Final Results -11-

+----------------------------------------+-------+----------------+--+-----------------+ 
| Represented by:                        |       |                |  |                 | 
+----------------------------------------+-------+----------------+--+-----------------+ 
| Equity                                 |       |                |  |                 | 
+----------------------------------------+-------+----------------+--+-----------------+ 
| Share capital                          |  22   |         27,060 |  |          26,742 | 
+----------------------------------------+-------+----------------+--+-----------------+ 
| Share premium                          |       |              - |  |          31,416 | 
+----------------------------------------+-------+----------------+--+-----------------+ 
| Special reserve                        |       |         11,408 |  |               - | 
+----------------------------------------+-------+----------------+--+-----------------+ 
| Equity shares to be issued             |       |              - |  |             175 | 
+----------------------------------------+-------+----------------+--+-----------------+ 
| Own shares reserve                     |       |          (140) |  |               - | 
+----------------------------------------+-------+----------------+--+-----------------+ 
| Retained earnings                      |       |          1,131 |  |             315 | 
+----------------------------------------+-------+----------------+--+-----------------+ 
| Total equity                           |       |         39,459 |  |          58,648 | 
+----------------------------------------+-------+----------------+--+-----------------+ 
 
 
The financial statements were approved by the Board of Directors on 24 March 
2009 and signed on its behalf by: 
 
 
 
 
 
 
 
 
 
 
+--------------------------------------+----------------------+----------------------+ 
| Christian Williams                   | Keith Springall      |                      | 
+--------------------------------------+----------------------+----------------------+ 
| Chairman                             | Director             | Date: 24 March 2009  | 
+--------------------------------------+----------------------+----------------------+ 
 
 
 
 
COMPANY CASH FLOW STATEMENT 
for the year ended 31 December 2008 
 
 
+------------------------------------------+-------+----------------+--+----------------+ 
|                                          |       |     Year ended |  |     Six months | 
|                                          |       |                |  |          ended | 
+------------------------------------------+-------+----------------+--+----------------+ 
|                                          |Notes  |    31 December |  |    31 December | 
|                                          |       |           2008 |  |           2007 | 
+------------------------------------------+-------+----------------+--+----------------+ 
|                                          |       |        GBP'000 |  |        GBP'000 | 
+------------------------------------------+-------+----------------+--+----------------+ 
|                                          |       |                |  |                | 
+------------------------------------------+-------+----------------+--+----------------+ 
| Operating activities                     |       |                |  |                | 
+------------------------------------------+-------+----------------+--+----------------+ 
| Net result after taxation                |       |            816 |  |             50 | 
+------------------------------------------+-------+----------------+--+----------------+ 
|                                          |       |                |  |                | 
+------------------------------------------+-------+----------------+--+----------------+ 
| Adjustments for:                         |       |                |  |                | 
+------------------------------------------+-------+----------------+--+----------------+ 
| Tax                                      |       |          (261) |  |            359 | 
+------------------------------------------+-------+----------------+--+----------------+ 
|                                          |       |                |  |                | 
+------------------------------------------+-------+----------------+--+----------------+ 
| Operating flow before working capital    |       |            555 |  |            409 | 
| changes                                  |       |                |  |                | 
+------------------------------------------+-------+----------------+--+----------------+ 
|                                          |       |                |  |                | 
+------------------------------------------+-------+----------------+--+----------------+ 
| (Increase) in trade and other            |       |          (173) |  |           (10) | 
| receivables                              |       |                |  |                | 
+------------------------------------------+-------+----------------+--+----------------+ 
| (Decrease)/increase in trade and other   |       |          (602) |  |            588 | 
| payables                                 |       |                |  |                | 
+------------------------------------------+-------+----------------+--+----------------+ 
| (Increase))/decrease in restricted cash  |       |          (202) |  |              - | 
+------------------------------------------+-------+----------------+--+----------------+ 
| Net cash flows from operating activities |       |          (422) |  |            987 | 
+------------------------------------------+-------+----------------+--+----------------+ 
|                                          |       |                |  |                | 
+------------------------------------------+-------+----------------+--+----------------+ 
|                                          |       |                |  |                | 
+------------------------------------------+-------+----------------+--+----------------+ 
| Investing activities                     |       |                |  |                | 
+------------------------------------------+-------+----------------+--+----------------+ 
| Investment in subsidiary                 |       |              - |  |              - | 
+------------------------------------------+-------+----------------+--+----------------+ 
| Loans and advances to subsidiary         |       |            746 |  |        (1,810) | 
+------------------------------------------+-------+----------------+--+----------------+ 
| Net cash flows from investing activities |       |            746 |  |        (1,810) | 
+------------------------------------------+-------+----------------+--+----------------+ 
|                                          |       |                |  |                | 
+------------------------------------------+-------+----------------+--+----------------+ 
|                                          |       |                |  |                | 
+------------------------------------------+-------+----------------+--+----------------+ 
| Financing activities                     |       |                |  |                | 
+------------------------------------------+-------+----------------+--+----------------+ 
| Dividend paid                            |       |       (20,565) |  |              - | 
+------------------------------------------+-------+----------------+--+----------------+ 
| Proceeds from issue of shares            |       |            700 |  |         21,327 | 
+------------------------------------------+-------+----------------+--+----------------+ 
| Less issue costs                         |       |              - |  |            (5) | 
+------------------------------------------+-------+----------------+--+----------------+ 
| Net cash flows from financing activities |       |       (19,865) |  |         21,322 | 
+------------------------------------------+-------+----------------+--+----------------+ 
|                                          |       |                |  |                | 
+------------------------------------------+-------+----------------+--+----------------+ 
|                                          |       |                |  |                | 
+------------------------------------------+-------+----------------+--+----------------+ 
| (Decrease)/increase in cash and cash     |       |       (19,541) |  |         20,499 | 
| equivalents                              |       |                |  |                | 
+------------------------------------------+-------+----------------+--+----------------+ 
| Cash and cash equivalents at beginning   |       |         25,370 |  |          4,871 | 
| of year                                  |       |                |  |                | 
+------------------------------------------+-------+----------------+--+----------------+ 
| Cash and cash equivalents at end of year |       |          5,829 |  |         25,370 | 
+------------------------------------------+-------+----------------+--+----------------+ 
 
 
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
for the year ended 31 December 2008 
 
 
1ACCOUNTING POLICIES 
 
 
The principal accounting policies are summarized below. They have been applied 
consistently throughout the period covered by these financial statements. 
 
 
Basis of accounting 
The financial information has been prepared in accordance with International 
Financial Reporting Standards ("IFRS") as adopted by the European Union applied 
in accordance with the provisions of the Companies Act 1985. 
 
 
The financial statements have been prepared under the historical cost 
convention. 
 
 
Basis of consolidation 
The Group financial statements incorporate the financial statements of the 
Company and entities controlled by the Company (its subsidiaries) prepared to 31 
December each year with effect from 1st July 2007. Control is achieved where the