delivering solutions
ashley house plc report and accounts 2007 contents
01 highlights
02 delivering on our strategy
04 our portfolio and pipeline
05 chairman’ s statement
08 chief executive officer’ s statement
16 report of the directors
21 report of the independent auditor
22 principal accounting policies
23 consolidated profit and loss account
24 balance sheets
25 consolidated cash flow statement
26 other primary statements
27 notes to the financial statements
39 illustrative reconciliation of net assets 
and profit under uk gaap to ifrs
42 board of directors
44 company information
ashley house plc provides design 
project management construction 
asset management and clinical services
specialising in primary care infrastructure
for further information visit
wwwashleyhouseplccom
front cover left to right
newcastle – waiting room area
newcastle – front of building
scarborough health park
this page
newcastle – health staff and patient
newcastle – external
richmond lock – on site 07
22
57
80
1 14 41
25
45
1 10
highlights
successful admission to aim 
and oversubscribed £5m placing
strategic alliance completed 
with babcock  brown thereby
accessing a large pipeline of 
nhs lift projects
10 new projects completed 
from the core pipeline
profit pretax and exceptional
items up 84 to £41m
earnings per share excluding
exceptionals up 42 to 114p
dividend increased 25 to 
5p per share
this has been a year 
of significant achievement
for ashley house
2005 2006 2007
pretax profit £m
2007 excluding exceptionals
84
2005 2006 2007
earnings per share p 
2007 excluding exceptionals
42
2005
net assets
net cashdebt
2006 2007
net assets £m
09
15
61
6 1
144
ashley house plc report and accounts 2007 01 aim listing
“the board has been exploring the 
best corporate structure to achieve
shareholder value and as a result it
intends to have the company’s shares
introduced to trading on aim in the
near future”
what we said in 2006 what we did highlight
delivering on our strategy
our aim is to provide a wide range of
professionally managed integrated facilities
and services supporting the increasing
requirements of the uk primary healthcare
environment now and into the future
successful ipo on aim raised £5m 
of new money  net assets increased
245 to £11m with year end cash
balance standing at £61m
admitted to aim in january 2007
raising £5m of new money
£5m
traditional third party developer
“the improved level of profitability 
achieved on these projects should 
continue through the next trading 
year and beyond”
successfully completed 10 projects 
in the past year around the country  
our ‘landmark’ scheme in byker
newcastle has delivered the vision 
of an integrated multiuse primary 
care centre
schemes to date exceed
200
nhs lift
“the board continues to examine 
ways of participating in nhs lift
schemes bringing our team’s expertise
and cost effective solutions to this 
area of the market”
strategic alliance with babcock 
brown has already generated progress
on 12 schemes with a further 9 in the
pipeline set to become a major 
part of our business
new schemes generated
21
asset management
“it is expected that the asset 
management income will continue 
to show significant growth in 
the future”
portfolio under management doubled
during the year
portfolio under management
£100m
health parks
“the potential to participate in the
redevelopment of community hospitals 
and the construction and management 
of local primary care campus facilities”
our first health park is on track 
and will encapsulate the concept 
of providing a number of health
related activities on one site other
opportunities coming through in 
other areas of the country 
first health park with 
development value in excess of
£25m
clinical services
“there are many new opportunities 
for the private sector to become
involved in the provision of services”
the newly developed clinical services
team is now positioned to be a natural
commercial partner for gp groups
seeking opportunities to develop new
healthcare service initiatives
combined years of healthcare
experience of new 
clinical services team
100
02 ashley house plc report and accounts 2007 1 traditional 
third party
developer work
ashley house plc
developed its first 
primary care project 
in 1991 and is now a
national organisation 
with six regional offices
we have a team of 
inhouse professionals
including architects
designers and project
managers with over 
200 primary care projects
completed we have an
enviable reputation and 
a wealth of experience 
2 nhs lift 
a strategic alliance has
been completed with
babcock  brown bb 
a global investment
advisory organisation 
with significant interests 
in the uk healthcare sector
bb is one of the leading
participants in the nhs lift
programme with interests
in seven lift companies 
in london the midlands
and the west of england
this alliance allows ashley
house plc to be involved 
in the delivery of more
substantial healthcare
related schemes including
nhs lift  health parks and
community hospitals
3 asset
management
ah medical properties plc
is our associated medical
property investment
company t o date the
company has acquired 
circa £100m of assets
which are managed by
ashley house shares in 
ah medical properties plc
formerly known as ashley
house properties limited
are now traded on plus
markets
4 health parks
with a gross development
value of around £25m 
our first health park in
scarborough has planning
committee approval 
for a mixed scheme for 
health and carerelated
accommodation this will
lead to improved patient
pathways and cost savings
for the nhs
5 ashley house
clinical services 
ashley house clinical
services was created 
in response to the latest
nhs guidelines on the
continued devolvement 
of services our approach 
is to offer true partnering
arrangements with clinicians
wishing to provide a wide
range of clinical services
whilst ashley house
provides capital
management expertise
clinical modelling and
infrastructure
our strategy for the future
ashley house has five activities 
all related to primary care infrastructure 
ashley house plc report and accounts 2007 03 over 40 properties 
owned by ah medical properties plc and managed 
by ashley house
£100m
portfolio value
40 £1 00m
our portfolio and pipeline
35 completed and owned properties
avon bristol emersons green
berkshire maidenhead
buckinghamshire aylesbury  
fairford leys
buckinghamshire aylesbury 
mandeville
buckinghamshire brill
buckinghamshire milton keynes
buckinghamshire 
princes risborough
buckinghamshire whitchurch
derbyshire bolsover
east sussex stone cross
essex braintree
essex colchester
essex great baddow
lancashire garstang
merseyside bootle
newcastleupont yne byker
north y orkshire danby
north y orkshire 
scarborough eastfields
north y orkshire
scarborough t rafalgar house
northamptonshire pytchley court
northamptonshire higham ferrers
oxfordshire chalgrove
oxfordshire chinnor
oxfordshire cropedy
oxfordshire wantage
south london balham
south london wandsworth
suffolk haverhill
suffolk lowestoft
surrey  great bookham
surrey  new malden 
holmwood corner
surrey  new malden the groves
sussex brighton old steine 3
west london chelsea
wiltshire melksham
8 on site properties
birmingham soho
buckinghamshire stoke poges
east y orkshire beverley
hampshire havant
leicestershire syston
middlesex t wickenham
sussex brighton carden hill
sussex brighton old steine 4
6 ashley house offices
burnham buckinghamshire
colchester  essex
london
monmouthshire wales
newcastle
stafford
04 ashley house plc report and accounts 2007
completed and owned
on site
ashley house offices ashley house plc report and accounts 2007 05
results
i am delighted to have joined ashley house 
in march 2007 and to be able to announce 
an excellent set of results for the year ended 
30 april 2007 turnover has grown by 11 to
£257m 2006 £231m whilst operating profit
pretax and excluding exceptional items was 
up 84 to £41m 2006 £22m net profit 
post tax excluding exceptional items was £28m
up 56 from £18m in 2006 earnings per share
excluding exceptional items reached 114p up
from 8p in 2006 net profit post tax and
exceptional items was down 26 to £13m
2006 £18m with earnings per share at 55p 
the exceptional items amounted to 
£14m and were the expensed element of the
costs of joining aim of £04m and a oneoff 
noncash notional charge of £11m relating to
the issue of the warrant which was part of the
strategic alliance with babcock  brown offset 
by a gain of £01m on disposal of the head office
building the tax charge this year was higher as
there are no longer any tax losses available and
the exceptional items have been treated as
disallowable for prudence
as a result the board recommends a final
dividend of 3p per share which brings the total
dividend for the year to 5p per share a 25
increase on the 4p paid for 2006 the dividend
will be paid on 24 august 2007 to those on 
the share register as at 3 august 2007
the balance sheet now shows net assets 
of £110m 2006 £45m with cash of £61m 
and no debt
chairman’ s statement
“with a sound core business 
and new related business
activities coming on stream
ashley house is well positioned
to continue to deliver sustained
growth in earnings and
dividends”  chairman’ s statement continued
06 ashley house plc report and accounts 2007
a year of substantial progress
t ogether with producing an excellent set 
of financial results this year ended 30 april 2007
has seen ashley house progress materially the
strategic alliance with babcock  brown provides
the business another substantial pipeline of work
in the nhs lift market as well as a potential
partner in our larger schemes incorporating
health parks and community hospitals
the admission to aim and the
oversubscribed £5m fundraising in january 2007
was another landmark for the company and
marked the beginning of a new chapter the
platform of a sound financial base now allows
the business to look forward to the many
opportunities emerging as the nhs seeks greater
private sector involvement both in the provision
of primary care infrastructure and importantly
through our growing clinical services division
looking forward
with a sound core business and new 
related business activities coming on stream
ashley house is well positioned to continue 
to deliver sustained growth in earnings and
dividends this is an exciting time to become
involved with ashley house as the business 
grows further income streams around the 
core of primary care infrastructure 
i would like to welcome new shareholders
who joined the share register at the aim
admission and subsequently to ashley house
the ceo’ s report pays appropriate tribute to my
predecessor david burton but it is a great credit
to him that i am following him into a business 
in such good health and with strong potential 
to continue its impressive growth 
sir william wells
chairman
22 june 2007
06 ashley house plc report and accounts 2007 ashley house plc report and accounts 2007 07
new surgery premises at carden hill
carden avenue brighton east sussex 
brightondelivering solutions 
in environmental design
the brief
relocation of two local surgeries 
within one building while maintaining 
their own identity as separate practices 
t o provide additional space for the 
provision of extended pct services 
such as podiatry health education 
and community pharmacy
the solution
working with the local school community
gp practices and the pct ashley house
carried out an extensive site search and
came up with an innovative design on
unused land within the grounds of carden
primary school this will result in a modern
facility built in a residential area that will
serve the community for many years to
come it will be built to allow changes in
configuration as service solutions to
patient needs change
points of interest
energy efficient design
passive ventilation 
light tubes 
renewable energy sources
air source heat pumps
helped to meet new targets for carbon
footprints of new buildings 
due to the topography of the site 
the building comprises upper ground 
and lower ground floors thus allowing 
level access to both floors 
key statistics
size 1538m
2
description 2 gp practices
pct services
service provision pharmacy
podiatry
health education

“this is the latest development 
in a carefully planned approach
to investment in local healthcare
for the residents of brighton and
hove i am pleased that we have
been able to work with the 
city council and the developers
ashley house to come up 
with this innovative solution 
to finding the right site for 
this part of the city ”
darren grayson
brighton and hove city primary care trust chief executive
case study chief executive officer’ s statement
business review
t ogether with taking major corporate and
financial steps forward as described in the
chairman’ s statement ashley house has made
strong operating progress during the past year 
i shall set out below the achievements and
outlook for the company’ s five activities
traditional primary care infrastructure
the design and project management of 
primary care infrastructure construction remains
our core business and has contributed the lion’ s
share of the turnover and profits for the year 
we have had a very positive year as 10 projects
were completed in birmingham bolsover  brighton
colchester  danby  lowestoft newcastleupont yne
scarborough shiptonunderwychwood 
and wokingham
the scheme at byker in newcastle 
see facing page is important to highlight as it
delivered the vision of an integrated multiuse
primary care centre likely to be at the forefront 
of the government’ s efforts to change and
improve healthcare delivery at 4600m
2
it
incorporates two gp practices a dentist and
dental training unit an urgent care centre that
could provide 24 hour walkin care a resource
centre physiotherapy pain management 
mental health services and a privately operated
pharmacy and optician part owned by our
associated property investment company 
ah medical properties plc ahmp and part 
pct owned newcastle has throughout been a
successful collaboration working with the pct
focusing on local health needs and the provision
of a longterm sustainable solution
the current pipeline for the year to 
30 april 2008 remains strong and we have
numerous new schemes on site and due 
on site in the coming months
08 ashley house plc report and accounts 2007
“the current pipeline for the 
year to 30 april 2008 remains
strong and we have numerous
new schemes on site and due 
on site in the coming months”  “the new molineux street health
centre provides a real boost to
patient care in the area ashley
house and the project team have
worked tremendously hard to
deliver this innovative building
and we are delighted with the
results that this partnership has
brought to date”
chris reed
chief executive newcastle pct
molineux street byker 
newcastleupont yne
newcastle innovative solution 
delivers innercity ‘onestopshop’
the brief
ashley house was asked to rehouse 
two forwardthinking local gp practices 
who wanted to be at the heart of the 
regeneration of the shields road area 
in byker newcastleupont yne 
the pct was also keen to colocate 
a number of services in this city centre site 
to create a significant primary care facility
the solution
ashley house worked with the local
council to identify a suitable site the pct
responded very positively to the opportunity
and brought in the concept of including an
urgent care centre to allow patients to be
treated locally without attending ae for
all but the most serious of problems 
a project team was then formed with all the
occupants to develop the design for an
integrated facility  the premises have been
built to allow for flexibility in the building as
healthcare delivery for patient needs change
the result is a hugely innovative facility  built
in a regeneration area that will serve the
community for many years to come 
points of interest
the building is part owned by the pct 
and part owned by ahmp and throughout
has been a highly successful collaboration
between ashley house and the pct 
key statistics
size 4600m
2
description 2 gp practices 
consortium of local
pharmacists
pct services
service provision optician
pharmacy
urgent care facility 
dental surgery 
and training
community 
mental health
physiotherapy
pain management

case study case study
ashley house plc report and accounts 2007 09 kenmore road neighbourhood resource centre 
harrow west london
nhs lift

case study
nhs lift
in december 2006 ashley house was
delighted to announce the signing of a
strategic alliance with babcock  brown
as part of this agreement ashley house
entered into agreements to design and
build a number of lift schemes arising
from babcock  brown’ s involvement as
private sector partner in 7 of the 42 lift
co’ s in england this gives ashley house a
significant involvement in the lift market
fulfilling a longterm aim kenmore road
pictured above is an example of one 
of the lift projects being delivered by 
this relationship
the project
in partnership with brent harrow 
and hillingdon lift co ashley house 
are designing and building three
neighbourhood resource centres for
harrow council on sites at christchurch
avenue kenmore road shown and
vaughan road though all three buildings
have the same brief each centre will have
an individual design to reflect the different
character of the areas
the proposed neighbourhood 
resource centres will provide high 
quality accommodation from which
support and services are delivered to
people with learning disabilities they 
are intended to act as a focal point for
broader community involvement and
participation in the neighbourhood
offering valuable day support allowing
people to participate in the community
the developments will be undertaken 
by ashley house plc in its role as design
and build supply chain partner to the 
brent harrow and hillingdon lift co
key statistics
size three buildings each 
of c800m
2
description neighbourhood
resource centres
service provision social care led 
support and services
for learning disabilities
delivered from a single
community base 
10 ashley house plc report and accounts 2007
“nhs lift is a vehicle for
improving and developing
frontline primary and
community care facilities 
it is allowing pcts to invest 
in new premises in new
locations not merely reproduce
existing types of service it is
providing patients with modern
integrated health services in
high quality  fit for purpose
primary care premises”
department of health website nhs lift
in december 2006 we announced a 
strategic alliance with babcock  brown 
which represented an important step in 
ashley house participating in the nhs lift
programme according to the terms of the
alliance ashley house’ s inhouse design and
construction project management skills can be
provided to the lift companies where babcock 
 brown are the private sector partners working
together we can deliver more schemes with
greater efficiency thereby achieving best value 
for the nhs and its partners see facing page 
we have already achieved stage one
approval on four schemes with progress being
made towards approval for a further eight
schemes whilst we are also in the early stages 
of working on an additional nine schemes 
the relationship with babcock  brown is
working well and there is clearly scope for 
nhs lift work to become a major part 
of ashley house’ s business
asset management
ashley house has a longterm contract as asset
manager for the portfolio of properties owned by
ah medical properties plc ahmp the portfolio
has grown substantially to be approximately
£80m of completed income producing assets
doubling in size from £41m as at 30 april 2006
this growth has come from schemes completed
in the year by ashley house along with the
acquisition of a portfolio of schemes previously
completed by us 
including those properties now under
construction the portfolio will soon have a gross
value of approximately £100m – and not only 
has the portfolio grown but importantly the net
asset value per share has also grown by some
50 with its recent successful equity capital
raising of £17m ahmp is well placed to continue
its growth with the support of new bluechip
institutional shareholders such as schroders
exempt property unit trust who have taken 
a 296 stake ashley house also invested
£185m in ahmp shares giving us a 68 
stake following the capital raising
the exclusive arrangement between 
ashley house and ahmp means that the
portfolio should grow as ahmp is the purchaser
of choice for ashley house’ s future primary care
project pipeline which should produce some
£2530m of new assets annually the asset
management fee earned by ashley house is
linked to the gross value of the assets with an
outperformance fee linked to the return for 
the ahmp shareholders we can thus expect
substantial and growing asset management
revenues in the years ahead
chief executive officer’ s statement continued
ashley house plc report and accounts 2007 11 chief executive officer’ s statement continued
health parks
our first health park in scarborough is on track 
to achieve planning permission soon the vendors
scarborough rugby club have gained planning
consent for their new ground which satisfies 
a key condition of our contract to acquire the
site our scheme will incorporate a primary care
centre a private hospital a nursing and care
home and some retirement housing whilst
smaller than some sites being considered this
health park does encapsulate the concept 
of colocating a number of healthrelated
activities on one site see facing page
we are reviewing a number of other
opportunities and are in advanced negotiations
on a second larger site in the south east we
shall make the appropriate announcements as
soon as we have secured a new site and gained
planning consent for the scarborough site it is
our intention to bring in partners to coown these
sites which will be capital intensive and are long
term in nature ashley house will provide the
design and construction project management
services to these projects as well as taking an
equity interest
clinical services
ashley house has a hard won reputation 
for working with gps and pct s to provide
infrastructure solutions accordingly as the remit
for gps to provide an increasingly wider range 
of devolved services gathers pace ashley house
clinical services is positioning itself as the natural
commercial partner for groups of gps wishing 
to participate in the new opportunities
on this basis the gps provide the clinical
knowhow and credibility whilst ashley house
provides the management systems finance
administration and infrastructure services 
we have numerous initiatives under way 
and we have recruited an excellent team with
considerable experience of running healthcare
services in both the public and private sectors
12 ashley house plc report and accounts 2007 “a £25m development that 
will generate employment 
and provide the town with 
much needed ‘state of the art’
health and care facilities”
scalby road 
scarborough
scalby roadgoahead for 
health park

case study
the brief
with a detailed knowledge of the local
health economy gleaned from a number 
of schemes already undertaken in the area
ashley house was keen to address wider
health needs in scarborough
ashley house had a site requirement for 
two gp practices and was aware of the
need for hospital space to augment the 
local nhs hospital demand for residential
care accommodation for the elderly is also 
strong in the area
the health park scheme will integrate 
and support various types of healthrelated
services on a campus styled development
bringing in an investment of £25m to the
region creating employment and providing
a flagship development including a much
needed local private hospital
the solution
ashley house has recently gained 
planning committee approval for 
general medical space to accommodate
gp practices a hospital a care home and
sheltered housing this is the site of the
current scarborough rugby football club 
which is moving to an edge of town 
new stadium
points of interest
ashley house worked closely with the 
local council and rugby club to realise this
important new facility for the community 
of scarborough
key statistics
size site of 37 acres
gp surgery 2000m
2
private hospital 25 beds 
2 operating theatres
care home 93 rooms
sheltered housing 14 flats for the elderly
ashley house plc report and accounts 2007 13 14 ashley house plc report and accounts 2007
“after a lot of hard work by all
those involved the completion 
of the new healthcare centre 
will now provide a fantastic
opportunity for doctors patients
and staff to work together to
develop an integrated approach
to local health issues in stylish
and modern surroundings”
rosemary adams 
bolsover derbyshire practice manager
bolsover 
derbyshire
bolsover innovative solutions 

case study
the brief 
t o provide modern accommodation 
for a growing four partner training
practice the new premises needed to
provide ‘fit for purpose’ accommodation
for both gps and other clinical staff as
well as a dispensary the new building has
enlarged administration and patient waiting
areas which will allow for the patient list
from a retiring gp’ s local practice to be
accommodated central to the successful
completion of the project were the close
working relationships established with 
ne derbyshire pct as was and 
derbyshire county council
the solution
this new surgery offers patients a large
spacious facility within a comfortable 
and relaxed environment in addition to
consulting rooms and a treatment room 
for minor surgery the premises also include
a large health education room for classes
and meetings plus ample parking for 
both staff and patients
the building also brings together the
community clinical team and practice 
staff under one roof with the addition 
of ‘state of the art’ equipment staff can 
now offer patients a truly modern and 
all encompassing service close to home
key statistics
size 1702m
2
description four partner training 
practice
pct services
service provision dispensary
minor surgery
health education
podiatry
community matrons
antenatal care
remedial therapy
the opening ceremony
was performed by the
duke of devonshire and
was attended by local
gps local councillors 
the patient participation
group pct staff and
practice staff chief executive officer’ s statement continued
ashley house plc report and accounts 2007 15
key performance
unsurprisingly after such a strong year the
financial key performance targets have been 
met with growth in normalised earnings per
share after excluding the oneoff transaction
costs and the strengthened balance sheet the
key corporate targets have also been exceeded 
as a significant position in the nhs lift market
has been secured whilst the destapled ashley
house shares were admitted to aim and the
accompanying fundraising was oversubscribed
the staff resource has been expanded to match
the increased workload and retention of key 
staff has been good we are very pleased 
that investors in people accreditation has been
recommended for approval approval received 
28 june 2007
current trading
the new financial year has begun well with 
a number of schemes moving on site most
notably in brighton where having worked closely
with the planners and the pct  our latest scheme
incorporates many carbon footprint reducing
features without making the costs of delivering
the scheme uneconomic
the strategic alliance with babcock 
brown is working well as described above and 
we have achieved stage one approval on four
schemes with many others now being worked 
on by our design team these schemes will start
to make a financial impact in the second half 
of the new financial year and we look forward 
to expanding our work with babcock  brown
and their partners
board and future
we would like to thank all our people for their
hard work and efforts in the success we have
achieved particularly over the past 12 months
we would also like to pay tribute to david burton
who as outgoing chairman leaves us in a far
stronger position than when he stepped in some
years ago and we thank him for his contribution
we are delighted that we have been able to
attract such a high calibre new chairman in 
sir william wells whose combination of property
and nhs experience are ideally suited for the 
next phase of ashley house’ s growth 
j holmes
chief executive officer
22 june 2007 report of the directors 
the directors present their report together with the audited
financial statements for the year ended 30 april 2007
principal activity
the group’ s principal activity is the supply of project
management and consultancy services primarily allied to the
provision of medical facilities delivering nhsled primary care 
business review
the consolidated profit and loss account for the year is set out
on page 23 
a review of developments affecting the group during the year
and of its prospects for the future appears in the chairman’ s
statement and the chief executive officer’ s statement
the directors paid an interim dividend of 2p per share on 
26 january 2007 amounting to £475000 the directors 
propose a final dividend of 3p amounting to £826000
directors
the present membership of the board is set out below except
as noted the directors served throughout the year
sir w wells nonexecutive chairman appointed 25 april 2007
a d burton nonexecutive chairman retired 25 april 2007
n k croxford
a gibson nonexecutive director
j h gunn nonexecutive director
j holmes
s g minion 
g mosley
b l walker 
r e l warner
the newly appointed director sir w wells offers himself 
for election and n k croxford s g minion g mosley and 
b l walker retire by rotation and being eligible offer 
themselves for reelection
directors’ and officers’ liability insurance
the company has as permitted by section 3103 of the
companies act 1985 maintained insurance cover on behalf 
of the directors and secretary indemnifying them against 
certain liabilities which may be incurred by them in relation 
to the company
supplier payment policy
the company’ s policy is to settle terms of payment with
suppliers when agreeing the terms of each transaction to
ensure that suppliers are made aware of the terms of payment
and to abide by the terms of payment trade creditors at the
yearend amount to 31 2006 59 days of average supplies 
for the year
employee involvement
the group keeps its employees informed of matters affecting
them as employees through regular briefings in addition 
to previous option awards to key employees all members 
of staff at the date of admission to the aim market who are
not directors were granted options over shares in the company 
the company is in the process of being accredited with investors 
in people status approval received 28 june 2007
substantial shareholdings
as at 30 april 2007 the company had been notified in
accordance with sections 198 to 209 of the companies act
1985 of the following interests in the ordinary share capital 
of the company
number percentage
s g minion 3744825 136
guinness peat group 3182838 116
g mosley 2635518 96
j holmes 1099604 40
ludgate 181 jersey limited 999998 36
financial risk management objectives and policies
the group is exposed to a variety of financial risks which result
from both its operating and investing activities the board is
responsible for coordinating the group’ s risk management and
focuses on actively securing the group’ s short to mediumterm
cash flows longterm financial investments are managed to
generate lasting returns
the group does not actively engage in the trading of financial
assets and has no financial derivatives the most significant
financial risks to which the group is exposed are described below
credit risk
the group’ s principal financial assets are cash and trade debtors
the amounts presented in the balance sheet are net of any
allowance for doubtful debtors estimated by the directors 
the group’ s largest customers are ah medical properties plc 
and its subsidiary medical properties limited
the group has adopted a strict credit vetting policy based on
track record payment history and externally available credit data
interest rate risk
the group finances its operations through retained profits and
has no borrowings the group operates a policy of seeking to
optimise deposit interest earned paying due regard to credit 
risk and ensuring the business has sufficient available cash 
to operate effectively
16 ashley house plc report and accounts 2007 ashley house plc report and accounts 2007 17
liquidity risk
the group seeks to manage risks to ensure sufficient liquidity 
is available to meet foreseeable needs and to invest cash assets
safely and profitably
corporate governance
the board supports the principles of good governance 
the group is committed to high standards of corporate
governance and has adopted procedures to institute good
governance insofar as they are practical and appropriate for a
business of this size at this stage in its development the board
has a remuneration committee and an appointments committee
in each case comprising a majority of nonexecutive directors
and an audit committee chaired by the nonexecutive chairman
going concern
after making enquiries and reviewing forecasts the directors
have at the time of approving the financial statements
concluded that it is appropriate to continue to adopt the 
going concern basis in preparing these financial statements
application of principles of good governance
directors
the group supports the concept of an effective board 
leading and controlling the group the board is responsible 
for approving group policy and strategy it meets regularly and
has a schedule of matters specifically reserved to it for decision
management supplies the board with appropriate and timely
information and the directors are free to seek any further
information that they consider necessary all directors have
access to advice from the company secretary and independent
professionals at the group’ s expense 
directors’ responsibilities for the financial statements
the directors are responsible for preparing the financial
statements in accordance with applicable law and united
kingdom generally accepted accounting practice
company law requires the directors to prepare financial
statements for each financial year which give a true and fair
view of the state of affairs of the company and the group and
of the profit or loss of the group for that period in preparing
those financial statements the directors are required to
select suitable accounting policies and apply them consistently
make judgements and estimates that are reasonable and
prudent
state whether applicable accounting standards have been
followed subject to any material departures disclosed and
explained in the financial statements and
prepare the financial statements on the going concern 
basis unless it is inappropriate to presume that the entity 
will continue in business
the directors are responsible for the maintenance and integrity
of the corporate and financial information included on the
company’ s website
the directors are responsible for keeping proper accounting
records which disclose with reasonable accuracy at any time 
the financial position of the company and group and enable
them to ensure that the accounts comply with the companies
act 1985 they are also responsible for safeguarding assets 
of the group and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities 
the directors are also responsible for the preparation of the
directors’ report and other information in the annual report
insofar as the directors are aware
there is no relevant audit information of which the company’ s
auditor is unaware and
the directors have taken all steps that they ought to have
taken to make themselves aware of any relevant audit
information and to establish that the auditor is aware 
of that information
the board has overall responsibility for ensuring that the 
group maintains systems of internal control to provide it 
with reasonable assurance regarding the reliability of financial
information used within the business and for publication 
and that assets are safeguarded 
remuneration policy
the group’ s policy on executive directors’ remuneration is to
attract and retain high quality executives by paying competitive
remuneration packages relevant to each director’ s role
experience and the external market the packages include
contributions to private medical insurance and
give incentive to directors to maximise shareholder value
through annual bonus schemes
service agreements
no director has a service agreement with a notice period that
exceeds six months report of the directors continued
directors’ remuneration and pension entitlements
salaries salaries
fees and fees and
benefits benefits
2007 2006
t otal t otal
£ £
executive
n k croxford 99215 67427
j holmes 173609 100340
s g minion 174488 104121
g mosley 71522 53118
b l walker 138054 67584
r e l warner 101696 91210
758584 483800
nonexecutive
a d burton retired 25 april 2007 26250 25375
a gibson 60367 17083
j h gunn 21000 10500
sir w wells appointed 25 april 2007 – –
107617 52958
866201 536758
the group did not make contributions to any director’ s pension fund during the year
directors’ interests 
the directors who held office at the end of the financial year had the following beneficial interests in the ordinary share capital 
of ashley house plc at 30 april 2006 according to the register of directors’ interests
interest at 
1 may 2006 
or date of 
number of  of appointment 
shares of issued acquired if later 
1p held at share disposed of in shares 
30 april 2007 capital during year of 1p each
a d burton 344166 13 166666 177500
nk croxford 801530 29 36035 837565
a gibson 25000 01 – 25000
j h gunn 567106 21 135833 431273
j holmes 1099604 40 168310 1267914
s g minion 3744825 136 340811 4085636
g mosley 2635518 96 230856 2404662
b l walker 250000 09 – 250000
r e l warner 166666 06 166666 –
the interest of j h gunn is held by w b nominees limited 
18 ashley house plc report and accounts 2007 ashley house plc report and accounts 2007 19
connected persons’ interest in share capital 
m holmes parent of j holmes holds 709328 shares ludgate 181 jersey limited owns 999998 shares in the company 
a d burton and j h gunn are both directors of and have an interest in ludgate 181 jersey limited
interests in share options
the interests of the directors and persons connected to the directors in options over shares in ashley house plc are set out below
number of 
options at 
number of exercise 1 may 2006 
options at price number or date of 
30 april 2007 £ granted appointment
n k croxford 200000 030 – 200000
200000 150 200000 –
j gunn 100000 150 100000 –
j holmes 330000 030 – 330000
300000 150 300000 –
s g minion 330000 030 – 330000
300000 150 300000 –
g mosley 150000 030 – 150000
120000 150 120000 –
a gibson 100000 085 – 100000
100000 150 100000 –
b walker 300000 150 300000 –
r e l warner 20000 030 – 20000
100000 108 – 100000
200000 150 200000 –
w wells 100000 159 100000 –
the 30p options were granted on 15 august 2004 and are exercisable within 10 years from the date of grant the 85p options
were granted on 11 january 2006 and the 108p options were granted on 6 february 2006 these options vest in three years and
expire within 10 years from the date of grant the 150p options were granted on 16 january 2007 and the 159p options were
granted on 25 april 07  these options vest in two years and expire within 10 years from the date of grant report of the directors continued
interests in warrants 
the interests of the directors and persons connected to the directors in warrants over shares in ashley house plc 
at 30 april 2007 were
warrants exercise warrants 
held at price warrants held at 
30 april 2007 £ exercised 1 may 2006
a d burton – director 330000 030 – 330000
n k croxford – director – 095 23340 23340
j h gunn – director 330000 030 – 330000
j holmes – director – 095 81690 81690
s g minion – director – 095 64190 64190
g mosley – director – 095 64190 64190
b l walker – director 150000 030 – 150000
180000 040 – 180000
ludgate investments limited – 060 123450 123450
the 95p warrants were exercised at a mid price of 170p the 60p warrants were exercised at a mid unit price of 145p
the warrants which were granted on 16 august 2004 at 30p are exercisable within five years from the date of grant 
the warrants which were granted on 22 december 2004 at 40p are exercisable within five years from the date of grant
market value of shares 
during the year the company’ s shares moved from being traded on the plus market as a stapled unit with the shares of ashley
house properties limited now renamed ah medical properties plc – ‘ahmp’ to being separately traded on their own as ashley
house plc on the aim of the london stock exchange
whilst trading on plus markets as a stapled unit with ahmp the units traded in the range from 1335p to 2065p ahmp
continues to trade on plus having been admitted to plus separately on 15 january at a price of 42p per share ashley house plc 
on its own was admitted to trading on aim on 15 january 2007 at a price of 150p per share between admission and 30 april 2007
the shares traded in the range 166p to 189p at 30 april 2007 the share price was 166p per share
auditor
grant thornton uk llp offer themselves for reappointment as auditor in accordance with section 385 of the companies act 1985
on behalf of the board
j holmes
chief executive officer
22 june 2007
20 ashley house plc report and accounts 2007 report of the independent auditor 
to the members of ashley house plc
ashley house plc report and accounts 2007 21
we have audited the group and parent company financial
statements the ‘financial statements’ of ashley house plc 
for the year ended 30 april 2007 which comprise the principal
accounting policies the consolidated profit and loss account
the balance sheets the consolidated cash flow statement 
the statement of total recognised gains and losses the note 
of historical cost profits and losses and notes 1 to 26 these
financial statements have been prepared under the accounting
policies set out therein 
this report is made solely to the company’ s members as a body
in accordance with section 235 of the companies act 1985
our audit work has been undertaken so that we might state 
to the company’ s members those matters we are required to
state to them in an auditors’ report and for no other purpose 
t o the fullest extent permitted by law we do not accept or
assume responsibility to anyone other than the company and
the company’ s members as a body for our audit work for this
report or for the opinions we have formed
respective responsibilities of directors and auditor
the directors’ responsibilities for preparing the annual report
and the financial statements in accordance with united
kingdom law and accounting standards united kingdom
generally accepted accounting practice are set out in the
statement of directors’ responsibilities
our responsibility is to audit the financial statements in
accordance with relevant legal and regulatory requirements 
and international standards on auditing uk and ireland
we report to you our opinion as to whether the financial
statements give a true and fair view whether they are properly
prepared in accordance with the companies act 1985 and
whether the information given in the report of the directors 
is consistent with the financial statements the information
given in the directors’ report includes that specific information
presented in the chairman’ s statement and chief executive
officer’ s statement that is crossreferred from the business
review section of the directors’ report we also report to 
you if in our opinion the company has not kept proper
accounting records if we have not received all the information
and explanations we require for our audit or if information
specified by law regarding directors’ remuneration and other
transactions is not disclosed
we read other information contained in the annual report 
and consider whether it is consistent with the audited financial
statements this other information comprises only the chairman’ s
statement chief executive officer’ s statement and the report 
of the directors we consider the implications for our report if
we become aware of any apparent misstatements or material
inconsistencies with the financial statements our responsibilities
do not extend to any other information
basis of audit opinion
we conducted our audit in accordance with international
standards on auditing uk and ireland issued by the auditing
practices board an audit includes examination on a test basis
of evidence relevant to the amounts and disclosures in the
financial statements it also includes an assessment of the
significant estimates and judgements made by the directors 
in the preparation of the financial statements and of whether 
the accounting policies are appropriate to the group’ s 
and company’ s circumstances consistently applied and
adequately disclosed
we planned and performed our audit so as to obtain all the
information and explanations which we considered necessary 
in order to provide us with sufficient evidence to give reasonable
assurance that the financial statements are free from material
misstatement whether caused by fraud or other irregularity 
or error in forming our opinion we also evaluated the overall
adequacy of the presentation of information in the financial
statements
opinion
in our opinion
the financial statements give a true and fair view in
accordance with united kingdom generally accepted
accounting practice of the state of the group’ s and the
parent company’ s affairs as at 30 april 2007 and of the
group’ s profit for the year then ended
the financial statements have been properly prepared 
in accordance with the companies act 1985 and
the information given in the report of the directors 
is consistent with the financial statements for the year 
ended 30 april 2007
grant thornton uk llp
registered auditors
chartered accountants
oxford
22 june 2007 principal accounting policies
basis of preparation
the financial statements have been prepared in accordance with
applicable uk accounting standards uk gaap and under the
historical cost convention with the exception of the revaluation
of land and buildings 
the principal accounting policies of the group are set out below
the policies have remained unchanged from the previous year
apart from the adoption of frs 20 ‘sharebased payment’ 
this change is described in more detail below
changes in accounting policies
in preparing the financial statements for the current year the
group has adopted frs 20 ‘sharebased payment’ ifrs 2
in accordance with frs 20 the fair value of equitysettled 
sharebased payments to employees is determined at the date
of grant and is expensed on a straightline basis over the vesting
period of the share options or warrants based upon the group’ s
estimate of share options and warrants that will eventually vest
the fair value has been measured by the use of a binomial
lattice pricing model
following the adoption of frs 20 a prior year adjustment 
has been made to decrease the profit and loss reserve brought
forward at 1 may 2006 and create a share option reserve of
£165000 to reflect the option charge which would have been
incurred in the previous years and the year ended 30 april 2006
had frs 20 been adopted earlier the profit and loss account for
the year ended 30 april 2006 has been restated to reflect the
sharebased payment charge of £40000 for that year
the group recognised total expenses of £1256000 relating 
to equitysettled sharebased payment transactions in the year
ended 30 april 2007 £1085000 of this related to the grant 
to babcock  brown of warrants over 7880000 shares at
£120 per share as part of the strategic alliance entered into
with them
basis of consolidation
the group financial statements consolidate those of the company
and of its subsidiary undertakings profits or losses on intragroup
transactions are eliminated in full all of the subsidiary’ s assets
and liabilities that existed at the date of acquisition were recorded
at their fair values reflecting their condition at that date
turnover
turnover is the total of amounts for goods supplied and 
services provided during the year excluding valueadded tax
in the case of longterm contracts turnover reflects the 
contract activity during the year and represents the proportion
of total contract value which costs incurred to date bear to 
total expected contract costs
turnover on longterm contracts is only recognised where 
there is reasonable certainty that the contract will proceed 
and planning permission has been obtained
t angible fixed assets and depreciation
t angible fixed assets are stated at cost or valuation net of
depreciation and any provision for impairment depreciation 
is calculated to write down the cost or valuation less estimated
residual value of all tangible fixed assets other than freehold
land on the reducing balance basis over their expected useful
economic lives the periods generally applicable are
office equipment furniture and fixtures 4 years
motor vehicles 4 years
mobile surgeries 4 years
investments
investments are included at cost less provision for amounts
written off
work in progress and longterm contracts
work in progress is valued on the basis of direct costs plus
attributable overheads based on normal levels of activity costs
associated with longterm contracts are included in stock to the
extent that they cannot be matched with contract work accounted
for as turnover longterm contract balances included in stocks
are stated at cost after provision has been made for any
foreseeable losses and the deduction of applicable payments 
on account no element of profit is included in the carrying
value of work in progress full provision is made for losses 
on all contracts in the year in which the loss is first foreseen
deferred taxation
deferred tax is recognised in respect of all timing differences that
have originated but not reversed at the balance sheet date where
transactions or events have occurred at that date that will result
in an obligation to pay more or a right to pay less tax with the
exception that deferred tax assets are recognised only to the
extent that the directors consider that it is more likely than not
that there will be suitable taxable profits from which the future
reversal of the underlying timing differences can be deducted
deferred tax is measured on an undiscounted basis at the tax
rates that are expected to apply in the periods in which timing
differences reverse based on tax rates and laws enacted or
substantively enacted at the balance sheet date
leased assets
costs in respect of operating leases are charged on a 
straightline basis over the lease term
financial instruments
income and expenditure arising on financial instruments is
recognised on the accruals basis and is credited or charged to the
profit and loss account in the financial period to which it relates
intangible assets – goodwill
goodwill representing the excess of the fair value of
consideration given over the fair values of the identifiable net
assets acquired is capitalised and amortised on a straightline
basis over its estimated useful economic life
22 ashley house plc report and accounts 2007 ashley house plc report and accounts 2007 23
consolidated profit and loss account
for the year ended 30 april 2007
2007
before 2007 2007 2006
exceptional exceptional t otal restated
note £000 £000 £000 £000
turnover 1 25644 – 25644 23126
cost of sales 18307 – 18307 17995
gross profit 7337 – 7337 5131
recurring administrative expenses 1 3392 – 3392 2887
nonrecurring transaction costs 2 – 1551 1551 –
operating expenses 3392 1551 4943 2887
operating profit 3945 1551 2394 2244
profit on sale of fixed asset – 137 137 –
net interest 4 127 – 127 30
profit on ordinary activities before taxation 4072 1414 2658 2214
t ax on profit on ordinary activities 5 1321 – 1321 454
profit for the financial year 17 2751 1414 1337 1760
basic earnings per share 7 554p 804p
diluted earnings per share 7 478p 731p
restated due to adoption of frs 20
all of the activities of the group are classed as continuing
the accompanying accounting policies and notes form an integral part of these financial statements balance sheets 
at 30 april 2007
group company
2006 2006
2007 £000 2007 £000
note £000 restated £000 restated
fixed assets
intangible assets 8 203 270 203 270
t angible assets 9 200 1427 194 1418
investments 10 1850 – 1851 1
2253 1697 2248 1689
current assets
stocks 11 – 15 – –
debtors 12 7392 6753 7510 6785
cash at bank and in hand 6073 1502 6049 1469
13465 8270 13559 8254
creditors amounts falling due within one year 13 4682 5405 4649 5381
net current assets 8783 2865 8910 2873
t otal assets less current liabilities 11036 4562 11158 4562
creditors amounts falling due after more than one year 14 – 50 – 50
provision for liabilities 15 – 15 – 14
net assets 11036 4497 11158 4498
capital and reserves
calledup share capital 16 275 224 275 224
share premium account 17 8040 2771 8040 2771
revaluation reserve 17 – 187 – 187
sharebased payments reserve 17 1421 165 1421 165
profit and loss account 17 1300 1150 1422 1151
shareholders’ funds 11036 4497 11158 4498
restated due to adoption of frs 20
the financial statements were approved by the board of directors on 22 june 2007
j holmes
chief executive officer
the accompanying accounting policies and notes form an integral part of these financial statements
24 ashley house plc report and accounts 2007 ashley house plc report and accounts 2007 25
consolidated cash flow statement
for the year ended 30 april 2007
2007 2006
note £000 £000
net cash inflow from operating activities 19 2389 1757
returns on investments and servicing of finance
interest paid 14 58
interest received 137 28
net cash inflowoutflow from returns on investments and servicing of finance 123 30
t axation 937 –
capital expenditure and financial investment
sale of tangible fixed assets 1337 34
purchase of tangible fixed assets 87 42
purchase of investments 1850 –
net cash outflow from capital expenditure and financial investment 600 8
financing
repayment of shortterm borrowings – 43
repayment of longterm borrowings – 572
issue of share capital 4970 355
dividends paid 1374 –
net cash inflowoutflow from financing 3596 260
increase in cash 20 4571 1459
the accompanying accounting policies and notes form an integral part of these financial statements other primary statements
for the year ended 30 april 2007
statement of total recognised gains and losses
2007 2006
£000 £000
profit for the financial year 1337 1760
unrealised deficit on revaluation of land and buildings – 143
t otal recognised gains relating to the year 1337 1617
note of historical cost profits and losses
2007 2006
£000 £000
profit on ordinary activities before taxation 2658 2214
difference between historical cost depreciation and charge based on revalued amounts – 4
realisation of gain on disposal 187 –
historical cost profit on ordinary activities before taxation 2845 2218
historical cost profit transferred to reserves 1524 1764
the accompanying accounting policies and notes form an integral part of these financial statements
26 ashley house plc report and accounts 2007 ashley house plc report and accounts 2007 27
notes to the financial statements
for the year ended 30 april 2007
1 turnover and profit on ordinary activities before taxation
the group operates entirely in project management and consultancy in the united kingdom 
profit on ordinary activities before taxation is arrived at after charging
2007 2006
£000 £000
recurring administrative costs
depreciation of tangible fixed assets 112 92
rental of premises – operating leases 121 44
rental of motor vehicles – operating leases 18 16
amortisation of goodwill 67 65
auditor’ s remuneration
– statutory audit services 31 31
– taxation 10 7
– corporate finance transactions 66 –
– other 23 7
part of the auditor’ s remuneration in respect of corporate finance transactions was taken to the share premium account
2 nonrecurring transaction costs
the nonrecurring transaction costs relate to the following items
costs associated with the issue of warrants to babcock  brown resulting in the frs 20 cost of £1085000 and
charges incurred associated with the raising of capital and the listing of the company on aim of £466000
3 directors and employees
staff costs during the year for the group were as follows
2006
2007 £000
£000 restated
wages and salaries 2088 1827
social security costs 227 188
2315 2015
the average number of employees of the group during the year was 49 2006 49
directors’ emoluments amounted to £866000 2006 £537000 further details of emoluments paid to directors are contained 
in the report of the directors no pension contributions were made in respect of any of the directors
the amount above includes remuneration in respect of the highest paid director as follows
2007 2006
£000 £000
emoluments for services as director 174 104 4 net interest
2007 2006
£000 £000
bank mortgage – 38
convertible loans 14 20
interest receivable 141 28
127 30
5 t ax on profit on ordinary activities
2007 2006
£000 £000
uk corporation tax at 30 2006 30 1336 444
deferred taxation 15 10
t ax on profit on ordinary activities 1321 454
the tax assessed for the year differs from the standard rate of corporation tax in the uk of 30 2006 30 the differences 
are explained as follows
2007 2006
£000 £000
profit on ordinary activities before tax 2658 2214 
profit on ordinary activities multiplied by standard rate 
of corporation tax in the uk of 30 2006 30 797 664
expenses not deductible for tax purposes 576 46
depreciation for the period in excess of capital allowances 14 12
chargeable gains 53 –
income not taxable 41 –
utilisation of tax losses – 167
relief for share options exercised 63 111
current tax charge for year 1336 444
the £108m charge in respect of the babcock  brown warrant has been treated as not allowable for the purposes of these accounts
6 profit for the financial year
the company has taken advantage of the exemption allowed under section 2301 of the companies act 1985 and has not
presented its own profit and loss account in these financial statements the company’ s profit for the year was £1458000 
2006 £1735000
28 ashley house plc report and accounts 2007
notes to the financial statements continued ashley house plc report and accounts 2007 29
7 earnings per ordinary share
the calculation of the basic earnings per share is based on the profit attributable to ordinary shareholders divided by the weighted
average number of shares in issue during the year
2007 2006
weighted weighted 
average per share average per share 
profit number amount profit number amount 
£000 of shares pence £000 of shares pence
basic earnings per share
profit attributable to ordinary shareholders 1337 24124075 554 1760 21900922 804
dilutive effect of securities
options 1114318 022 738410 025
warrants 2713100 054 670116 022
convertible loans –– 767852 026
diluted earnings per share 1337 27951493 478 1760 24077300 731
the average share price during the year was 1589p which meant that the dilutive securities shown in the table above were those
which have exercise prices of 30p 40p 85p 98p 108p and 150p per share
the calculation of normalised earnings per share of 114p on operating profit excluding nonrecurring transaction costs assumes
that the nonrecurring costs are not allowable for tax and is therefore based upon a post tax profit of profit for the year plus the 
nonrecurring costs
2007 2006
weighted weighted 
average per share average per share 
profit number amount profit number amount 
£000 of shares pence £000 of shares pence
basic earnings per share
profit attributable to ordinary shareholders 2751 24124075 1140 1760 21900922 804
dilutive effect of securities
options 1114318 045 738410 025
warrants 2713100 111 670116 022
convertible loans –– 767852 026
diluted earnings per share 2751 27951493 984 1760 24077300 731 notes to the financial statements continued
8 intangible assets – goodwill
£000
group
cost
as at 1 may 2006 and 30 april 2007 425
amortisation
as at 1 may 2006 155
charged in the year 67
as at 30 april 2007 222
net book value as at 30 april 2007 203
net book value as at 30 april 2006 270
company
cost
at 1 may 2006 and as at 30 april 2007 270
amortisation
charged in the year 67
as at 30 april 2007 67
net book value as at 30 april 2007 203
net book value as at 30 april 2006 270
30 ashley house plc report and accounts 2007 ashley house plc report and accounts 2007 31
9 t angible assets 
office 
equipment 
freehold furniture motor mobile 
property and fixtures vehicles surgeries t otal
£000 £000 £000 £000 £000
group
costvaluation
at 1 may 2006 1200 211 21 254 1686 
additions – 27 9 51 87
disposals 1200 – – – 1200
at 30 april 2007 – 238 30 305 573
depreciation
at 1 may 2006 – 127 9 123 259
provided in the year 7 33 6 75 121
disposals 7 – – – 7
at 30 april 2007 – 160 15 198 373
net book amount at 30 april 2007 – 78 15 107 200
net book amount at 30 april 2006 1200 84 12 131 1427
company
costvaluation
at 30 april 2006 1200 196 21 254 1671
additions – 25 9 51 85
disposal 1200 – – – 1200
at 30 april 2007 – 221 30 305 556
depreciation
at 30 april 2006 – 121 9 123 253
provided in the year 7 29 6 74 116
disposal 7 – – – 7
at 30 april 2007 – 150 15 197 362
net book amount at 30 april 2007 – 71 15 108 194
net book amount at 30 april 2006 1200 75 12 131 1418 notes to the financial statements continued
10 fixed asset investments
subsidiary listed t otal
undertakings investments £000
group
at 1 may 2006 –––
additions – 1850 1850
at 30 april 2007 – 1850 1850
company
at 1 may 2006 1– 1
additions – 1850 1850
at 30 april 2007 1 1850 1851
at 30 april 2007 the company held the issued share capital of the following subsidiary undertakings
class of share proportion
nature of work capital held held
neil niblett and associates limited architects ordinary shares of £1 each 100
ashley house clinical services limited management services ordinary shares of £1 each 100
phocus limited management services ordinary shares of £1 each 100
at 30 april 2007 the investment in ah medical properties plc had a market value of £1540000
ah medical properties plc investment property ordinary shares of 0001p each 68
11 stocks
group company
2007 2006 2007 2006
£000 £000 £000 £000
goods for resale – 15 – –
12 debtors
group company
2007 2006 2007 2006
£000 £000 £000 £000
trade debtors 1678 1484 1659 1441
amounts owed by group undertakings – – 146 221
amounts owed by related parties note 25 4417 3791 4417 3659
amounts recoverable on contracts 1052 1326 1052 1326
other debtors 38 14 29 –
prepayments and accrued income 207 138 207 138
7392 6753 7510 6785
32 ashley house plc report and accounts 2007 ashley house plc report and accounts 2007 33
13 creditors amounts falling due within one year
group company
2007 2006 2007 2006
£000 £000 £000 £000
convertible loans – 300 – 300
trade creditors 1541 2861 1506 2855
social security and other taxes 511 317 514 299
corporation tax 837 442 836 442
other creditors 54 17 54 17
accrued expenses 1739 1468 1739 1468
4682 5405 4649 5381
14 creditors amounts falling due after more than one year
group company
2007 2006 2007 2006
£000 £000 £000 £000
convertible loans – 50 – 50
– 50 – 50
the convertible loans from related parties were unsecured
borrowings are repayable as follows
group company
2007 2006 2007 2006
£000 £000 £000 £000
within one year
convertible loans – 300 – 300
after one and within two years
convertible loans – 50 – 50
– 350 – 350
financial instruments
the cash balances held by the group at the bank are held within current accounts and earn interest of 025 under base from
lloyds tsb bank plc
there is no exchange rate risk and the fair values of the assets and liabilities of the group are not materially different from their 
net book values
the financial risk management objectives and policies of the group are detailed within the report of the directors notes to the financial statements continued
15 deferred taxation
deferred taxation provided for in the financial statements is as follows
group company
2007 2006 2007 2006
£000 £000 £000 £000
excess of tax allowances over depreciation
as at 1 may 2006 15 5 14 1
movement in year 15 10 14 13
as at 30 april 2007 – 15 – 14
16 share capital
2007 2006
£000 £000
authorised
51000000 2006 35000000 ordinary shares of 1p each 510 350
allotted calledup and fully paid
27544379 2006 22369408 ordinary shares of 1p each 275 224
the authorised share capital was increased to 51000000 on 11 january 2007
price 2007 issued exercised 2006
options
issued 2004 expire 2014 30p 1060000 – 45000 1105000
issued 2005 exercisable from 2008 expire 2015 85p 100000 – – 100000
issued 2005 exercisable from 2008 expire 2015 98p 105000 – – 105000
issued 2005 exercisable from 2008 expire 2015 108p 210000 – – 210000
issued 2007 exercisable from 2007 expire 2017 150p 1842500 1842500 – –
t otal options 3317500 1842500 45000 1520000
between 18 july and 3 october 2006 45000 options were exercised resulting in the issue of 45000 shares for a total cash
consideration of £14000
price 2007 issued lapsed exercised 2006
warrants
issued 2004 expire 2009 30p 810000––– 810000
issued 2004 expire 2009 40p 180000––– 180000
issued 2005 expire 2010 60p––– 123450 123450
issued 2002 expire 2007 95p – – 243474 506526 750000
issued 2007 expire 2010 120p 7880000 7880000–––
t otal warrants 8870000 7880000 243474 629976 1863450
between 4 may 2006 and 14 march 2007 629976 warrants were exercised resulting in the issue of 629976 shares for a total
cash consideration of £555000 share premium of £549000 has been recognised in relation to these issues
34 ashley house plc report and accounts 2007 ashley house plc report and accounts 2007 35
16 share capital continued
on 31 october 2006 the company issued 1166667 shares in satisfaction of its convertible loan of £350000 share premium 
of £338000 has been recognised in relation to this issue
on 16 january 2007 the company issued 3333333 shares at market price of £150 upon admission to aim share premium 
of £4967000 has been recognised in relation to this issue
exercise of an option is subject to continued employment and warrants are subject to time limitation the fair value per option 
and warrant granted and the assumptions used in the calculation of fair value for awards made after 7 november 2002 are set 
out in the table below
at 30 april 2007 options and warrants over unissued ordinary 1p shares were as follows
option options closing riskfree 
warrant price warrant share price exercise expected interest dividend fair value 
per share periods at grant price volatility rate yield per share 
date of grant number pence ending pence pence    pence
2004 1060000 30 2014 30 30 1997 525 5 5
2004 810000 30 2009 30 30 1997 525 5 5
2004 180000 40 2009 40 40 1997 525 5 5
2006 100000 85 2016 85 85 1997 525 5 13
2006 105000 98 2016 98 98 1997 525 5 9
2006 210000 108 2016 108 108 1997 525 5 10
2007 55000 150 2017 150 150 1997 525 5 24
2007 12500 150 2017 150 150 1997 525 5 19
2007 1120000 150 2017 150 150 1997 525 5 22
2007 120000 150 2017 150 150 1997 525 5 14
2007 330000 150 2017 150 150 1997 525 5 11
2007 142500 150 2017 150 150 1997 525 5 8
2007 50000 150 2017 150 150 1997 525 5 6
2007 7880000 120 2010 120 120 1997 525 5 14
these are warrants all others are options
the market price of the company’ s shares at 30 april 2007 was 1660p and the range during the year was between 1014p 
and 1890p after allowing for the net asset value of the stapled shares of ah medical properties plc the units of the stapled
structure ranged between 1300p and 2060p
the vesting period of an option is assumed to be commensurate with the exercise period and this varies between being
immediately exercisable and five years
expected volatility is a measure of the amount by which a share price is expected to fluctuate during a period the volatility 
of the company’ s share price was calculated using the basic hullwhite model
the riskfree rate is the yield on deposits held by the company
the dividend yield of 5 is based on the dividends paid during the period
options and warrants are valued using the binomial tree method notes to the financial statements continued
17 reserves
sharebased share profit 
payment premium and loss revaluation 
reserve account account reserve t otal
£000 £000 £000 £000 £000
group
at 1 may 2006 – 2771 1315 187 4273
prior year adjustment frs 20 165 – 165 – –
165 2771 1150 187 4273
profit for the year – – 1337 – 1337
premium on issue of shares during the year – 5269 – – 5269
dividends paid – – 1374 – 1374
revaluation reserve movement – – 187 187 –
sharebased payment reserve 1256––– 1256
at 30 april 2007 1421 8040 1300 – 10761
company
at 1 may 2006 – 2771 1316 187 4274
prior year adjustment frs 20 165 – 165 – –
165 2771 1151 187 4274
profit for the year – – 1458 – 1459
premium on issue of shares during the year – 5269 – – 5269
dividends paid – – 1374 – 1374
revaluation reserve movement – – 187 187 –
sharebased payment reserve 1256––– 1256
at 30 april 2007 1421 8040 1422 – 10883
18 reconciliation of movements in shareholders’ funds
2007 2006
£000 £000
profit for the financial year 1337 1760
new shares issued 5320 355
dividends paid 1374 –
reduction in revaluation reserve – 143
transfer to sharebased payment reserve 1256 40
net addition to shareholders’ funds 6539 2012
shareholders’ funds at 1 may 2006 4497 2485
shareholders’ funds at 30 april 2007 11036 4497
36 ashley house plc report and accounts 2007 ashley house plc report and accounts 2007 37
19 reconciliation of operating profit to net cash inflow from operating activities 
2006
2007 £000
£000 restated
operating profit 2394 2244
depreciation and amortisation 181 158
loss on disposal of fixed assets – 1
frs 20 adjustment 1256 40
decrease in stock 15 40
increase in debtors 639 1480
decreaseincrease in creditors 818 754
net cash inflow from operating activities 2389 1757
20 reconciliation of net cash flow to movement in net fundsnet debt 
2007 2006
£000 £000
increase in cash in the year 4571 1459
cash inflow from change in net debt – 615
change in net debt resulting from cash flows 4571 2074
repayment of net funds by issue of shares 350 –
movement in net funds in the year 4921 2074
net fundsdebt at 1 may 2006 1152 922
net funds at 30 april 2007 6073 1152
21 analysis of changes in net funds
at non cash at
1 may 2006 cash flow flows 30 april 2007
£000 £000 £000 £000
cash in hand and at bank 1502 4571 – 6073
shortterm debt 300 – 300 –
longterm debt 50 – 50 –
1152 4571 350 6073
22 capital commitments
neither the group nor the company had capital commitments at 30 april 2007 or 30 april 2006 notes to the financial statements continued
23 commitments under operating leases
operating lease payments amounting to £94000 2006 £60000 are due within one year the leases to which these amounts
relate expire as follows
2007 2006
land and land and 
buildings other buildings other
£000 £000 £000 £000
less than one year 20 – ––
between one and five years 21 17 17 16
five years or more 36 – 27 –
77 17 44 16
24 contingent liabilities
neither the group nor company had contingent liabilities at 30 april 2007 or 30 april 2006
25 related party transactions
ashley house plc and ah medical properties plc including its subsidiary medical properties limited were related as a consequence
of the share stapling agreement entered into in september 2004 the stapling was severed on 11 january 2007 under the share
stapling arrangement the two companies had identical shareholders’ registers and a number of common directors during the 
year ashley house plc made sales at an arm’ s length basis of £7190000 2006 £9915000 to ah medical properties plc 
at 30 april 2007 the balance due from ah medical properties plc was £2955000 2006 £2717000
during the year ashley house plc made sales on an arm’ s length basis to medical properties limited a subsidiary of 
ah medical properties plc of £11247000 2006 £4441000 at 30 april 2007 the balance due from medical properties limited 
was £1451000 2006 £563000
since the termination of the share stapling agreement and subsequent share issues by both ashley house plc and 
ah medical properties plc and the change in their respective board members these companies are no longer related parties
all supplies made to ahmp and medical properties limited are related to the design and construction of medical centres in every
case the rent for the building which drives the value of the scheme is set by the district valuer acting for the primary care trust
nhs transactions between ashley house plc and ah medical properties plc are entered into on the basis of market equivalent
pricing and are ratified by the independent nonexecutive directors of ahmp  who are not connected to ashley house plc
during the year the group received invoices from directors or their companies of £20000 2006 £16000 from scheidegg limited
a company in which j h gunn has an interest and £71000 2006 £63000 from layland walker limited a company controlled 
by b walker  at 30 april 2007 the balance due to layland walker limited was £10000 in addition the company made payments of
£26000 2006 £19000 to beechwood house finance limited a company controlled by d burton and £67000 2006 £17000 to
gibson freake edge a partnership of which a gibson is a partner  at 30 april 2007 the balance due to gibson freak edge was £6000
26 dividends
the directors approved on 13 december 2006 the payment of an interim dividend of 2p per share on 26 january 2007  
subsequent to the year end but prior to the approval of the financial statements the directors have recommended the 
payment of a dividend of 3p per share totalling £826000
38 ashley house plc report and accounts 2007 illustrative reconciliation of net assets and profit under 
uk gaap to ifrs – not audited
ashley house plc report and accounts 2007 39
ashley house plc has reported under uk gaap for its financial statements for the years ended 30 april 2007 and 30 april 2006
the analyses below show illustrative reconciliations of how the net assets at 30 april 2006 and of how the profits and net assets 
at 30 april 2007 would have been reported at these dates had they been reported under ifrs the board is currently considering
when it would be most appropriate to adopt ifrs but is providing this information for guidance and it does not form part of the
audited accounts the illustrative reconciliations are set out below and are followed by notes which explain the reconciling items
and set out key assumptions
effect of 
previous transition 
gaap to ifrs ifrs 
reconciliation of equity at 30 april 2007 notes £000 £000 £000
intangible assets b 203 132 335
property plant and equipment 200 – 200
investments 1850 – 1850
t otal noncurrent assets 2253 132 2385
trade and other receivables 7392 – 7392
cash and cash equivalents 6073 – 6073
t otal current assets 13465 – 13465
t otal assets 15718 132 15850
trade and other payables a 4682 30 4712
provision for deferred tax – – –
t otal assets less total liabilities 11036 102 11138
ordinary shares 275 – 275
share premium 8040 – 8040
other reserve – sharebased payments 1421 – 1421
retained profits a  b 1300 102 1402
t otal equity 11036 102 11138
effect of 
previous transition 
gaap to ifrs ifrs 
reconciliation of profit for the year ended 30 april 2007 notes £000 £000 £000
revenue 25644 – 25644
costs of material 18307 – 18307
depreciation amortisation and impairment of nonfinancial assets b 179 67 112
other recurring administrative expenses a 3213 15 3228
nonrecurring transaction costs 1414 – 1414
operating profit 2531 52 2583
net interest 127 – 127
t axation 1321 – 1321
net profit for the year 1337 52 1389 illustrative reconciliation of net assets and profit under 
uk gaap to ifrs – not audited continued
previous effect of 
gaap transition 
restated to ifrs ifrs 
reconciliation of equity at 30 april 2006 notes £000 £000 £000
intangible assets b 270 65 335
property plant and equipment 1427 – 1427
t otal noncurrent assets 1697 65 1762
trade and other receivables 6753 – 6753
inventory 15 – 15
cash and cash equivalents 1502 – 1502
t otal current assets 8270 – 8270
t otal assets 9967 65 10032
trade and other payables a 5455 15 5470
provision for deferred tax 15 4 11
t otal assets less total liabilities 4497 54 4551
ordinary shares 224 – 224
share premium 2771 – 2771
revaluation reserve 187 38 149
other reserve – sharebased payments 125 – 125
retained profits 1190 92 1282
t otal equity 4497 54 4551
40 ashley house plc report and accounts 2007 ashley house plc report and accounts 2007 41
explanation of reconciling items between uk gaap and ifrs
a holiday pay accrual
under ias 19 when an employee has rendered service to a company during an accounting period the company should recognise
the amount of shortterm employee benefits eg compensated absences profit sharing or bonuses payable expected to be paid 
in exchange for that service as a liability after deducting any amounts already paid the estimated accruals under ias 19 for holidays
not taken at 30 april 2006 and 2007 are £15000 and £15000 respectively
b goodwill
under ifrs 3 goodwill is tested annually for impairment and carried at cost less accumulated impairment losses under uk gaap
the group had been amortising goodwill over its estimated economic life the group has taken advantage of the transitional
provisions of ifrs 3 and eliminated the accumulated amortisation at 30 april 2005 against the original gross amount of goodwill
goodwill is now subject only to periodic testing for impairment amortisation of goodwill charged under uk gaap for the year
ended 30 april 2006 and 30 april 2007 was £65000 and £67000 respectively
c assumptions
the illustrative reconciliations show the expected impact of ifrs on the group’ s key financial information for the year ended 
30 april 2007 on the assumption that the group decided to adopt ifrs in its financial statements for the year ending 30 april 2008
they are therefore based on elections to take advantage of certain exemptions that are available on firsttime adoption of ifrs on
the assumption that the effective transition date is 1 may 2005 in addition the information is necessarily based on the recognition
and measurement requirements of ifrs in issue and effective for the year ending 30 april 2006 in practice if the group were to
adopt ifrs for the year ending 30 april 2007 it would need to take account of ifrs in issue and effective for that year which is
likely to differ from those used in preparing the information 42 ashley house plc report and accounts 2007
board of directors
sir william wells – nonexecutive chairman
aged 66 – sir william brings a wealth of experience to the
board having held numerous positions in both the public and
private sectors in a career that has spanned more than 40 years
from 1964 sir william worked as a property consultant becoming
partner at chesterton and sons in 1966 managing partner 
in 1984 and chairman of the business following incorporation 
in 1991 until his retirement in 1997 his board level experience
commenced in 1972 and since that time he has held positions
in many well known organisations sir william began a parallel
career in the public sector in 1968 as a governor of the royal
free hospital in grays inn road and has continued unbroken 
in the nhs to date together with other posts in health
education and science including chairman of the nhs
appointments commission 20012007 chairman of the
commercial advisory board to the department of health 
2003current member of the king’ s fund executive and
management committees
stephen minion – executive deputy chairman
aged 60 – a chartered engineer with a long career in the design
and development of commercial property following the award
of his bsc degree he initially joined the london borough of
harrow leaving three years later on gaining chartered engineer
status to join george wimpey  co where he learnt his main
‘stock in trade’ as a property developer  leaving in 1978 to start his
own company  in 1991 he founded ashley house with colleagues
who have since retired his specialist area of responsibility centres
around the overall delivery of the company’ s core product and
the initial development of new services
jonathan holmes – chief executive
aged 39 – prior to joining ashley house in 1998 he followed 
a career in sales and marketing with an emphasis on setting up
new ventures in the 1990s he worked in the city for thomson
financial services and latterly the capital markets and eurobond
regulator isma at ashley house he is responsible to all
stakeholders shareholders employees clients and trading
partners for ensuring the continued commercial success 
of the business
bruce walker – finance director
aged 41 – has a background in property and corporate 
finance with johnson fry and then brown shipley  followed 
by three years as corporate and finance director of fairbriar plc
an official list quoted company engaged in residential property
development and serviced apartment ownership and management
he joined the board in june 2004 and has assisted in the
establishment of ahmp and the growth of its portfolio 
he is also a nonexecutive director of old vic productions plc 
an unlisted theatre production company
nigel croxford – construction director
aged 50 – he is a fellow of the chartered institute of building 
a fellow of the chartered institute of arbitrators and holds a
masters degree in construction law  arbitration he has a
detailed working knowledge of the design and construction
industry having learnt his trade with george wimpey  co
latterly wimpey construction uk subsequently going on to
hold senior management posts on prestigious projects such as
hong kong international airport and the petronas twin t owers
development in kuala lumpur he joined ashley house in 1998
and has direct responsibility for all construction
richard warner – commercial director
aged 55 – before joining ashley house in 2001 he had 
spent almost 30 years in the property industry involved in the
development of both residential and commercial property as an
experienced property professional he has gradually expanded his
role within the company starting as regional manager in the
eastern regional office and going on to his current position
responsible for all of the company’ s commercial managers ashley house plc report and accounts 2007 43
gail mosley – director
aged 60 – comes from a background of healthcare provision
having been employed for many years with companies involved
in the marketing and general management of nursing homes
including bupa prior to joining ashley house in 1998 her
previous career brought her into close contact with gps 
health authorities and social services where she gained a
valuable insight into the way they operate she is responsible 
for the company’ s client relationships and for helping to direct
and train the commercial managers 
andrew gibson mbe – nonexecutive director
aged 57 – his first career was as a highranking army officer
specialising in logistics from there he went on to become one
of the top performing chief executives within the nhs gaining
the coveted threestar rating in every year it was published
initially as chief executive of city hospitals sunderland and
latterly as chief executive of newcastle pct before stepping
down at the end of 2005 he now holds a number of posts
acting as a consultant to both the public and private sectors
with approximately half of his time spent with ashley house
which he joined in january 2006 where he is helping to lead
the company’ s expansion into clinical services
jake arnoldforster – nonexecutive director 
aged 43 – jake is the ceo of dr foster intelligence 
‘dr foster’ a fast growing and highly successful 5050 
joint venture involving the health and social care information
centre a special health authority of the nhs and dr foster 
a commercial provider of healthcare information the jv aims 
to improve the quality and efficiency of health and social 
care through better use of information company information
44 ashley house plc report and accounts 2007
company registration number
2563627
registered office
the priory
stomp road
burnham
buckinghamshire sl1 7lw
directors
sir w wells nonexecutive chairman
j arnoldforster nonexecutive director
n k croxford construction director
a gibson nonexecutive director
j holmes chief executive officer
s g minion executive deputy chairman
g mosley executive director
b l walker finance director 
r e l warner development director
secretary
s ronaldson
nominated advisor and broker
numis securities limited
the london stock exchange building
10 paternoster square
london ec4m 7lt
bankers
lloyds tsb bank plc
high street
slough
berkshire sl1 1dh
solicitors
hammonds
2 park lane
leeds ls3 1es
auditor
grant thornton uk llp
1 westminster way
oxford ox2 0pz designed and produced by                          wwwcollegedesigncom
this report has been printed in the uk it has been produced with the 
approach to measure and meet environmental standards and improve 
a company’ s environmental performance where the main areas targeted 
for continual reduction arise from the use of solvents energy consumption 
and waste generation 
this paper is manufactured using a paper that is 75 recycled with the
remainder being made from environmentallyfriendly elemental chlorine free
ecf wood pulp sourced from wellmanaged sustainable forests the paper 
is also biodegradable and recyclable all inks used are vegetable based 
if you have finished reading this report and no longer wish to retain it please
pass it on to other interested readers return it to ashley house plc or dispose 
of it in your recycled paper waste thank you ashley house plc
the priory
stomp road
burnham 
buckinghamshire sl1 7lw
t elephone 01628 600 340
fax 01628 600 345
wwwashleyhouseplccom


Summary:
 07
22
57
80
1 14 41
25
45
1 10
highlights
successful admission to aim 
and oversubscribed £5m placing
strategic alliance completed 
with babcock  brown thereby
accessing a large pipeline of 
nhs lift projects
10 new projects completed 
from the core pipeline
profit pretax and exceptional
items up 84 to £41m
earnings per share excluding
exceptionals up 42 to 114p
dividend increased 25 to 
5p per share
this has been a year 
of significant achievement
for ashley house
2005 2006 2007
pretax profit £m
2007 excluding exceptionals
84
2005 2006 2007
earnings per share p 
2007 excluding exceptionals
42
2005
net assets
net cashdebt
2006 2007
net assets £m
09
15
61
6 1
144
ashley house plc report and accounts 2007 01