data analytics decisions 
actions one platform
rosslyn data technologies plc
annual report and accounts 2014
rosslyn data technologies plc annual report and accounts 2014
rosslyn data technologies
1rdtar14coverindd   4 23092014   145842 rosslyn data technologies plc annual report and accounts 2014
overview about us
meeting the big data 
challenge
through cloudbased data analytics we aim to improve 
business insight to support better decision making by 
increasing the quality reliability and visibility of information 
available to management
the group’s founding management team has spent over five years developing and 
commercialising the group’s data discovery platform rapid
1
rapid extracts combines and 
synchronises data from hundreds 
of sources
2
rapid then transforms and 
enriches this data providing the 
user with tools to build charts 
tables and apps in order to 
visualise the information
3
this is all done over a secure 
cloud internet connection 
giving access to the data from 
wherever you are
about rapid
discover
integrate
cleanse
enrich
analyze
visualize
bi apps
1rdtar14coverindd   5 23092014   145842 rosslyn data technologies plc annual report and accounts 2014
01
highlights 
overview
ifc about us
01 highlights 
02 chairman’s statement
03 chief executive officer’s statement
strategic report
04 our business model
06 our strategy
07  key performance indicators
07 our markets
08 financial review
corporate governance
10 board of directors
12 directors’ report
14  statement of directors’ responsibilities 
15 corporate governance report
18 remuneration report
financial statements
20 independent auditors’ report
21  consolidat ed st at ement  
of comprehensive income
22  consolidat ed st at ement 
of financial position
23  consolidated statement of changes 
in equity
24  consolidated statement of cash flows
25  notes to the consolidated 
financial statements 
38 independent auditors’ report
39  company balance sheet
40  company statement of changes in equity
41  notes to the company’s 
financial statements 
45  notice of annual general meeting
46  explanatory notes to the annual 
general meeting notice
ibc  shar eholder inf ormation
contents
operational highlights
 — revenues increased by over 12 to £2m in the year 
to 30 april 2014
 — filing of the group’s first patent for rosslyn’s unique 
machine learning technology
 — good progress in developing the group’s 
north american operations
 — introduction of elasticsearch into the rapid platform 
allowing indexing and near realtime searching 
of over 100 million data records
financial highlights
 — listing of the company’s shares onto aim 
and a successful placing to raise £10m gross
 — yearend cash balances in excess of £9m
 — deferred revenues up 17 at over £500000
visit our website to find out more about 
the products and services we offer at 
wwwrosslyndatatechnologiescom  the auditors’ reports do not form part of the financial statements
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overview chairman’s statement
i am pleased to report results for the year ended 30 april 2014 
the company’s first set of results since its admission to aim 
on 29 april 2014 when we also raised £10m gross through 
a placing of ordinary shares this has been a significant 
period for rosslyn and the funds raised leave us well 
positioned to exploit the market opportunities ahead of 
us moreover our admission to aim significantly increased 
the company’s profile and is proving advantageous in 
helping us to exploit business opportunities 
prior to the listing rosslyn data technologies plc acquired 
rosslyn analytics ltd thereby becoming the new holding 
company for rosslyn analytics ltd and rosslyn analytics inc 
results are in line with expectations with revenues up 126 
to £21m 2013 £18m and gross profit up 78 to £17m 
2013 £16m losses for the year increased by £15m as we 
continued our investment in both people and technology 
£03m of this figure arose from the cost of granting share 
options to staff the board firmly believes it is important 
for as many staff as possible to have an equity stake in 
the business these options gave all staff at listing with 
at least three months service a stake in the company 
at 30 april 2014 the group had a robust cash position of 
£90m 2013 £01m attributable to proceeds from our 
placing at the time of ipo which will be used for further 
investment in our technology sales and marketing 
we continued to invest in research and development 
in the year – a key part of our growth strategy – with 
taxqualifying rd spend up by over 20 to ensure that 
our product offering remains market leading our focus 
on investing in our products sales and marketing means 
we can capitalise fully on emerging possibilities within 
our sector during the year we filed our first patent 
for our unique machine learning data technology 
and continue to invest in intellectual property protection 
with a further patent application expected in 2014–15 
rosslyn has established itself as a leader in delivering 
cloudbased business data analytics to customers through 
its proprietary rapid platform a scalable cloudbased solution 
that extracts combines and synchronises data from hundreds 
of sources to enable businesses to effectively analyse and 
utilise their data resulting in cost saving greater efficiency 
and better decision making 
the group has made encouraging progress in this financial 
year and is gaining traction and momentum within the 
cloudbased analytics sector as testament to the strength 
of our product offering lindsay smith secretary general 
of eurocloud uk the saas and cloud computing community 
of industry experts said
“rosslyn analytics is a fine example of british innovation 
from its inception rosslyn analytics wasn’t just one of 
the early originators of cloudbased analytics delivered 
as a service it clearly helped to shape the market here and 
overseas by successfully demonstrating the rapid business 
value of cloud computing to companies and governments 
around the world ” 
at rosslyn our people are a valuable asset and the directors 
would like to thank everyone at the company for their hard 
work and dedication over the past year their efforts are 
hugely appreciated and i look forward to continuing to 
work together as our company grows further we have 
schemes in place to ensure that employees can benefit 
from the group’s financial performance and that their 
vision and efforts are aligned with those of our shareholders 
the board is confident about further progress in the next 
financial year and i look forward to updating shareholders 
on our development in due course 
john o’hara
chairman
16 september 2014
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chief executive 
officer’s statement
2013–14 was a year of consolidation for the business as we 
prepared the business for listing revenues increased by a 
healthy 12 to £2m the ipo in april 2014 was accompanied 
by a placing of new shares which raised £10m gross these 
funds will allow us to make an investment into our sales and 
marketing functions both areas we have strengthened in 
recent months with the appointment of new management 
i’m sure this new leadership and the resources now available 
to support these teams will unleash a material increase 
in our sales in the coming years
the funds raised at the ipo will also be directed at investment 
to support our exciting research and development plans 
the team led by quynh nguyen who was appointed cto 
during the year continues to develop the suite of products 
on the rapid platform recruitment of quality software 
engineers remains a challenge but we intend to add up 
to eight extra engineers to the team as and when we 
are able to find the right individuals
while we continue to work on developing our direct sales 
efforts we are excited by the potential of the partnership 
route to market particularly in the medium to longer term 
since the ipo we have developed a number of new partnership 
arrangements we hope to be able to make a more concrete 
announcement soon about these developments some 
are more advanced than others and not all will develop 
into material revenue streams but the board believes that 
diversifying this revenue stream is important and accelerates 
our route to market 
in early 2013 we signed an agreement with xerox 
commercial solutions llc xerox and 2013–14 was 
the first full year of that partnership work took place 
across a broad suite of potential products many of which 
we hope will see full market launches in the coming year 
and beyond the revenue potential of these products 
is substantial but the development and market testing 
process controlled by xerox is measured on a monthly 
not weekly basis
since the year end we have signed a series of new contracts 
notable amongst this new business was the contract with 
biy cloud which has brought a highly diversified client 
base and the opportunity to accelerate the number of 
“apps” on the rapid platform uptake of our recently 
launched selfservice product has been encouraging
i look forward with confidence to the 2014–15 financial 
year we have begun to deploy the funds made available 
to us at the ipo and the returns from this investment are 
beginning to show through the nature of our contracts 
means the full effect will be felt in 2015–16
i would like to join john o’hara in thanking our employees 
without whom none of this would be possible 
charlie clark
ceo
16 september 2014
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strategic report our business model
we have a history of rapid delivery and seek to provide 
a high return on investment for clients our business model 
offers a strong recurring revenue stream customer attrition 
is low and we believe the demand is growing
our product offering
data extraction
the rapid platform enables clients to collect data from 
multiple data sources in a situation where data is being 
pulled from multiple sources the group’s rapid extraction 
technologies and services are able to simultaneously 
extract and integrate data regardless of its format 
data cleansing
key source data such as names and addresses is often 
inaccurate due to misspelling poor data input duplication 
and missing fields and therefore of minimal value for any 
analytics project the data cleansing technology within 
the rapid platform enables the user to drill into the source 
data through the process of data mining and to then retag 
such items to enable greater consistency
intellectual property
how we deliver it
highly skilled talent base
we have some of the brightest engineering 
talent developing the rapid platform 
all research and development is done 
in house and ongoing development of our 
ip is a key part of our growth strategy
data enrichment
data that is currently analysed in a traditional analytical 
environment lacks contextual information and therefore 
provides a shallow perspective on performance risk and 
opportunity this provides the group’s customers with 
a deeper more dynamic and valuable insight into the 
business opportunities through the creation of an 
information network
visualisation
data visualisation products make data more 
understandable for the end user this is particularly 
useful when vast data sets are being utilised
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how we deliver it
partnerships
direct sales
dedicated sales team comprising 
inside sales reps and direct sales 
reps selling rapid and associated 
products directly handling the 
sales cycle from beginning to end 
the rapid platform is used as 
the foundation for partnership 
route to market with partners 
building applications on rapid 
and using as part of their 
consulting toolkit 
customers
subscribe
subscriptions
rapid cloud 
delivery 
platform
recurring revenue streams 
drive high returns and provide 
funds to further our team 
capabilities and skill 
customers are supported 
by our client management 
team to onboard and expand 
our footprint within 
organisations 
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strategic report our strategy
the directors believe the group is well positioned to pursue 
its growth strategy through five key initiatives
building on its reputation with existing customers 
the group plans to follow a more aggressive sales 
and marketing strategy through an increased sales 
force and enhanced branding within the geographies 
and industries in which it currently operates
typical customer engagements for the group start in 
one division of a client organisation thereby enabling the 
group to leverage this reference point into other departments 
and workstreams in large multinationals the group has 
a ‘‘land and expand’’ strategy to win initial projects and 
grow the number of contracts for each customer
new customer acquisitions 
in existing markets
growth within the existing 
client base
product development geographic expansion
accretive acquisitions
the directors intend to develop the group’s existing 
technologies by focusing on selfservice integration 
cleansing and data enrichment furthermore the 
directors intend to take advantage of creating 
additional ip by developing the group’s patent 
portfolio which they believe will further the 
group’s leadership in the analytics marketplace
the group intends to expand into further 
geographies by adding further customers 
and partners in different territories
the board intends to pursue a strategy primarily 
driven by organic growth however in a dynamic 
and fastgrowing marketplace the directors expect 
to be presented with acquisition opportunities 
which they will consider as appropriate
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key performance  
indicators
our performance indicators are in line 
with our strategy to develop and grow 
the company
the directors believe that there 
is growing demand for selfservice 
analytics software
1296276
turnover £m 
£207m
deferred revenue  
£m
£052m
1821461
1835219
2066041
11
12
13
14
215662
333631
444988
522142
11
12
13
14
724267
operating loss before 
exceptional expenses £m
£289m
yearend cash and 
cash equivalents £m
£902m
675833
1673270
2886520
11
12
13
14
111034
1068387
77221
9019458
11
12
13
14
20
average number  
of employees
41
23
32
41
11
12
13
14
as data analysis becomes more mainstream the directors 
believe that every business that wishes to pursue datadriven 
decisions at scale will need to develop costeffective analytical 
capabilities and processes
according to the marketsandmarkets study in 2013 more than 13 
of companies have cloud analytics and business intelligence bi 
solutions and this is expected to reach 50 by 2018 the cloud 
bi market is growing rapidly as compared to traditional onpremise 
bi solutions driven by significant growth in the amount of internal 
and external data
these solutions are more flexible than traditional it systems reducing 
deployment time requiring less storage space and having a high processing 
capacity both small and large enterprises are major adopters of cloud 
analytics services and the directors expect this trend to continue for 
the next few years
the overall cloud analytics market stands with a total revenue of 
43bn in 2012 and is expected to grow to 165bn at a compound 
annual growth rate cagr of 258 from 2013 to 2018 
the growth in data is well documented with the majority of industry 
analysts pointing towards exponential growth in consumer m2m mobile 
and enterprise data while industry players are basing their business models 
on 5–10x growth in volume of data over the next five years the directors 
believe that the enterprise user base is increasingly recognising the 
return on investment from analysing their data 
idc estimates that around a third of data by 2020 will be ‘‘useful data 
if tagged and analysed’’  this equates to approximately 13000 exabytes 
compared with total big data today of approximately 5000 exabytes
companies 
who are utilising 
cloud analytics
13
cloud analytics 
market revenue 
43bn
amount of useful 
data by 2020 
13
this figure is expected 
to grow to 50 by 2018
this figure is expected 
to grow to 165bn at 
a compound annual 
growth rate of 258 
from 2013 to 2018
this equates 
to approximately 
13000 exabytes 
compared to today 
with approximately 
5000 exabytes
our markets
  2012 was a 13month 
trading period twelvemonth 
annualised figures are shown 
for comparative purposes
2rdtar14frontskakwogindd   7 23092014   145900 rosslyn data technologies plc annual report and accounts 2014
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strategic report financial review
this year has been a transformational year for the group 
the ipo in april 2014 created a new holding company 
rosslyn data technologies plc for the operating group of 
rosslyn analytics and brought £10m gross of new funds 
to the group to allow investment in product development 
and sales and marketing the ipo took place two days before 
the year end so the anticipated benefits will the directors 
believe be seen in the results for the next financial year 
prior to the ipo just over £2m was raised to facilitate 
trading and fund the group’s operational requirements 
revenue
group revenues increased by 12 to £2066041 
2013 £1835219 the focus for the year was to secure 
a solid base ahead of deployment of the anticipated ipo 
funding into a more aggressive sales and marketing strategy 
in 2014–15 to that end the group secured the services of a 
new head of sales and head of marketing from the start of 
february 2014 the us business took over invoicing usbased 
clients the segmental reporting analysis reflects this change 
while the business will continue to be impacted by exchange 
rate movements at specific revenue and cost lines aggregate 
costs are likely to at least offset revenues in the financial 
year to april 2015 meaning the currency impact is 
moderated in total
deferred revenues grew by 17 to £522142 in the current 
financial year 2013 £444988 this amount reflects cash 
received on revenues not yet recognised 
ebitda 
the loss at the ebitda level before exceptional items 
increased by 78 as the group invested in the foundations 
for expansion postipo this increase was inflated by the cost 
of sharebased payments £329000 this expense involves 
no cash cost to the business and will allow all employees 
with at least three months’ service at the time of the ipo the 
opportunity to become shareholders if they weren’t already 
the directors believe encouraging equity participation helps 
align employee interests with those of the wider shareholder 
base stripping out the cost of sharebased payments the 
loss in ebitda before exceptional items increased by 57 
the principal drivers of these increased costs were headcount 
and infrastructure costs as we invested in the us operations
headcount
the average headcount grew by 28 to 41 people all areas 
of the business expanded the main increases were within 
the sales and marketing team as both the uk operations 
and us team developed it is anticipated that average 
headcount will continue to grow in the financial year 
to april 2015 as the proceeds of the share issue at the time 
of the ipo are deployed into building the technical side 
of product development and sales and marketing
exceptional items 
the group incurred exceptional costs in the year of £223460 
this expense was incurred in resolving an employeerelated 
legal matter which is now resolved
taxation
the consolidated statement of comprehensive income 
includes a tax credit of approximately £150000 the 
overwhelming proportion of this credit reflects a cash tax 
credit from hmrc in respect of research and development 
spending the accumulated tax losses of the group remain 
available to the group against future profits but are not 
recognised in the financial statements because of 
uncertainties about timing of future profits 
net cash
following the ipo on 29 april 2014 the group ended 
the year with net cash of £90m having met some 
of the expenses of the listing 
business risks
risks relating to the group and its business
dependence on key executives and technical personnel
the group’ s future success depends on its senior management 
senior sales and marketing executives and key technical 
staff the group has entered into contractual agreements 
with these staff members but their continued employment 
cannot be guaranteed failure to retain these staff members 
may adversely affect the performance and profitability of 
the group it is possible that key staff members may join 
competitors or establish competitor businesses in their 
own right
technical change
the group is involved in the provision of software services 
the software industry is in the process of continual change and 
development reflecting technical developments and changing 
customer requirements these changes and developments 
may adversely impact the group’s prospects the protection 
of the group’s current position in the market may require 
substantial continued investment
reliance on key systems
the group reliance on certain key systems and technologies 
for its continuing operations exposes the group to significant 
risk as the systems are vulnerable to interruption and 
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damage the interruption and damage of the group’s 
systems may be due to events beyond the control of the 
group despite having in place proper control procedures 
which include but are not limited to natural disasters 
telecommunications failures power losses computer 
viruses and terrorist attacks downtime arising from 
such events may have a material detrimental effect 
on the group’s performance and profitability
customer risk
the group invests in functions and processes to service 
customers in an appropriate manner with a view to achieving 
high customer retention rates the anticipated rapid expansion 
of the group may place strains upon these functions and 
processes there can be no guarantee that the group 
will be able to achieve 100 customer retention 
change of control
the group has certain agreements in place which permit 
the counterparty to terminate such agreements if their 
consent is not obtained prior to a change in control
protection of intellectual property
the group protects its intellectual property by securing patents 
where management believes this is feasible and affordable 
the group takes steps to protect its intellectual property by 
contractual arrangements to prevent the misappropriation 
of that intellectual property despite these steps the processes 
may not be sufficient to prevent unauthorised appropriation 
and use of the group’s intellectual property such activities 
may cause an adverse impact on the group’s performance
product risk
the group supplies sophisticated and complex computer 
software to its customers these products when first 
introduced or enhanced may contain undetected defects 
which may fail to meet the customers’ performance 
expectations or requirements such failures may damage 
the group’s reputation and lead to an adverse effect 
on the group’s business and financial performance
general risks – political economic and legislative risks
the group may be adversely impacted by developments 
in the political economic and regulatory environment in 
which the group operates such risks include but are not 
limited to expropriation nationalisation inflation deflation 
changes in interest rates changes in tax rates and regimes 
and currency exchange controls
a general deterioration in the economic climate in any 
of the markets in which the group operates may impact 
the demand for the group’s products and services 
such changes in demand may cause an adverse impact 
on the group’s performance it is not always possible to 
foresee the impact of legislative or regulatory change 
these changes may also have an adverse impact on 
the group’s financial performance
financial risk management
the group’s activities expose it to a variety of financial 
risks currency and cash flow interest rate risk credit risk 
and liquidity risk risk management is carried out by the 
board of directors the group uses financial instruments 
to provide flexibility regarding its working capital requirements 
and to enable it to manage specific financial risks to which 
it is exposed transactions are only undertaken if they 
relate to actual underlying exposures and hence cannot 
be viewed as speculative
foreign exchange risk
the group operates in the uk europe and us and is therefore 
exposed to foreign exchange risk foreign exchange risk arises 
on sales and purchases made in foreign currencies and 
on recognised assets and liabilities in foreign operations 
the group monitors its exposure to currency fluctuations 
on an ongoing basis 
credit risk
the group has no concentrations of credit risk the group’ s 
business model includes an element of upfront payments 
while this does not totally eliminate credit risk it reduces it 
cash and cash equivalents are held with reputable institutions
no credit limits were exceeded during the reporting period 
and management does not expect any material losses from 
nonperformance by these counterparties management 
believes there is no further credit risk provision required 
in excess of normal provision for doubtful receivables
liquidity risk
cash flow forecasting is performed by management 
who monitors rolling forecasts of the group’s liquidity 
requirements to ensure it has sufficient cash to meet 
operational needs
capital risk management
the aim of the group is to maintain sufficient funds 
to ensure it has adequate working capital to conduct its 
business operations it achieves this by either borrowing 
or raising equity capital from shareholders
all material cash amounts are deposited with the group’s 
bankers which are barclays bank plc and hsbc na usa
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corporate  
governance board of directors
john o’hara
chairman
john has more than 30 years of experience in the hightech industry 
having held senior positions with some of the world’s biggest companies 
including lotus ibm microsoft and more recently pitney bowes
as president of pitney bowes software and a corporate officer of 
pitney bowes john has led global expansion initiatives and was 
responsible for a number of strategic acquisitions across the uk 
europe and australia he has previously worked for microsoft uk 
as general manager and enterprise and partner group where he 
was responsible for more than 1bn in revenue and has held senior 
roles at ibm pivotal corporation and lotus development group
john has a bachelor of science hons degree in chemistry from 
the university of wales institute of science and technology and 
a master of science degree from the university of manchester
charlie clark
chief executive officer
charlie is a highly experienced and well regarded senior executive 
he cofounded rosslyn analytics ltd and prior to this was an 
investment banker
charlie has extensive experience of working with fastgrowing companies 
and the capital markets
consistently recognised as a pioneer and leader in cloud analytics 
and for his leadership in establishing rosslyn analytics charlie 
is also a prolific writer and speaker on the subjects of data 
management and cloud analytics
charlie served with the british army during desert storm and holds 
an mba from city university business school london uk he is a 
fellow of the securities institute and is an accredited associate 
of the institute for independent business
hugh cox
chief data officer
hugh cofounded rosslyn analytics ltd with charlie clark hugh is 
a recognised expert in helping public and private sector organisations 
tackle business issues through technologies including cloud computing 
data management and analytics
hugh has authored and spoken extensively on the subject of data 
analysis with particular focus on fraud prevention and detection 
through the deployment of cloudbased analytics platforms
prior to establishing rosslyn analytics hugh held senior positions with 
coo investments emea and citigroup private bank he also worked 
for perot systems jp morgan and logica
after leaving the british army hugh took a bachelor of science in 
computer science and an mba from city university business school 
london uk
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francis reid
chief financial officer
francis has more than 20 years of financial executive leadership and 
operational management experience in emerging growth companies 
and financial institutions including investment banking and pension 
fund management
francis has previously held senior roles with ubs investment bank and 
gartmore investment management and more recently maintained the 
position of chief financial officer at seadragon offshore a privatelyowned 
offshore drilling and rig construction company
a qualified chartered accountant francis holds a ba hons degree 
in economics and public administration from bedford college 
london university
edward stacey
nonexecutive director
ed has been active in technology venture capital for over 15 years 
he was one of the first investors in autonomy in 1996 and has 
been instrumental in a number of uk technology companies 
achieving success 
his current venture fund iq capital has made three successful 
cash exits to date to google apple and beckton dickinson 
iq capital is a shareholder of the company and has been 
a shareholder in rosslyn analytics ltd and subsequently 
in rosslyn data technologies plc since 2010 
bernard quinn
nonexecutive director
barney has over 30 years’ experience with application software 
it companies and has successfully introduced two uk companies 
to north america for 13 years barney was a main board director 
of sherwood international plc a provider of software and services 
to the insurance industry – a key achievement was establishing 
and running the sherwood north american operation for three years
barney is currently a nonexecutive director of workplace systems 
having previously been ceo completing an mbo in 2011 with the help 
of ldc taking the company private after many years on aim he is 
nonexecutive chairman of clearstar inc an aim listed company 
based in atlanta and also a nonexecutive director of wildnet limited 
an insurance software business 
he has also worked with private equity companies and has 
investments in voyage design a creative company and parago ltd 
an asset management software company 
jeff sweetman
chief operating officer
jeff has over 15 years’ experience in building and deploying enterprise 
solutions for global organisations holding senior positions within filenet 
ibm oracle peoplesoft and jd edwards as well as helping to grow 
a startup within the microsoft dynamics channel 
having lived and worked in africa asia pacific europe and the 
us jeff has a deep understanding of the complex multinational 
environments within which global organisations need to deploy 
solutions as well as experience across erp  eprocurement 
business intelligence and the saas marketplace
jeff has a degree from loughborough university and an mba 
from london business school 
4rdtar14backskakwogindd   11 23092014   145918 rosslyn data technologies plc annual report and accounts 2014
12
corporate  
governance
the directors present their report and audited consolidated 
financial statements for the year ended 30 april 2014
principal activity
the principal activity of the group continued to be the 
development and provision of data analytics software
business review and future developments 
a review of the group’s operations and future 
developments is covered in the ceo’s report together 
with the financial review on page 3 and pages 8 to 9 
financial results
details of the group’s financial results are set out in 
the consolidated statement of comprehensive income 
and other components of the financial statements on 
pages 21 to 44
dividends
the directors do not recommend the payment of a dividend 
2013 £nil
going concern
after making enquiries and considering the nature of the 
business the directors believe that the group has sufficient 
resources to continue trading for the foreseeable future 
based on this assessment the directors believe that 
continuing to adopt a going concern basis for the 
preparation of the report and consolidated financial 
statements is appropriate this is described in more 
detail in note 2
annual general meeting
on page 45 is the notice of the company’s annual general 
meeting to be held at the viceroy room the grosvenor 
101 buckingham palace road london sw1w 0sj on 
23 october 2014 at 1100am
directors and directors’ shareholdings
the directors who served on the board and on board 
committees during the year are set out on pages 15 to 16 
as all of the directors were appointed at formation all will 
retire at the annual general meeting and being eligible 
will seek election
a directors’ and officers’ insurance policy has been put in 
place to indemnify the directors against legal actions by 
third parties
details of the directors’ remuneration and share option 
rights are given in the remuneration committee’s report 
on page 18
substantial shareholders
the company is informed that as at 30 april 2014 individual registered shareholdings of more than 3 of the company’s 
issued share capital were as follows
shareholder
number 
of shares
percentage 
of issued 
ordinary share 
capital of the
 company and 
voting rights
iq capital fund 1 lp – edward stacey 11062712 1467
hugh cox 10245464 1359
charles clark 9598848 1273
standard life investments limited 4848400 643
hargreave hale limited 4545400 603
miton asset management limited 4242346 563
artemis fund managers limited 2575000 341
james courtispond 2547816 338
killik and co llp 2272727 301
directors’ report
4rdtar14backskakwogindd   12 23092014   145918 rosslyn data technologies plc annual report and accounts 2014
13
research and development
during the year the group spent £646782 2013 £530244 
on tax relief qualifying research and development for 
the purpose of enhancing the group’s product offerings 
all amounts were expensed in the year a fuller discourse 
on research and development is set out within the ceo’s 
report on page 3 among the notable events during the 
year was the filing of the group’s first patent for rosslyn 
search language a domainspecific language
employees
it is the group’s policy to involve employees in its progress 
development and performance during the year a series 
of briefings to employees takes place to keep employees 
informed of developments financial performance and 
technical changes the group is committed to ensuring 
that equal opportunities are accorded to all its employees 
irrespective of age gender and nationality in respect 
of training career development and advancement
political and charitable donations
during the year the group made no political donations 
2013 £niland made charitable donations of £nil 
2013 £100
supplier payment policy and practice
the group does not operate a standard code in respect of 
payments to suppliers the group agrees terms of payment 
with individual suppliers and makes payments in accordance 
with contractual and other legal obligations
the ratio expressed in days between the amount invoiced to 
the group by its suppliers during the year ended 30 april 2014 
and the amount owed to its trade creditors at 30 april 2014 
was 82 days 2013 99 days
disclosure of information to auditor
the directors who held office at the date of approval 
of this directors’ report confirm that so far as they are 
aware there is no relevant audit information of which 
the company’s auditors are unaware and each director 
has taken all the steps that he ought to have taken to 
make himself aware of any relevant audit information 
and to establish that the company’s auditors are aware 
of that information
independent auditors
a resolution for the reappointment of pricewaterhousecoopers 
llp as auditor of the company is to be proposed at the 
forthcoming annual general meeting
by order of the board
francis reid
chief financial officer
16 september 2014
4rdtar14backskakwogindd   13 23092014   145918 rosslyn data technologies plc annual report and accounts 2014
14
corporate  
governance
the directors are responsible for preparing the annual 
report and the accounts in accordance with applicable 
law and regulations
company law requires the directors to prepare financial 
statements for each financial year under that law the 
directors have prepared the group financial statements 
in accordance with international financial reporting 
standards ifrss as adopted by the european union 
and the parent company financial statements in accordance 
with united kingdom generally accepted accounting 
practice united kingdom accounting standards and 
applicable law under company law the directors must 
not approve the financial statements unless they are 
satisfied that they give a true and fair view of the state 
of affairs of the group and the company and of the profit 
or loss of the group for that period in preparing these 
financial statements the directors are required to
 ― select suitable accounting policies and then apply 
them consistently
 ― make judgements and accounting estimates that are 
reasonable and prudent
 ― state whether ifrss as adopted by the european 
and applicable uk accounting standards have been 
followed subject to any material departures disclosed 
and explained in the group and parent company 
financial statements respectively
 ― prepare the financial statements on the going concern 
basis unless it is inappropriate to presume that the 
company will continue in business
the directors are responsible for keeping adequate 
accounting records that are sufficient to show and explain 
the company’s transactions and disclose with reasonable 
accuracy at any time the financial position of the company 
and enable them to ensure that the financial statements 
comply with the companies act 2006 they are also 
responsible for safeguarding the assets of the company 
and the group and hence for taking reasonable steps for the 
prevention and detection of fraud and other irregularities
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
statement of directors’ 
responsibilities 
in preparation of the financial statements
4rdtar14backskakwogindd   14 23092014   145918 rosslyn data technologies plc annual report and accounts 2014
15
corporate governance 
report
as an aim listed company rosslyn data t echnologies plc is 
not required to comply with the full uk corporate governance 
code but the board believes that compliance with the highest 
standards of corporate governance is very important it has 
adopted many of the best practices set out in the corporate 
governance guidelines issued by the qca an alternative 
governance code particularly aimed at smaller quoted entities
board of directors and board committees
at the end of the year the board of directors consisted of 
four executive and three nonexecutive directors the board 
believes this to be an appropriate mix of skills and roles to 
act in the best interests of shareholders and stakeholders 
the company converted to a plc from limited company 
status on 24 april 2014 prior to listing on aim
prior to that date the activities of the group were 
carried on by rosslyn analytics ltd which was taken 
over by rosslyn data technologies ltd on 23 april 2014 
the board of rosslyn analytics ltd at that stage comprised 
four executive and two nonexecutive directors barney quinn 
a nonexecutive director joined the board of rosslyn data 
technologies plc at the listing on aim he has assumed 
the role of senior independent nonexecutive director 
francis reid joined rosslyn analytics ltd in september 2013 
as chief financial officer and was appointed to the board 
of rosslyn analytics ltd on 27 february 2014 he joined the 
board of rosslyn data technologies ltd the forerunner 
of rosslyn data technologies plc on formation on 
7 february 2014
all the other directors of rosslyn analytics ltd joined the board 
of rosslyn data t echnologies ltd on formation ed stacey has 
acted as a representative of iq capital directors nominees ltd 
on the board of rosslyn analytics ltd corporate directorships 
are not possible for aim listed businesses iq capital directors 
nominees ltd resigned as a director on 7 march 2014 and 
ed stacey joined the board of rosslyn analytics ltd on that 
date he joined the board of rosslyn data technologies ltd 
on 7 february 2014
francis reid was appointed company secretary of 
rosslyn data technologies ltd on formation he resigned 
as company secretary on 22 may 2014 and fl cosec limited 
was appointed to act as company secretary in his place 
at that date
the roles of chairman and chief executive are separate 
the chairman leads board meetings and board discussions 
and has responsibility for the board’s overall effectiveness 
the chief executive is responsible for the achievement of 
the group’s strategic and commercial objectives within 
the context of the group’s resources and the risk tolerances 
laid down by the board
the board is responsible to shareholders and provides 
leadership and direction to the group it is the role of the 
board to set the strategic direction and goals of the group 
within the risk tolerances and control mechanisms the board 
believes are appropriate the board has a list of matters 
reserved for its consideration which include but are not 
limited to matters of strategy risk management consideration 
and approval of financial budgets major capital expenditure 
decisions acquisitions and disposals approval of the interim 
and final results and the recommendation of any dividends 
the board has three committees each with defined terms 
of reference they are the audit committee the remuneration 
committee and the nomination committee
the board meets on a regular basis during the year from 
1 may 2013 the board of rosslyn analytics ltd met 13 times 
and the board of rosslyn data technologies ltdplc met 
three times after formation on 7 february 2014 formal 
agenda and briefings are prepared for board meetings 
allowing all directors to participate in the meetings 
the directors all have access to independent advice 
if required in respect of their duties from a variety 
of professional advisers the company maintains an 
appropriate directors’ and officers’ insurance policy 
in respect of any legal actions against the directors 
or officers
the performance of the board is assessed by the chairman 
in conjunction with the nomination committee this 
assessment includes but is not limited to the appropriate 
level of skill of board members the conduct of board meetings 
the decision making process and the effectiveness of the 
various board committees
4rdtar14backskakwogindd   15 23092014   145918 rosslyn data technologies plc annual report and accounts 2014
16
corporate  
governance corporate governance 
report continued
board of directors and board committees continued
table of board meetings showing attendance
year to 30 april 2014  
attendees total
john o’hara 1316
charles clark 1616
hugh cox 1616
jeff sweetman 1116
iq directors es 1010
ed stacey 36
francis reid 1212
barney quinn 00
barney quinn was appointed as a director on 29 april 2014 
no board meetings were held between that date and the 
year end
board committees
ahead of the ipo the board decided to establish three 
committees with clearly defined terms of reference 
the members of the committees and their duties 
are set out below 
the audit committee
the audit committee is chaired by barney quinn john o’hara 
is the other permanent member of the committee which 
coopts other directors and senior employees as necessary 
into their deliberations the committee is expected to meet 
at least three times a year the main responsibilities of 
the audit committee are monitoring the integrity of 
the company’s financial systems and statements 
reviewing significant reporting issues and reviewing 
the effectiveness of the company’s internal control 
and risk management systems 
the committee is also responsible for overseeing the 
relationship with the external auditor including advising 
on their appointment agreeing the scope of the audit and 
reviewing the audit findings the committee is expected 
to meet with the external auditor without the chief 
financial officer at least once a year
remuneration committee
the remuneration committee is chaired by barney quinn 
john o’hara is the second permanent member of this 
committee other directors are coopted on to the 
committee on an adhoc basis the committee is 
expected to meet at least twice a year
the responsibilities of the committee include determining 
the remuneration of the chairman the executive directors 
and other senior executives as part of this role the committee 
is responsible for setting the framework for any bonus 
incentive or share option schemes the remuneration of the 
nonexecutive directors is agreed between the chairman 
and the executive directors
nomination committee
the nomination committee is chaired by barney quinn 
john o’hara is the other permanent member of this 
committee which coopts other directors as necessary for 
its deliberations the committee is responsible for considering 
the selection and reappointment of the directors it is also 
responsible for identifying and nominating candidates for 
board vacancies the committee in conjunction with the 
chairman john o’hara reviews the size structure and 
composition of the board and makes recommendations 
to the board for any changes the committee meets 
on an asnecessary basis
4rdtar14backskakwogindd   16 23092014   145918 rosslyn data technologies plc annual report and accounts 2014
17
investor relations 
the chief executive and chief financial officer will meet 
with analysts and institutional shareholders of the company 
after the interim and annual results announcements and 
on an asneeded basis at other times in the year to update 
shareholders on the progress of the group
the directors encourage the participation of all shareholders 
including private shareholders at the annual general meeting 
the annual report and accounts are published on the 
company’s website wwwrosslyndatatechnologiescom 
and can be accessed by shareholders and potential investors
internal control and risk management
the board is responsible for the group’s systems of internal 
controls and together with the audit committee reviewing 
those systems the systems put in place are designed to 
manage limit and control risk but cannot eliminate all 
risk completely
the executive directors of the company are actively involved 
in the daily management of the operations of the group 
business risks are regularly identified and appropriate 
control systems are implemented to manage those risks
the group has quality assurance processes in place for the 
development and delivery of software the main operating 
company rosslyn analytics ltd is iso 90012008 certified 
which covers quality management and iso 270012005 
which covers information security management
the group’s internal financial control procedures 
and monitoring systems include
 ― an annual budgetary process to set appropriate 
measurable targets for monitoring group progress
 ― financial policies and approval processes to ensure 
proper authorisation is obtained for spending
 ― segregation of duties within financial management
 ― maintenance of proper records for the production 
of accurate and timely financial information and
 ― detailed monthly reporting to the board against the 
operating budget and analysis of cash management
barney quinn
chairman of the audit committee
16 september 2014
4rdtar14backskakwogindd   17 23092014   145918 rosslyn data technologies plc annual report and accounts 2014
18
corporate  
governance remuneration report
as an aim listed company rosslyn data technologies plc 
is not required to comply with schedule 8 of the large and 
mediumsized companies and groups accounts and report 
regulations 2008 the board has chosen to adopt many of 
the best practices as proposed in the remuneration guide 
for smaller quoted companies of the quoted companies 
alliance unless stated this report is unaudited
remuneration committee
membership and the responsibilities of this committee are 
set out below in this section of the report this committee 
was established as part of the process to establish strong 
corporate governance ahead of the ipo in april 2014 
remuneration policy
the objective of the remuneration policy is to ensure that 
the overall remuneration of the executive directors and 
key senior executives is designed to attract retain and 
motivate them to generate performance aligned to creating 
shareholder value within acceptable risk tolerances the 
remuneration to senior executives is managed to ensure 
an appropriate balance relative to other employees in 
the group
directors’ remuneration
the normal remuneration arrangements for the 
executive directors consist of a base salary and a 
discretionary performancebased bonus it is the intention 
of the board to introduce a longterm incentive plan l tip 
during the next financial year any awards under such a 
scheme will be disclosed in next year’ s remuneration report 
during the year francis reid joined rosslyn analytics ltd 
as chief financial officer subsequently being appointed 
to a similar role with rosslyn data technologies plc 
his remuneration included the granting of options with 
a nominal exercise price these options vested on listing 
the nonexecutive directors from the ipo date 
are remunerated by way of fee prior to listing the 
chairman received his remuneration through share 
options edward stacey who prior to 7 march 2014 was the 
representative of iq capital directors nominees ltd on the 
board of rosslyn analytics ltd became on that date a director 
of rosslyn analytics ltd in his own right he was appointed to 
the board of rosslyn data t echnologies ltd subsequently plc 
on formation in february 2014 iq capital directors nominees 
ltd were remunerated by fee edward stacey is remunerated 
by way of fee he has opted to waive that fee in favour of his 
employer iq capital which invoices that fee to the company
2013–14 annual bonus
the admission document for rosslyn data technologies plc included reference to the possibility of an annual bonus being 
payable to the executive directors in relation to 2013–14 the remuneration committee determined that in acknowledgement 
of successfully listing the business on aim bonuses should be paid at a rate of 50 of target to the executive directors 
the table below sets out the aggregate remuneration of the directors
salary
£’000
bonus
£’000
benefits
£’000
fees
£’000
pension
£’000
sharebased 
payments
£’000
30 april 
2014 
total
£’000
30 april 
2013
 total
£’000
executive directors
charles clark 117 15 3 — — — 135 81
hugh cox 116 15 — — — — 131 80
jeffrey sweetman 96 15 — — 22 — 133 103
francis reid 73 15 — — — 83 171 —
james courtispond — — — — — — — 110
steven hayward — — — — — — — 70
nonexecutive directors
john o’hara — — — — — 113 113 —
iq capital directors 
nominees ltd — — — 34 — — 34 30
4rdtar14backskakwogindd   18 23092014   145918 rosslyn data technologies plc annual report and accounts 2014
19
directors’ interests
the interests of the directors and their immediate family 
over the ordinary shares of the company are as follows
director
number of 
shares at 
30 april 2014
percentage of 
issued ordinary 
share capital
charles clark
 i
9598848 1273
hugh cox
 ii
10245464 1359
jeffrey sweetman
 v
1352760 179
francis reid 75757 010
john o’hara
 iii
920552 122
barney quinn 30303 004
edward stacey
 iv
11062712 1467
note  
i  includes 65432 ordinary shares held by guy clark father of charles clark 
and 52344 ordinary shares held by thomas clark brother of charles clark
ii includes 764392 ordinary shares held by terrence cocks father of hugh cox
iii includes 151680 ordinary shares held by sippchoice trustees limited as 
trustee of john o’hara’s selfinvested personal pension
iv all the 11062712 ordinary shares are held by iq capital fund 1 lp  
a connected person of edward stacey
v of which 888960 ordinary shares are held by the trustees 
of the jeffrey sweetman discretionary trust
no comparative figures have been presented as rosslyn 
data technologies plc was formed in february 2014
percentage of issued ordinary share capital 
the following directors held share options at 30 april 2014
director share options exercise price
john o’hara 240000 05p
francis reid 320000 08575p
there were no outstanding share options held by any 
director at the end of the financial year to april 2013
approved by the board and signed on its behalf by
barney quinn
chairman of the remuneration committee
16 september 2014
4rdtar14backskakwogindd   19 23092014   145918 rosslyn data technologies plc annual report and accounts 2014
20
financial 
statements independent 
auditors’ report
to the members of rosslyn data technologies plc
report on the group financial statements
our opinion
in our opinion the financial statements defined below
 ― give a true and fair view of the state of the group’s affairs as at 
30 april 2014 and of its loss and cash flows for the year then ended
 ― have been properly prepared in accordance with international 
financial reporting standards ifrss as adopted by the 
european union and
 ― have been prepared in accordance with the requirements 
of the companies act 2006
this opinion is to be read in the context of what we say in the 
remainder of this report
what we have audited
the group financial statements the “financial statements” 
which are prepared by rosslyn data technologies plc comprise
 ― the consolidated statement of financial position as at 30 april 2014
 ― the consolidated statement of comprehensive income for the 
year then ended
 ― the consolidated statement of cash flows for the year then ended
 ― the consolidated statement of changes in equity for the year 
then ended and
 ― the notes to the financial statements which include a summary of 
significant accounting policies and other explanatory information
the financial reporting framework that has been applied 
in their preparation is applicable law and ifrss as adopted 
by the european union
in applying the financial reporting framework the directors have 
made a number of subjective judgements for example in respect 
of significant accounting estimates in making such estimates 
they have made assumptions and considered future events
what an audit of financial statements involves
we conducted our audit in accordance with international standards 
on auditing uk and ireland “isas uk  ireland” an audit involves 
obtaining evidence about the amounts and disclosures in the financial 
statements sufficient to give reasonable assurance that the financial 
statements are free from material misstatement whether caused 
by fraud or error this includes an assessment of 
 ― whether the accounting policies are appropriate to the group’s 
circumstances and have been consistently applied and 
adequately disclosed 
 ― the reasonableness of significant accounting estimates 
made by the directors and 
 ― the overall presentation of the financial statements 
in addition we read all the financial and nonfinancial information in 
the annual report and accounts to identify material inconsistencies 
with the audited financial statements and to identify any information that 
is apparently materially incorrect based on or materially inconsistent 
with the knowledge acquired by us in the course of performing the audit 
if we become aware of any apparent material misstatements 
or inconsistencies we consider the implications for our report
opinion on other matter prescribed by the companies act 2006
in our opinion the information given in the strategic report and 
the directors’ report for the financial year for which the financial 
statements are prepared is consistent with the financial statements
other matters on which we are required to report by exception
adequacy of information and explanations received
under the companies act 2006 we are required to report to you if 
in our opinion we have not received all the information and explanations 
we require for our audit we have no exceptions to report arising from 
this responsibility 
directors’ remuneration
under the companies act 2006 we are required to report to you if 
in our opinion certain disclosures of directors’ remuneration specified 
by law are not made we have no exceptions to report arising from 
this responsibility 
responsibilities for the financial statements and the audit
our responsibilities and those of the directors
as explained more fully in the statement of directors’ responsibilities 
set out on page 14 the directors are responsible for the preparation 
of the financial statements and for being satisfied that they give 
a true and fair view
our responsibility is to audit and express an opinion on the financial 
statements in accordance with applicable law and isas uk  ireland 
those standards require us to comply with the auditing practices 
board’s ethical standards for auditors
this report including the opinions has been prepared for and only 
for the company’s members as a body in accordance with chapter 3 
of part 16 of the companies act 2006 and for no other purpose we do 
not in giving these opinions accept or assume responsibility for any 
other purpose or to any other person to whom this report is shown 
or into whose hands it may come save where expressly agreed 
by our prior consent in writing
other matter
we have reported separately on the company financial statements 
of rosslyn data technologies plc for the year ended 30 april 2014
matthew mullins senior statutory auditor
for and on behalf of pricewaterhousecoopers llp
chartered accountants and statutory auditors
st albans
16 september 2014
4rdtar14backskakwogindd   20 23092014   145918 rosslyn data technologies plc annual report and accounts 2014
21
consolidated statement  
of comprehensive income
for the year ended 30 april 2014
note
 year ended
30 april 
2014
£
year ended
30 april 
2013
£
revenue 3 2066041 1835219
cost of sales 349072 242135
gross profit 1716969 1593084
other operating income 34615 7333
administrative expenses – excluding exceptional items 4638104 3273687
administrative expenses – exceptional items 6 223460 —
administrative expenses 4861564 3273687
operating loss 3109980 1673270
finance costs 5 1753 —
loss before income tax 7 3111733 1673270
income tax 8 148510 243556
loss for the year 2963223 1429714
other comprehensive income — —
total comprehensive income 2963223 1429714
loss per share pence pence
basic and diluted loss per share ordinary shareholders 9 743 392
the notes on pages 25 to 37 form part of these financial statements 
4rdtar14backskakwogindd   21 23092014   145918 rosslyn data technologies plc annual report and accounts 2014
22
financial 
statements consolidated statement 
of financial position
as at 30 april 2014
note
30 april
2014
£
30 april
 2013
£
assets
noncurrent assets
intangible assets 10 17019 519
property plant and equipment 11 29016 43167
46035 43686
current assets
trade and other receivables 12 714091 414681
corporation tax receivable 147643 131265
cash and cash equivalents 13 9019458 77221
9881192 623167
total assets 9927227 666853
liabilities
noncurrent liabilities
deferred tax 15 4134 5001
current liabilities
trade and other payables 14 1914588 1269530
financial liabilities – borrowings 17 200000 325000
2114588 1594530
total liabilities 2118722 1599531
net assetsliabilities 7808505 932678
equity
called up share capital 18 377029 457
share premium 8515773 2650001
accumulated loss 6217359 3583136
merger reserve 5133062 —
total equity 7808505 932678
the notes on pages 25 to 37 form part of these financial statements
the financial statements were approved by the board of directors on 16 september 2014 and were signed on its behalf by
f h m reid
director
chief financial officer
16 september 2014
4rdtar14backskakwogindd   22 23092014   145918 rosslyn data technologies plc annual report and accounts 2014
23
consolidated statement 
of changes in equity
for the year ended 30 april 2014
note
called up
share capital
£
accumulated 
loss
£
share 
premium 
£
merger 
reserve
£
total
equity
£
balance at 30 april 2013 457 3583136 2650001 — 932678
issue of share capital  
28 november and 30 january 18 97 — 2837311 — 2837408
issue of share capital 23 april 10 — — — 10
offset of share issue costs — — 129297 — 129297
sharebased payment transactions — 329000 — — 329000
reorganisation of group 564 — 5358015 — 5358579
issue of share capital 23 april 18 225514 — — — 225514
issue of share capital 29 april 18 151515 — 9848485 — 10000000
offset of share issue costs — — 1332712 — 1332712
reorganisation of group — — — 5133062 5133062
total comprehensive income 18 — 2963223 — — 2963223
balance at 30 april 2014 377029 6217359 8515773 5133062 7808505
in 2014 specific professional advisory costs of £1332712 relating to the initial public offering have been allocated against the share premium 
reserve and recognised directly in equity
the merger reserve arises from the group reorganisation that occurred on 23 april 2014 rosslyn data technologies plc acquired rosslyn analytics ltd 
in a share for share transaction there was no change in rights or proportions of control in the group as a result of this transaction as common control 
exists ifrs 3 was deemed to not apply and this has been accounted for as a capital reorganisation the difference between the share capital and share 
premium of the company and the share capital and share premium of rosslyn analytics ltd at 23 april 2014 is recognised in the merger reserve 
the notes on pages 25 to 37 form part of these financial statements 
4rdtar14backskakwogindd   23 23092014   145919 rosslyn data technologies plc annual report and accounts 2014
24
financial 
statements consolidated statement 
of cash flows
for the year ended 30 april 2014
note
 year ended
30 april 
2014
£
year ended
30 april 
2013
£
cash flows used in operating activities
cash used in operations see below 2694552 1381717
finance costs paid 5 1753 —
corporation tax received 131235 135085
net cash used in operating activities 2565070 1246632
cash flows used in investing activities
purchase of intangible fixed assets 10 19450 —
purchase of property plant and equipment 11 23678 69534
net cash used in investing activities 43128 69534
cash flows generated from financing activities
new loans in year 16 200000 325000
proceeds from share issuance 18 12812444 —
costs of share issuance 1462009 —
net cash generated from financing activities 11550435 325000
increasedecrease in cash and cash equivalents 8942237 991166
cash and cash equivalents at beginning of year 13 77221 1068387
cash and cash equivalents at end of year 13 9019458 77221
reconciliation of loss before income tax to cash generated from operations
 year ended
30 april 
2014
£
year ended
30 april 
2013
£
loss before income tax 3111733 1673270
depreciation charges 37829 41586
loss on disposal of fixed assets — 29979
amortisation charges 2950 171
sharebased payment transactions 329000 —
finance costs 1753 —
2740201 1601534
increasedecrease in trade and other receivables 299410 15837
increase in trade and other payables 345059 203980
cash used in operations 2694552 1381717
the notes on pages 25 to 37 form part of these financial statements
4rdtar14backskakwogindd   24 23092014   145919 rosslyn data technologies plc annual report and accounts 2014
25
notes to the consolidated 
financial statements 
for the year ended 30 april 2014
1 general information
rosslyn data technologies ltd the “company” was incorporated on 
7 february 2014 and on 24 april 2014 converted from a private limited 
company to rosslyn data technologies plc
rosslyn data technologies plc the company is a company domiciled 
in the uk the address of the registered office is 25 eccleston place 
london sw1w 9nf the company is the ultimate parent company 
of rosslyn analytics ltd a company incorporated in the uk and 
the ultimate parent company of rosslyn analytics inc a company 
incorporated in the united states of america collectively the group 
the group’s principal activity is the provision of data analytics using 
a proprietary form
the principal accounting policies adopted in the preparation of 
the consolidated financial information are set out below the policies 
have been consistently applied to all the years presented
2 accounting policies 
basis of preparation
the group’s consolidated financial statements have been prepared and 
approved by the directors in accordance with international financial 
reporting standards as adopted by the eu and ifric interpretations 
and with those parts of the companies act 2006 applicable to companies 
reporting under ifrs the financial statements have been prepared 
under the historical cost convention
going concern
notwithstanding that the group has made losses in the current year 
these financial statements have been prepared on the going concern 
basis which assumes that the group will continue to be able to meet 
its liabilities as they fall due for the foreseeable future the group has 
raised additional funds of £10m £87m net through an offering and 
admission of its shares to aim after reviewing the group’s cash flow 
forecasts and budgets and making appropriate enquiries the directors 
believe that the group following the receipt of the net proceeds of the 
placing has sufficient working capital to meet its present requirements 
for at least the next twelve months from the date of this consolidated 
financial information
basis of consolidation
on 23 april 2014 the company acquired the group’s previous parent 
company rosslyn analytics ltd via a share for share exchange whereby 
every ordinary share and a preference share in rosslyn analytics ltd 
was exchanged for eight ordinary shares and eight a preference shares 
respectively in rosslyn data technologies ltd prior to the conversion 
to a plc on 24 april 2014 on 24 april 2014 the a preference shares were 
converted into ordinary shares on a one for one basis
on 29 april 2014 rosslyn data technologies plc’s shares were admitted 
to trading on aim 
accordingly these financial statements are presented in the name 
of the new legal parent rosslyn data technologies plc but are a 
continuation of the financial statements of rosslyn analytics ltd
subsidiaries
subsidiaries are entities controlled by the company control exists when 
the company has the power directly or indirectly to govern the financial 
and operating policies of an entity so as to obtain benefits from its activities 
in assessing control potential voting rights that presently are exercisable 
or convertible are taken into account control is generally accompanied 
by a shareholding of more than one half of the voting rights the financial 
information of subsidiaries is included in the consolidated financial 
information from the date that control commences until the date 
that control ceases
transactions eliminated on consolidation
intragroup balances and any gains and losses or income and expenses 
arising from intragroup transactions are eliminated in preparing the 
consolidated financial information 
judgements and estimates
the preparation of the financial statements requires management to 
exercise judgement in applying the group’s accounting policies it also 
requires the use of estimates and assumptions that affect the reported 
amounts of assets liabilities income and expenses actual results may 
differ from these estimates
on an ongoing basis the following areas involve a higher degree 
of judgement or complexity
 ― valuation of sharebased payments and
 ― recognition of deferred tax assets
revenue recognition
revenue is measured at the fair value of consideration received 
or receivable and represents amounts for services provided to third 
parties in the normal course of business during the year net of value 
added tax and results from the principal activities of the group
each element of revenue described below is recognised only when
 ― provision of the services has occurred
 ― the consideration receivable is fixed or determinable and
 ― collection of the amount due from the customer is reasonably assured
i  implementation and setup fees in connection with the deployment 
and customisation of the group’s proprietary solutions are recognised 
rateably over the term of the related customer contract
ii  subscription revenue from data analytics services is recognised 
rateably over the term of the related customer contract
iii  any revenue arising from consultancy work is recognised in the 
statement of comprehensive income as such services are delivered
services that have been delivered at the end of a financial period but 
which have not been invoiced at that time are recognised as revenue in 
the statement of comprehensive income and shown within prepayments 
and accrued revenue in the statement of financial position
advance payments from customers or advance invoicing at the end 
of a financial period are included within accruals and deferred income 
in the statement of financial position such amounts are recognised 
in the statement of comprehensive income as the services are provided 
to the customer in accordance with points i to iii as set out above
4rdtar14backskakwogindd   25 23092014   145919 rosslyn data technologies plc annual report and accounts 2014
26
financial 
statements notes to the consolidated 
financial statements continued
for the year ended 30 april 2014
2 accounting policies continued
cost of sales
cost of sales includes utilised data storage costs proportionate to the 
amount utilised to service customers cost of sales does not include 
salaries and wages
intangible assets
website development costs
costs that are incurred during the development of significant and 
separately identifiable website development costs for the use in the 
business are capitalised where the cost is integral to the generation 
of future economic benefits any costs which do not meet the above 
criteria are taken to the income statement in the period in which 
they occur
amortisation
amortisation is calculated so as to write off the cost of an asset 
less its estimated residual value over the useful economic life 
of the asset as follows
website development costs – 50 straight line previously website 
costs were amortised on a 25 straight line basis the change 
in rate makes no material difference
property plant and equipment
items of property plant and equipment are stated at cost less accumulated 
depreciation and impairment losses cost includes the original purchase 
price of the asset and the costs attributable to bringing the asset to its 
working condition for its intended use when parts of an item of property 
plant and equipment have different useful lives those components are 
accounted for as separate items of property plant and equipment
subsequent costs are included in the asset’ s carrying amount or recognised 
as a separate asset as appropriate only when it is probable that future 
economic benefits associated with the item will flow to the group and 
the cost of the item can be measured reliably
gains and losses on disposals are determined by comparing the proceeds 
with the carrying amount and are recognised in the income statements
depreciation
depreciation is provided at the following annual rates in order to write 
off each asset over its estimated useful life 
computer equipment – 18 to 36 months straight line 
taxation
current taxes are based on the results shown in the financial statements 
and are calculated according to local tax rules using tax rates enacted 
or substantially enacted by the statement of financial position date
deferred tax is provided using the statement of financial position 
liability method providing for temporary differences between the 
carrying amounts of assets and liabilities for financial reporting 
purposes and the amounts used for taxation purposes
temporary differences are not provided for the initial recognition 
of other assets or liabilities that affect neither accounting nor taxable 
profit the amount of deferred tax provided is based on the expected 
manner of realisation or settlement of the carrying amount of assets 
and liabilities using tax rates enacted or substantially enacted at 
the statement of financial position date
a deferred tax asset is recognised only to the extent that it is probable 
that future taxable profits will be available against which the asset can 
be utilised deferred tax assets are reduced to the extent that it is no 
longer probable that the related tax benefit will be realised
deferred income tax assets and liabilities are offset when there is a legally 
enforceable right to offset current tax assets against current tax liabilities 
and when the deferred income taxes assets and liabilities relate to income 
taxes levied by the same taxation authority on either the taxable entity 
or different taxable entities where there is an intention to settle the 
balances on a net basis
deferred income tax is provided on temporary differences arising 
on investments in subsidiaries except for deferred income tax liability 
where the timing of the reversal of the temporary difference is controlled 
by the group and it is probable that the temporary difference will not 
reverse in the foreseeable future
research and development
expenditure on research activities is recognised as an expense in the 
period in which it is incurred any internally generated development 
costs are recognised as an asset only if all the following met
 ― an asset is created that can be identified
 ― it is probable that the asset created will generate future economic 
benefits and
 ― the development cost of the asset can be measured reliably
where no internally generated intangible asset can be recognised 
development expenditure is recognised as an expense in the period 
in which it is incurred 
grants receivable
grant income is recognised when there is 1 entitlement to the grant 
2 virtual certainty that it will be received and 3 sufficient measurability 
of the amount
foreign currencies
the functional currency of the company is pounds sterling because 
that is the currency of the primary economic environment in which 
the company operates the company’s presentational currency 
is pounds sterling
assets and liabilities in foreign currencies are translated into sterling 
at the rates of exchange ruling at the statement of financial position 
date transactions in foreign currencies are translated into sterling 
at the rate of exchange ruling at the date of transaction exchange 
differences are taken into account in arriving at the operating result
group companies
the results and financial position of all the group entities none of which 
has the currency of a hyperinflation economy that have a functional 
currency different from the presentation currency are translated into 
the presentation currency as follows
 ― assets and liabilities for each statement of financial position 
presented are translated at the closing rate at the date of that 
statement of financial position
4rdtar14backskakwogindd   26 23092014   145919 rosslyn data technologies plc annual report and accounts 2014
27
2 accounting policies continued
foreign currencies continued
group companies
 ― income and expenses for each income statement presented are 
translated at average exchange rates unless this average is not 
a reasonable approximation of the cumulative effect of the rates 
prevailing on the transaction dates in which case income and expenses 
are translated at the rate on the dates of the transactions and
 ― all resulting exchange differences are recognised in other 
comprehensive income
the following exchange rates were applied for £1 at each year end
2014 2013
united states dollars 168 162
euros 121 119
retirement benefits
the group operates a defined contribution scheme contributions 
payable to the group’s pension scheme are charged to the income 
statement in the period to which they relate
financial instruments
financial instruments are classified and accounted for according to 
the substance of the contractual agreement as either financial assets 
financial liabilities or equity instruments an equity instrument is any 
contract that evidences a residual interest in the assets of the group 
after deducting all of its liabilities
cash and cash equivalents
cash and cash equivalents are defined as cash in hand demand deposits 
and shortterm highly liquid investments readily convertible to known 
amounts of cash and subject to insignificant risk to changes in value
trade and other receivables
trade receivables are stated at their original invoiced value as the interest 
that would be recognised from discounting future cash receipts over 
the expected credit period is not considered to be material trade 
receivables are reduced by appropriate allowances for estimated 
irrecoverable amounts 
trade and other payables
trade payables are stated at their original invoiced value as the interest 
that would be recognised from discounting future cash payments over 
the expected payment period is not considered to be material
financial assets
classification
the group classifies its financial assets as loans and receivables 
management determines the classification of its financial assets 
at initial recognition
loans and receivables
loans and receivables are nonderivative financial assets with fixed 
or determinable payments that arise principally through the provision 
of services to customers they are initially recognised at fair value and 
are subsequently stated at amortised cost using the effective interest 
method they are included in current assets except for maturities 
greater than twelve months after the end of the reporting period 
loans and receivables comprise mainly cash and cash equivalents 
and trade and other receivables
impairment of financial assets
impairment provisions are recognised when there is objective evidence 
such as significant financial difficulties on the part of the counterparty 
or default or significant delay in payment that the group will be unable 
to collect all of the amounts due under the terms receivable the amount 
of such a provision being the difference between the net carrying amount 
and the present value of the future expected cash flows associated 
with the impaired receivable
for trade receivables which are reported net such provisions are recorded 
in a separate provision account with the loss being recognised within 
other operating costs in the income statement on confirmation that 
the trade receivable will not be collectable the gross carrying value 
of the asset is written off against the associated provision
share capital and share premium
ordinary shares and a preference shares are classified as equity 
a preference shares have been deemed equity as they are 
nonredeemable and do not pay a fixed dividend
share premium is the amount subscribed for share capital in excess 
of nominal value less any costs directly attributable to the issue of 
new shares
incremental costs directly attributable to the issue of new shares 
are shown in share premium as a deduction from the proceeds
sharebased payments
the group operates an equitysettled sharebased compensation plan 
the enterprise management incentive plan emi the fair value of the 
employee services received in exchange for the grant of the options is 
recognised as an expense the total amount to be expensed over the 
vesting period is determined by reference to the fair value of the options 
granted calculated using an appropriate option pricing model nonmarket 
vesting conditions are included in assumptions about the number of 
options that are expected to vest at each statement of financial position 
date the entity revises its estimates of the number of options that are 
expected to vest options issued under the scheme to nonexecutive 
directors and other individuals who are not employees of the uk 
company follow the emi rules but are considered nonqualifying 
emi options for tax purposes
borrowings
borrowings are recognised initially at fair value net of transaction costs 
incurred borrowings are subsequently carried at amortised cost any 
difference between the proceeds net of transaction costs and the 
redemption value is recognised in the income statement over the 
period of the borrowings using the effective interest method
provisions
a provision is recognised in the statement of financial position when 
the group has a present legal or constructive obligation as a result of 
a past event and it is probable that an outflow of economic benefits 
will be required to settle the obligation if the effect is material provisions 
are discounted at a rate that reflects current market assessments of 
the time value of money and when appropriate the risks specific 
to the liability the increase in the provision due to passage of 
time is recognised in finance costs
4rdtar14backskakwogindd   27 23092014   145919 rosslyn data technologies plc annual report and accounts 2014
28
financial 
statements notes to the consolidated 
financial statements continued
for the year ended 30 april 2014
2 accounting policies continued
net finance costs
finance costs
finance costs comprise interest payable on borrowings and direct 
issue costs
finance income
finance income comprises interest receivable on funds invested 
interest income is recognised in the income statement as it accrues 
using the effective interest method
convertible loan stock
the convertible loan stock a compound financial instrument can be 
converted to share capital at the option of the holder and the number 
of shares to be issued does not vary with changes in their fair value
the liability component of a compound financial instrument is recognised 
initially at the fair value of a similar liability that does not have an equity 
conversion option the equity component is recognised initially at the 
difference between the fair value of the compound financial instrument 
as a whole and the fair value of the liability component any directly 
attributable transaction costs are allocated to the liability and equity 
components in proportion to their initial carrying amounts subsequent 
to initial recognition the liability component of a compound financial 
instrument is measured at amortised cost using the effective interest 
method the equity component of a compound financial instrument is 
not remeasured subsequent to initial recognition except on conversion 
or expiry the directors have not split out the equity component as it 
is not material
borrowings are classified as current liabilities unless the group has 
an unconditional right to defer settlement of the liability for at least 
twelve months after the end of the reporting period
new standards amendments and interpretations
standards amendments and interpretations effective and adopted 
by the group
the accounting policies adopted in the presentation of the historical 
financial information reflect the adoption of the following new 
standards as of 1 may 2013
the following standards were adopted during the year
 ― annual improvements 2011 and 2013 effective 1 january 2013
 ― ifrs 7 ‘financial instruments disclosures’ effective 1 january 2013
 ― ias 19 ‘employee benefits’ effective 1 january 2013
 ― ias 27 ‘separate financial statements’ effective 1 january 2013
 ― ias 28 ‘investments in associates and joint ventures’  
effective 1 january 2013
none of these standards have had any significant impact on the 
group’s financial statements
the following new standards amendments and interpretations which 
are not effective or early adopted by the group
 ― ias 16 amended 2014 ‘property plant and equipment’  
effective 1 january 2016
 ― ias 19 amended 2013 ‘employee benefits’ effective 1 july 2014
 ― ias 27 amended 2012 ‘separate financial statements’  
effective 1 january 2014
 ― ias 32 amendment ‘financial instruments – presentation’ 
on asset and liability offsetting effective 1 january 2014
 ― ias 36 amendment ‘impairment of assets’ effective 1 january 2014
 ― ias 38 amendment ‘intangible assets’ effective 1 july 2016
 ― ias 39 amendment ‘financial instruments recognition and 
measurement’ effective 1 january 2014
 ― ifrs 9 ‘financial instruments’ on ‘classification and measurement’ 
effective 1 january 2018
 ― ifrs 10 ‘consolidated financial statements’ effective 1 january 2014
 ― ifrs 11 ‘joint arrangements’ effective 1 january 2014
 ― ifrs 12 ‘disclosure of interests in other entities’  
effective 1 january 2014
 ― ifrs 13 ‘fair value measurement’ effective 1 january 2014
 ― ifrs 14 ’regulatory deferral accounts’ effective 1 january 2016
 ― ifrs 15 ‘revenue from contracts with customers’  
effective 1 january 2017
 ― annual improvements 2011 and 2013 effective 1 july 2014
the directors do not expect these standards amendments and 
interpretations to have any significant impact on the group’s 
financial statements 
segment reporting
operating segments are reported in a manner consistent with the internal 
management reporting of the business to the executive directors which 
has been identified as the chief operating decision maker 
4rdtar14backskakwogindd   28 23092014   145919 rosslyn data technologies plc annual report and accounts 2014
29
3 segmental reporting
management has determined the operating segments based on the operating reports reviewed by the executive directors that are used to assess both 
performance and strategic decisions management has identified that the executive directors are the chief operating decision maker in accordance 
with the requirements of ifrs 8 ‘operating segments’ 
all segment revenue loss before taxation assets and liabilities are attributable to the principal activity of the group being the provision of data 
analytics using a proprietary form
year ended 30 april 2014
uk
£
usa
£
total
£
income
total revenue 1893589 172452 2066041
total revenue from external customers 1893589 172452 2066041
ebitda 2492360 353381 2845741
depreciation 37829 — 37829
amortisation 2950 — 2950
exceptional items 223460 — 223460
operating loss 2756599 353381 3109980
finance cost 1753 — 1753
loss before income tax 2758352 353381 3111733
total assets 9733072 194155 9927227 
total liabilities 1883442 235280 2118722 
capital expenditure during the year
intangible assets 19450 — 19450
property plant and equipment 23678 — 23678
year ended 30 april 2013
uk
£
usa
£
total
£
income
total revenue 1835219 — 1835219
total revenue from external customers 1835219 — 1835219
ebitda 1497351 104183 1601534
depreciation 41586 — 41586
amortisation 171 — 171
loss on disposal of fixed assets 29979 — 29979
operating loss 1569087 104183 1673270
loss before income tax 1569087 104183 1673270
total assets 666853 — 666853
total liabilities 1454963 144568 1599531
capital expenditure during the year
intangible assets —  —  — 
property plant and equipment 69534 — 69534
4rdtar14backskakwogindd   29 23092014   145919 rosslyn data technologies plc annual report and accounts 2014
30
financial 
statements notes to the consolidated 
financial statements continued
for the year ended 30 april 2014
4 employees and directors
 year ended
30 april 
2014
£
year ended
30 april 
2013
£
wages and salaries 2226553 1734716
social security costs 193300 189911
other pension costs 34012 24329
sharebased payment expense – directors 196500 —
sharebased payment expense – staff 132500 —
2782865 1948956
the average monthly number of employees during the years was as follows
 year ended
30 april 
2014
year ended
30 april 
2013
management 4 2
research and development 14 12
sales and marketing 23 18
41 32
 year ended
30 april 
2014
£
year ended
30 april 
2013
£
directors’ emoluments 694756 449797
directors’ pension contributions to money purchase schemes 22000 24000
the number of directors to whom retirement benefits were accruing was as follows 
money purchase schemes 1 1
during the year no 2013 no director exercised share options 
information regarding the highest paid director is as follows
 year ended
30 april 
2014
£
year ended
30 april 
2013
£
aggregate emoluments 170969 109978
there were no pension contributions in respect of the highest paid director
the highest paid director exercised nil 2013 nil share options during the year see note 22 
5 net finance costs
 year ended
30 april 
2014
£
year ended
30 april 
2013
£
finance income
interest receivable — —
finance costs
loan interest paid 1753 —
net finance costs 1753 —
4rdtar14backskakwogindd   30 23092014   145919 rosslyn data technologies plc annual report and accounts 2014
31
6 exceptional items
during the year settlement and legal costs of £223460 2013 £nil were incurred in respect of an employeerelated matter this matter is resolved 
in full and no further costs are expected
7 loss before income tax
the loss before income tax is stated after chargingcrediting
 year ended
30 april 
2014
£
year ended
30 april 
2013
£
sharebased payments 329000 —
grants receivable 34615 —
rent receivable — 7333
depreciation – owned assets 37829 41586
loss on disposal of fixed assets — 29979
website development amortisation 2950 171
auditors’ remuneration 55000 20000
auditors’ remuneration for nonaudit services – tax advisory 30000 —
foreign exchange lossesgains 8375 2918
operating lease rentals 60000 75750
in addition to the amounts disclosed above £300000 was paid to the auditors in relation to the aim listing this amount has been offset against 
share premium the overall fees paid to the auditors were significantly higher this year because they were used to perform the reporting accountant 
role given their knowledge of the group given the oneoff nature of this transaction the directors do not consider that this impacts their independence
8 income tax
analysis of income tax
 year ended
30 april 
2014
£
year ended
30 april 
2013
£
current tax
corporation tax on losses of the year 147643 241350
deferred tax 
origination and reversal of timing differences see note 15 867 2206 
total tax 148510 243556
factors affecting the tax credit
the differences between the total current tax shown above and the amount calculated applying the standard rate of uk corporation tax to the loss 
before tax are explained below
 year ended
30 april 
2014
£
year ended
30 april 
2013
£
loss on ordinary activities before tax 3111733 1673270
loss on ordinary activities multiplied by the standard rate of corporation tax in the uk of 2283 2013 2392 710407 400246
effects of
disallowable expenses 4436 4587
unrecognised deferred tax asset on losses 705971 395659
research and development tax credit 147643 241350
deferred tax see note 15 867 2206
total tax 148510 243556
4rdtar14backskakwogindd   31 23092014   145919 rosslyn data technologies plc annual report and accounts 2014
32
financial 
statements notes to the consolidated 
financial statements continued
for the year ended 30 april 2014
8 income tax continued
factors affecting the tax credit continued
the standard rate of corporation tax in the uk changed from 24 to 23 with effect from 1 april 2013 accordingly the group’s profits for the accounting 
period to 30 april 2013 were taxed at an effective rate of 23917 the standard rate of corporation tax in the uk changed from 23 to 21 with 
effect from 1 april 2014 accordingly the group’s profits for the accounting period to 30 april 2014 are taxed at an effective rate of 22833
in addition to the changes in rates of corporation tax disclosed above further changes to the uk corporation tax system were announced in the 
march 2013 uk budget statement and substantively enacted as part of the finance bill 2013 on 2 july 2013 these included reductions to the main 
rate of corporation tax by a further 1 to 20 by 1 april 2015 this further rate reduction had been substantively enacted at the balance sheet date 
and therefore the relevant deferred tax balances have been remeasured
9 loss per share
basic earnings per share is calculated by dividing the net profit for the year attributable to ordinary shareholders by the weighted average number 
of ordinary shares outstanding during the year
diluted earnings per share is calculated by dividing the net profit for the year attributable to ordinary shareholders by the weighted average number 
of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on the conversion 
of all dilutive potential ordinary shares into ordinary shares
 year ended
30 april 
2014
year ended
30 april 
2013
loss for the year attributable to the owners of the parent £2963223 £1429714
weighted average number of ordinary shares 39885226 36518840
pence pence
basic and diluted loss per share ordinary shareholders 743 392
earnings per share has been calculated on the basis of the capital restructuring immediately prior to the ipo in accordance with ias 33
10 intangible assets
website
development
£
cost
at 1 may 2013 3500
additions 19450
at 30 april 2014 22950
accumulated amortisation
at 1 may 2013 2981
amortisation for year 2950
at 30 april 2014 5931
net book value
at 30 april 2014 17019
at 30 april 2013 519
4rdtar14backskakwogindd   32 23092014   145919 rosslyn data technologies plc annual report and accounts 2014
33
11 property plant and equipment
computer
equipment
£
cost
at 1 may 2013 90673
additions 23678
at 30 april 2014 114351
accumulated depreciation
at 1 may 2013 47506
charge for year 37829
at 30 april 2014 85335
net book value
at 30 april 2014 29016
at 30 april 2013 43167
12 trade and other receivables
2014
£
2013
£
amounts falling due within one year
trade receivables due but not past due 272770 179776
trade receivables past due 226120 50946
impairment provision 48000 12000
trade receivables – net 450890 218722
other receivables 18000 18000
prepayments and accrued revenue 176548 177959
vat 68653 —
714091 414681
included within the trade receivables past due above are amounts which are not impaired and aged as follows
2014
£
2013
£
overdue by
up to 30 days 85228 18546
30–60 days 68517 6000
60–90 days 14655 14400
over 90 days 9720 —
178120 38946
trade and other receivables are all current and any fair value difference is not material trade receivables are considered past due once they have 
passed their contracted due date trade receivables are reviewed for impairment if they are past due beyond 90 days
4rdtar14backskakwogindd   33 23092014   145919 rosslyn data technologies plc annual report and accounts 2014
34
financial 
statements notes to the consolidated 
financial statements continued
for the year ended 30 april 2014
12 trade and other receivables continued
the below movement on the provision for impairment of trade receivables is as follows
2014
£
2013
£
at start of year 12000 —
provision for receivables impairment 36000 12000
at end of year 48000 12000
the provision for impaired receivables has been included in administrative expenses
the below represents trade receivables held in foreign currencies at the statement of financial position date
2014
£
2013
£
united states dollars 180491 43385
180491 43385
13 cash and cash equivalents
2014
£
2013
£
cash at bank 9019458 77221
the following amounts were held in foreign currencies at the statement of financial position date
2014
£
2013
£
united states dollars 14497 65631
euro 1057 253
15554 65884
14 trade and other payables
2014
£
2013
£
current
trade payables 892310 382827
social security and other taxes 48219 349714
other payables 9000 8560
accruals and deferred revenue 965059 528429
1914588 1269530
included within other payables at the statement of financial position date is an amount of £nil 2013 £2000 due by the group in relation to a defined 
contribution pension scheme
included with accruals and deferred revenue is an amount of £522142 2013 £444988 in relation to deferred revenue
15 deferred tax
deferred tax relates to the following
2014
£
2013
£
accelerated capital allowances 4134 5001
deferred tax liability 4134 5001
4rdtar14backskakwogindd   34 23092014   145919 rosslyn data technologies plc annual report and accounts 2014
35
15 deferred tax continued
the movement in deferred tax is shown below
2014
£
2013
£
deferred tax liability at start of year 5001 7207
accelerated capital allowances 867 2206
deferred tax liability at end of year 4134 5001
16 net fundsdebt
analysis of net debt
net fundsdebt is the total of cash and cash equivalents less interestbearing loans and borrowings and finance lease liabilities cash and cash equivalents 
comprise cash balances call deposits and other shortterm liquid investments such as money market funds which are subject to an insignificant 
risk of a change in value
2014
£
2013
£
cash and cash equivalents 9019458 77221
interestbearing loans and borrowings see note 17 200000 325000
net debt 8819458 247779
17 financial liabilities – borrowings
2014
£
2013
£
current
other loans 200000 325000
200000 325000
during the year the group received an interestbearing loan of £200000 from a nonexecutive director interest was charged on a daily basis 
at a rate of 20 per annum the loan was repaid on 2 may 2014 and the financial statements include interest accrued of £1753
on 17 december 2012 the group issued an unsecured convertible loan to iq capital fund 1 lp  the group received £325000 in exchange for the 
holders having the option to convert the loan into a preference shares after six months at a price of £2196223 per share the convertible loan 
was interest free the loan was converted into 147981 shares during november 2013 at the price noted above
18 called up share capital
allotted issued and fully paid 
number class nominal value
2014 
£
2013 
£
75405814 2013 3199073 ordinary shares £0005 2013 £00001 377029 320
nil 2013 1365782 a preference shares £nil 2013 £00001 — 137
377029 457
the following fully paid ordinary shares of £00001 shares were allotted during the year ended 30 april 2014 at a premium as shown below
allotted during november 2013
292451 ordinary shares of £00001 each at £3056573 per share 
459061 a preference shares of £00001 each at £3056573 per share 
147981 a preference shares were issued as a result of a loan conversion at a premium of £2196123 as described in note 17 
allotted during december 2013
5000 a preference shares of £00001 each at £3056573 per share
4rdtar14backskakwogindd   35 23092014   145919 rosslyn data technologies plc annual report and accounts 2014
36
financial 
statements notes to the consolidated 
financial statements continued
for the year ended 30 april 2014
18 called up share capital continued
allotted during january 2014
65430 a preference shares of £00001 each at £3056573 per share
allotted during april 2014
103070 ordinary shares of £00001 each at par allotted to certain a preference shareholders
on 23 april 2014 the company entered into a share for share exchange agreement with all of the shareholders of rosslyn analytics ltd as at 
that date pursuant to which the company acquired the entire issued share capital in rosslyn analytics ltd in consideration for the allotment of 
in aggregate 28756752 ordinary shares and 16346032 a preference shares the rosslyn analytics ltd shareholders were allotted eight ordinary 
shares of £0005 each for each ordinary share of £00001 held by them in rosslyn analytics ltd and eight a preference shares of £0005 each for each 
a preference share of £00001 held by them in rosslyn analytics ltd with the exception of one shareholder who was allotted two fewer ordinary 
shares of £0005 each to take account of his holding the two issued shares in the company on the date thereof the ordinary shares in the company 
had the same rights and were subject to the same obligations as the ordinary shares in rosslyn analytics ltd immediately prior to the share 
for share exchange and the a preference shares had the same rights and were subject to the same obligations as the a preference shares in 
rosslyn analytics ltd immediately prior to the share for share exchange
by special resolution dated 24 april 2014 with effect immediately prior to listing on 29 april 2014 each of the 16346032 a preference shares 
of £0005 each in issue were redesignated as ordinary shares of £0005 each
upon the placing on aim 30303030 ordinary shares of £0005 each were allotted at a price including premium of £033 per share
19 leasing agreements 
the minimum lease payments for the rental of office premises and equipment under noncancellable operating leases fall as follows
2014
£
2013
£
within one year 60000 60000
between one and five years 135000 195000
195000 255000
20 related party disclosures
during the year the group paid iq capital directors nominees limited a group director during the year £33727 2013 £30009 for monthly 
management services provided the agreement was undertaken at arm’s length
during the year the group received an interestbearing loan from nonexecutive director j e o’hara as described further in note 17
during the prior year the group issued a convertible loan to iq capital fund 1 lp  an investment fund under the same common control as 
iq capital directors nominees limited amounting to £325000 the loan was converted into a preference shares at a premium of £2196123 
per share during the year as described in note 17
the group entered into a nominated adviser and broker agreement and a placing agreement with cenkos on 6 november 2013 cenkos was paid 
a commission of £80002 in aggregate in connection with services provided to the group relating to the private placing of shares of which the amount 
was used by cenkos to subscribe for 26173 a preference shares on 11 december 2013 cenkos became entitled to payment of commission in the 
amount of £36000 in aggregate in connection with services provided to the group relating to the private placing of shares a payment was made 
to cenkos on 29 april 2014 of £772815 in respect of services associated with the ipo
in september 2013 f h m reid provided a shortterm loan in the amount of £50000 to the group which has been repaid in full without interest
in september 2013 t cocks the father of a shareholder of the company provided a shortterm loan in the amount of £75000 to the group 
which has been repaid in full without interest
the group has granted a warrant to subscribe for 200000 ordinary shares to t cocks at an exercise price per share of 38208425p this warrant 
expires three years after the initial listing date 29 april 2014
21 ultimate controlling party
there was no ultimate controlling party as at 30 april 2013 or 30 april 2014
4rdtar14backskakwogindd   36 23092014   145920 rosslyn data technologies plc annual report and accounts 2014
37
22 sharebased payment transactions
the directors approved the allocation of sharebased payments to various staff members ahead of listing to help align employee interests 
with shareholder returns details of the sharebased payment arrangement are described below
type of arrangement enterprise management incentive scheme
date granted 24 april 2014
number granted 1156000 
contractual life 10 years
number of employees in scheme 30
vesting conditions directors’ discretion
enterprise management incentive scheme number of stock options
2014 2013
weighted average 
exercise price
outstanding at the start of the year — —
granted 1156000 — 00443
forfeitedcancelled — —
exercised — —
outstanding at the year end 1156000 — 00443
during the year the group recognised an expense of £329000 2013 £nil in relation to the scheme
the company has agreed to grant options to two new employees under the scheme over ordinary shares at a price yet to be determined 
but at an exercise price of not less than 33p per share
prior to the group reorganisation and insertion of rosslyn data technologies ltd on 23 april 2014 the share based payments awarded to directors 
and staff were in the name of rosslyn analytics ltd the previous parent company on 24 april 2014 these share based payments were modified to 
be sharebased payments in rosslyn data technologies plc 
the total fair value of the awards given in rosslyn analytics ltd have been replaced with identical awards in rosslyn data technologies plc as the 
modification is nonbeneficial there is no change in benefit to the group or the individuals the accounting for the original award continues to apply 
4rdtar14backskakwogindd   37 23092014   145920 38
financial 
statements
rosslyn data technologies plc annual report and accounts 2014
independent 
auditors’ report
to the members of rosslyn data technologies plc
report on the company financial statements
our opinion
in our opinion the financial statements defined below
 ― give a true and fair view of the state of the company’s affairs 
as at 30 april 2014
 ― have been properly prepared in accordance with united kingdom 
generally accepted accounting practice and
 ― have been prepared in accordance with the requirements of the 
companies act 2006
this opinion is to be read in the context of what we say in the 
remainder of this report
what we have audited
the company financial statements the “financial statements” 
which are prepared by rosslyn data technologies plc comprise
 ― the company balance sheet as at 30 april 2014
 ― the company statement of changes in equity and
 ― the notes to the financial statements which include a summary of 
significant accounting policies and other explanatory information
the financial reporting framework that has been applied in their preparation 
is applicable law and united kingdom accounting standards united 
kingdom generally accepted accounting practice
in applying the financial reporting framework the directors have made 
a number of subjective judgements for example in respect of significant 
accounting estimates in making such estimates they have made 
assumptions and considered future events
what an audit of financial statements involves
we conducted our audit in accordance with international standards 
on auditing uk and ireland “isas uk  ireland” an audit involves 
obtaining evidence about the amounts and disclosures in the financial 
statements sufficient to give reasonable assurance that the financial 
statements are free from material misstatement whether caused 
by fraud or error this includes an assessment of 
 ― whether the accounting policies are appropriate to the 
company’s circumstances and have been consistently 
applied and adequately disclosed 
 ― the reasonableness of significant accounting estimates made 
by the directors and 
 ― the overall presentation of the financial statements 
in addition we read all the financial and nonfinancial information 
in the annual report and accounts to identify material inconsistencies 
with the audited financial statements and to identify any information that 
is apparently materially incorrect based on or materially inconsistent 
with the knowledge acquired by us in the course of performing the 
audit if we become aware of any apparent material misstatements 
or inconsistencies we consider the implications for our report
opinion on other matter prescribed by the companies act 2006
in our opinion the information given in the strategic report and the 
directors’ report for the financial year for which the financial statements 
are prepared is consistent with the financial statements
other matters on which we are required to report by exception
adequacy of accounting records and information and 
explanations received
under the companies act 2006 we are required to report to you if 
in our opinion
 ― we have not received all the information and explanations 
we require for our audit or
 ― adequate accounting records have not been kept by the company 
or returns adequate for our audit have not been received from 
branches not visited by us or
 ― the financial statements are not in agreement with the accounting 
records and returns
we have no exceptions to report arising from this responsibility
directors’ remuneration
under the companies act 2006 we are required to report to you if 
in our opinion certain disclosures of directors’ remuneration specified 
by law are not made we have no exceptions to report arising from 
this responsibility 
responsibilities for the financial statements and the audit
our responsibilities and those of the directors
as explained more fully in the statement of directors’ responsibilities 
set out on page 14 the directors are responsible for the preparation 
of the financial statements and for being satisfied that they give 
a true and fair view
our responsibility is to audit and express an opinion on the financial 
statements in accordance with applicable law and isas uk  ireland 
those standards require us to comply with the auditing practices 
board’s ethical standards for auditors
this report including the opinions has been prepared for and only 
for the company’s members as a body in accordance with chapter 3 
of part 16 of the companies act 2006 and for no other purpose we do 
not in giving these opinions accept or assume responsibility for any 
other purpose or to any other person to whom this report is shown 
or into whose hands it may come save where expressly agreed by 
our prior consent in writing
other matter
we have reported separately on the group financial statements 
of rosslyn data technologies plc for the year ended 30 april 2014
matthew mullins senior statutory auditor
for and on behalf of pricewaterhousecoopers llp
chartered accountants and statutory auditors
st albans
16 september 2014
4rdtar14backskakwogindd   38 23092014   145920 rosslyn data technologies plc annual report and accounts 2014
39
company balance sheet
as at 30 april 2014
registered number 08882249
note
30 april 
2014
£
assets
fixed assets
investments e 8725514
8725514
current assets
debtors f 176498
cash at bank and in hand g 8948605
9125103
total assets 17850617
liabilities
current liabilities
creditors amounts falling due within one year h 8957815
total liabilities 8957815
net assets 8892802
capital and reserves
called up share capital i 377029
share premium account 8515773
total shareholders’ funds 8892802
the notes on pages 41 to 44 form part of these financial statements
the financial statements were approved by the board of directors on 16 september 2014 and were signed on its behalf by
f h m reid
director
chief financial officer
16 september 2014
4rdtar14backskakwogindd   39 23092014   145920 rosslyn data technologies plc annual report and accounts 2014
40
financial 
statements
company statement 
of changes in equity
for the period ended 30 april 2014
note
called up
share capital
£
share
premium
account
£
total 
equity
£
issue of share capital i 377029 9848485 10225514
offset of share issue costs — 1332712 1332712
balance at 30 april 2014 377029 8515773 8892802
in 2014 specific professional advisory costs of £1332712 relating to the initial public offering have been allocated against the share premium 
reserve and recognised directly in equity
4rdtar14backskakwogindd   40 23092014   145920 rosslyn data technologies plc annual report and accounts 2014
41
notes to the company’s 
financial statements 
for the period ended 30 april 2014
a general information
rosslyn data technologies ltd was incorporated on 7 february 2014 
and on 24 april 2014 converted from a private limited company to 
rosslyn data technologies plc the company
rosslyn data technologies plc is a company incorporated and domiciled 
in the uk the address of the registered office is 25 eccleston place 
london sw1w 9nf the company is the parent company of rosslyn 
analytics ltd a company incorporated in the united kingdom and 
the ultimate parent company of rosslyn analytics inc a company 
incorporated in the united states of america collectively the group 
the group’s principal activity is the provision of data analytics using 
a proprietary form 
the principal accounting policies adopted in the preparation of 
the company’s financial information are set out below the policies 
have been consistently applied to all the periods presented
b accounting policies 
basis of preparation
the financial statements have been prepared and approved by 
the directors in accordance with united kingdom generally accepted 
accounting standards uk gaap and the companies act 2006 
the financial statements have been prepared under the historical 
cost convention
the preparation of the financial statements in conformity with uk gaap 
requires the use of certain critical accounting estimates and requires 
management to exercise its judgement in the process of applying the 
group’s accounting policies it also requires the use of assumptions 
that affect the reported amounts of assets and liabilities and disclosure 
of contingent assets and liabilities at the date of the financial statements 
and the reported amounts of revenues and expenses during the reporting 
period although these estimates are based on management’s best 
knowledge of current events and actions actual results may ultimately 
differ from those estimates
going concern
the company financial statements have been prepared on a going 
concern basis in accordance with the basis of preparing the group 
financial statements on a going concern basis
taxation
taxation comprises current and deferred tax current tax is the expected 
tax payable or recoverable for the current period using tax rates enacted 
or substantively enacted at the statement of financial position date
except as otherwise required by accounting standards full provision 
without discounting is made for all deferred taxation timing differences 
which have arisen but not reversed at the statement of financial position 
date timing differences arise when items of income and expenditure 
are included in tax computations in periods which are different from 
their inclusion in the financial statements a deferred tax asset is 
recognised only to the extent that it is probable that future taxable 
profits will be available against which the asset can be used
deferred tax assets and liabilities are measured at the tax rate that 
is expected to apply to the period when the asset is realised or the 
liability is settled based on the rates that have been enacted or 
substantively enacted at the statement of financial position date
cash at bank and in hand
cash and cash equivalents are defined as cash in hand demand 
deposits and readily convertible to known amounts of cash 
and subject to insignificant risk to changes in value
financial assets
impairment of financial assets
impairment provisions are recognised when there is objective evidence 
such as significant financial difficulties on the part of the counterparty 
or default or significant delay in payment that the group will be unable 
to collect all of the amounts due under the terms receivable the amount 
of such a provision being the difference between the net carrying amount 
and the present value of the future expected cash flows associated with 
the impaired receivable
for debtors which are reported net such provisions are recorded in a 
separate provision account with the loss being recognised within other 
operating costs in the profit and loss account on confirmation that the 
trade receivable will not be collectable the gross carrying value 
of the asset is written off against the associated provision
investments
investments are stated at cost less provision for diminution in value 
the carrying amounts of the company’s investments are reviewed for 
impairment when events or changes in circumstances indicate that the 
carrying amount of the investment may not be recoverable if such an 
indication exists the investment’s recoverable amount is estimated 
an impairment loss is recognised in the statement of comprehensive 
income whenever the carrying amount of an investment exceeds 
its recoverable amount
4rdtar14backskakwogindd   41 23092014   145920 rosslyn data technologies plc annual report and accounts 2014
42
financial 
statements notes to the company’s 
financial statements continued
for the period ended 30 april 2014
b accounting policies continued
share capital and share premium
ordinary shares are classified as equity 
share premium is the amount subscribed for share capital in excess of 
nominal value less any costs directly attributable to the issue of new shares
incremental costs directly attributable to the issue of new shares 
are shown in share premium as a deduction from the proceeds
provisions
a provision is recognised in the statement of financial position when 
the company has a present legal or constructive obligation as a result 
of a past event and it is probable that an outflow of economic benefits 
will be required to settle the obligation if the effect is material provisions 
are discounted at a rate that reflects current market assessments of the 
time value of money and when appropriate the risks specific to the 
liability the increase in the provision due to passage of time is recognised 
in finance costs
c result of parent company
as permitted by section 408 of the companies act 2006 the income 
statement of the company is not presented as part of these financial 
statements the company’s result for the financial period is £nil
d employees and directors
the executive directors commenced employment with the 
company on 29 april 2014 remuneration costs have been 
recharged to rosslyn analytics ltd
e investments
shares in 
subsidiary
£
cost
at 7 february 2014 —
additions 8725514
at 30 april 2014 8725514
net book value
at 30 april 2014 8725514
principal subsidiary undertakings of the company
the company owns directly the whole of the issued and fully paid ordinary share capital of its subsidiary undertaking the principal undertakings 
of the company at 30 april 2014 are presented below
subsidiary nature of business
country of
incorporation cost
proportion of
ordinary
shares held
by company
rosslyn analytics ltd provision of data analytics using a proprietary technology uk £8725514 100
rosslyn analytics inc provision of data analytics using a proprietary technology usa — —
rosslyn analytics inc is a wholly owned subsidiary of rosslyn analytics ltd 
4rdtar14backskakwogindd   42 23092014   145920 rosslyn data technologies plc annual report and accounts 2014
43
f trade and other receivables
 2014
£
vat 64907
amounts owed by group undertakings 111591
176498
amounts owed by group undertakings are interest free and repayable 
upon demand
g cash at bank and in hand
 2014
£
cash at bank 8948605
h creditors amounts falling due within one year
 2014
£
trade creditors 399400
amounts owed to group undertakings 8500000
accruals and deferred income 49415
other creditors 9000
8957815
during the period the company subscribed to 8500000 £00001 
ordinary shares in rosslyn analytics ltd at a premium of £0999 per 
share the amount remains unpaid and is included within amounts 
due to group undertakings
i called up share capital
allotted issued and fully paid
number class nominal value
2014
£
75405814 ordinary shares £0005 377029
on 23 april 2014 the company entered into a share for share exchange 
agreement with all of the shareholders of rosslyn analytics ltd as at 
that date pursuant to which the company acquired the entire issued 
share capital in rosslyn analytics ltd in consideration for the allotment 
of in aggregate 28756752 ordinary shares and 16346032 a 
preference shares the rosslyn analytics ltd shareholders were allotted 
eight ordinary shares of £0005 each for each ordinary share of £00001 
held by them in rosslyn analytics ltd and eight a preference shares 
of £0005 each for each a preference share of £00001 held by them in 
rosslyn analytics ltd with the exception of one shareholder who was 
allotted two fewer ordinary shares of £0005 each to take account of his 
holding the two issued shares in the company on the date thereof the 
ordinary shares in the company had the same rights and were subject 
to the same obligations as the ordinary shares in rosslyn analytics ltd 
immediately prior to the share for share exchange and the a preference 
shares had the same rights and were subject to the same obligations 
as the a preference shares in rosslyn analytics ltd immediately prior 
to the share for share exchange
by special resolution dated 24 april 2014 with effect immediately prior to 
listing on 29 april 2014 each of the 16346032 a preference shares of £0005 
each in issue were redesignated as ordinary shares of £0005 each
upon the placing on aim 30303030 ordinary shares of £0005 each 
were allotted at a price including premium of £033 per share
j related party disclosures
the company has granted a warrant to subscribe for 200000 ordinary 
shares to t cocks the father of a director of the company at an exercise 
price of 38208425p per share
included within debtors is an amount of £111591 due from 
rosslyn analytics ltd a subsidiary company this amount 
is made up of recharged costs
included within creditors is an amount of £9000 due 
to cenkos securities plc in relation to an overpayment to 
the company this amount was repaid on 2 may 2014
included within creditors is an amount of £8500000 due 
to rosslyn analytics ltd as described in note h
4rdtar14backskakwogindd   43 23092014   145920 rosslyn data technologies plc annual report and accounts 2014
44
financial 
statements notes to the company’s 
financial statements continued
for the period ended 30 april 2014
k ultimate controlling party
there was no ultimate controlling party as at 30 april 2014
l financial risk management
the company’s activities expose it to a variety of financial risks 
currency and cash flow interest rate risk credit risk and liquidity risk
risk management is carried out by the board of directors the company 
uses financial instruments to provide flexibility regarding its working capital 
requirements and to enable it to manage specific financial risks to which 
it is exposed transactions are only undertaken if they relate to actual 
underlying exposures and hence cannot be viewed as speculative
a foreign exchange risk
the company is not exposed to foreign exchange risk
b interest rate risk
the company is not exposed to interest rate risk
c credit risk
the company trades almost exclusively with its subsidiaries the credit 
risk for the company reflects the risks for the group these risks are set 
out in the group financial statements
d liquidity risk
cash flow forecasting is performed by management who monitors 
rolling forecasts of the company’s liquidity requirements to ensure 
it has sufficient cash to meet operational needs
e capital risk management
the aim of the company is to maintain sufficient funds to ensure it has 
adequate working capital to conduct its business operations it achieves 
this by either borrowing or raising equity capital from shareholders
4rdtar14backskakwogindd   44 23092014   145920 rosslyn data technologies plc annual report and accounts 2014
45
notice of annual general meeting
notice is hereby given to the shareholders of rosslyn data t echnologies plc 
the “company” that the annual general meeting of the company will 
be held at the viceroy room the grosvenor hotel 101 buckingham 
place road london sw1w 0sj on 23 october 2014 at 1100am the “annual 
general meeting” shareholders will be asked to consider and if thought fit 
to pass the following resolutions the “resolutions” of which resolutions 
1 to 11 will be proposed as ordinary resolutions and resolution 12 
will be proposed as a special resolution
please note that additional information concerning the proposed 
resolutions is included in the explanatory notes which accompany 
and form part of this notice of annual general meeting
ordinary resolutions
1  to receive and consider the company’s annual financial statements 
together with the report of the directors and of the auditor of the 
company for the period to 30 april 2014
2  to reappoint pricewaterhousecoopers llp as auditor of the 
company to hold office from the conclusion of this meeting until 
the conclusion of the next annual general meeting of the company
3  to authorise the directors of the company to determine the 
auditor’s remuneration
4  to elect john o’hara who retires as a director having been 
appointed on incorporation as a director of the company
5  to elect bernard quinn who retires as a director having been 
appointed in the period since incorporation as a director 
of the company
6  to elect edward stacey who retires as a director having been 
appointed on incorporation as a director of the company
7  to elect hugh cox who retires as a director having been 
appointed on incorporation as a director of the company
8  to elect charles clark who retires as a director having been 
appointed on incorporation as a director of the company
9  to elect jeffrey sweetman who retires as a director having 
been appointed on incorporation as a director of the company
10  to elect francis reid who retires as a director having been 
appointed on incorporation as a director of the company
11  that in accordance with the section 551 of the companies act 2006 
the “2006 act” the directors of the company be and are generally 
and unconditionally authorised to exercise all the powers of the 
company to allot ordinary shares of £0005 each in the company 
or to grant rights to subscribe for or to convert any security into 
shares in the company provided that the power hereby granted 
shall be limited to ordinary shares
 111   up to a maximum nominal amount of £6780 in pursuance 
of the exercise of outstanding options and warrants granted 
by the company prior to the date hereof but for no other 
purpose and
 112   up to an aggregate nominal amount of £12000 in addition 
to the authority conferred in sub paragraph 111 above for 
the grant or award of further share options or warrants but 
for no other purpose and
 113   up to an aggregate nominal value of £37703 in addition to 
the authorities conferred in sub paragraphs 111 and 112 
above representing approximately ten per cent of the 
company’s issued share capital
   provided that these authorities unless duly renewed varied 
or revoked by the company will expire on the date which is 
fifteen months from the date of the passing of this resolution 
or if earlier the conclusion of the next annual general meeting 
of the company to be held after the passing of this resolution 
save that the company may before such expiry make offers 
or agreements which would or might require shares in the 
company to be allotted after such expiry and the directors 
may allot shares in the company in pursuance of such 
an offer or agreement notwithstanding that the authority 
conferred by this resolution has expired 
  the authority granted pursuant to this resolution is subject 
to such exclusions or other arrangements as the directors may 
deem necessary or expedient in relation to fractional entitlements 
record dates legal or practical problems in or under the laws of 
any territory or the requirements of any applicable regulatory 
body or stock exchange
  this resolution revokes and replaces all unexercised powers 
previously granted to the directors to allot relevant securities 
but without prejudice to any allotment of shares or grant of 
rights already made offered or agreed to be made pursuant 
to such authorities
special resolution
12  that subject to and conditional on the passing of resolution 11 the 
directors of the company be and are hereby authorised pursuant to 
section 570 of the 2006 act to allot equity securities within the meaning 
of section 560 of the 2006 act for cash as if section 5611 of the 2006 act 
did not apply to any such allotment provided that this authority shall be 
limited to the allotment of shares pursuant to the authorities contained 
in resolution 11 this authority unless duly renewed varied or revoked 
by the company will expire on the date which is fifteen months from 
the date of the passing of this resolution or if earlier the conclusion 
of the next annual general meeting of the company to be held after 
the passing of this resolution save that the company may before 
such expiry make any offer or enter into any agreement which 
would or might require equity securities to be allotted or treasury 
shares sold after such expiry and the directors may allot equity 
securities in pursuance of any such offer or agreement as if 
the authority conferred by this resolution had not expired
by order of the board
fl cosec limited
company secretary
rosslyn data technologies plc 
25 eccleston place 
london sw1w 9nf 
16 september 2014
4rdtar14backskakwogindd   45 23092014   145920 rosslyn data technologies plc annual report and accounts 2014
46
financial 
statements explanatory notes to the 
annual general meeting notice
the following notes have been prepared to provide members with 
information to assess the merits of the resolutions contained within 
the notice of annual general meeting convening the annual general meeting 
of the company to be held at the viceroy room the grosvenor hotel 
101 buckingham palace road london sw1w 0sj on 23 october 2014 
at 1100am the “notice of annual general meeting” capitalised terms 
used in these notes shall bear the meanings given to them in the 
notice of annual general meeting
resolution 1 – to receive the annual financial statements 
ordinary resolution
the directors will present their report the auditors’ report and the 
audited financial statements for the financial year ended 30 april 2014 
to the meeting this gives shareholders an opportunity to ask questions 
on the contents and on the performance of the company generally 
resolutions 2 and 3 – reappointment of the auditor and 
setting the auditor’s remuneration ordinary resolutions
the company is required to appoint auditors at each general meeting 
at which accounts of the company are laid before the members of the 
company pricewaterhousecoopers llp have indicated their willingness 
to be reappointed as auditors of the company and accordingly resolution 2 
proposes that pricewaterhousecoopers llp be reappointed as auditors of 
the company resolution 3 gives the directors the authority in accordance 
with standard practice to negotiate and agree the remuneration of 
the auditors in practice the audit committee will consider and approve 
the audit fees on behalf of the board
resolutions 4 to 10 – election of directors ordinary resolutions
the company was incorporated on 7 february 2014 all of the directors 
of the company have been appointed by the other directors rather than 
elected by the shareholders the company’s articles of association require 
that any director appointed by the other directors of the company shall retire 
at the next annual general meeting of the company and also provide that 
each director so retiring shall be eligible for reappointment accordingly 
all of the directors are retiring and being eligible each director offers himself 
for reelection biographical details of each director can be found within 
the annual report for the year ending 30 april 2014 the directors believe 
that the board continues to maintain an appropriate balance of knowledge 
and skills and that the nonexecutive directors are independent in character 
and judgement accordingly all the directors recommend that all other 
directors be reelected however no director makes any recommendation 
in respect of himself
resolution 11 – authorisation to allot relevant securities 
ordinary resolution
under section 551 of the 2006 act the directors of the company require 
the authority of the shareholders of the company to be able to issue shares 
in the capital of the company this resolution gives authority to the directors 
of the company to allot ordinary shares of £0005 each in the capital of the 
company resolution 111 allows the directors to allot ordinary shares in 
respect of share options and warrants already in existence resolution 112 
permits the directors to further allot shares up to £12000 aggregate nominal 
value approximately three per cent of the company’ s issued share capital 
resolution 113 permits directors to allot shares up to £37703 aggregate 
nominal value representing approximately ten per cent of the company’ s 
issued share capital any further issues of share capital over and above 
these amounts would require the directors to seek a fresh approval 
from shareholders
unless revoked varied or extended the directors’ authorities granted 
pursuant to this resolution will expire on the earlier of the date which 
is fifteen months after the resolution is passed and the conclusion 
of the next annual general meeting of the company
resolution 12 – disapplication of statutory preemption 
rights special resolution
this resolution gives the directors of the company the authority to allot 
equity securities on a non preemptive basis solely for the purposes of 
an allotment of shares in the company pursuant to an authority given 
by resolution 11 it will disapply the statutory preemption rights for 
such allotments until the earlier of the date which is fifteen months 
after the resolution is passed and the conclusion of the next annual 
general meeting of the company 
further notes
annual financial statements
the company’s annual financial statements together with the report 
of the directors and the auditors are available to download from the 
investors page of company’s website wwwrosslynanalyticscom 
shareholders for whom a current address is held will also receive 
a copy by post
4rdtar14backskakwogindd   46 23092014   145920 rosslyn data technologies plc annual report and accounts 2014
47
further notes continued
right to ask questions at the agm
any member attending the meeting has the right to ask questions 
the company must cause to be answered any such question being 
related to the business being dealt with at the meeting but no such 
answer need be given if
1  to do so would interfere unduly with the meeting or cause 
confidential information to be disclosed
2  the answer has already been given on a website in the form 
of an answer to a question or
3  it is not in the interests of the company or the good order 
of the meeting to be answered
shareholders entitled to vote
pursuant to regulation 41 of the uncertificated securities regulations 
2001 the company specifies that only holders of ordinary shares of 
£0005 registered in the company’s register of members at 600pm on 
21 october 2014 or if the annual general meeting is adjourned 48 hours 
before the time fixed for the adjourned annual general meeting shall 
be entitled to attend and vote at the annual general meeting in respect 
of the number of shares registered in their names at that time any 
changes to the company’s register of members after such time shall 
be disregarded in determining the rights of any person to attend 
or vote at the annual general meeting
appointment of proxies 
1  you are entitled to appoint one or more proxies of your own choice 
to exercise all or any of your rights to attend speak and vote at the 
meeting a proxy need not be a member of the company but must 
attend the meeting in order to represent you if you appoint more 
than one proxy each proxy must be appointed to exercise the rights 
attached to a different share or shares held by you you can only 
appoint proxies using the procedures set out in these notes
2 if you wish to appoint a proxy other than the chairman of the 
meeting please insert their full name in the space provided and 
delete the words “the chairman of the meeting or”  please initial any 
such alteration if you hold more than one share you may appoint 
more than one proxy provided each proxy holder is appointed to 
exercise rights attached to different shares a separate form of proxy 
must be deposited for each proxy appointed if the proxy is being 
appointed in relation to less than your full voting entitlement please 
enter in the box next to the name of the proxy the number of shares 
in relation to which they are authorised to act as your proxy if you 
sign and return the form and leave this box blank your proxy will be 
deemed to be authorised in respect of your full voting entitlement
3 to appoint more than one proxy you may photocopy this form 
please state clearly on each proxy form the number of shares in 
relation to which the proxy is appointed please therefore indicate 
in the box next to the name of the proxy the number of shares in 
relation to which they are authorised to act as your proxy please 
also indicate by ticking the box provided if the proxy instruction is 
one of multiple instructions being given all forms must be signed 
and should be returned together in the same envelope a failure 
to specify the number of shares each proxy appointment relates 
to or specifying a number in excess of those held by the member 
may result in the proxy appointment being invalid 
4 completion and return of this form of proxy will not preclude you 
from attending and voting at the meeting in person if you wish 
if you do attend the meeting in person your proxy appointments 
will automatically be terminated
5 if you want your proxy to vote in a certain way on the resolutions 
specified please indicate with an “x” in the appropriate boxes above 
if you fail to select any of the given options your proxy can vote as he 
or she chooses or can decide not to vote at all your proxy can also 
do this on any other business which may come before the meeting 
including amendments to resolutions and any procedural business
6 the “withheld” option on this form of proxy is provided to enable 
you to instruct your proxy not to vote on any particular resolution 
however a vote withheld is not a vote in law and will not be counted 
in the calculation of the votes “for” or “against” a resolution
7 in the case of a corporation this form of proxy must be executed 
under its common seal or signed on its behalf by its duly authorised 
officer attorney or other person authorised to sign
8 in the case of joint holders the signature of any one holder will 
be sufficient but the names of all the joint holders should be stated 
the vote of the senior joint holder who tenders a vote whether 
in person or by proxy shall be accepted to the exclusion of the 
votes of other joint holders and for this purpose seniority shall 
be determined by the order in which the names stand in the 
register of members in respect of the joint holding
9 to be valid this form of proxy must be completed and signed and 
received together with any power of attorney or other authority 
under which it is signed by post or during normal business hours 
only by hand to capita asset services pxs 34 beckenham road 
beckenham br3 4tu no later than 1100am on 21 october 2014 
or in the event that the meeting is adjourned no later than 
48 hours before the time of any adjourned meeting
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48
financial 
statements
further notes continued
appointment of proxies continued 
10 if you wish to change your proxy instruction you should submit 
a new form of proxy if you submit more than one valid form of 
proxy in respect of the same shares held by you the form of proxy 
received last will take precedence provided that any changes to 
proxy instructions received after the time and date specified in 
note 9 shall be disregarded
11 if you wish to revoke your proxy appointment you must send a 
notice to that effect to the company’s registrars at the address set 
out in note 9 by the time and date set out in note 9 any revocation 
notice received after that time and date will be disregarded
12 you may not use any electronic address provided in your proxy 
form to communicate with the company for any purposes other 
than those expressly stated
13   total voting rights as at 16 september 2014 the issued share 
capital of the company consists of 75405814 ordinary shares 
of £0005 pence each carrying one vote each therefore the total 
number of voting rights of the company as at 16 september 2014 
is 75405814
14   crest members who wish to appoint a proxy or proxies 
through the crest electronic proxy appointment service may 
do so for the annual general meeting of the company to be held 
on 23 october 2014 and any adjournments thereof by using 
the procedures described in the crest manual crest personal 
members or other crest sponsored members and those crest 
members who have appointed a voting service provider should 
refer to their crest sponsors or voting service providers who 
will be able to take the appropriate action on their behalf 
  in order for a proxy appointment or instruction made by 
means of crest to be valid the appropriate crest message 
a “crest proxy instruction” must be properly authenticated 
in accordance with euroclear uk  ireland limited’s specifications 
and must contain the information required for such instructions 
as described in the crest manual the message must be transmitted 
so as to be received by the company’ s agent capita registrars limited 
crest participant id ra10 no later than 48 hours before the time 
appointed for the meeting for this purpose the time of receipt will 
be taken to be the time as determined by the time stamp applied 
to the message by the crest application host from which the 
company’s agent is able to retrieve the message by enquiry 
to crest in the manner prescribed by crest  
  crest members and where applicable their crest sponsor or voting 
service provider should note that euroclear uk  ireland limited does 
not make available special procedures in crest for any particular 
messages normal system timings and limitations will therefore apply 
in relation to the input of crest proxy instructions it is the responsibility 
of the crest member concerned to take or if the crest member is 
a crest personal member or sponsored member or has appointed 
a voting service provider to procure that his crest sponsor or voting 
service provider takes such action as shall be necessary to ensure 
that a message is transmitted by means of the crest system by 
any particular time in this connection crest members and where 
applicable their crest sponsor or voting service provider are 
referred in particular to those sections of the crest manual 
concerning practical limitations of the crest system and timings
  the company may treat as invalid a crest proxy instruction 
in the circumstances set out in regulation 355a of the 
uncertificated securities regulations 2001
corporate bodies
a corporate body may appoint an individual as its representative 
to exercise any of the powers the body may exercise at meetings of 
the company’s shareholders the representative should bring to the 
meeting evidence of his or her appointment unless it has previously 
been given to the company
action to be taken
shareholders will find enclosed with these notes and the notice 
of annual general meeting a form of proxy for the annual general 
meeting whether or not you intend to attend the annual general 
meeting you are requested to complete sign and return the form of 
proxy in accordance with the instructions printed on it the completed 
form of proxy should be returned by post or by hand to capita asset 
services pxs 34 beckenham road beckenham br3 4tu so as to arrive 
no later than 1100am on 21 october 2014 the completion and return 
of a form of proxy will not preclude you from attending the meeting 
and voting in person should you wish to do so
recommendation
the directors consider that each of the proposed resolutions set out 
in the notice of annual general meeting are in the best interests of the 
company and its shareholders as a whole accordingly the directors 
unanimously recommend that you vote in favour of the resolutions 
as they and those connected with them intend to do in respect of 
their own beneficial shareholdings
explanatory notes to the 
annual general meeting notice continued
4rdtar14backskakwogindd   48 23092014   145920 rosslyn data technologies plc annual report and accounts 2014
shareholder information
for the year ended 30 april 2014
share listing
the company’s shares are listed on aim
register 
capita asset services
34 beckenham road 
beckenham br3 4tu
dividends
no dividends have been or will be recommended or declared 
for the year ended 30 april 2014
agm
the first agm of the company will be held on 23 october 2014 at 1100am 
at the viceroy room the grosvenor 101 buckingham palace road 
london sw1w 0sj
registered in
england and wales
company number
08882249
epictidm
rdt
isin
gb00bkkx5cp01
registered office
25 eccleston place 
london sw1w 9nf
company secretary
fl cosec limited
external auditor
pricewaterhousecoopers llp
10 brickett road 
st albans  
hertfordshire al1 3jx
corporate brokers
cenkos securities plc
678 tokenhouse yard 
london ec2r 7as
solicitors 
rosenblatt solicitors
9–13 st andrew street 
london ec4a 3af
1rdtar14coverindd   7 23092014   145842 rosslyn data technologies plc annual report and accounts 2014
rosslyn data technologies
25 eccleston place 
london 
sw1w 9nf 
uk
t 44 0 203 285 8008 
e investorsrosslyndatatechnologiescom 
1rdtar14coverindd   2 23092014   145842


Summary:
 rosslyn data technologies plc annual report and accounts 2014
01
highlights 
overview
ifc about us
01 highlights 
02 chairman’s statement
03 chief executive officer’s statement
strategic report
04 our business model
06 our strategy
07  key performance indicators
07 our markets
08 financial review
corporate governance
10 board of directors
12 directors’ report
14  statement of directors’ responsibilities 
15 corporate governance report
18 remuneration report
financial statements
20 independent auditors’ report
21  consolidat ed st at ement  
of comprehensive income
22  consolidat ed st at ement 
of financial position
23  consolidated statement of changes 
in equity
24  consolidated statement of cash flows
25  notes to the consolidated 
financial statements 
38 independent auditors’ report
39  company balance sheet
40  company statement of changes in equity
41  notes to the company’s 
financial statements 
45  notice of annual general meeting
46  explanatory notes to the annual 
general meeting notice
ibc  shar eholder inf ormation
contents
operational highlights
 — revenues increased by over 12 to £2m in the year 
to 30 april 2014
 — filing of the group’s first patent for rosslyn’s unique 
machine learning technology
 — good progress in developing the group’s 
north american operations
 — introduction of elasticsearch into the rapid platform 
allowing indexing and near realtime searching 
of over 100 million data records
financial highlights
 — listing of the company’s shares onto aim 
and a successful placing to raise £10m gross
 — yearend cash balances in excess of £9m
 — deferred revenues up 17 at over £500000
visit our website to find out more about 
the products and services we offer at 
wwwrosslyndatatechnologiescom  the auditors’ reports do not form part of the financial statements
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