silverdell plc
report and
accounts
2008
working closer by collaboration
81733 silverdell cov81377 silverdell cov  30309  1158  page 3 kitsons environmental
asbestos removal
nuclear decommissioning
scaffolding  access
thermal insulation surface
protection and coatings
demolition
deconstruction  dismantling
key market sectors
nuclear industry
industrial sectors
public sector
construction
utilities
retail
defence
power generation
petrochemical
redhill analysts
asbestos consultancy
asbestos management
asbestos surveying
air monitoring ukas
project management
tender documentation
software solutions
task  risk assessments
training
expert witness
management plans
environmental management
remediation and waste
liability transfer
key market sectors
public sector
construction
retail 
insurance repair
utilities
nhs
housing
silverdell uk ltd
asbestos removal
demolition
principal contractor
strip out demolition
rail engineering
waste transfer
key market sectors
public sector
construction
retail and leisure
insurance repair
utilities
rail
social housing
safe
modular training system 
for staff
mobile training solution 
for responsible persons in 
response to car 2006 
control of 
asbestos regulations
contents
what we do 1
group financial highlights 2
chairman’s statement 3
chief executive’s statement 4
review of activities 5
directors and advisors 12
directors’ report 13
statement of directors’ responsibilities 16
independent auditors’ report – consolidated accounts 17
consolidated income statement 18
consolidated statement of total
recognised gains and losses 18
consolidated balance sheet 19
consolidated cash flow statement 20
notes to the consolidated financial statements 21
independent auditors’ report – company only accounts 50
company balance sheet 51
notes to company only accounts 52
the silverdell group of companies the “group” or “silverdell” provides managed solutions for
asbestos industrial remediation and environmental services working with partners in public private
construction and industrial markets we are committed to creating an improved environment in which
to live and work the group has three main trading divisions ideally positioned to give a balanced
exposure throughout public and commercial sectors and all have a strong brand presence in their
respective markets the silverdell academy for excellence “safe” trades through silverdell uk
the group has a track record of delivering some of the largest and most challenging projects around
the country a testament to both its technical knowledge and market intelligence
about silverdell plc
81733 silverdell cov81377 silverdell cov  30309  1301  page 4 1 report and accounts 2008
what we do
the group has a proven track record within
the construction sectors for the majority 
of major contractors working on small 
and large scale works we operate in
commercial retail financial and property
sectors providing both asbestos and
enabling solutions
the group has a proven track record in 
the nuclear industry currently operating 
a primary decommissioning project at
chapelcross for scaffolding and asbestos
and a three year framework at dounreay
secured in 2008 works at other sites 
have also been undertaken as part of the
decommissioning agenda driven by the
government with redhill analysts
successfully entering the market with
consultancy works provided at two sites
solutions in housing maintenance as part
of the government ʼs decent homes 
initiative have featured strongly  particularly
in relation to asbestos management and
removal works in the education sectors
continue and our links with public sector
authorities provide an excellent platform for
growth our organisation features strongly
within health with two of the largest projects
in the uk secured we support some major
defence contracts as part of continued
capital improvements to their infrastructure
power generation
and utilities
construction and
refurbishment
our scaffolding and access solutions support
maintenance contracts and redevelopment
projects on industrial infrastructure and
commercial buildings our insulation
solutions for lagging and storage tanks
provide the environmental link to improve
efficiency reduce energy costs and increase
the life of plant and have been installed in
many refineries in the uk
our consultancy division have developed
from asbestos management to include
wider compliance support solutions
remediation and waste stream solutions
have been developed to create a wider
environmental management solution
designed to serve blue chip construction
remediation utilities industrial defence
and public sector markets
industrial
solutions
environmental
management  remediation
public sector defence
and housing
our businesses support
a diverse range of
markets employing 
800 people this
experience allows us 
to respond to specific
requirements in the
safest and most
efficient way
81733 pre81733 pre  30309  1419  page 1 year ended year ended
30 september 30 september
2008 2007
£m £m
continuous operations
turnover 614 385
operating lossprofit 158 22
operating profit 16 51
operating margin 3 13
earnings per share pence pence
adjusted basic 06 77
basic 372 21
diluted 372 19
 see note 12 to the financial statements
 before goodwill impairment intangible asset amortisation sharebased payments finance charges on
deferred consideration and nonrecurring items
2 silverdell plc
financial highlights
81733 pre81733 pre  30309  1419  page 2 chairman’s statement
3 report and accounts 2008
trading in the first two months of the current
financial year has been satisfactory and we
are confident of our prospects and see
plenty of potential ahead for the further
development of our company
results
for the year ended 30 september 2008 our company
achieved turnover of £614m compared with £385m in
the previous year pre tax profits reduced from £14m in
the previous year to a loss of £168m and basic loss per
share was 372p compared with 21p of earnings in
the previous year adjusted earnings per share stripping
out amortisation of intangible assets intangibles
impairment sharebased payment charges finance
charges on deferred consideration and nonrecurring
expenses was 06p 2007 77p 
as with last year your directors do not recommend the
payment of a dividend 
the loss is mainly caused by a material impairment of
the goodwill value of acquisitions in light of the current
economic environment where acquisition multiples have
diminished it was deemed prudent to reduce the
carrying value of these acquisitions this has no cash
impact on the group it merely places a more prudent
valuation on its subsidiaries the performance of the
acquisitions has in fact been good it has been silverdell
uk the original business where results have
disappointed
the board and management
following a disappointing first half your directors made
a number of changes to ensure that the prospects for
the business can be maximised management changes
have included danny spicer moving from the lc board
to become chairman of silverdell uk where we retain
the benefit of danny’s customer relations and experience 
chris sims also stood down as finance director with
effect from 22 october 2008 sean nutley was
promoted to the chief executive role on the 22 october
2008 and an interim group finance director recruited
in addition the group’s subsidiary management
structure was strengthened with several new
appointments and the benefits of these changes 
should be evident in due course 
during the year a number of acquisition opportunities
were reviewed we were close to making a substantial
acquisition but market conditions deteriorated causing
the directors to reconsider its merits our profits have
been affected by the costs incurred although our
decision not to proceed proved to be prudent 
given all these changes i particularly wish to thank our
staff for all their efforts during this period it goes without
saying that we also appreciate the loyalty and support of
our customers
p
financing
as at 30 september 2008 debt of £112m 2007
£74m is long term and is expected to mature in 2011
in addition the group has short term borrowings of
£32m comprising primarily of bank overdrafts and 
loans of £28m subsequent to the year end the 
group concluded its discussions with barclays bank to
restructure its existing facilities which includes a short
term loan of £325m due for repayment at 30 june
2009 these restructured facilities combined with the
planned intention to raise additional finance by way 
of equity placing which certain shareholder’s have led
the group to believe will be achievable will provide
sufficient resources based on projected trading to allow
the group to meet is liabilities as they fall due please
refer to note 2   
the directors in their consideration of going concern
have reviewed the group’s revenue and cash
projections which they believe are based on prudent
market data and past experience and believe based on
those forecasts and projections that it is appropriate to
prepare the financial statements of the group on the
going concern basis 
david williams
nonexecutive chairman
81733 pre81733 pre  28309  1157  page 3 4 silverdell plc
my appointment as chief executive officer has come 
at a time when market conditions have become
increasingly challenging and competitive which have
impacted this year’s trading performance i concur with
the chairman’s comments that 2008 was a difficult year
and reiterate the belief that the changes made put the
company in a much stronger position
despite this the group has an excellent track record
working with a wide range of clients in diverse markets
these range from construction rail public sector retail
industrial nuclear defence health and education
we are committed to developing our strategic focus 
to embrace the growth opportunities within the
environmental sector both the consultancy and
contracting to develop our presence in the industrial
sector and to penetrate waste and remediation 
markets further
silverdell uk redhill analysts and kitsons all have 
a strong presence in their respective markets and
locations we have continued to develop the number 
of framework contracts we manage to improve the
forward order book in addition we remain committed 
to excellence on site to reinforce our status as preferred
contractor among existing clients new service offerings
have been identified as part of our market and product
development strategies which will further improve the
positioning of the group
we will continue to develop each of the businesses
organically this will be achieved through a balanced
exposure to both public sector and commercial markets
designed to respond to both changing markets and the
economic environment to deliver this strategy we will
■ ensure we work collaboratively with our clients 
so that the quality of service delivery always 
meets expectations
■ develop each business through profitable and
secure income streams
■ attract develop and retain employees who add
value to our skills base and service offering and
■ generate cash to develop our business and improve
gearing levels
the role of the board will be to implement our strategy
ensure the right leadership is in place to deliver agreed
business plans and monitor performance against set
targets certain functions will be coordinated centrally
including finance information systems health and
safety and sales and marketing as we continue to evolve
as a group in the forthcoming year we have further
strengthened our management team in respect of
environmental and remediation expertise to realise 
new opportunities through vertical market integration 
the chairman’s statement refers to the current financing
position of the group from an operational perspective
the aim for the forthcoming year is to build on the
healthy forward order book despite an environment 
of economic uncertainty we have started the new
trading year with confidence and operationally are 
well positioned to take advantage of the challenges 
and opportunities during the year
sean nutley
chief executive officer
chief executive’s statement
we will work to develop each of the businesses
through organic growth
we will generate cash resources to
develop our business and improve
gearing levels
81733 pre81733 pre  30309  1419  page 4 shell tower has been an
award winning project
5 report and accounts 2008
the group has developed into a leading environmental
services and regeneration organisation from its origins 
in asbestos and licensed waste this has been achieved
through both acquisitions and organic growth in key
market sectors including health education transport
retail construction industrial defence power and
petrochemical
our values
the group’s success is based on a culture of working
collaboratively with clients  and an ability to deliver a
diverse range of solutions consistently we believe in
building teams to deliver an unrivalled experience
working closely with clients partners stakeholders and
communities to ensure that practical and cost effective
solutions are delivered
our people
our people are our most important asset and our aim 
is to create 
■ a clear and demonstrable culture where people
both the group’s staff and its customers count
■ an environment which encourages teamwork 
trust respect and honesty
■ an expectation of both innovation and a passion 
for excellence and
■ an atmosphere of energy and dynamism
we are proud of what our people have achieved
passionate about the projects we undertake and 
highly committed to making a positive difference 
in each area of our work our expertise is based 
on improving efficiency effective planning and
communication and we strive to reduce wasted
resources in all aspects of our work from management
to design and production
our safe training unit is unique developed to equip
our staff and those of our supply partners with superior
technical and soft skills such as project environmental
and customer relations management thereby ensuring
consistent solutions are delivered
working safely
our award winning systems are accredited to
occupational health and advisory services ohsas
18001 standards and are designed to protect our
employees and those living and working in close
proximity to our works safer systems are more efficient
and cost effective helping us to reduce defects and
improve productivity we achieved two royal society for
the prevention of accidents rospa gold awards and 
1 silver rospa award in 2008
quality assured solutions
the group provides services which meet the 
most demanding accreditation criteria including 
iso 90012000 14001 18001 iso 17025 iso 17020
and united kingdom accreditation services ukas
recognised internationally our stringent auditing
systems are designed to ensure the agreed milestones
are achieved first time and without compromise
review of activities
we provide solutions to the rail industry
both trackside and for station refurbishments
81733 pre81733 pre  30309  1419  page 5 6 silverdell plc
review of activities continued
cutting edge innovation
we invest to develop new solutions that lead the way 
in technological advancement our visual method
statements were an industry first and raised safety
standards to new levels cctv infrastructure in asbestos
enclosures has been revolutionary in monitoring quality
reducing risk and assisting regulatory bodies through
remote viewing of works in contaminated environments
this concept has been subsequently adopted by the
hse as an industry standard
working collaboratively through partnership
we place significant emphasis on  building relationships
with clients partners and stakeholders based on trust
commitment and open communication
we are open and structured in our approach to each
project framework or partnering agreement and are
highly committed to ensure the objectives set are
achieved ensuring that high levels of service are
consistently delivered
corporate social responsibility
we recognise the fact that our employees customers
suppliers and other stakeholders may contribute towards
developing a sustainable business which has a positive
impact on the environment in which we work and live
our commitment to this philosophy is exemplified by
among other things compliance with current legislation
investment in community initiatives where we work
engaging supply chain partners to drive best practice
forward and managing our environmental footprint  
key risks
the identification assessment pursuit and
management of opportunities and the associated risks is
an integral and inseparable part of management skills
and processes the following highlights the key business
risks and how they are addressed
market related risks
we are affected by general macro economic conditions
and government spending priorities
we monitor the forward order books of each business
deploying the appropriate resources to secure works
through both formal and informal sources whilst leveraging
additional work from our existing client base
regulatory risks
there is continuous change to the regulatory
environment in which we trade and operate and we 
are fully committed to remaining  compliant thereby
avoiding both financial penalties and associated
reputational damage as a result of nonconformity
contract related risks
as a group we undertake hundreds of projects each
year and the commercial risk of each is dependent 
on the nature and complexity of the works we are
committed to evaluating each contract opportunity
carefully to ensure our capabilities and resource
planning are appropriate to meet all deliverables
financial risks
the key financial risks facing the group are discussed 
in detail in the directors’ report on page 13
people risks
the retention and recruitment of staff for an organisation
that is continually growing is a challenge faced by the
group and the industries in which it operates the
group utilises a range of recruitment processes relevant
to its specific labour markets in addition remuneration
and incentive policies and programmes are designed 
to be market competitive and while locally determined
are centrally coordinated
supporting a community day for
residents in hillingdon london
81733 pre81733 pre  28309  1157  page 6 silverdell uk
silverdell uk was established over 30 years ago and is
a leading asbestos removal contractor capable of taking
on a wider principal contractor roles on all elements of
enabling works we work in the public and private sector
on both small and large contracts and have many long
term framework contracts the business earned a
rospa gold award in 2008
silverdell uk employs 400 staff and has regional
offices located throughout the uk including
southampton cardiff exeter recently opened
leicester bradford london and barking the
headquarters  
sector highlights and some examples of our work
in the year have included
defence
we continue to go from strength to strength within this
sector with ongoing works being undertaken to refurbish
officers’ facilities under regional prime contracting
frameworks 
healthcare
two significant projects have been secured during the
last 12 months to both improve and decontaminate
healthcare infrastructure 
construction
we have continued to work with many of the major tier 1
contractors on small and large scale projects with
enquiries increasing despite the economic downturn 
rail
we undertake works on both the london underground
and on behalf of infrastructure and train operating
companies
utilities
silverdell have sucured numerous framework contracts
in the water sector to support ongoing asset management
maintenance other works on the national grid are
undertaken on a project by project basis  
enabling works
demolition and asbestos removal activities were carried
out as principal contractor to enable the odeon and
haymarket cinemas to be redeveloped into a leisure club
silverdell uk undertook asbestos removal works as
part of the major refurbishment of the regent’s palace
hotel in central london 
acting again as principal contractor we also undertook
demolition facade retention and asbestos removal works
as part of the major redevelopment of borthwick wharf
international rojects p 
silverdell uk were commissioned to undertake works
in romania on a major car manufacturing plant during
its redevelopment
7 report and accounts 2008
our mobile training
unit supports both
operational needs
and clients in a
dual role function
81733 pre81733 pre  30309  1548  page 7 8 silverdell plc
review of activities continued
working to improve the
quality of defence
infrastructure
providing social housing
solutions as part of decent
homes initiatives
redhill analysts
redhill analysts is renowned as one of the leading 
asbestos consultancies in the uk which continues to 
develop a wider environmental service offering to cover
compliance and energy management we work with 
an extensive portfolio of clients all of whom have
responsibility for estate and property management
surveys asbestos management strategies project
management and testing are the key asbestos related
services offered environmental management energy
carbon geotechnical and remediation solutions have
been developed to augment these and to cater to the
wider environmental and waste management markets
our it based compliance management systems have
been well received and complement our testing services
redhill analysts employs 110 people and has offices 
in gatwick birmingham manchester and cardiff 
sector highlights of the year and some examples 
of our work include
nuclear and industrial
redhill analysts has successfully entered both the
nuclear and industrial markets through existing
relationships within the group a clear demonstration 
of our vertical integration strategy
retail
we act as the favoured consultant to a number of 
blue chip high street retail chains providing project
management and analytical services to ensure 
full regulatory compliance in respect of their
refurbishment and remodelling projects
utilities and energy
redhill undertake extensive works in the utilities 
sector working with clients who have operational 
and managerial responsibility for portfolios of over 
5000 buildings
environmental consultancy
broader environmental consultancy capabilities have
been added to our service offering to assist our clients 
to manage the issues they face within their existing
property portfolios in the most effective and compliant
manner  these currently include energy management
geotechnical and remediation carbon management and
broader liability management
energy management
our energy management division can provide services
such as energy audits renewable strategies energy
performance certificates site waste plans and waste
estimation to clients our solutions are clear focused
and cost efficient
carbon anagement m
carbon foot printing and carbon reduction programmes
are areas where clients can benefit from the more
efficiencient use of resources and in relation to their
corporate and social responsibility agendas  
81733 pre81733 pre  28309  1157  page 8 9 report and accounts 2008
geotechnical remediation
we address the legacy issues of buildings and
brownfield sites by providing practical solutions 
to decommissioning remediation design and the
delivery of waste management solutions these 
include encapsulation to state of the art process
treatment including bioremediation vacuum extraction
and soil washing  we offer intrusive contaminated 
land surveying remediation and geotechnical services
and quantitative risk assessments on a cost effective
and practical basis with single source accountability
liability transfer
the liability transfer concept has a long track record 
in releasing corporations from historic environmental
liabilities and is now a mainstream solution  we focus
on the transfer of liability without relinquishing control 
of an asset giving clients certainty as part of their
environmental asset cost planning supporting their
divestment programmes and providing a means of
removing liabilities from the balance sheet 
safe compliance training
responding to the growing demands of the asbestos
industry to raise its standards silverdell uk has
developed safe a well structured thorough and
exhaustive training programme that all of its operatives
and supervisors are required to attend
silverdell’s mobile training suite safe provides the
ability to deliver sitebased training in a working
environment our clients can also therefore receive 
the same level of compliance training onsite as a part 
of the service we offer  we deliver asbestos awareness
training to those wishing to comply with regulation 10 
of the control of asbestos regulations 2006 car 2006
and are currently under consideration for accreditation
by city and guilds as the first modular unit for asbestos
related training safe has been nominated as a finalist
at the construction news specialist contractor of the
year 2009 awards for excellence in training and
development
developing solutions for
government and the public sector
providing cost effective solutions
for utilities and power generation operations
81733 pre81733 pre  28309  1157  page 9 kitsons environmental europe
“kitsons”
kitsons is a renowned multidisciplinary contractor
providing industrial services asbestos removal and low
level nuclear decommissioning solutions our scaffolding
capabilities can address the most challenging projects
both large and small our thermal insulation division is
long established in the industry supporting clients in
their drive to be cost efficient through improved
environmental initiatives 
the business earned a rospa gold award during 2008
kitsons currently employ in excess of 350 people with 6
regional offices in pembroke birmingham aldermaston
glasgow billingham and rosyth and a head office in
warrington 
sector highlights and some examples of our work in the
year have included
petrochemical 
we have undertaken work at several different sites 
and at our largest project in wales we used over 
2000 tonnes of scaffolding without incident in
conditions which are challenging from a safety
perspective
tank installations and insulations were undertaken 
at various refineries throughout the uk to improve
efficeniency capacity and deliver environmental
benefits
nuclear
we have secured a three year framework contract for
asbestos removal and scaffolding at dounreay as part of
the wider decommissioning works 
at chapelcross we are undertaking a four year
decommissioning project with scaffolding works and
asbestos removal ongoing
industrial
successful installations at a leading wheat processing
factory in manchester were undertaken to improve
insulation as part of the factory’s redevelopment
scaffolding was undertaken at the factory of a blue chip
cement manufacturer at a plant which is leading the
way in its approach to energy use 
review of activities continued
silverdell plc
providing solutions for remediation
and cleaning contaminated waste as
enabling works in the home counties
10
81733 pre81733 pre  28309  1157  page 10 education
extensive works have been undertaken in uk
universities with projects completed in clasp 
buildings main structures and graded buildings 
public
extensive asbestos removal and scaffolding works 
under the “decent homes” initiatives have been
undertaken in wales england and scotland
utilities
we deliver specialist maintenance and asbestos 
related services nationally for key electricity water 
and gas providers
defence
kitsons have a 10 year track record of serving specialist
defence projects where we often leverage our nuclear
expertise to offer additional added value to clients
11 report and accounts 2008
works in the public
sector education and
housing are undertaken
in accordance with
regulation on large and
small scale projects
installation of insulation
at major processing plants to
improve environmental performance
working in petrochemical markets offering
asbestos removal insulation and scaffolding
solutions as part of normal maintenance
programmes and as part of shutdowns
81733 pre81733 pre  28309  1157  page 11 david williams 56
nonexecutive chairman
david has 36 years experience in the
investment market he has served as
chairman in both executive and nonexecutive
capacities for a number of companies both
public and private he has overseen the
development of these companies through 
both organic and acquisitive growth as well 
as dealing with turnaround situations 
david is currently chairman of augean plc
entertainment one zetar plc and dury lane
capital as well as marwyn investment group
limited and associated companies
sean nutley 37
chief executive officer
sean joined silverdell in 1992 as an asbestos
removal operative and became part of the
management team 14 years ago as an
estimator he became director for special
contracts in 2000 sean is responsible for
company growth direction new business
opportunities and client relations as well as
technical input and coordination on large
and difficult contracts he was promoted
from chief operating officer in 2008
mark watts 35
nonexecutive director
mark is a director of marwyn investments
group and aldgate capital plc and a partner
in marwyn capital and marwyn investment
management he holds directorships
in several other of marwyn’s investments
previously mark was a management
consultant completing strategic development
projects for many bluechip companies
including ford motor company and 
barclays bank
12 silverdell plc
directors and advisors
advisors
directors
david williams chairman
sean nutley chief executive
mark watts non executive director
secretary
susan fadil fcis and
robert hillhouse fcis
mayer brown international llp
201 bishopsgate
london 
ec2m 3af
registered office
14 buckingham street
london
wc2n 6df
solicitors
dla piper uk llp
101 barbirolli square
bridgewater
manchester
m2 3dl
registrars
capita irg plc
the registry
34 beckenham road
beckenham
kent
br3 4tu
auditors
deloitte llp
chartered accountants
2 new street
london 
ec4a 3bz
nomad and broker
collins stewart europe limited
88 wood street
london 
ec2v 7qr
81733 pre81733 pre  28309  1157  page 12 13 report and accounts 2008
directors’ report
the directors present their annual report on the affairs of the group together with the financial statements and auditors’ report for the year
ended 30 september 2008
principal activities
silverdell plc is the parent company of a group of companies providing asbestos industrial and environmental solutions from consulting 
and contracting perspectives the principal subsidiaries are shown in note 34 to the accounts
business review
the group reported a loss for the year which reflects a number of special nonrecurring items including a goodwill impairment loss of
£147m resulting from more challenging market conditions the 2008 reported loss was £166m 2007 profit of £08m the loss per 
share was 372p 2007 earnings per share of 21p the adjusted earnings per share excluding nonrecurring items impairments and
amortisation was 06p 2007 77p as explained in the chairman’s statement on page 3 these results are disappointing and have led 
to changes in the structure and management of the group explained in that statement
group revenue for the year increased by 59 to £614m 2007 £385m the increase reflects the full year effect of redhill analysts
limited and kitsons environmental europe limited which were acquired in the prior year together with growth of 12 in the revenue 
of silverdell uk limited due to challenging market conditions the group’s gross profit margin reduced from 36 to 24
administrative expenses excluding goodwill impairment intangibles amortisation sharebased payments and nonrecurring costs increased
by 40 to £129m 2007 £92m representing 21 of group revenue 2007 24 nonrecurring costs of £05m 2007 £nil arose from
abortive acquisitions and the renegotiation of the group’s banking facilities
the group produced a cash outflow from operating activities of £14m 2007 inflow of £23m and spent £35m 2007 £116m on
investing activities principally the payment of consideration for current year acquisitions new funds from bank loans of £42m 2007
£90m were drawn down during the year and loan repayments of £11m 2007 £nil were made the resulting net decrease in cash and
cash equivalents was £18m 2007 decrease of £14m
the group’s financial gearing ratio calculated as the ratio of net debt to total capital was 43 at 30 september 2008 2007 20  
the group’s debtor days for amounts due from customers at 30 september 2008 was 66 days 2007 82 days subsequent to the year 
end the group agreed revised borrowing terms see note 2 
despite the challenging market conditions being faced at present the directors consider that the group is well placed in terms of its 
position in the environmental sector to capitalise on future opportunities
key performance indicators
the principal key performance indicator monitored by the board is “adjusted ebitda” which is defined as earnings before interest 
tax depreciation amortisation share based payment charge and nonrecurring items adjusted ebitda for 2008 was £2501000 
2007 £5058000 reflecting an operating loss of £15883000 2007 profit of £2201000 adjusted for the add back of depreciation
£848000 2007 £556000 amortisation and impairment charges of £16804000 2007 £2130000 share based payment charge 
of £212000 2007 £171000 and nonrecurring expenses of £520000 2007 £nil
results and dividends
the financial results of the group for the year are set out on page 18 the directors do not recommend the payment of a dividend 
2007 £nil 
directors
the directors of the company in office during the period and their beneficial interests in the issued share capital of 10p ordinary shares
were as follows
30 september 30 september 30 september 30 september
2008 2008 2007 2007 
options options
david williams 1000000 – 1000000 –
mark watts 40000 – 40000 –
danny spicer 1418892 276000 1002129 276000
sean nutley 508018 276000 320682 276000
gordon morrison 1300000 – 200000 –
chris sims 55000 200000 25000 200000
 danny spicer and chris sims resigned as directors subsequent to the yearend on 22 october 2008
 gordon morrison resigned as director subsequent to the year end on 26 february 2009
further detail in respect of share options is disclosed in note 7 to the financial statements
except for the resignations of danny spicer gordon morrison and chris sims there have been no changes in directors’ interests between
the yearend date and the date of this report and accounts
in accordance with the articles of association directors who have been elected to the board since the last annual general meeting
“agm” must be reelected at the subsequent agm in accordance with the articles sean nutley retires at the forthcoming agm and
offers himself for reelection
81733 pre81733 pre  28309  1157  page 13 substantial interests in the share capital at 25 march 2009
in addition to the directors the company had been notified of the following shareholders who held 3 or more of the ordinary share capital
in issue of the company
number of shares 
marwyn investment fund limited 12899999 3097
credit agricole cheuvreux international limited 2515336 604
d j spicer esq 2227587 535
p a bell esq 2000000 480
fc asset management plc 1977106 475
r p blackburn esq 1724921 414
fidelity investments limited 1667500 400
fidelity european smaller companies fund 1578000 379
d t spicer esq 1358692 326
p dolan esq 1333333 320
g morrison esq 1300000 312
charitable donations
during the year the group made charitable donations of £14645 2007 £7752 there were no political contributions 2007 £nil
disabled employees
the group makes every reasonable effort to provide opportunities for work training and career development for disabled applicants and
employees who become disabled commensurate with their abilities in the recruitment and subsequent career development of employees
consideration is given only to individuals’ aptitudes and abilities irrespective of race gender marital status or disability
employee involvement
by means of formal announcements and informal discussions the group has a policy of keeping employees informed of all matters that
concern them so that employees’ views can be taken into account when making decisions that affect their interests
directors’ indemnities
the company has made qualifying third party indemnity provisions for the benefit of its directors which were made during the year and
remain in force at the date of this report
creditor payment policy
the group’s policy concerning payment of suppliers is either to agree terms of payment at the start of business with each supplier or to
ensure that the supplier is made aware of the group’s standard payment terms and in either case to pay in accordance with its contractual
or other obligations the average number of days credit taken at 30 september 2008 was 43 days 2007 52 days
financial risk management
the main risks arising from the group’s activities are credit interest rate and liquidity risks the policies for managing each of these risks
are summarised below
credit risk
the group’s principal financial assets are bank balances trade and other receivables and amounts receivable from clients under contracts
the group’s credit risk is primarily attributable to its trade and contract receivables the amounts presented in the balance sheet are net of
allowances for doubtful receivables an allowance for impairment is made where there is an identified loss event which based on previous
experience is evidence of a reduction in the recoverability of the cash flows
the credit risk on liquid funds is limited because the counterparties are approved financial institutions
the group has no significant concentration of credit risk with exposure spread over a large number of counterparties and customers
interest rate risk
the group finances its operations through a mixture of equity and bank borrowings the group borrows only in sterling at both fixed and
floating rates of interest to meet short term funding requirements and for financing acquisitions
at the year end the group had finance leaseshire purchase agreements at fixed interest rates and a bank overdraft at floating interest
rates the long term bank loans were at both a rate fixed by an interest rate swap and at floating rate the group’s policy is to review
interest rate risks regularly in relation to their materiality compared to other operational risks
14 silverdell plc
directors’ report continued
81733 pre81733 pre  28309  1157  page 14 15 report and accounts 2008
liquidity risk management and going concern
the group closely monitors and has a number of treasury policies to manage its liquidity risk cash forecasts identifying the group’s
liquidity requirements are produced regularly the group seeks to ensure sufficient financial headroom exists  the short term flexibility
required to address liquidity risk is achieved by overdraft facilities
as at 30 september 2008 debt of £112m 2007 £74m is long term and is expected to mature in 2011 in addition the group has short
term borrowings of £32m comprising primarily of bank overdrafts and loans of £28m please refer to note 21 the group obtained a
waiver for the period under review from its lenders in respect of testing of the financial covenants contained within its borrowing agreements
as at 30 september 2008 in addition as a consequence of the economic climate a breach of the group’s covenants is possible when
tested for each of the relevant quarters for the year ended 30 september 2009 
subsequent to the year end the group has concluded its discussions with the relevant lenders for the amendment of terms included within
its borrowing agreements as part of the amendments to the borrowing agreements a bridging facility of £3m has been provided and is due
for repayment on 30 june 2009 this facility will be repaid from the proceeds of an equity placing planned in 2009 please refer to note 2  
foreign currency risk
the group does not have significant exposure to foreign currency risk
auditors
each of the persons who is a director at the date of approval of this report confirms that
■ so far as the director is aware there is no relevant information of which the company’s auditors are unaware and
■ the director has taken all reasonable steps that he ought to have taken as a director in order to make himself aware of any relevant
audit information and to establish that the company’s auditors are aware of that information
this confirmation is given and should be interpreted in accordance with the provisions of s234za of the companies act 1985
the company’s auditors deloitte llp have expressed their wish to remain in office and a resolution that they be reappointed will be
proposed at the forthcoming annual general meeting
approved by the board of directors and signed on behalf of the board
susan fadil fcis
secretary
27 march 2009
81733 pre81733 pre  28309  1157  page 15 the directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and
regulations
company law requires the directors to prepare financial statements for each financial year the directors are required by the ias regulation
to prepare the group financial statements under ifrss ifrss as adopted by the european union the group financial statements are also
required by law to be properly prepared in accordance with the companies act 1985 and article 4 of the ias regulation
international accounting standard 1 requires that ifrs financial statements present fairly for each financial year the company’s financial
position financial performance and cash flows this requires the faithful representation of the effects of transactions other events and
conditions in accordance with the definitions and recognition criteria for assets liabilities income and expenses set out in the international
accounting standards board’s ‘framework for the preparation and presentation of financial statements’ in virtually all circumstances a fair
presentation will be achieved by compliance with all applicable ifrss directors are also required to
■ properly select and apply accounting policies
■ present information including accounting policies in a manner that provides relevant reliable comparable and understandable
information and 
■ provide additional disclosures when compliance with the specific requirements in ifrss are insufficient to enable users to understand
the impact of particular transactions other events and conditions on the entity’s financial position and financial performance
the directors have elected to prepare the parent company financial statements in accordance with united kingdom generally accepted 
accounting practice united kingdom accounting standards and applicable law the parent company financial statements are required by 
law to give a true and fair view of the state of affairs of the company in preparing these financial statements the directors are required to
■ select suitable accounting policies and then apply them consistently
■ make judgments and estimates that are reasonable and prudent
■ state whether applicable uk accounting standards have been followed subject to any material departures disclosed and explained in
the financial statements and
■ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in
business
the directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial
position of the company and enable them to ensure that the parent company financial statements comply with the companies act 1985
they are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities
the directors are responsible for the maintenance and integrity of the company’s website legislation in the united kingdom governing the
preparation and dissemination of financial statements may differ from legislation in other jurisdictions
16 silverdell plc
statement of directors’ responsibilities
81733 pre81733 pre  28309  1157  page 16 17 report and accounts 2008
independent auditors’ report
to the members of silverdell plc
we have audited the group financial statements of silverdell plc for the year ended 30 september 2008 which comprise the consolidated
income statement the consolidated balance sheet the consolidated statement of recognised income and expense the consolidated
cash flow statement and the related notes 1 to 32 these group financial statements have been prepared under the accounting policies
set out therein 
we have reported separately on the parent company financial statements of silverdell group plc for the year ended 30 september 2008 
this report is made solely to the company’s members as a body in accordance with section 235 of the companies act 1985 our audit
work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditors’
report and for no other purpose to the fullest extent permitted by law we do not accept or assume responsibility to anyone other than the
company and the company’s members as a body for our audit work for this report or for the opinions we have formed
respective responsibilities of directors and auditors
the directors’ responsibilities for preparing the annual report and the group financial statements in accordance with applicable law and
international financial reporting standards ifrss as adopted by the european union are set out in the statement of directors’
responsibilities
our responsibility is to audit the group financial statements in accordance with relevant legal and regulatory requirements and international
standards on auditing uk and ireland
we report to you our opinion as to whether the group financial statements give a true and fair view and have been properly prepared in
accordance with the companies act 1985 we also report to you whether in our opinion the information given in the directors’ report is
consistent with the group financial statements
in addition we report to you if in our opinion the company has not kept proper accounting records we have not received all the information
and explanations we require for our audit or if information specified by law regarding director’s remuneration and other transactions is
not disclosed
we read the other information contained in the annual report as described in the contents section and consider whether it is consistent
with the audited group financial statements we consider the implications for our report if we become aware of any apparent misstatements
or material inconsistencies with the group financial statements our responsibilities do not extend to any further information outside the
annual report
basis of audit opinion
we conducted our audit in accordance with international standards on auditing uk and ireland issued by the auditing practices board
an audit includes examination on a test basis of evidence relevant to the amounts and disclosures in the group financial statements
it also includes an assessment of the significant estimates and judgments made by the directors in the preparation of the group financial
statements and of whether the accounting policies are appropriate to the group’s circumstances consistently applied and
adequately disclosed
we planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide
us with sufficient evidence to give reasonable assurance that the group financial statements are free from material misstatement whether
caused by fraud or other irregularity or error in forming our opinion we also evaluated the overall adequacy of the presentation of
information in the group financial statements
opinion
in our opinion
■ the group financial statements give a true and fair view in accordance with ifrss as adopted by the european union of the state of
the group’s affairs as at 30 september 2008 and of its loss for the year then ended
■ the group financial statements have been properly prepared in accordance with the companies act 1985 
■ the information given in the directors’ report is consistent with the group financial statements
emphasis of matter – going concern
in forming our opinion on the financial statements which is not qualified we have considered the adequacy of disclosures made in note 2
to the financial statements concerning the ability of the group to continue as a going concern
the group is likely to breach its covenants in the absence of any mitigating plans when tested for the relevant quarters in the period ended
30 september 2009 if such a covenant breach were to occur the lenders would be able to request early repayment of all outstanding
borrowings and cancel their commitments subsequent to the year end the group concluded discussions with its lenders which resulted in
a £325m bridging facility being provided and due for repayment on 30 june 2009 these conditions along with other matters as set out in
note 2 to the financial statements indicate the existence of a material uncertainty which may cast significant doubt about the group’s ability
to continue as a going concern the financial statements do not include any adjustments that would result if the group was unable to
continue as a going concern  
deloitte llp
chartered accountants and registered auditors 
london united kingdom
31 march 2009
81733 pre81733 pre  30309  1445  page 17 nonrecurring
impairments
before and
nonrecurring amortisation
items see note 11
2008 2008 2008 2007
notes £’000 £’000 £’000 £’000
revenue 61378 – 61378 38498
cost of sales 46793 – 46793 24808
gross profit 14585 – 14585 13690
administrative expenses 13144 – 13144 9359
– impairment of goodwill – 14653 14653 –
– amortisation of intangible assets – 2151 2151 2130
– nonrecurring expenses        – 520 520 –
operating profitloss 6 1441 17324 15883 2201
finance income 8 42 – 42 72
finance costs 9 963 – 963 846
profitloss before tax 520 17324 16804 1427
taxation creditcharge 10 231 – 231 670
profitloss for the year 25 751 17324 16573 757
earning per share pence
basic earnings per ordinary share 12 372 21
diluted earnings per ordinary share 12 372 19
all items relate to continuing operations
consolidated statement of total recognised
gains and losses
for the year ended 30 september 2008
2008 2007
notes £’000 £’000
net expenseincome recognised directly in equity 92 62
lossprofit for the year 16573 757
total recognised income and expense 25 16665 819
18 silverdell plc
consolidated income statement
for the year ended 30 september 2008
81733 pre81733 pre  30309  1419  page 18 19 report and accounts 2008
consolidated balance sheet
at 30 september 2008
2008 2007
notes £’000 £’000
noncurrent assets
goodwill 13 20976 37127
other intangible assets 14 2343 4494
property plant and equipment 15 2809 2480
trade and other receivables 18 1001 1001
27129 45102
current assets
inventories and work in progress 16 1163 1278
other financial assets 17 – 86
trade and other receivables 18 16562 16134
cash and cash equivalents 17 1418
17742 18916
total assets 44871 64018
noncurrent liabilities
borrowings 20 11170 7379
deferred tax liabilities 10 728 1110
deferred consideration 23 – 2649
trade and other payables 22 1001 1001
12899 12139
current liabilities
borrowings 20 3241 2633
trade and other payables 22 9139 10229
other financial liabilities 17 41 –
deferred consideration 23 334 3000
current tax liabilities 255 1932
13010 17794
total liabilities 25909 29933
net assets 18962 34085
equity
share capital 24 4165 4068
share premium account 25 13649 13649
equity reserve 25 411 368
hedging reserve 25 30 62
other reserves 25 16635 15233
retained earnings 25 15868 705
total equity 18962 34085
these financial statements were approved by the board of directors on 27 march 2009
signed on behalf of the board of directors
david williams sean nutley
nonexecutive chairman chief executive officer
81733 pre81733 pre  28309  1157  page 19 2008 2007
notes £’000 £’000
cash flows from operating activities
operating lossprofit 15883 2201
impairment of goodwill 14653 –
amortisation of intangibles 2151 2130
depreciation on property plant and equipment 848 556
profit on disposal of property plant and equipment 38 7
share based payments 212 171
movements in working capital
decrease in inventories 143 1590
increase in trade and other receivables 217 4858
decreaseincrease in trade and other payables 1243 1260
cash generated from operations 611 3043
income tax paid 1993 734
net cash outflowinflow from operating activities 1382 2309
cash flows from investing activities
payments for property plant and equipment 675 438
proceeds from disposal of property plant and equipment 86 98
acquisition of subsidiaries 3239 12633
net cash acquired with subsidiaries 30 372 1356
net cash outflow from investing activities 3456 11617
cash flows from financing activities
interest paid 910 324
interest paid on finance leases 53 79
interest received 42 72
payments for hire purchase contracts principals 509 357
proceeds from bank loans 4150 9000
repayments of bank loans 1050 –
net cash inflow from financing activities 1670 8312
net decrease in cash and cash equivalents 3168 996
cash and cash equivalents at the beginning of the year 1418 2414
cash and cash equivalents at the end of the year 1750 1418
cash and cash equivalents comprises
cash at bank and in hand 19 17 1418
bank overdrafts 19 1767 –
1750 1418
20 silverdell plc
consolidated cash flow statement
for the year ended 30 september 2008
81733 pre81733 pre  28309  1157  page 20 1 general information
silverdell group plc is a company incorporated in great britain under the companies act 1985 the address of the registered office 
is given on page 12 the nature of the group’s operations and its principal activities are set out in the directors’ report on page 13
2 basis of preparation
the annual consolidated financial statements of the group have been prepared for the first time in accordance with international
reporting standards ifrs as adopted by the european union eu ifrs as adopted by the eu international financial reporting
interpretations committee ifric interpretations and the companies act 1985 applicable to companies reporting under ifrs
ifrs 1 “firsttime adoption of international financial reporting standards” has been applied the group’s transition date for
the adoption of ifrs 1 is 1 october 2006 the group is required to establish its ifrs accounting policies for the year ended
30 september 2008 and apply these retrospectively to determine its ifrs balance sheet at the transition date of 1 october 2006 
and the comparative information for the year ended 30 september 2007 hence the financial statements have been prepared 
using accounting policies which have been applied consistently throughout the year and the preceding year
an explanation of how the transition to ifrs has affected the reported financial position and financial performance of the group is
provided in note 32 there has been no impact on the group cash flows
going concern 
as at 30 september 2008 debt of £112m 2007 £74m is long term and is expected to mature in 2011  in addition the group 
has short term borrowings of £32m comprising primarily of bank overdrafts and loans of £28m see note 21  
the group obtained a waiver for the period under review from its lenders in respect of testing of the financial covenants contained
within its facilities agreement for year ended 30 september 2008 subsequent to the year end the group has obtained further 
waivers from its lenders in respect of testing of the financial covenant and has agreed revised facilities with its lenders including 
the restructuring of existing facilities reprofiled repayments and revised covenants as part of these restructured facilities a short
term facility of £325m has been provided which is due for repayment on 30 june 2009 this facility will be repaid from the
proceeds of a planned equity placing in 2009 which certain shareholders have led the group to believe will be achievable 
if the group does not undertake the equity placing and in the absence of other funding alternatives the group would be unable 
to repay the short term facility as a result there exists an uncertainty that casts significant doubt about the ability of the group 
and company to continue as a going concern such that the group could be unable to realise its assets and discharge its liabilities 
in the normal course of business accordingly assets may be realised at significantly less than book value and additional liabilities
may arise
based on the group raising additional equity finance in 2009 and the projected trading for the group the directors’ have a
reasonable expectation that the group will have adequate resources to continue in operational existence for the foreseeable future
for this reason they continue to adopt the going concern basis in preparing the consolidated financial statements therefore these
financial statements do not include any adjustments that would result if the going concern basis of preparation is inappropriate
3 adoption of new and revised standards
in the current year the group has adopted ifrs 7 “financial instruments disclosures” which is effective for annual reporting periods
beginning on or after 1 january 2007 and the related amendments to “presentation of financial statements”
the impact of the adoption of ifrs 7 and the changes to ias 1 has been to expand the disclosures provided in these financial
statements regarding the group’s financial instruments and management of capital see note 21
two interpretations issued by ifric are effective for the current period these are
ifric 10 interim financial reporting and impairment and
ifric 11 ifrs 2 – group and treasury share transactions
the adoption of these interpretations has not led to any material changes in the group’s accounting policies
 ias 1
21 report and accounts 2008
notes to the consolidated financial statements 
at 30 september 2008
81733 accounts81733 accounts  28309  1158  page 21 3 adoption of new and revised standards continued
at the date of authorisation of these financial statements the following standards and interpretations which have not been applied 
in these financial statements were in issue but not yet effective
ifrs 2 sharebased payment – amendment to vesting conditions and cancellations
ifrs 3 business combinations – comprehensive revision on applying acquisition method
ifrs 8 operating segments
ias 23 borrowing costs revised – comprehensive revision to prohibit immediate expensing
ias 27 consolidated and separate financial statements – amendments arising from ifrs 3 amendment
ias 28 investments in associates – amendments arising from ifrs 3 amendment
ias 31 investments in joint ventures – amendments arising from ifrs 3 amendment
ias 32 financial instruments recognition and measurement – amendments to puttable instruments and obligations 
arising on liquidation
ias 39 financial instruments presentation amendments
ifric 12 service concession arrangements
ifric 13 customer loyalty programmes
ifric 14 ias 19 – the limit on a defined benefit asset minimum funding requirements and their interaction
ifric 15 agreements for the construction of real estate
ifric 16 hedges of a net investment in a foreign operation
ifric 17 distributions of noncash assets to owners
the directors anticipate that the adoption of these standards and interpretations in future periods will have no material impact 
on the financial statements of the group
31 accounting policies 
basis of accounting
the consolidated financial information has been prepared in accordance with international financial reporting standards
ifrss the consolidated financial information has also been prepared in accordance with ifrss adopted by the european
union and therefore the group financial statements comply with article 4 of the eu ias regulation
the consolidated financial information has been prepared on the historical cost basis except for the revaluation of certain
financial instruments the principal accounting policies adopted are set out below
ifrs 1 permits companies adopting ifrs for the first time to take certain exemptions from full retrospective application of ifrs
accounting policies described below are the applicable instances where the group has not opted for these exemptions
a business combinations the group has chosen to restate business combinations that occurred prior to 1 october 2006 
to comply with ifrs 3 ‘business combinations’ as a result that carrying value of goodwill recorded under uk gaap as 
at 1 october 2006 has been amended at transition date
b financial instruments the group has applied ias 32 and ias 39 from 1 october 2006
in accordance with ifrs 1 the group has not revised estimates required under ifrs that were also required under uk gaap
as at 31 september 2006 and 2007 and in addition where estimates were not required under uk gaap they have been
based on information known at that time and not on subsequent events
basis of consolidation
the consolidated financial statements incorporate the financial statements of the company and entities controlled by the
company its subsidiaries made up to 30 september each year control is achieved where the company has the power to
govern the financial and operating policies of an investee entity so as to obtain benefits from its activities
the results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the
effective date of acquisition or up to the effective date of disposal as appropriate
where necessary adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line
with those used by the group
all intragroup transactions balances income and expenses are eliminated on consolidation
business combinations 
the acquisition of subsidiaries is accounted for using the purchase method the cost of the acquisition is measured at the
aggregate of the fair values at the date of exchange of assets given liabilities incurred or assumed and equity instruments
issued by the group in exchange for control of the acquiree plus any costs directly attributable to the business combination 
the acquiree’s identifiable assets liabilities and contingent liabilities that meet the conditions for recognition under ifrs 3 
are recognised at their fair value at the acquisition date
22 silverdell plc
notes to the consolidated financial statements continued
at 30 september 2008
81733 accounts81733 accounts  28309  1158  page 22 31 accounting policies continued
goodwill arising on acquisition is recognised as an asset and initially measured at cost being the excess of the cost of the
business combination over the group’s interest in the net fair value of the identifiable assets liabilities and contingent liabilities
recognised if after reassessment the group’s interest in the net fair value of the acquiree’s identifiable assets liabilities and
contingent liabilities exceeds the cost of the business combination the excess is recognised immediately in profit or loss
goodwill
goodwill arising on consolidation represents the excess of the cost of acquisition over the group’s interest in the fair value of the
identifiable assets and liabilities of a subsidiary at the date of acquisition goodwill is initially recognised as an asset at cost and 
is subsequently measured at cost less any accumulated impairment losses goodwill which is recognised as an asset is reviewed
for impairment at least annually any impairment is recognised immediately in profit or loss and is not subsequently reversed
for the purpose of impairment testing goodwill is allocated to each of the group’s cashgenerating units expected to benefit
from the synergies of the combination cashgenerating units to which goodwill has been allocated are tested for impairment
annually or more frequently when there is an indication that the unit may be impaired if the recoverable amount of the cash
generating unit is less than the carrying amount of the unit the impairment loss is allocated first to reduce the carrying amount
of any goodwill allocated to the unit and then to the other assets of the unit prorata on the basis of the carrying amount of
each asset in the unit an impairment loss recognised for goodwill is not reversed in a subsequent period
revenue recognition
revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for
services provided in the normal course of business net of discounts vat and other salesrelated taxes
profit is recognised on longterm contracts if the final outcome can be assessed with reasonable certainty by including in the
income statement revenue and related costs as contract activity progresses revenue is calculated by reference to the value 
of work performed to date as a proportion of total contract value
leasing
leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of
ownership to the lessee all other leases are classified as operating leases
assets held under finance leases are recognised as assets of the group at their fair value or if lower at the present value of the
minimum lease payments each determined at the inception of the lease 
the corresponding liability to the lessor is included in the balance sheet as a finance lease obligation lease payments are
apportioned between finance charges and reduction of the lease obligation so as to achieve a constant rate of interest on the
remaining balance of the liability finance charges are charged directly against income
rentals payable under operating leases are charged to income on a straightline basis over the term of the relevant lease
benefits received and receivable as an incentive to enter into an operating lease are also spread on a straightline basis over 
the lease term
borrowing costs
borrowing costs are recognised in profit or loss in the period in which they are incurred
retirement benefit costs 
payments to defined contribution retirement benefit schemes are charged as an expense as they fall due 
taxation
the tax expense represents the sum of the tax currently payable and deferred tax
the tax currently payable is based on taxable profit for the year taxable profit differs from net profit as reported in the income
statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes
items that are never taxable or deductible the group’s liability for current tax is calculated using tax rates that have been
enacted or substantively enacted by the balance sheet date
deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and
liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is
accounted for using the balance sheet liability method deferred tax liabilities are generally recognised for all taxable temporary
differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against
which deductible temporary differences can be utilised such assets and liabilities are not recognised if the temporary
difference arises from the initial recognition of goodwill or from the initial recognition other than in a business combination of
other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit
deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries except where the
group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse 
in the foreseeable future
23 report and accounts 2008
81733 accounts81733 accounts  28309  1158  page 23 31 accounting policies continued
the carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no
longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered
deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is
realised deferred tax is charged or credited in the income statement except when it relates to items charged or credited
directly to equity in which case the deferred tax is also dealt with in equity
deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current
tax liabilities and when they relate to income taxes levied by the same taxation authority and the group intends to settle its
current tax assets and liabilities on a net basis
property plant and equipment
property plant and equipment is stated at cost less accumulated depreciation and any recognised impairment loss
depreciation is charged so as to write off the cost or valuation of assets other than land and assets under construction over
their estimated useful lives on the following bases
leasehold property 10 on cost
plant and machinery 10 on cost
office equipment 16625 on cost
motor vehicles 25 on reducing balance
assets held under finance leases are depreciated over their expected useful lives on the same basis as owned assets or where
shorter over the term of the relevant lease
the gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds 
and the carrying amount of the asset and is recognised in income
impairment of tangible and intangible assets excluding goodwill
at each balance sheet date the group reviews the carrying amounts of its tangible and intangible assets to determine whether
there is any indication that those assets have suffered an impairment loss if any such indication exists the recoverable amount
of the asset is estimated in order to determine the extent of the impairment loss if any where the asset does not generate
cash flows that are independent from other assets the group estimates the recoverable amount of the cashgenerating unit to
which the asset belongs an intangible asset with an indefinite useful life is tested for impairment annually and whenever there
is an indication that the asset may be impaired
recoverable amount is the higher of fair value less costs to sell and value in use in assessing value in use the estimated
future cash flows are discounted to their present value using a pretax discount rate that reflects current market assessments of
the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted
if the recoverable amount of an asset or cashgenerating unit is estimated to be less than its carrying amount the carrying
amount of the asset cashgenerating unit is reduced to its recoverable amount an impairment loss is recognised as an
expense immediately unless the relevant asset is carried at a revalued amount in which case the impairment loss is treated 
as a revaluation decrease
where an impairment loss subsequently reverses the carrying amount of the asset cashgenerating unit is increased to the
revised estimate of its recoverable amount but so that the increased carrying amount does not exceed the carrying amount 
that would have been determined had no impairment loss been recognised for the asset cashgenerating unit in prior years 
a reversal of an impairment loss is recognised as income immediately unless the relevant asset is carried at a revalued
amount in which case the reversal of the impairment loss is treated as a revaluation increase
inventories and work in progress
inventories are stated at the lower of cost and net realisable value cost comprises direct materials and where applicable 
direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and
condition cost is calculated using the weighted average method net realisable value represents the estimated selling 
price less all estimated costs of completion and costs to be incurred in marketing selling and distribution
work in progress on service contracts is stated at cost plus where the outcome can be assessed with reasonable certainty
estimated profits attributable to the stage of completion less provision for any expected losses and progress payments received
on account amounts recoverable on long term service contracts which are included in trade and other receivables are stated 
at the net sales value of the work done less progress payments received on account excess progress payments are included on
trade and other payables cumulative costs incurred less amounts transferred to cost of sales less provision for contingencies
and expected future losses on service contracts are included as longterm service contract balances in inventories
financial instruments
financial assets and financial liabilities are recognised in the group’s balance sheet when the group becomes a party to the
contractual provisions of the instrument
24 silverdell plc
notes to the consolidated financial statements continued
at 30 september 2008
81733 accounts81733 accounts  28309  1158  page 24 31 accounting policies continued
trade receivables
trade receivables are measured at initial recognition at fair value appropriate allowances for estimated irrecoverable amounts
are recognised in profit or loss when there is objective evidence that the asset is impaired
investments
investments in subsidiaries are stated at cost less provision for any impairment
cash and cash equivalents
cash and cash equivalents comprise cash on hand and demand deposits and other shortterm highly liquid investments that
are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value
financial liabilities and equity
financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered
into an equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of 
its liabilities
bank borrowings
interestbearing bank loans and overdrafts are recorded at the proceeds received net of direct issue costs finance charges
including premiums payable on settlement or redemption and direct issue costs are accounted for on an accrual basis in profit
or loss using the effective interest rate method and are added to the carrying amount of the instrument to the extent that they 
are not settled in the period in which they arise
trade payables
trade payables are initially measured at fair value
equity instruments
equity instruments issued by the company are recorded at the proceeds received net of direct issue costs
derivative financial instruments and hedge accounting
the group’s activities expose it primarily to the financial risk of changes in interest rates the group uses interest rate swap
contracts to hedge this exposure the group does not use derivative financial instruments for speculative purposes
the use of financial derivatives is governed by the group’s policies approved by the board of directors which provide written
principles on the use of financial derivatives 
changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows 
are recognised directly in equity and the ineffective portion is recognised immediately in the income statement if the cash flow
hedge of a firm commitment or forecasted transaction results in the recognition of an asset or a liability then at the time the
asset or liability is recognised the associated gains or losses on the derivative that had previously been recognised in equity 
are included in the initial measurement of the asset or liability for hedges that do not result in the recognition of an asset or 
a liability amounts deferred in equity are recognised in the income statement in the same period in which the hedged item
affects net profit or loss
changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognised in the
income statement as they arise 
hedge accounting is discontinued when the hedging instrument expires or is sold terminated or exercised or no longer
qualifies for hedge accounting at that time any cumulative gain or loss on the hedging instrument recognised in equity is
retained in equity until the forecasted transaction occurs if a hedged transaction is no longer expected to occur the net
cumulative gain or loss recognised in equity is transferred to net profit or loss for the period
provisions
provisions are recognised when the group has a present obligation as a result of a past event and it is probable that the group
will be required to settle that obligation provisions are measured at the directors’ best estimate of the expenditure required to
settle the obligation at the balance sheet date and are discounted to present value where the effect is material
sharebased payments
the group issues equitysettled sharebased payments to certain employees equitysettled sharebased payments are
measured at fair value excluding the effect of non marketbased vesting conditions at the date of grant the fair value
determined at the grant date of the equitysettled sharebased payments is expensed on a straightline basis over the vesting
period based on the group’s estimate of shares that will eventually vest and adjusted for the effect of non marketbased 
vesting conditions
25 report and accounts 2008
81733 accounts81733 accounts  28309  1158  page 25 31 accounting policies continued
fair value is measured by use of the blackscholes model the expected life used in the model has been adjusted based 
on management’s best estimate for the effects of nontransferability exercise restrictions and behavioural considerations
intangible assets
customer relationships
customer relationships are measured as the present value of cash flows attributable to the relationship after deduction of
appropriate contributory assets charged the relationship is amortised over its expected useful life typically 3 years
order book
order book is the value of confirmed orders on the date of acquisition after appropriate costs have been deducted the order
book is amortised over the period in which it is expected to unwind
4 critical accounting judgements and key sources of estimation uncertainty 
the preparation of consolidated financial statements in conformity with ifrs requires management to make judgements estimates 
and assumptions about the carrying amount of assets and liabilities and the amount of income and revenue recognised in the period
actual results may differ from these estimates
the key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date that have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are
discussed below 
revenue and profitmargin recognition
the group’s revenue recognition turnover and long term contracts policies are set out in the notes above management exercises
judgement to estimate the total expected contract costs and determine the percentage of completion in order to recognise the
appropriate revenue and profit in the period the assessment of profitability and recognition is assessed on an ongoing basis 
which ensures adequate controls are in place that appropriate amounts are calculated
recognition and measurement of intangible assets under ifrs 3 ‘business combinations’
in order to determine the value of the separately identifiable intangible assets on the acquisition of a business combination
management are required to make estimates on secured customer contracts other contracts and customer relationships and goodwill
the group engaged outside independent parties to perform these calculations and determine the fair value and estimated useful lives
of these assets
deferred consideration
deferred consideration relating to acquisitions has been included based on management estimates of the most likely outcome as set
out in note 23
impairment of goodwill and other intangible assets
there are a number of assumptions management have considered in performing impairment reviews of goodwill and intangible assets
determining whether goodwill is impaired requires an estimation of the value in use of the cashgenerating units to which goodwill 
has been allocated the value in use calculation requires the directors to estimate the future cash flows expected to arise from the
cashgenerating unit and a suitable discount rate in order to calculate present value note 12 details the assumptions that have been
applied for goodwill
5 segmental information
management consider that the group comprises two segments – asbestos remediation and consultancy services
2008 asbestos consultancy corporate
remediation services expenses group
£’000 £’000 £’000 £’000
for the year ended 30 september 2008
revenue
total revenue 55680 5871 – 61551
less between segments 4 169 – 173
external revenue 55676 5702 – 61378
sales between segments are charged at prevailing market prices
26 silverdell plc
notes to the consolidated financial statements continued
at 30 september 2008
81733 accounts81733 accounts  30309  1427  page 26 5 segmental information continued
2008 asbestos consultancy 
remediation services unallocated group
£’000 £’000 £’000 £’000
for the year ended 30 september 2008
result
operating profit before amortisation and nonrecurring items 1856 649 1064 1441
intangible assets amortisation 1681 470 – 2151
goodwill impairment loss 13554 1099 – 14653
nonrecurring expenses – – 520 520
finance income 3417 42
finance costs 83 25 855 963
loss before tax 13428 944 2432 16804
taxation 304 68 604 231
loss for the year 13732 1012 1828 16573
at 30 september 2008
balance sheet
total assets 35692 8021 1158 44871
total liabilities 11582 933 13394 25909
other information
capital expenditure including acquisitions 1180 45 – 1225
depreciation 623 225 – 848
2007 asbestos consultancy 
remediation services unallocated group
£’000 £’000 £’000 £’000
for the year ended 30 september 2007
revenue
total revenue 33944 4554 – 38498
for the year ended 30 september 2007
result
operating profit before amortisation and nonrecurring items 4894 710 1273 4331
intangible assets amortisation 1486 644 – 2130
finance income 9 4 59 72
finance costs 69 32 745 846
profitloss before tax 3348 38 1959 1427
taxation 985 15 330 670
profitloss for the year 2363 23 1629 757
at 30 september 2007
balance sheet
total assets 60190 3704 124 64018
total liabilities 10996 1377 17560 29933
other information
capital expenditure including acquisitions 3020 801 – 3821
depreciation 356 200 – 556
as the group’s activities are almost entirely domestic no geographical segment analysis is presented
27 report and accounts 2008
81733 accounts81733 accounts  30309  1427  page 27 6 operating profitloss
2008 2007
£’000 £’000
operating profitloss is stated after chargingcrediting
goodwill impairment 14653 –
share based payment charge 212 171
amortisation of intangible assets see note 13 2151 2130
depreciation of
– owned assets 442 241
– assets held under finance leases 406 315
auditors’ remuneration fees payable to the company’s auditor for the
– audit of company’s annual accounts 30 25
– audit of company’s subsidiaries pursuant to legislation 80 105
– other services relating to tax compliance 24 28
hire of plant and machinery 1751 1343
operating lease charges – land and buildings 298 80
profitslosses on disposal of fixed assets 38 7
in addition to the above the company paid fees of £nil 2007 £308000 to deloitte llp and associates in respect of corporate
finance fees not charged to the profit and loss account
7 staff costs including directors’ remuneration
directors’ remuneration and transactions
salary and performance total pension total total
fees benefits bonus emoluments contributions 2008 2007
£’000 £’000 £’000 £’000 £’000 £’000 £’000
nonexecutive directors
david williams 50 – – 50 – 50 50
gordon morrison 30 – – 30 – 30 27
mark watts 30 – – 30 – 30 30
executive directors
danny spicer 200 14 – 214 18 232 370
sean nutley 175 14 – 189 18 207 330
chris sims 140 3 – 143 20 163 107
total 625 31 – 656 56 712 914
payable to marwyn llp
payable to chaldean management ltd
the pension contributions disclosed above were all in respect of money purchase arrangements
options over ordinary shares
the directors had the following interests in share options during the period ended 30 september 2008
as at granted in exercised as at exercise exercise
1 october 2007 period in period 1 october 2008 period fromto price
danny spicer 226000 – – 226000 20092013 805p
50000 – – 50000 20102014 1500p
276000 – – 276000
sean nutley 226000 – – 226000 20092013 805p
50000 – – 50000 20102014 1500p
276000 – – 276000
chris sims 100000 – – 100000 20102014 1570p
100000 – – 100000 20102014 1500p
200000 – – 200000
752000 – – 752000
the market price of the company’s shares as at 30 september 2008 was 325p 30 september 2007 1535p and the range during
the year was 325p to 1600p 2007 990p to 1660p
28 silverdell plc
notes to the consolidated financial statements continued
at 30 september 2008
81733 accounts81733 accounts  28309  1158  page 28 7 staff costs including directors’ remuneration continued
staff costs
2008 2007
employees number number
average number of persons including directors employed by the group in the year
operatives and supervisors 502 251
contract management and estimating 15 38
surveyors and analysts 135 73
administrative staff 90 70
742 432
2008 2007
£’000 £’000
salaries and wages 23591 14356
social security costs 2768 1663
pension costs defined contribution 158 141
share based payment charge 217 171
26729 16331
certain subsidiary undertakings of the group had operated defined contribution pension schemes the assets of the schemes were 
held separately from those of the group by an independently administered fund 
remuneration of key management personnel
in accordance with ias 24 related party disclosures key management personnel are those persons having authority and
responsibility for planning directing and controlling the activities of the entity directly or indirectly including any director 
executive and nonexecutive of the group
2008 2007
£’000 £’000
shortterm employee benefits 1058 1127
postemployment benefits 73 53
key management personnel include members of the board and the managing directors of the principal subsidiaries 
8 finance income
an analysis of the group’s interest revenue for the year is as follows
2008 2007
£’000 £’000
interest revenue
bank deposits 42 72
total interest revenue 42 72
9 finance costs
2008 2007
£’000 £’000
interest on bank overdrafts and loans 910 324
interest on obligation under hire purchase obligations 53 79
finance charges on deferred consideration – 443
total interest expense 963 846
29 report and accounts 2008
81733 accounts81733 accounts  28309  1158  page 29 10 tax on lossprofit on ordinary activities
income tax recognised in profit or loss
2008 2007
£’000 £’000
tax creditexpense comprises
united kingdom corporation tax based on the lossprofit for the year 351 1357
adjustment in respect of previous years 36 –
total current tax expense 315 1357
deferred tax income relating to the origination and reversal of temporary differences 546 687
total tax creditexpense 231 670
the charge for the year can be reconciled to the profit per the income statement as follows
2008 2008 2007 2007
£’000  £’000  
lossprofit before tax 16804 1427
income tax creditexpense calculated at 
the standard rate 4873 29 428 30
share based payment charge 117 – 99 7
effect of expenses that are not deductible in 
determining taxable profit 4681 28 ––
finance changes in deferred consideration –– 133 9
other 48 – ––
prior year adjustment 36 2 10 1
income tax credit recognised in profit or loss 231 1 670 47
the tax rate used for 2008 is the corporate tax rate of 30 until april when the tax rate changed to 28 2007 30 payable by
corporate entities in united kingdom on taxable profits under tax law in that jurisdiction 
the group incurs its lossearns its profits primarily in the uk therefore the tax rate used for lossprofit on ordinary activities is the
standard rate for uk corporation tax the weighted average standard rate for 2008 was 29 2007 30
the group’s planned level of capital investment is expected to remain at similar levels of investment therefore it expects to be able 
to claim allowances in excess of depreciation in future years at a similar level to the current year
there were no unrecognised deferred tax assets
the movement in deferred tax was as follows
£’000
at 1 october 2006 914
credited to income statement 687
credited to equity reserve 169
charged to hedging reserve 24
acquisition of subsidiary undertakings 1028
at 1 october 2007 1110
credited to income statement 546
charged to equity reserve 169
credited to hedging reserve 35
acquisition of subsidiary undertakings 30
at 30 september 2008 728
deferred tax liability comprises
2008 2007
£’000 £’000
accelerated tax depreciation 83 30
intangible assets 656 1348
other 11 268
728 1110
30 silverdell plc
notes to the consolidated financial statements continued
at 30 september 2008
81733 accounts81733 accounts  30309  1427  page 30 11 non recurring items impairments and amortisation
non recurring items impairments and amortisation are shown separately on the face of the income statement in order to reflect the
group’s underlying financial performance the items comprise the following
2008 2007
£’000 £’000
goodwill impairment 14653 –
amortisation of intangible assets 2151 2130
nonrecurring expenses 520 –
17324 2130
related income tax credit – –
impact on post tax loss 17324 2130
the goodwill impairment loss is explained in note 13 nonrecurring expenses comprise abortive acquisition costs and costs
associated with the renegotiation of the group’s banking facilities
12 earnings per share
basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number 
of ordinary shares during the year determined in accordance with the provisions of ias 33 “earnings per share”
diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue on the assumption of
conversion of all dilutive potential ordinary shares the group has only one category of dilutive potential ordinary shares being share
options granted where the exercise price is less than the average price of the company’s ordinary shares during the year
adjusted basic earnings per share is calculated by dividing the earnings attributed to ordinary shareholders before intangible assets
amortisation sharebased payment charges nonrecurring expenses and finance charges on deferred consideration by the weighted
average number of ordinary shares during the year
earnings 2008 earnings per share 2007 earnings per share
basic diluted basic diluted
£’000 pence pence £’000 pence pence
lossearnings attributable to ordinary
shareholders 16573 372 372 757 21 19
nonrecurring items impairment 
amortisation and share based payments 16857 378 372 1611 44 41
finance charges on deferred consideration ––– 443 12 11
profit for adjusted earnings per share 284 06 – 2811 77 71
the adjusted numbers have been reported in order that the impact of the above charges against reported lossprofit can be fully
appreciated
number of shares 2008 2007
no no
weighted average number of ordinary shares used in calculation of 
basic earnings per share including contingently issuable shares 44550187 36479265
effect of dilutive potential ordinary shares
share options 708936 2361897
weighted average number of ordinary shares used in 
calculation of diluted earnings per share 45259123 38841162
31 report and accounts 2008
81733 accounts81733 accounts  30309  1427  page 31 13 goodwill
£’000
cost
at 1 october 2006 17525
additions through acquisitions 19602
at 30 september 2007 37127
at 1 october 2007 37127
additions through acquisitions note 29 984
adjustment to provision for deferred consideration note 22 2482
at 30 september 2008 35629
accumulated impairment losses 
at 1 october 2006 and 30 september 2007 –
at 1 october 2007 –
impairment losses for the year 14653
at 30 september 2008 14653
carrying amount 
at 30 september 2008 20976
at 30 september 2007 37127
the carrying amount of goodwill relates to the group’s two business segments as follows
2008 2007
£’000 £’000
asbestos remediation 15690 30742
consultancy services 5286 6385
20976 37127
the group tests goodwill biannually for impairment or more frequently if there are indications that goodwill might be impaired
goodwill is allocated for impairment testing to cash generating units cgu which reflects how it is monitored for internal management
purposes the recoverable amounts of the cgus are determined from value in use calculations the key assumptions for the value in
use calculations are those regarding the discount rates and growth rates for the period management estimates discount rates using
pretax rates that reflect current market assessments of the time value of money and the risks specific to the cgus equivalent to a
real post tax discount rate which average 85 2007 75 the discount rate has been determined on the basis of the current rate
of debt borrowings the growth rates are based on industry growth forecasts and longterm growth in gross domestic product 
the group prepares cash flow forecasts derived from the most recent financial budgets approved by management for the next three
years and extrapolates cash flows for the following years based on an estimated annual growth rate of 24 the rates do not exceed
the average longterm growth rate for the relevant markets the rates used to discount the cash flows in both 2007 and 2008 for all
cgus have been based on the group’s weighted average cost of capital  
at 30 september 2008 before impairment testing goodwill was allocated to the kitsons environmental europe limited “kitsons”
silverdell uk limited “silverdell uk” and redhill analysis limited “redhill” cgus in the light of challenging market conditions
the group has revised its cashflow forecasts for these cgus 
the goodwill relating to these cgus has therefore been reduced to its recoverable amount by recognising impairment losses as follows
£’000
silverdell uk 9990
kitsons 3564
 
redhill 1099
14653
32 silverdell plc
notes to the consolidated financial statements continued
at 30 september 2008
81733 accounts81733 accounts  28309  1158  page 32 14 other intangible assets
order customer
backlog contracts total
cost
at 1 october 2006 967 2184 3151
acquisitions through business combinations 513 3250 3763
at 1 october 2007 and 30 september 2008 1480 5434 6914
accumulated amortisation and impairment losses
at 1 october 2006 185 105 290
amortisation charge 1011 1119 2130
at 30 september 2007 1196 1224 2420
amortisation charge 276 1875 2151
at 30 september 2008 1472 3099 4571
carrying amount
at 30 september 2008 8 2335 2343
at 30 september 2007 284 4210 4494
15 property plant and equipment
leasehold motor office plant and 
property vehicles equipment machinery total
£’000 £’000 £’000 £’000 £’000
cost
at 1 october 2006 3 475 98 467 1043
additions 69 633 85 234 1021
disposals – 173 – – 173
acquisitions through business combinations 143 857 551 1249 2800
at 1 october 2007 215 1792 734 1950 4691
additions 14 44 119 498 675
disposals – 388 – – 388
acquisitions through business combinations 400 150 – – 550
at 30 september 2008 629 1598 853 2448 5528
accumulated depreciation
at 1 october 2006 1 13 5 10 29
disposals – 82 – – 82
acquisitions 54 385 334 935 1708
depreciation charge for the year 7 342 86 121 556
at 30 september 2007 62 658 425 1066 2211
disposals – 340 – – 340
depreciation charge for the year 40 452 130 226 848
at 30 september 2008 102 770 555 1292 2719
carrying amount
at 30 september 2008 527 828 298 1156 2809
at 30 september 2007 153 1134 309 884 2480
the group does not have any of its property and equipment pledged as security over bank loans
the net book value of assets held under finance leases comprises £845000 2007 £1284000
33 report and accounts 2008
81733 accounts81733 accounts  28309  1158  page 33 16 inventories
2008 2007
£’000 £’000
raw materials and consumables 277 203
work in progress 886 1075
1163 1278
the cost of inventories recognised as an expense and included in ‘cost of sales’ amounted to £5388000 2007 £2647000 
the directors consider that the carrying amount of inventories approximates to their fair value 
17 derivative financial liabilitiesassets
2008 2007
£’000 £’000
interest rate swap 41 86
the notional principal amounts of the outstanding interest rate swap contracts at 30 september 2008 were £3750000
2007 £4500000
at 30 september 2008 the fixed interest rate was 58 and the main floating rates were libor gains and losses recognised in 
the hedging reserve in equity on the interest rate swap at 30 september 2008 will be released to the income statement upon the
repayment of the bank borrowings
18 trade and other receivables
2008 2007
£’000 £’000
noncurrent
other receivables 1001 1001
total noncurrent 1001 1001
current
trade receivables 15496 16155
less provision for impairment 708 687
trade receivables net 14788 15468
other receivables 298 365
prepayments and accrued income 1476 301
total current 16562 16134
total 17563 17135
amounts recoverable under long term contracts included in trade debtors above 2008 2007
£’000 £’000
longterm contract balances
net cost less foreseeable losses 16442 8646
less applicable payments on account 14958 7408
1484 1238
the average credit period taken on sales is 66 days 2007 82 days the group has different provision policies for its various divisions
which have been determined by references to past default experience and specific provisions are raised after taking an individual view
to debts recoverability 
due to the nature of the group’s operations it is normal practice for customers to hold retentions in respect to contracts completed
retentions held by customers as at 30 september 2008 were £904000 2007 £390000
the group’s exposure to credit risk and impairment losses related to trade and other receivables are disclosed in note 21
under the normal course of the business the group does not charge interest on its overdue receivables
the directors consider that the carrying amount of trade and other receivables approximates their fair value
34 silverdell plc
notes to the consolidated financial statements continued
at 30 september 2008
81733 accounts81733 accounts  28309  1158  page 34 19 analysis of net debt position
other noncash 
2008 cash flow changes 2008
£’000 £’000 £’000 £’000
cash at bank and in hand 1418 1401 – 17
bank loans 9000 3100 – 12100
bank overdraft – 1767 1767
hire purchase lease obligations 1011 509 40 542
8593 5759 40 14392
the group’s exposure to interest rate risks and a sensitivity analysis for financial assets and liabilities is disclosed in note 21
20 borrowings
2008 2007
£’000 £’000
noncurrent
bank loans 11050 6850
obligations under hire purchase contracts 120 529
11170 7379
current
bank loans and overdrafts 2819 2150
obligations under hire purchase contracts 422 483
3241 2633
total 14411 10012
further information on the principal features of the group’s borrowings is set out in note 21
the group‘s bank overdraft and loan facilities are secured by debentures over the assets of the group hire purchase liabilities are
secured on the assets to which the contracts relate
the bank loan is at both fixed and variable rates of interest £3750000 is subject to an interest rate swap the amount amortises 
by £250000 per quarter and the rate on the amortised amount is fixed at 58 the remainder of the loan is at a variable rate over
libor the overdraft is at variable rate over bank base rate the debentures agreement includes a fixed and floating charge over the
assets of the group the finance leases are at variable rates of interest the weighted average interest rate on the fixed rate facilities 
is 58 for a weighted average period of 4 years no interest is payable on the deferred consideration
the group had the following committed undrawn borrowing facilities at 30 september 2008
2008 2007
£’000 £’000
expiry date
in one year or less 1152 8000
as at 30 september 2008 the group had an undrawn committed revolving credit facility of £1152000 2007 £6000000 and an
overdraft facility of £nil 2007 £2000000 all of which expires within one year
the group obtained a waiver for the period under review from its lenders in respect of the testing of the financial covenants contained
within its borrowing agreements as at 30 september 2008 subsequent to the year end the group concluded its discussions with
lenders for the amendment of its borrowing agreements please refer to note 2  
21 financial instruments
a financial risk management 
all companies are exposed to capital and market risk but the board considers the group’s key elements of financial risk to be 
■ credit risk
■ foreign currency risk 
■ liquidity risk
■ interest rate risk
this note presents information about the group’s exposure to each of the above risks the group’s management of capital and the
group’s objectives policies and procedures for measuring and managing risk please refer also to the principal business risks in the
directors’ report on pages 13 to 15
35 report and accounts 2008
81733 accounts81733 accounts  30309  1500  page 35 21 financial instruments continued
capital risk management
the board is responsible for overall group strategy acquisition and divestment policy approval of major capital expenditure projects
and consideration of significant financing matters the board manages its capital to ensure that entities in the group will be able to
continue as a going concern while maximising the return to stakeholders as well as sustaining the future development of the
business in order to maintain or adjust the capital structure the group may adjust the amount of dividends paid to shareholders
return capital to shareholders issue new shares or sell assets to reduce debt 
the capital structure of the group consists of debt which includes the borrowings disclosed in note 20 cash and cash equivalents
and equity attributable to equity holders of the parent comprising issued capital reserves and retained earnings as disclosed in 
notes 24 and 25 respectively
market risk
market risk is the risk that changes in the market prices such as foreign exchange rates and interest rates will affect the group’s
income or the value of its holdings of financial instruments the objective of market risk management is to manage and control market
risk exposures within acceptable parameters while optimising the return on risk
the group’s activities expose it mainly to the financial risks of changes in interest rates the board reviews and agrees the policy for
managing interest rate risk and foreign currency risk and the potential impact of any significant economic changes are discussed at
monthly board meetings 
the group reviews its treasury position daily placing surplus cash on shortterm deposits 
b categories of inancial nstruments
details of the significant accounting policies and methods adopted including the criteria for recognition the basis of measurement
and the basis on which income and expenses are recognised in respect of each class of financial asset financial liability and equity
instrument are disclosed in note 3 to the financial statements
2008 2007
f i
£’000 £’000
financial assets
1
at amortised cost
loans and receivables 13304 14230
cash and cash equivalents 17 1418
derivative financial instruments – 86
total financial assets 13321 15734
1 
financial assets exclude prepayments amounts under long term contracts other receivables and other noncurrent receivables
financial liabilities
2
at amortised cost
trade payables 4442 3822
obligations under hire purchase leases 542 1012
other borrowings and overdrafts 13869 9000
deferred consideration 317 5649
derivative financial instruments 41 –
total financial liabilities 19211 19483
2 
financial liabilities exclude tax and social security deferred income and other noncurrent payables
c credit risk
the group’s principal financial assets are cash and cash equivalents trade and other receivables prepayments and accrued income
which represent the group’s maximum exposure to credit risk in relation to financial assets
the group’s credit risk is primarily attributable to its trade and other receivables the amounts presented in the consolidated balance
sheet are net of allowances for doubtful receivables estimated by the group’s management based on prior experience and their
assessment of the current economic environment
credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the group 
the group has adopted a policy of only dealing with creditworthy counterparties as a means of mitigating the risk of financial 
loss from defaults 
the carrying amount of financial assets recorded in the financial statements which is net of impairment losses represents the 
group’s maximum exposure to credit risk 
the group’s exposure and the credit ratings of its counterparties are continuously monitored and the aggregate value of transactions
concluded is spread amongst approved financial institutions 
36 silverdell plc
notes to the consolidated financial statements continued
at 30 september 2008
81733 accounts81733 accounts  28309  1158  page 36 21 financial instruments continued
c credit risk continued
trade receivables
trade receivables consist of a large number of customers spread across diverse geographical areas and the group’s exposure to
credit risk is influenced mainly by the individual characteristics of each customer the demographics of the group’s customer base
including default risk of the industry and country in which the customers operate has less of an influence on credit risk
the group does not have any significant credit risk exposure to any single counterparty or any group of counterparties having similar
characteristics the group defines counterparties as having similar characteristics if they are related entities 
the group establishes an allowance for impairment that represents its estimate of incurred losses in respect of trade and other
receivables and investments when there is objective evidence that the asset is impaired the main components of this allowance are 
a specific loss component that relates to individually significant exposures and a collective loss component established for groups 
of similar assets in respect of losses that have been incurred but not yet identified the collective loss allowance is determined by
references to past default experience and historical data of payment statistics for similar financial assets 
before accepting any new customer the group runs credit checks to assess the potential customer’s credit quality the company
monitors exposure to individual clients and all customers are subject to standard terms of payment for each division 
the directors consider that the carrying amount of trade and other receivables which are noninterest bearing approximates to their
fair value 
ageing of trade receivables 2008 2007
gross impairment gross impairment
£’000 £’000 £’000 £’000
not past due 7660 – 7697 –
past due 0 – 30 days 2450 – 2907 –
past due 30 – 60 days 1783 – 2471 –
past due 60 – 90 days 301 – 277 –
past due 90 – 120 days 1641 619 1411 641
past due greater than 120 days 176 89 154 46
14011 708 14917 687
trade receivables that are less than three months past due for payment are generally not considered impaired included in the group’s
trade receivables are debtors with a carrying amount of £5642000 2007 £6533000 which are past due at the reporting date for
which the group has not made provision as there has not been a significant change in the credit quality and the amounts are
considered recoverable the group does not hold any collateral over these balances 
movement in the provision for impairment 2008 2007
£’000 £’000
balance at beginning of the year 687 636
acquired with subsidiary undertakings – 55
increase in impairment provision recognised 31 4
receivables written off as uncollectible 10 –
708 687
the creation and release of provisions for impaired receivables has been included in ‘adminsitrative expenses’ in the income statement
in determining the recoverability of a trade receivable the group considers any change in the credit quality of the trade receivable
from the date credit was initially granted up to the reporting date the concentration of credit risk is limited due to the customer 
base being large and unrelated accordingly the directors believe that there is no further credit provision required in excess of the
above amount
d liquidity risk
liquidity risk is the risk that the group will not be able to meet its financial obligations as they fall due responsibility for liquidity risk
management rests with the board of directors the group manages liquidity risk by maintaining adequate reserves banking facilities
and reserve borrowing facilities by continuously monitoring bank covenant compliance forecast and actual cash flows and matching
the maturity profiles of financial assets and liabilities included in note 20 is a listing of additional undrawn facilities that the group
has at its disposal to further reduce liquidity risk  
37 report and accounts 2008
81733 accounts81733 accounts  28309  1158  page 37 21 financial instruments continued
d liquidity risk continued
the group obtained a waiver for the period under review from its lenders in respect of the testing of the financial covenants contained
within its borrowing agreements as at 30 september 2008 however as a consequence of the economic climate a breach of the
group’s covenants is likely when tested for the relevant quarters for the year ended 30 september 2009 as part of the negotiations 
a bridging facility of £325m has been provided and is due for repayment in june 2009 the facility will be repaid by a planned equity
placing and will reduce the group’s level of gearing full details of the impact of this uncertainty on the financial statements are
disclosed in note 2
liquidity and interest risk tables
the following tables detail the group’s remaining contractual maturity for its financial assets and liabilities
the below tables have been drawn up based on the earliest date on which the group can settle the debt the table includes both
interest and principal cash flows
30 september 2008 carrying contractual less than more than
amount cash flows 1 year 12 years 25 years 5 years
£’000 £’000 £’000 £’000 £’000 £’000
financial assets
trade and other receivables 13304 13304 13304 – – –
cash and cash equivalents 17 17 17 – – –
13321 13321 13321 – – –
financial liabilities
trade payables 4442 4442 4442 – – –
obligations under finance leases 542 542 424 118 – –
other borrowings and overdrafts 13869 13869 2819 2000 6000 3050
deferred consideration 317 317 317 – – –
derivative financial liabilities 41 41 41 – – –
19211 19211 8043 2118 6000 3050
30 september 2007 carrying contractual less than more than
amount cash flows 1 year 12 years 25 years 5 years
£’000 £’000 £’000 £’000 £’000 £’000
financial assets
trade and other receivables 14230 14230 14230 – – –
cash and cash equivalents 1418 1418 1418 – – –
derivative financial assets 86 86 86 – – –
15734 15734 15734 – – –
financial liabilities
trade payables 3822 3822 3822 – – –
obligations under finance leases 1012 1012 483 417 112 –
other borrowings and overdrafts 9000 9000 2150 1900 4950 –
deferred consideration 5649 5649 3000 2649 – –
19483 19483 9455 4966 5062 –
e interest rate risk
interest rate risk is the risk that the value of a financial instrument or cash flows associated with the instrument will fluctuate due 
to changes in market interest rates the group’s only interestbearing asset is cash which is invested in shortterm deposits as 
the group has no significant interestbearing assets the group’s income and operating cash flows are substantially independent 
of changes in market interest rates
the group is exposed to interest rate risk primarily though borrowing funds at floating interest rates borrowings issued at variable
rates expose the group to cash flow interest rate risk the group manages interest rate risk on borrowings by ensuring access to
diverse funding and through monitoring interest rate movements with weekly reports 
interest rate risk is reviewed on a regular basis and if considered necessary a strategy to minimise any potential risk through interest
rate swaps will be discussed and implemented 
38 silverdell plc
notes to the consolidated financial statements continued
at 30 september 2008
81733 accounts81733 accounts  28309  1158  page 38 21 financial instruments continued
e interest rate risk continued
based on the various scenarios the group manages its cash flow interest rate risk by using floatingtofixed interest rate swaps 
such interest rate swaps have the economic effect of converting borrowings from floating rates to fixed rates generally the group
raises long term borrowings at floating rates and swaps them into fixed rates that are lower than those available if the group borrowed
at fixed rates directly under the interest rate swaps the group agrees with other parties to exchange at specified intervals primarily
quarterly the difference between fixed contract rates and floating rate instrument amounts calculated by reference to the agreed
notional amounts
the group’s exposures to interest rates on financial assets and financial liabilities are detailed below 
f interest rate risk
interest rate sensitivity analysis
if interest rates had been 100 basis points higher or lower and all other variables were held constant the group’s profit for the year
would increase or decrease by £107000 2007 £55000 in respect to exposure to the group’s borrowings for floating rate liabilities
the analysis is prepared assuming the amount of the liability at the balance sheet date was outstanding for the whole period
g fair value of financial instruments
the fair value of interest rate swaps is calculated at the present value of the estimated future cash flows
the directors consider that the carrying amounts of financial assets and financial liabilities recorded at amortised cost in the 
financial statements approximate to their fair values due to the short maturity of the instruments or because they bear interest 
at rates approximate to the market 
22 trade and other payables
2008 2007
£’000 £’000
noncurrent
other payables 1001 1001
1001 1001
in 2006 the group recorded a provision of £10m in respect of a contingent liability arising on the acquisition of silverdell uk
limited the company has a corresponding asset relating to the indemnities from the vendors of silverdell uk limited in respect 
of this provision
2008 2007
£’000 £’000
current
trade payables 4442 3822
other taxation and social security 1822 2208
other payables and accruals 2875 2374
amounts due in respect of acquisitions – 1825
9139 10229
an analysis of the maturity of debt is given in note 21d 
the directors consider that the carrying amount of trade payables approximates to their fair value 
the group’s policy is to fix payment terms when agreeing the terms of each transaction it is the group’s general policy to pay
suppliers according to the agreed terms and conditions provided that the supplier has complied with those terms 
trade creditors and accruals principally comprise amounts outstanding for trade purchases and ongoing cost and they include
retention amounts held over defect liability periods the average credit period taken for trade purchases is 43 days 2007 52 days
for the group the group has financial risk management policies in place to ensure that all payables are paid within the credit
timeframe
there are no suppliers who represent more than 10 of the total balance of trade creditors in either 2008 or 2007
the group has financial risk management policies in place to ensure that all payables are paid within the credit timeframe 
therefore under the normal course of business the group is not charged interest on overdue payables
39 report and accounts 2008
81733 accounts81733 accounts  28309  1158  page 39 23 deferred and contingent consideration
deferred
consideration
£’000
group
at 1 october 2006 5206
reclassification to current liabilities 3000
unwinding of discount 443
at 1 october 2007 2649
acquisition of subsidiary undertakings 317
reduction in estimated liability 2482
reclassification to current liabilities 334
at 30 september 2008 –
under the terms of the acquisition agreements in respect of silverdell uk limited and of redhill analysts limited there was
provision for the payment of deferred consideration deferred consideration also forms part of the consideration for the acquisition 
of swift asbestos holdings limited during 2008 further details of which are given in note 30
the acquisition in agreement of silverdell uk limited provided for a payment of up to £6m in two equal tranches depending on
certain performance criteria of silverdell uk limited in the years ended 30 september 2007 and 2008the deferred consideration
may be satisfied by the issue of loan notes and ordinary shares in equal proportions during the year £30m £15m in cash and the
remainder through the allotment in additional shares was paid as additional consideration
the vendors of redhill analysts limited may be paid up to £15m to be satisfied by £1125m in cash and £375000 in issue of
ordinary shares based on certain performance criteria in the year to 31 december 2007 subsequent to the year end £150000 
was paid as additional consideration
the vendors of swift asbestors holdings limited may be paid up to £02m in cash based on the outcome of completion accounts
mechanism
in accordance with the requirements of frs 25 deferred consideration has been discounted back to its present value at the date 
of acquisition the discount is treated as a finance charge as time elapses until the date the consideration is paid 
the provision for deferred consideration of £334000 included in current liabilities at 30 september 2008 represents amounts
payable for the acquisitions of redhill analysts limited and swift asbestos holdings limited since paid
24 share capital
2008 2007
group group group group
no no no no
authorised
ordinary shares of 10p each 2007 10p each 100000000 10000 100000000 10000
allotted called up and fully paid ordinary 
shares of 10p each
at 1 october 40683427 4068 32201055 3220
share placing –– 5333333 533
issued to vendors as partial consideration
in respect of acquisitions 971290 97 3149039 315
at 30 september 41654717 4165 40683427 4068
40 silverdell plc
notes to the consolidated financial statements continued
at 30 september 2008
81733 accounts81733 accounts  28309  1158  page 40 25 reconciliation of movement in equity
share share other equity hedging retained
capital premium reserve reserve reserve earnings total
£’000 £’000 £’000 £’000 £’000 £’000 £’000
at 1 october 2006 3220 13649 4081 33 – 52 20931
net profit for year ––––– 757 757
change in fair value of 
interest rate swap –––– 86– 86
tax on items taken to equity –––– 24 – 24
total recognised profit 
for the year –––– 62 757 819
shares issued 848 – 11152 – – – 12000
share based payment 
charge including tax – – – 335 – – 335
at 1 october 2007 4068 13649 15233 368 62 705 34085
net loss for year ––––– 16573 16573
change in fair value of
interest rate swap –––– 127 – 127
tax on items taken to equity –––– 35– 35
total recognised loss 
for the year –––– 92 16573 16665
shares issued 97 – 1402 – – – 1499
share based payment 
charge including tax – – – 43 – – 43
balance as at 
30 september 2008 4165 13649 16635 411 30 15868 18962
other reserves are not distributable and relate to the premium arising on
i shares issued as consideration for the acquisition of subsidiary companies and
ii warrants issued to marwyn neptune fund lp in consideration for the participation in placing of shares on 19 july 2006
26 capital and other commitments
at 30 september 2008 the group and the company had no capital commitments 2007 nil
operating leases
the group’s total commitments under noncancellable operating leases at 30 september are as follows
2008 2007
land and land and
buildings other buildings other
£’000 £’000 £’000 £’000
operating leases which expire
within one year 216 647 198 484
within two to five years 470 893 578 935
after five years 271 – 370 23
957 1540 1146 1442
41 report and accounts 2008
81733 accounts81733 accounts  28309  1158  page 41 27 employee share schemes 
the company has adopted the following share incentive arrangement plans
equitysettled share option scheme
the company has a share option scheme for certain employees of the group options are exercisable at a price equal to the average
quoted market price of the company’s shares on the date of grant the vesting period is three years if the options remain unexercised
after a period of five years from the date of grant the options expire options are forfeited if the employee leaves the group before the
options vest
details of the share options outstanding during the year are as follows
2008 2007
weighted weighted
average average
number of exercise price number of exercise price
share options £ share options £
outstanding at beginning of year 3606552 0953 2762592 0805
granted during the year 450000 1500 915000 1388
forfeited during the year 446080 0893 71040 0805
outstanding at the end of the year 3610472 1028 3606552 0953
exercisable at the end of the year –– ––
the options outstanding at 30 september 2008 had a weighted average remaining contractual life of 514 years 2007 601 years
in 2008 options over 450000 shares were granted on 3 october 2007 the aggregate of the estimated fair values of the options
granted on that date is £01m in 2007 options were granted on 4 january 2007 12 june 2007 and 25 september 2007 the
aggregate of the estimated fair values of the options granted on those dates is £127m
the inputs into the blackscholes option pricing model are as follows
2008 2007
£’000 £’000
weighted average share price 103p 95p
weighted average exercise price 103p 95p
expected volatility 2101 2104
expected life 3 years 3 years
riskfree rate 514 522
expected dividend yield 0 0
expected volatility was determined by calculating the historical volatility of the group’s share price over the previous 15 years 
the expected life used in the model has been adjusted based on management’s best estimate for the effects of nontransferability
exercise restrictions and behavioural considerations the risk free rate of return is the yield on zero coupon uk government bonds
with a term similar to the expected life of the option
28 contingent liabilities
there are group cross guarantees from the company for all monies due to certain of the group’s banks and surety lenders no
monies were outstanding at 30 september 2008 2007 nil in the normal course of business there are contingent liabilities including
the provision of bonds in respect of completed and uncompleted contracts
29 related party transactions
during the year to 30 september 2008 the group paid £261000 2007 £641000 to marwyn capital llp for corporate finance
services and directors’ fees and £60000 2007 £6000 to marwyn partners limited for office services
david williams and mark watts are partners in marwyn capital llp and marwyn investment management llp and shareholders 
in marwyn investments group limited which owns 100 of marwyn partners limited marwyn neptune fund lp is managed by
marwyn investment management llp and beneficially owns shares and warrants in the group
during the year to 30 september 2008 kalistar llp a partnership of certain executive directors of silverdell uk ltd charged
£39000 2007 £36000 for the provision of cars used by some of the directors of silverdell uk ltd at the end of the year
£nil 2007 £nil remained outstanding
one property occupied by silverdell uk limited is owned by the pension fund in which danny spicer and sean nutley have an
interest the property is subject to a market rent of £29000 2007 £18000 paid during the year
42 silverdell plc
notes to the consolidated financial statements continued
at 30 september 2008
81733 accounts81733 accounts  28309  1158  page 42 30 acquisition of subsidiaries
on 1 october 2007 the group acquired 100 of the issued share capital of swift asbestos holdings limited “swift” for a fair value
consideration including expenses of £1905000 satisfied by cash of £1738000 and deferred consideration of £167000 subject 
to the business achieving certain profit targets the aggregate net assets acquired and their fair values based on the board’s initial
assessment of net realisable value are detailed below 
the following table sets out the book values of the identifiable assets and liabilities acquired and their fair value to the group
book value revaluations other items fair value
£’000 £’000 £’000 £’000
noncurrent assets
tangible 407 143 – 550
current assets
inventories and work in progress 29 – – 29
trade and other receivables 212 – 1 211
cash and cash equivalents 373 – 1 372
total assets 1021 143 2 1162
creditors
obligations under finance leases 40 – – 40
trade and other payables 180 – 9 171
deferred tax liability 13 – 17 30
total liabilities 233 – 8 241
net assets 788 143 10 921
total
£’000
goodwill 984
consideration 1905
satisfied by
cash
– expended during year 1738
– expended after yearend 167
1905
£’000
net cash outflows in respect of the acquisition comprised
cash consideration expended during the year 1738
cash at bank and in hand acquired 372
1366
the trade assets and liabilities of swift were transferred to silverdell uk limited immediately following the company’s acquisition by
the group such that it is not possible separately to identify the contribution to revenue and operating loss made by swift between the
date of acquisition and the balance sheet date neither is it possible to determine the impact on group revenues and operating loss 
for the period if the acquisition of swift had been completed on the first day of the financial year
31 subsequent events
subsequent to the year end the group concluded its discussions with lenders for revised facilities including restructuring of existing
facilities reprofiled repayment and revised convenants see note 2
43 report and accounts 2008
81733 accounts81733 accounts  28309  1158  page 43 32 transition to ifrs
for all periods up to and including the year to 30 september 2007 the group has prepared its financial statements in accordance
with uk generally accepted accounting practice uk gaap for the year to 30 september 2008 the group is required to prepare
consolidated financial statements in accordance with international financial reporting standards ifrs as adopted by the 
european union
the group’s transition date to ifrs is 1 october 2006 this has been determined in accordance with ifrs 1 “first time adoption 
of international financial reporting standards” being the start of the earliest period of comparative information
to explain the change to ifrs a reconciliation has been provided of the equity at 1 october 2006 and 30 september 2007 and
the net income for the year to 30 september 2007 from the previously published consolidated financial statements prepared in
accordance with uk gaap to the accompanying consolidated financial statements prepared in accordance with ifrs an explanation
of the principal adjustments required by the group on conversion to ifrs is set out below 
none of the ifrs adjustments relevant to the group relate to cash and therefore there is no impact on cash flows ias 7 “cash flow
statements” changes the definition of cash used in the cash flow statement to cash and cash equivalents 
the uk gaap figures have been restated to take account of any presentational changes required by ifrs adoption where for
instance items are required to be shown on the face of the primary statements rather than in the notes and where existing items 
are now split currentnoncurrent or shown on different lines eg intangible asset
effects of transition to ifrs
ias 36 and ias 38 intangible assets
ifrs 3 requires recognition of separately identifiable intangible assets these intangible assets are amortised over their expected
useful lives previously under uk gaap these intangibles would have been classified as goodwill and amortised over their useful 
lives typically between 10 and 20 years
the group has applied ias 38 intangible assets to acquisitions which has resulted in the recognition of customer relationships and
order backlog intangible assets these intangible assets would not have qualified for recognition under uk gaap these are being
amortised over 1 to 3 years
ifrs 3 business combinations and goodwill
under uk gaap goodwill was amortised on a straight line basis over its economic useful life of up to 20 years tested for impairment
and provided for as necessary under ifrs 3 “business combinations” goodwill is no longer amortised but is carried and subject to
annual review for impairment accordingly the goodwill amortisation charged of £1391000 in the year to 30 september 2007 has
been reversed
a full impairment review of the carrying value of goodwill is required at the date of transition 1 october 2006 and any impairment
losses treated as a reduction in retained earnings goodwill impairment losses may not be reversed
44 silverdell plc
notes to the consolidated financial statements continued
at 30 september 2008
81733 accounts81733 accounts  28309  1158  page 44 32 transition to ifrs continued
effects of transition to ifrs on the opening balance sheet at 1 october 2006
opening ifrs balance sheet as at 1 october 2006 – effect of ias1 ‘presentation of financial statements’
uk gaap uk gaap 
balances in uk balances in 
gaap format ifrs format
£’000 £’000 £’000
fixed assets noncurrent assets
intangible assets 19539 – 19539 goodwill
tangible assets 1014 – 1014 property plant and equipment
– 1001 1001 trade and other receivables
current assets current assets
stocks and work in progress 1445 – 1445 inventory and work in progress
debtors 7335 1001 6335 trade and other receivables
cash at bank and in hand 3300 – 3300 cash and cash equivalents
creditors amounts falling due 
within one year current liabilities
bank overdraft 886 – 886 bank overdraft and borrowings
hire purchase and finance lease 140 – 140 obligations under finance lease
corporation tax 232 – 232 current tax liabilities
other creditors 3834 – 3834 trade and other payables
creditors amounts falling due 
after more than one year noncurrent liabilities
hire purchase and finance lease 336 – 336 obligations under finance lease
61 61 deferred tax liabilities
5206 5206 deferred consideration
1001 1001 trade and other payables
provisions for liabilities and charges
deferred taxation 61 61 –
deferred consideration 5206 5206 –
other 1001 1001 –
net assets 20938 – 20938 net assets
capital and reserves equity
called up share capital 3220 – 3220 share capital
share premium account 13649 – 13649 share premium account
equity reserve 28 – 28 equity reserve
other reserves 4081 – 4081 other reserves 
profit and loss account 40 – 40 accumulated loss
equity shareholders’ funds 20938 – 20938 total equity
45 report and accounts 2008
81733 accounts81733 accounts  28309  1158  page 45 32 transition to ifrs continued
effects of transition to ifrs on the opening balance sheet at 1 october 2006 continued
opening ifrs balance sheet as at 1 october 2006 – reconciliation of uk gaap to ifrs
uk gaap ifrs2 ias38 ifrs3
balances in sharebased intangible business ifrs
ifrs format payments assets combinations balances
£’000 £’000 £’000 £’000 £’000
noncurrent assets
goodwill 19539 – 2205 191 17525
intangible assets – – 2860 – 2860
property plant and equipment 1014––– 1014
trade and other receivables 1001––– 1001
current assets
inventory and work in progress 1445––– 1445
trade and other receivables 6335––– 6335
cash and cash equivalents 3300––– 3300
total assets 32634 – 655 191 33480
current liabilities
bank overdrafts and borrowings 886 – – – 886
obligations under finance lease 140 – – – 140
trade and other payables 3834 – – – 3834
current tax liabilities 232 – – – 232
noncurrent liabilities
obligations under finance lease 336 – – – 336
trade and other payables 1001 – – – 1001
deferred taxation 61 5 858 – 914
deferred consideration 5206 – – – 5206
total liabilities 11696 5 858 – 12549
net assets 20938 5 203 191 20931
equity
share capital 3220––– 3220
share premium account 13649 – – – 13649
other reserve 4081 – – – 4081
equity reserve 28 5 – – 33
accumulated lossretained earnings 40 – 203 191 52
total equity 20938 5 203 191 20931
46 silverdell plc
notes to the consolidated financial statements continued
at 30 september 2008
81733 accounts81733 accounts  28309  1158  page 46 32 transition to ifrs continued
effects of transition to ifrs on the balance sheet at 30 september 2007
balance sheet as at 30 september 2007 – effect of ias1 ‘presentation of financial statements’
uk gaap uk gaap 
balances in balances in 
uk gaap format ifrs format
£’000 £’000 £’000
fixed assets noncurrent assets
intangible assets 40523 – 40523 goodwill
tangible assets 2480 – 2480 property plant and equipment
– 1001 1001 trade and other receivables
current assets current assets
stocks and work in progress 1278 – 1278 inventory and work in progress
debtors 17135 1001 16134 trade and other receivables
cash at bank and in hand 1418 – 1418 cash and cash equivalents
creditors amounts falling due 
within one year current liabilities
bank loans 2150 – 2150 bank overdraft and borrowings
hire purchase and finance lease 483 – 483 obligations under finance lease
corporation tax 1932 – 1932 current tax liabilities
deferred consideration 3000 – 3000 deferred consideration
other creditors 10229 – 10229 trade and other payables
creditors amounts falling due 
after more than one year noncurrent liabilities
bank loans 6850 – 6850 bank overdraft and borrowings
hire purchase and finance lease 529 – 529 obligations under finance lease
30 30 deferred tax liabilities
2649 2649 deferred consideration
1001 1001 trade and other payables
provisions for liabilities and charges
deferred taxation 30 30 –
deferred consideration 2649 2649 –
other 1001 1001 –
net assets 33981 – 33981 net assets
capital and reserves equity
called up share capital 4068 – 4068 share capital
share premium account 13649 – 13649 share premium account
equity reserve 199 – 199 equity reserve
other reserves 15233 – 15233 other reserves 
profit and loss account 832 – 832 retained earnings
equity shareholders’ funds 33981 – 33981 total equity
47 report and accounts 2008
81733 accounts81733 accounts  28309  1158  page 47 32 transition to ifrs continued
effects of transition to ifrs on the balance sheet at 30 september 2007 continued
balance sheet as at 30 september 2007 – reconciliation of uk gaap to ifrs
ifrs2
uk gaap share ias38 ifrs3
balances in based ias39 intangible business ifrs
ifrs format payments derivatives assets combinations balances
£’000 £’000 £’000 £’000 £’000 £’000
noncurrent assets
goodwill 40523 – – 4978 1582 37127
intangible assets – – – 4494 – 4494
property plant and equipment 2480 –––– 2480
trade and other receivables 1001 –––– 1001
current assets
inventory and work in progress 1278–––– 1278
trade and other receivables 16134 –––– 16134
other financial assets – – 86 – – 86
cash and cash equivalents 1418 –––– 1418
total assets 62834 – 86 484 1582 64018
current liabilities
bank overdrafts and borrowings 2150 –––– 2150
obligations under finance lease 483 –––– 483
trade and other payables 10229 –––– 10229
current tax liabilities 1932 –––– 1932
deferred consideration 3000 –––– 3000
noncurrent liabilities
bank overdrafts and borrowings 6850 –––– 6850
obligations under finance lease 529 –––– 529
trade and other payables 1001 –––– 1001
deferred tax liabilities 30 169 24 1225 – 1110
deferred consideration 2649 –––– 2649
total liabilities 28853 169 24 1225 – 29933
net assets 33981 169 62 1709 1582 34085
equity
share capital 4068–––– 4068
share premium account 13649 –––– 13649
equity reserve 199 169 – – – 368
other reserves 15233–––– 15233
hedging reserve – – 62 – – 62
retained earnings 832 – – 1709 1582 705
total equity 33981 169 62 1709 1582 34085
48 silverdell plc
notes to the consolidated financial statements continued
at 30 september 2008
81733 accounts81733 accounts  28309  1158  page 48 32 transition to ifrs continued
effects of transition to ifrs on the balance sheet at 30 september 2007 continued
income statement for the year ended 30 september 2007 – reconciliation of uk gaap to ifrs
uk gaap ias38 ifrs3
balances in intangible business ifrs
ifrs format assets combinations balances
£’000 £’000 £’000 £’000
continuing operations
revenue 38498 – – 38498
cost of sales 24808 – – 24808
gross profit 13690 – – 13690
administrative expenses 10750 2130 1391 11489
operating profit 2940 2130 1391 2201
interest receivable 72 – – 72
finance costs 846 – – 846
profit before tax 2166 2130 1391 1427
income tax expense 1294 624 – 670
profit for the period from continuing operations 872 1506 1391 757
profit for the period attributable to 
equity shareholders of the parent 872 1506 1391 757
49 report and accounts 2008
81733 accounts81733 accounts  28309  1158  page 49 we have audited the parent company financial statements of silverdell plc for the year ended 30 september 2008 which comprise the
balance sheet and the related notes 33 to 40 these parent company financial statements have been prepared under the accounting 
policies set out therein
we have reported separately on the group financial statements of silverdell plc for the year ended 30 september 2008 
this report is made solely to the company’s members as a body in accordance with section 235 of the companies act 1985 our audit
work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditors’
report and for no other purpose to the fullest extent permitted by law we do not accept or assume responsibility to anyone other than the
company and the company’s members as a body for our audit work for this report or for the opinions we have formed
respective responsibilities of directors and auditors
the directors’ responsibilities for preparing the annual report and the parent company financial statements in accordance with applicable 
law and united kingdom accounting standards united kingdom generally accepted accounting practice are set out in the statement of
directors’ responsibilities
our responsibility is to audit the parent company financial statements in accordance with relevant legal and regulatory requirements and
international standards on auditing uk and ireland
we report to you our opinion as to whether the parent company financial statements give a true and fair view and whether the parent
company financial statements have been properly prepared in accordance with the companies act 1985 
in addition we report to you if in our opinion the company has not kept proper accounting records if we have not received all the
information and explanations we require for our audit or if information specified by law regarding directors’ remuneration and other
transactions is not disclosed
we read the other information contained in the annual report as described in the contents section and consider whether it is consistent 
with the audited parent company financial statements we consider the implications for our report if we become aware of any apparent
misstatements or material inconsistencies with the parent company financial statements our responsibilities do not extend to any further
information outside the annual report
basis of audit opinion
we conducted our audit in accordance with international standards on auditing uk and ireland issued by the auditing practices board 
an audit includes examination on a test basis of evidence relevant to the amounts and disclosures in the parent company financial
statements it also includes an assessment of the significant estimates and judgments made by the directors in the preparation of the 
parent company financial statements and of whether the accounting policies are appropriate to the company’s circumstances consistently
applied and adequately disclosed
we planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide
us with sufficient evidence to give reasonable assurance that the parent company financial statements are free from material misstatement
whether caused by fraud or other irregularity or error in forming our opinion we also evaluated the overall adequacy of the presentation of
information in the parent company financial statements
opinion
in our opinion
■ the parent company financial statements give a true and fair view in accordance with united kingdom generally accepted accounting
practice of the state of the company’s affairs as at 30 september 2008
■ the parent company financial statements have been properly prepared in accordance with the companies act 1985 and
■ the information given in the directors’ report is consistent with the parent company financial statements
emphasis of matter – going concern
in forming our opinion on the financial statements which is not qualified we have considered the adequacy of disclosures made in note 2
to the financial statements concerning ability of the group to continue as a going concern
the company is likely to breach its covenants in the absence of any mitigating plans when tested for the relevant quarters in the 
period ended 30 september 2009 if such a covenant breach were to occur the lenders would be able to request early repayment of 
all outstanding borrowings and cancel their commitments subsequent to the year end the company concluded discussions with its 
lenders which resulted in a £325m bridging loan being provided due for repayment on 30 june 2009 these conditions along with 
other matters as set out in note 2 to the financial statements indicate the existence of a material uncertainty which may cast significant
doubt about the company’s ability to continue as a going concern the financial statements do not include any adjustments that would
result if the company was unable to continue as a going concern  
deloitte llp
chartered accountants and registered auditors 
london united kingdom
31 march 2009
50 silverdell plc
independent auditors’ report
to the members of silverdell plc
81733 accounts81733 accounts  30309  1452  page 50 2008 2007
notes £’000 £’000
fixed assets
investments 35 25904 42866
current assets
debtors amounts falling due within one year 36 1008 650
debtors amounts falling due after more than one year 36 5997 6300
7005 6950
creditors amounts falling due within one year 37 5542 9120
net current assetsliabilities 1463 2170
total assets less current liabilities 27367 40696
creditors amounts falling due after one year 11050 6850
provisions for liabilities and charges 38 – 2590
total net assets 16317 31256
capital and reserves
called up share capital 24 4165 4068
share premium account 39 13649 13649
equity reserve 39 229 199
other reserve 39 16635 15233
profit and loss account 39 18543 1893
total shareholders’ funds 16317 31256
the financial statements were approved by the board of directors and authorised for issue on 27 march 2009 they were signed on behalf 
of the board of directors
d williams
nonexecutive chairman
51 report and accounts 2008
company balance sheet
at 30 september 2008
81733 accounts81733 accounts  30309  1452  page 51 33 significant accounting policies
the financial statements have been prepared on the historical cost basis the accounting policies are summarised below and 
have been applied consistently throughout the year and the preceding year the separate financial statements of the company are
presented as required by the companies act 1985 as permitted by that act the separate financial statements have been prepared 
in accordance with united kingdom accounting standards 
going concern
the financial statements are prepared on a going concern basis the validity of which is dependent upon the raising of finance by the
issue of additional share capital referred to in note 2 in the financial statements
deferred taxation
the tax currently payable is based on taxable profit for the year taxable profit differs from net profit as reported in the income
statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 
items that are never taxable or deductible the company’s liability for current tax is calculated using tax rates that have been enacted
or substantively enacted by the balance sheet date
deferred taxation is provided in full on all timing differences that result in an obligation at the balance sheet date to pay more tax 
or a right to pay less tax at a future date subject to the recoverability of deferred tax assets deferred tax assets and liabilities are 
not discounted
sharebased payments
the company has applied the requirements of frs 20 sharebased payment in accordance with the transitional provisions 
frs 20 has been applied to all grants of equity instruments after 7 november 2002 that had not vested as at 1 january 2005
the company makes equity settled sharebased payments to the directors which are measured at fair value at the date of grant 
the fair value of share options issued with nonmarket vesting conditions has been calculated using the black scholes model for 
all other share awards the fair value is determined by reference to the market value of the share at the date of grant for all share
schemes with nonmarket related vesting conditions the likelihood of vesting has been taken into account when determining the
associated charge vesting assumptions are reviewed during each reporting period to ensure they reflect current expectations
the company also makes equity settled sharebased payments to certain employees of certain subsidiary undertakings equity settled
sharebased payments that are made to employees of the company’s subsidiaries are treated as increases in equity over the vesting
period of the award with a corresponding increase in the company’s investments in subsidiaries based on an estimate of the
number of shares that will eventually vest
any payments received from subsidiaries are applied to reduce the related increases in investments in subsidiaries
accounting for sharebased payments is the same as under ifrs 2 and details on the schemes and option pricing models relevant to
the charge included in the company financial statements are set out in note 29 to the consolidated financial statements of the group
for the year ended 31 december 2007
investments
investments represent equity holdings in subsidiaries joint ventures and associates and are held at cost less provision for impairment
34 parent company profit and loss account
the company has taken advantage of section 230 of the companies act 1985 and has not presented its own profit and loss account
the loss for the year dealt with in the financial statements of the parent company is £16650000 2007 loss £1629000
35 investments company
2008
£’000
at 1 october 2007 42866
capital contribution 182
adjustment to deferred consideration 2491
at 30 september 2008 40557
impairment
at 1 october 2007 –
impairment loss for the year 14653
at 30 september 2008 14653
carrying amount
at 30 september 2008 25904
at 30 september 2007 42866
details of the principal subsidiary undertakings are as follows
country of proportion of 
company incorporation ordinary shares held principal activity
silverdell uk ltd england and wales 100 asbestos and environmental services
redhill analysts ltd england and wales 100 consultancy services
kitsons environmental europe ltd england and wales 100 asbestos and environmental services
52 silverdell plc
notes to the consolidated financial statements continued
at 30 september 2008
81733 accounts81733 accounts  28309  1158  page 52 36 debtors
amounts falling due within one year 2008 2007
£’000 £’000
other debtors and prepayments 108 124
amounts due from group undertakings 369 526
corporation tax recoverable 531 –
1008 650
amounts falling due after more than one year
at the balance sheet date amounts receivable from the fellow group companies of £5997000 2007 £6300000 were due after
more than one year the carrying amount of these assets approximates their fair value the above amount is due from silverdell uk
limited and the company has given an undertaking to give at least 12 months’ notice before requesting payment of all or part of it
37 creditors 
amounts falling due within one year 2008 2007
£’000 £’000
bank overdraft 422 741
bank loans 1050 2150
other creditors and accruals 120 404
deferred consideration 150 3000
amounts due in respect of acquisitions – 1825
amounts due to subsidiary undertakings 3800 1000
5542 9120
the carrying amount of trade payables approximates to their fair value
amounts falling due after more than one year
2008 2007
£’000 £’000
bank loan 11050 6850
full details of the company’s bank loans are disclosed in notes 20 and 21 to the group financial statements
38 provisions for liabilities and charges
deferred deferred
taxation consideration total
£’000 £’000 £’000
at 1 october 2007 59 2649 2590
change in estimate of deferred consideration – 2499 2499
reclassification to creditors – 150 150
reclassification to debtors 59 – 59
at 30 september 2008 – – –
39 share premium account and reserves
share 
premium equity other profit and 
account reserve reserves loss account total
£’000 £’000 £’000 £’000 £’000
at 1 october 2007 13649 199 15233 1893 27188
premium arising on shares issued in the year – – 1402 – 1402
sharebased payment charge in the year – 212 – – 212
retained loss for the year – – – 16650 16650
at 30 september 2008 13649 411 16635 18543 12152
other reserves are not distributable and relate to the premium arising on shares issued as consideration for the acquisition of subsidiary
companies and warrants issued to marwyn neptune fund lp in consideration for their participation in placing of shares on 19 july 2006
40 related parties
the company has taken advantage of the exemptive under frs 8 related party transactions not to disclose details of transactions
between wholly owned group companies
53 report and accounts 2008
81733 accounts81733 accounts  28309  1158  page 53 report and accounts
this report has been printed and mailed at source in england
all inks are vegetable based and the paper is environmentally friendly 
elemental chlorine free material with a high element of recycled
contents processed from a sustainable forest the mill is fully fsc
forestry stewardship council certified the paper is also completely
bio degradable and recyclable the cover laminate is biodegradable
emas  verified environmental
management produced at an
emas registered mill
iso 14001
produced at a mill
that holds iso 14001
certification
fully recyclable and biodegradable
elemental chlorine free
silverdell plc
14 buckingham st london wc2n 6df   tel 020 7004 2744
wwwsilverdellplcuk
registered office 20 blackfriars lane london ec4v 6hd
81733 silverdell cov81377 silverdell cov  30309  1157  page 2


Summary:
 chairman’s statement
3 report and accounts 2008
trading in the first two months of the current
financial year has been satisfactory and we
are confident of our prospects and see
plenty of potential ahead for the further
development of our company
results
for the year ended 30 september 2008 our company
achieved turnover of £614m compared with £385m in
the previous year pre tax profits reduced from £14m in
the previous year to a loss of £168m and basic loss per
share was 372p compared with 21p of earnings in
the previous year adjusted earnings per share stripping
out amortisation of intangible assets intangibles
impairment sharebased payment charges finance
charges on deferred consideration and nonrecurring
expenses was 06p 2007 77p 
as with last year your directors do not recommend the
payment of a dividend 
the loss is mainly caused by a material impairment of
the goodwill value of acquisitions in light of the current
economic environment where acquisition multiples have
diminished it was deemed prudent to reduce the
carrying value of these acquisitions this has no cash
impact on the group it merely places a more prudent
valuation on its subsidiaries the performance of the
acquisitions has in fact been good it has been silverdell
uk the original business where results have
disappointed
the board and management
following a disappointing first half your directors made
a number of changes to ensure that the prospects for
the business can be maximised management changes
have included danny spicer moving from the lc board
to become chairman of silverdell uk where we retain
the benefit of danny’s customer relations and experience 
chris sims also stood down as finance director with
effect from 22 october 2008 sean nutley was
promoted to the chief executive role on the 22 october
2008 and an interim group finance director recruited
in addition the group’s subsidiary management
structure was strengthened with several new
appointments and the benefits of these changes 
should be evident in due course 
during the year a number of acquisition opportunities
were reviewed we were close to making a substantial
acquisition but market conditions deteriorated causing
the directors to reconsider its merits our profits have
been affected by the costs incurred although our
decision not to proceed proved to be prudent 
given all these changes i particularly wish to thank our
staff for all their efforts during this period it goes without
saying that we also appreciate the loyalty and support of
our customers
p
financing
as at 30 september 2008 debt of £112m 2007
£74m is long term and is expected to mature in 2011
in addition the group has short term borrowings of
£32m comprising primarily of bank overdrafts and 
loans of £28m subsequent to the year end the 
group concluded its discussions with barclays bank to
restructure its existing facilities which includes a short
term loan of £325m due for repayment at 30 june
2009 these restructured facilities combined with the
planned intention to raise additional finance by way 
of equity placing which certain shareholder’s have led
the group to believe will be achievable will provide
sufficient resources based on projected trading to allow
the group to meet is liabilities as they fall due please
refer to note 2   
the directors in their consideration of going concern
have reviewed the group’s revenue and cash
projections which they believe are based on prudent
market data and past experience and believe based on
those forecasts and projections that it is appropriate to
prepare the financial statements of the group on the
going concern basis 
david williams
nonexecutive chairman
81733 pre81733 pre  28309  1157  page 3