Board of Directors extended for a period of five years and discounted at a rate 
equal to that of UK five year gilts which the Directors consider to be an appropriate indicator of the risk free rate of return. On the basis that 
each company has demonstrated growth in profits during 2010 and 2011 it has been assumed that future growth will not be negative. 
However, for prudence a growth rate of 0% has been applied.
Internally generated intangible assets are capitalised when the criteria are met as defined in note 2, Principal Accounting Policies.  36
Financial statements
WorkPlace Systems International plc  
Annual Report and Accounts 2011
Notes to the financial statements continued
for the year ended 31 March 2011
11 Property, plant and equipment
The Company does not hold any property, plant and equipment.
       Fixtures 
     Computer Freehold fittings and 
     equipment property equipment Total 
Consolidated     £’000 £’000 £’000 £’000
Cost
At 1 April 2009     469 250 453 1,172
Additions     42 — 25 67
At 1 April 2010     511 250 478 1,239
Additions     32 — — 32
At 31 March 2011     543 250 478 1,271
Depreciation
At 1 April 2009     327 43 371 741
Charge for the year     74 5 30 109
At 1 April 2010     401 48 401 850
Charge for the year     54 6 26 86
At 31 March 2011     455 54 427 936
Net book amount
At 31 March 2009     142 207 82 431
At 31 March 2010     110 202 77 389
At 31 March 2011     88 196 51 335
The Company does not hold any goodwill or intangible fixed assets. 
12 Investments
       2011 2010 
Consolidated       £’000 £’000
At 1 April       204 341
Reclassification of investment in WorkBuddy to Consolidated subsidiary     — (137)
At 31 March        204 204
     Company 
     loans in Capital Shares in 
     subsidiary contribution Group 
    Investment undertakings to subsidiary undertakings Total 
Company    £’000 £’000 £’000 £’000 £’000
At 1 April 2009    137 3,219 10,207 33 13,596
Additions    — — — 62 62
Reclassification    (137) — — 137 —
At 1 April 2010     — 3,219 10,207 232 13,658
Additions    — — — — —
At 31 March 2011    — 3,219 10,207 232 13,658
All investments are held at fair value in the Consolidated and Company Statement of Financial Positions. The Directors do not believe that 
there has been any impairment to these values. Business overview Review of the year Corporate governance Financial statements
37
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WorkPlace Systems International plc  
Annual Report and Accounts 2011
12 Investments continued
    Proportion of Proportion 
   Country of ownership of voting 
   registration or interest held power held 
Name of subsidiary   incorporation by the Group by the Group Principal activity
WorkPlace Group Limited England and Wales 100% 100% Intermediary holding company
WorkPlace Systems plc** England and Wales 100% 100% Sale of computer software and  
      associated maintenance and  
      computer consultancy
Labor Solutions International, Inc.***  USA 100% 100% Sale of computer software and  
       associated maintenance and  
       computer consultancy
WorkPlace Systems International Pty Ltd*  Australia 100% 100% Dormant
WorkPlace Systems Inc.**  USA 100% 100% Sale of computer SaaS services 
WorkPlace Software Limited* England and Wales 100% 100% Dormant
WorkBuddy Solutions Pty Ltd*  Australia 50% 50% Sale of computer SaaS services 
*  Shares held by WorkPlace Systems plc
** Shares held by WorkPlace Group Limited
*** Shares held by WorkPlace Systems Inc
All principal subsidiary undertakings operate in their country of incorporation.
The Group consolidates its subsidiary activities. With the exception of WorkBuddy Solutions Pty Ltd whose accounting year-end is 30 June, 
the accounting year-end of the subsidiary undertakings consolidated in these financial statements is 31 March 2011.
All subsidiaries are held directly by WorkPlace Systems International plc unless otherwise stated. 
Whilst the Group holds 50% of the voting equity share capital of WorkBuddy Solutions Pty Ltd, it is deemed that it has control given the 
structure of the Board and input into trading strategies.
13 Trade and other receivables
     Consolidated Company Consolidated Company 
     2011 2011 2010 2010 
Current     £’000 £’000 £’000 £’000
Trade receivables     2,157 — 2,792 —
Prepayments and accrued income     317 — 286 8
Amounts owed by Group undertakings     — 4,797 — 5,536
Other debtors     60 14 96 —
     2,534 4,811 3,174 5,544
The Directors consider that the carrying amount of trade and other receivables approximates to their fair value. The carrying amount of 
receivables and amounts owed by Group undertakings disclosed also represents the Group’s maximum exposure to credit risk for such 
balances. Trade receivables are stated net of a provision for doubtful debts of £30,000 (2010: £201,000).
       2011 2010 
       £’000 £’000
Provision at 1 April       201 95
Released during the year       (201) (18)
Provided during the year       30 124
Provision at 31 March       30 201
As at 31 March 2011 92.5% (2010: 80%) of trade debtors, other than those provided for above, were within their payment terms. 38
Financial statements
WorkPlace Systems International plc  
Annual Report and Accounts 2011
Notes to the financial statements continued
for the year ended 31 March 2011
14 Trade and other payables
     Consolidated Company Consolidated Company 
     2011 2011 2010 2010 
Current     £’000 £’000 £’000 £’000
Bank overdraft     — — — 473
Trade payables     505 217 603 17
Other payables     304 — 209 6
Other tax and social security     263 — 430 —
Accruals     284 27 267 76
Amounts owed to Group undertakings     — — — 172
     1,356 244 1,509 744
Deferred revenue      2,622 — 2,523 —
The Directors consider that the carrying amount of trade and other payables approximates to their fair value.
All amounts included in trade and other payables are non-interest bearing and are not secured on the assets of the Group.
The banking facilities within the Group are secured by a debenture including fixed and floating charge over all assets held within 
WorkPlace Systems International plc and WorkPlace Systems plc.
Non-current payables
     Consolidated Company Consolidated Company 
     2011 2011 2010 2010 
Current     £’000 £’000 £’000 £’000
Loan falling due after twelve months     68 — 194 —
     68 — 194 —
15 Deferred taxation
Group
The following are the major deferred tax assets which have not been recognised by the Group and movements thereon during the current 
and prior reporting year.
      Capital 
     Share-based allowances 
     payments in excess of 
     adjustments depreciation Losses Total 
Deferred tax assets     £’000 £’000 £’000 £’000
At 1 April 2009     46 131 3,003 3,180
Movement     48 (85) (330) (367)
At 1 April 2010     94 46 2,673 2,813
Movement     27 (89) 54 (8)
At 31 March 2011     121 (43) 2,727 2,805
At the reporting date, the Group has unused tax losses, as below, available for offset against future profits in the respective countries. 
       Unrelieved Unrelieved 
       tax losses tax losses 
       2011 2010 
Country       £’000 £’000
United Kingdom        6,953 6,005
North America       3,530 3,542
The Company has unrecognised deferred tax assets of £73,000 (2010: £51,000) in respect of temporary differences. Business overview Review of the year Corporate governance Financial statements
39
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WorkPlace Systems International plc  
Annual Report and Accounts 2011
16 Share capital 
       2011 2010 
Group and Company       £’000 £’000
Authorised:
250,000,000 ordinary shares, £0.05 ordinary shares        12,500 12,500
       12,500 12,500
       2011 2010 
       £’000 £’000
Allotted and fully paid:  
148,062,991 ordinary shares (2010: 147,575,962 ordinary shares), £0.05 ordinary shares     7,403 7,379
       7,403 7,379
Exercises under SAYE and share option schemes
During the year the Company issued 330,000 (2010: nil) £0.05 ordinary shares for consideration of £23,250 under the Share Option Scheme 
resulting in a premium of £6,750.
During the year the Company issued 157,029 (2010: 108,460) £0.05 ordinary shares for consideration of £14,689 (2010: £5,423) under the 
SAYE option scheme resulting in a premium of £6,837.
All share issues under SAYE and Share Option Schemes were settled by cash consideration.
During the previous year the Company issued 705,333, £0.05 ordinary shares in consideration of a 25% stake in WorkBuddy Solutions Pty Ltd.
17 Dividends
       2011 2010 
       £’000 £’000
No dividend is proposed in respect of the 2011 results       — —
18 Share-based payments
Share option summary
        Weighted 
         average  
        exercise 
       Number price 
       of options £
As at 1 April 2009       17,064,227 0.073
Granted       450,000 0.0825
Exercised       (108,460) 0.05
Lapsed       (588,386) 0.078
As at 1 April 2010       16,817,381 0.072
Granted        500,000 0.0725
Exercised        (487,029) 0.0735
Lapsed       (597,809) 0.071
As at 31 March 2011       16,232,543 0.072
The options outstanding at 31 March 2011 had an exercise price between 5p and 11.5p.
The weighted average contractual life of options outstanding at 31 March 2011 was 5.3 years. 40
Financial statements
WorkPlace Systems International plc  
Annual Report and Accounts 2011
Notes to the financial statements continued
for the year ended 31 March 2011
18 Share-based payments continued
Share option summary continued
The Directors’ beneficial interest in the Ordinary shares of the Company (which included those of their families) were as follows:
      Ordinary shares of 5p each
     Share SAYE 
     options options Movements Total at 
    Shares held at held at held at during 31 March 
    1 April 2010 1 April 2010 1 April 2010 year 2011
Ian F Lenagan    68,328,276 — — — 68,328,276
Barney Quinn     1,370,000 10,000,000 — — 11,370,000
Paul Wright    680,000 1,000,000 — 281,412 1,961,412
Ian Mills    519,684 600,000 30,808 — 1,150,492
Nigel Garrett    2,195,845 650,000 13,174 — 2,859,019
Alex Davis    653,300 500,000 — 500,000 1,653,300
Tony Knight*    252,834 150,000 — — 402,834
John Herring    588,956 — — — 588,956
* The interests of Mr Tony Knight are shown as at the date of his appointment.
During the year Mr Ian Mills exercised 9,096 SAYE options and Mr Nigel Garrett exercised 6,831 SAYE options. The shares issued in respect 
of these options were held at the year end.
Share options schemes
In the year ended 31 March 2001 the Company established Approved and Unapproved Executive Share Option Schemes which were augmented 
in June 2007 by the adoption of a new Enterprise Management Incentive (EMI) Share Option Scheme. All Directors and employees of the Company 
and its subsidiaries are eligible to be nominated for participation in the Schemes. Options are granted by the Board of the Company at the market 
value of an ordinary share on the day on which the option is granted and are subject to, in part, the achievement of certain shareholder value 
targets. Options are exercisable between the third and tenth anniversaries of the date of the grant by any option holder who remains a Director 
or employee.
Details of Director’s Share Options
 Number of share  Number of share   
 options held Granted during options held Exercise Exercisable 
 1 April 2010 the year 31 March 2011 price from / to
Barney Quinn 5,000,000 — 5,000,000 7.5p Conditional
 5,000,000 — 5,000,000 7.25p Conditional
Paul Wright 1,000,000 — 1,000,000 5.0p Conditional
Ian Mills 100,000 — 100,000 5.0p 24/07/2005–24/07/2012
 100,000 — 100,000 9.75p 01/07/2006–01/07/2013
 100,000 — 100,000 11.5p 01/07/2007–01/07/2014
 300,000 — 300,000 7.25p 20/06/2010–21/06/2017
Nigel Garrett 100,000 — 100,000 5.0p 24/07/2005–24/07/2012
 100,000 — 100,000 9.75p 01/07/2006–01/07/2013
 100,000 — 100,000 11.5p 01/07/2007–01/07/2014
 350,000 — 350,000 7.25p 20/06/2010–21/06/2017
Alex Davis 500,000 — 500,000 5.0p Conditional
 — 500,000 500,000 7.25p Conditional
Tony Knight 150,000 — 150,000 7.25p 20/06/2010–21/06/2017
The Company also operates a SAYE Share Option Scheme for eligible employees under which options may be granted to a discount of up to 
20% of market value. Business overview Review of the year Corporate governance Financial statements
41
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WorkPlace Systems International plc  
Annual Report and Accounts 2011
18 Share-based payments continued
Basis of valuation
The estimated fair value at the date of grant of each share option granted during the year was calculated by applying a Black Scholes option 
pricing model. The model inputs were the exercise price of 7.25p, being the open market share price at the date of grant; expected volatility 
of 48% based on trends over the previous years, expected dividend yield of nil%, contractual life of ten years and a risk-free interest rate of 
2%, approximated to the average yield on government gilt edged stock at the date of grant.
Group – expense arising from share options
The Group recognised total expenses of £91,000 (2010: £111,000) related to equity settled share-based transactions in 2011 in respect 
of share options. 
Company – expense arising from share options 
The Company recognised total expenses of £93,000 (2010: £99,000) related to equity settled share-based payment transactions in 2011 
in respect of share options. 
Market price
The market price on 31 March 2011 of the £0.05 ordinary shares of WorkPlace Systems International plc was £0.125 (2010: £0.08).
For the year ended 31 March 2011 the market price of WorkPlace Systems International plc ranged from a low of £0.075 to a high of £0.165 
(2010: low of £0.0325 to a high of £0.09). 
19 Notes to the cash flow statement
       2011 2010 
Group       £’000 £’000
(Loss)/profit for the year        (355) 46
Depreciation of property, plant and equipment       86 109
Amortisation of intangibles       368 233
Share option schemes       91 110
Decrease/(increase) in receivables       640 (593)
(Decrease)/increase in payables        (180) 266
Exchange differences       (24) (11)
Net cash flow from operating activities       626 160
       2011 2010 
Company       £’000 £’000
Profit for the year       67 52
Share option schemes       93 110
Decrease in receivables       733 1,327
Decrease in payables        (27) (302)
Net cash flow from operating activities       866 1,187 42
Financial statements
WorkPlace Systems International plc  
Annual Report and Accounts 2011
Notes to the financial statements continued
for the year ended 31 March 2011
20 Commitments
Group
The total future minimum lease payments to the end of each lease under non-cancellable operating leases are as follows:
       2011 2010 
Expiry date       £’000 £’000
Within one year       248 266
Between one and two years       246 246
Between two and five years       165 410
After five years       — —
Total minimum lease payments       659 922
These figures represent the total amounts due under the leases up to the date of expiry. There are no restrictions imposed by the leasing 
arrangements on the Group concerning dividends, debt financing or other third party financing.
The Company was not committed to any non-cancellable operating leases at 31 March 2011 or 31 March 2010.
Neither the Group nor Company had any capital commitments as at 31 March 2011 or 31 March 2010.
21 Contingencies
In 2001, the Company entered into a guarantee until 2022 for the rent on a property used by TeleWare Group plc a former group company. 
The annual rental is £350,000.
Neither the Group nor Company had any other material contingent liabilities as at 31 March 2011 or 31 March 2010.
22 Financial instruments and risk management
The Directors consider that the carrying amount of all financial instruments approximates to their fair value.
Currency risk management
The Group operates in a global industry and is exposed to foreign exchange risk arising from various currency exposures, primarily with 
respect to the US$ and the Euro. Foreign exchange risk arises when commercial transactions and recognised assets and liabilities are 
denominated in a currency that is not the entity’s functional currency.
The Board monitors both the level of likely future foreign currency cash flows and forecasts of exchange rate movements and manages 
exchange risk by covering future risk with forward contracts to minimise currency exposure.
Quantitative analysis
The carrying of the Group in foreign currency denominated monetary assets and liabilities at the reporting dates is as follows:
       2011 2010 
Current assets       £’000 £’000
Sterling – trade and other receivables       1,954 1,870
US dollars – trade and other receivables       321 291
Euro – trade and other receivables       159 573
Australian dollars – trade and other receivables       101 154
Sterling – cash and cash equivalents       2,121 1,700
Euro – cash and cash equivalents       — 205
US dollars – cash and cash equivalents       58 95
Australian dollars – cash and cash equivalents       77 77
       4,791 4,965 Business overview Review of the year Corporate governance Financial statements
43
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WorkPlace Systems International plc  
Annual Report and Accounts 2011
22 Financial instruments and risk management continued
Currency risk management continued
Quantitative analysis continued
       2011 2010 
Current and non-current liabilities       £’000 £’000
Sterling – trade and other payables       3,649 3,245
US dollars – trade and other payables       156 —
Australian dollars – trade and other payables       161 284
       3,966 3,529
Currency risk sensitivity analysis
The Group has used a sensitivity analysis technique that measures the estimated change to the Statement of Comprehensive Income and 
equity of a 1% strengthening or weakening in sterling against all other currencies, with all other variables remaining constant. The sensitivity 
analysis includes only outstanding foreign currency denominated assets and liabilities and adjusts their translation at the reporting date for a 
1% change in the applicable foreign currency rate.
Under this assumption, with a 1% strengthening or weakening of sterling against all exchange rates, loss before tax would have increased/
decreased by £6,000 (2010: £11,000) and equity would have increased/decreased by £6,000 (2010: £11,000).
Interest rate risk management
The Group and Company has an exposure to interest rate risk arising on interest-bearing deposits which are at variable rates of interest.
The Board monitors its treasury at least monthly and seeks to obtain a commercial rate of return from AA or above rated UK institutions 
whilst not impacting on cash flow.
Quantative analysis
The Group’s interest rate profile of its financial assets and liabilities as at the reporting date is as follows:
      2011  2010 
      weighted  weighted 
     2011 average 2010 average 
     total at rate at total at rate at 
     year end year end year end year end 
     £’000 % £’000 %
Current assets                
Floating rate     2,131 0.42 1,491 0.43
Interest free     125 — 586 — 
     2,256 0.39 2,077 0.31
Interest rate sensitivity analysis
The Group and Company has used a sensitivity analysis technique that measures the estimated change to the Statement of Comprehensive 
Income and equity of a 1% increase or decrease in interest rates for each class of financial instruments, with all other variables remaining 
constant. The sensitivity analysis is based on the assumptions that changes in market interest rates affect the interest of variable interest 
financial instruments.
Under these assumptions, a 1% increase or decrease in market interest rates for all currencies in which the Group and Company had deposits 
as at 31 March 2011 would have increased/decreased profit before tax by £22,000 (2010: £20,000) and equity would have increased/decreased 
by £22,000 (2010: £20,000).
Liquidity risk management
Management monitors forecasts of the Group’s liquidity comprising undrawn borrowing facilities and cash and cash equivalents on 
the basis of expected cash flows. This is carried out in accordance with recommended accounting practice and limits set by the Group. 
The Board reviews the Group’s liquidity at its monthly meetings.
Management policy involves projecting cash flows in major currencies and considering the level of liquid assets necessary to meet 
these requirements.  44
Financial statements
WorkPlace Systems International plc  
Annual Report and Accounts 2011
Notes to the financial statements continued
for the year ended 31 March 2011
23 Derivative financial instruments
Forward foreign exchange contracts
The notional principal amounts of the outstanding forward foreign exchange contracts at 31 March 2011 were £1,130,435 (2010: £nil).
The hedged highly probable forecast transactions denominated in foreign currency are expected to occur at various dates during the next 
12 months. Gains and losses recognised in the hedging reserve in equity (shown in ‘Statement of changes in equity’) on forward foreign 
exchange contracts as of 31 March 2011 are recognised in the income statement in the period or periods during which the hedged forecast 
transaction affects the income statement. This is generally within twelve months of the balance sheet date.
24 Related party transactions
The Company
During the year the Company provided services to the value of £1,124,000 (2010: £1,133,000) to WorkPlace Systems plc and was recharged 
expenses of £1,057,000 by that company (2010: £1,076,000). The Company did not enter into any other related party transactions.
Transactions with other Group companies are eliminated on consolidation.
Subsidiary companies
I F Lenagan has a 99% holding of shares and voting rights in Linden Systems Limited. During the year, a subsidiary company made 
sales to Linden Systems Limited of £35,814 (2010: £36,625) for the recharge of office rental and accounting services.
The subsidiary company also made purchases from Linden Systems Limited of £nil (2010: £894) for goods and services provided. 
There was an outstanding balance owed by Linden at the year end of £13,782 (2010: £13,051). 
During the year a subsidiary company received rent totalling £10,000 (2010: £10,000) from I F Lenagan on a property owned by 
WorkPlace Systems plc.
The subsidiary company also made purchases from Wigan Rugby League Club Limited of £1,048 (2010: £nil), for goods and services provided. 
There was an outstanding balance owed to Wigan of £825 (2010: £nil) at the year end.
None of the above balances are secured and settlement will be made in cash.
Key management personnel for reporting purposes are considered to be Directors of the Company. Their remuneration is disclosed in note 6.
25 Events subsequent to the statement of financial position
On 30 April 2011 the Company agreed to the sale of its interest in EASE Inc. for a consideration of $300,000 together with an extended 
exclusive right to the distribution of the Retail EASE product for a period of three years.
During the year a number of dormant UK subsidiary companies applied to be struck off the Companies House Register and dissolved. 
This process was completed in April 2011 when notification of the dissolutions was received. Directors and advisers
Directors
Ian F Lenagan 
Bernard Quinn 
Paul Wright 
Alex Davis 
Ian Mills 
Nigel Garrett 
Anthony Knight 
John Herring
Secretary
Paul Wright
Registered Office
Precedent Drive 
Rooksley 
Milton Keynes MK13 8PP
Auditors
Mazars LLP 
The Pinnacle  
160 Midsummer Boulevard  
Milton Keynes MK9 1FF
Solicitors
SNR Denton UK LLP 
The Pinnacle 
170 Midsummer Boulevard  
Milton Keynes MK9 1FE
Principal Banker
HSBC plc 
Metropolitan House  
321 Avebury Boulevard  
Milton Keynes MK9 2GA 
Stockbroker
Altium 
30 St James’ Square 
London SW1Y 4AL
Registrars
Capita Registrars Ltd 
34 Beckenham Road 
Beckenham 
Kent BR3 4TU
Report contents
Highlights IFC
At a glance 02
Chairman’s statement 04
Chief Executive’s statement  06
Board of Directors  09
Directors’ report  10
Corporate governance report 13
Unaudited Directors’  
remuneration report  15
Statement of Directors’  
responsibilities  18
Independent auditors’ report  19
Consolidated statement  
of comprehensive income  20
Consolidated statement  
of financial position  21
Company statement  
of financial position 22
Statement of changes  
in equity 23
Consolidated statement  
of cash flows  24
Company statement  
of cash flows  24
Notes to the  
financial statements  25
Directors and advisers  IBC
During the year the Company continued its development 
into the SaaS business increasing customers and 
revenue as the move towards SaaS gathers pace.
A Increased sales and new customers
 A Global SaaS revenue reaches £2.5m
 A SaaS business accounts for 27% of total sales
 A New UK and European retail customers
A Continued growth in US
A New office opening in Chicago
A UK data centre established through enhanced partnership 
with Navisite
A Continued rollout of on-premise solutions to existing customers 
across Europe
Group revenue
£9.1m
for year ended 31 March 2011
SaaS revenue
£2.5m
for year ended 31 March 2011
Recurring revenue
£4.6m
for year ended 31 March 2011
Highlights
Find more online
Annual reports and other shareholder information can be found at 
www.workplacesystems.com
WorkPlace Systems International plc  
Annual Report and Accounts 2011 Annual Report and Accounts 2011
25 years of excellence and innovation
WorkPlace Systems International plc
Precedent Drive
Rooksley
Milton Keynes MK13 8PP
t: +44 (0)1908 242 042 f: +44 (0)1908 201 148
w: www.workplacesystems.com
WorkPlace Systems International plc Annual Report and Accounts 2011