YCO Gr Oup p l C
Annu Al r epOrt & A CCOunts 2010
A business  
Of distin Cti On 
YCO GROUP PLC Annu Al rep Ort & ACCO unts 2010
YCO GROUP PLC
18 COuls On s treet 
lO nd On s W3 3nb 
u nited KinG d Om
tel: +44 (0)20 7584 1801 
WWW.YCOGr Oup.CO m Directors: p Jay
 C birkett
 G Wright
 C A smith (r esigned 31 July 2010)
 i r p etts (Appointed 31 July 2010)
 r m alliwal (Appointed 22 september 2010)
 s l idbetter (Appointed 1 January 2011)
 
Secretary: i r p etts  
Registered Office: 18 Coulson street
 l ondon
 sW 3 3nb
 +44 (0)20 7584 1801
 www.ycoyacht.com
Website: www.ycogroup.com
Registered Number: 05011189 (england And Wales)
Nominated Adviser Arbuthnot securities l imited
& Broker: Arbuthnot House
 20 r opemaker street
 l ondon  
 eC2Y 9Ar
Solicitors: sprecher Grier Halberstam llp 
 One America square
 Crosswall
 l ondon 
 eC3n 2 sG
Public Relations: Hudson sandler
 29 Cloth f air l ane
 l ondon 
 eC1A 7nn
Auditors: Jeffreys Henry llp
 finsgate
 5–7 Cranwood street
 l ondon
 eC1v 9ee
Bankers: Hsb C bank plc
 70 pall mall
 l ondon 
 sW1Y 5ez Registrars: Capita r egistrars l imited
 n orthern House
 Woodsome park
 f enay bridge 
 Huddersfield 
 Hd8 0 GA 
 COntents OVeRVIeW ■ ■
01 Highlights 
02 Global presence
04 services
08 Chairman’s statement 
bUsIness ReVIeW ■ ■
12 Chief executive’s statement 
16 Operating r eview
18 f inancial r eview
22 board of d irectors
FInanCIaL statements ■ ■
26 d irector’s r eport
28 Corporate Governance r eport 
29 r eport of the independent Auditors 
30 Consolidated income statement 
31 Consolidated statement of  
Comprehensive income 
32 Consolidated statement of  
Changes in equity 
33 Company statement of Changes  
in equity 
34 Consolidated statement of  
f inancial position 
35 Company statement of f inancial position
36 Consolidated statement of Cash f lows
37 n otes to the Consolidated  
statement of Cash f lows 
38 Company statement of Cash f lows 
39 n otes to the Company statement  
of Cash f lows 
40 n otes to the f inancial statements
GLOba L s UPe RYa Cht* se RVICes PROVI de R, 
FOCUs In G On se RVICe, PROF ess IOna LIsm  
and I nn OVat IOn I n the I nd Ust RY.
sAles b r OKer AGe ■ ■
CHArter br OKer AGe ■ ■
CHArter mAnAG ement ■ ■
Oper Ati OnA l mAnAG ement ■ ■
pr OJeCt mA n AGement A nd C OOrdin Ati On f Or ■ ■
super YACHt CO nstru Cti On 
Cre W r eCruitment, s eAr CH And p l ACement ■ ■
pr Ovisi Onin G And C On Cier Ge supp Ort ■ ■
fuellin G ■ ■
*superyacht 24m/80ft+
YCO GROUP PLC COm Pan Y In FORmat IOn FOR the Y ea R ended 31 d e Cembe R 2010 OVERVIEW
01 yc O g ROup plc annual RE pORt & acc Ounts 2010
financial highlights
s t REngth En Ed t Eams and O pERat IOns ha VE 
s Ecu REd s Ol Id p ROf Itab Il Ity f OR th E gRO up 
In all c ORE s ERVIc Es, In th E En VIROnm Ent 
Of a c Ont Inually RE c OVERIng luxu Ry 
tR a VEl maR k Et.
highlights
Revenue up 9% to £27.0m (2009: £24.7m) ■ ■
g ross profit increased by 19% to £8.3m ■ ■
(2009: £7.0m)
Operating profit before exceptional items ■ ■
increased to £930,948 (2009: £82,277)
profit before tax of £588,448 (2009: £30,804) ■ ■
Eps 1.02p (2009: 0.02p) ■ ■
* Exceptional items totalled £330,080 
brokerage department bolstered by recruitment of ■ ■
industry leading team
n umber of sales up 50% to 9 (2009: 6) ■ ■
n umber of c harter Weeks sold increased 13% to ■ ■
175 (2009: 155)
n umber of c ontracted yachts increased 13% to 58 ■ ■
(2009: 51)
f inancial highlights operational highlights
revenue
£m
2010 : £27.0
2009 : £24.7
2008 : £28.5
+9%
gross profit
£m
2010 : £8.3
2009 : £7.0
2008 : £5.3
+19%
operating profit
£’000
 2010 : £931
2009 : £82
2008 : (£724)
+1031%
profit before tax 
£’000
 2010 : £588
2009 : £31
2008 : (£684)
+1810% 02
2010 business 
highlights 
January 
Order for 50m yacht placed at f eadship •	
(d elivery 2013)
f ebruary 
sale of m/y a lpha Z •	
2010 c harter c atalogue published, •	
foreword by Eric schmidt
March 
yc O appointed c entral sales a gent for s/y •	
y 3k 
yc O appointed c entral sales a gent for s/y •	
u nplugged
a pril 
sale of s/y y 3k •	
June 
d elivery of 60m bacarella at t rinity shipyard •	
Order for 50m yacht placed at h eesen •	
(d elivery 2013)
yc O appointed c entral c harter a gent for •	
s/y y II 
septe Mber 
yc O launches world’s first superyacht •	
search ipad application “yachtbox”
l aunch specialist crew travel facility yc O f ly •	
l ondon charter team strengthened •	
o ctober 
sale of s/y g liss •	
Dece Mber 
sale of m/y s eaflower •	
yc O appointed c entral c harter a gent of •	
m/y c heeky t iger
sales and c harter d irector appointed •	
(n eil c heston)
yc O has E xt End Ed I ts gl Obal 
REach and c Ont Inu Es t O Expl ORE 
OppORtun It IEs t O Inc REas E Its 
l EVEls O f act IVIty ac ROss a WI d ER 
g EOg Raph Ical bas E. 
global presence
ycO continues to look to developing regions in the superyacht sphere 
for potential growth opportunities, while developing its service offering 
and continuing to position the brand as a leader in client service in the 
superyacht industry.
Overall, the ycO team has achieved much in turbulent times and 
throughout, the company and its staff have maintained a focus on 
strategic growth and, most importantly, a commitment to providing 
excellent, knowledgeable service to the company’s clients.
charlie birkett, chief Executive
g roup co Mpanies
yco ■ ■
yco crew ■ ■
yacht f uel services ■ ■
yacht h elp g roup ■ ■
(closed during 2010) OVERVIEW
03 yc O g ROup plc annual RE pORt & acc Ounts 2010
yco ■ ■
monaco (hQ) 
london, uk 
doha, Qatar 
newport, usa
yco crew ■ ■
antibes, france 
palma, spain
yfs ■ ■
london, uk
yhg (now yco c oncierge) ■ ■
france (closed during 2010) 
spain (closed during 2010) 
monaco (opened during 2010)
group offices 04
yc O Was f Ound Ed WIth th E a Im Of  
pROVId Ing Inn OVat IVE and Eff Ic IEnt  
sOlut IOns t O sup ERyacht OW n ERs ,  
capta Ins and c REW, Off ERIng Exc Ept IOnal 
s ERVIc E, pROf Ess IOnal Ism and E xp ERIEnc E. 
services
yc O was founded in monaco in 2003 by current 
d irectors g ary Wright and c harlie birkett as a 
superyacht management company. h aving both spent 
many years working on board superyachts, it was their 
aim to build on their own experiences and knowledge 
to provide clients and captains with the kind of reliable 
shoreside support which was unavailable at that time. 
Eight years on, yc O has grown to become a global 
force in superyacht management, with a burgeoning 
sales and charter brokerage division. yc O has also 
expanded its scope of operations to include crew 
recruitment, fuelling and superyacht concierge  
and provisioning. 
Our listing on the l ondon stock Exchange’s a Im 
provides yc O clients with an exceptional level of 
transparency and regulation in its operations which 
is unique in the industry.
YCO & YCO Crew In yacht management, yc O has become known for 
an innovative, pioneering approach, after introducing 
corporate management techniques to the industry 
and developing the groundbreaking yacht management 
software yc O l IVE, which continued to be developed 
and improved in 2010. 
t he yc O project management division has been 
involved in some of the most significant new build 
projects of recent years and several major superyacht 
refits and rebuilds. t he department’s engineers and 
technical personnel work alongside administrative 
staff in monaco offices and onsite at major 
European shipyards. 
With monthly retainers from yacht management 
and project management providing a stable revenue 
platform, the c ompany now focuses on strengthening 
the profitable brokerage arm of the business, both in 
sales and charter, where revenue is generated on a 
commission basis.
yc O c rew continues to offer specialist yacht crew 
recruitment services in palma and a ntibes, charging 
a fixed fee per placement. In 2010 yc O c rew also 
provided its services out of monaco headquarters, 
to support the needs of the yc O yacht 
management division. 
Ya Cht Fuel Servi Ce S
yacht f uel services has continued to source and 
resell fuel to yachts around the world from offices in 
l ondon and f rance. a lthough yfs and its services 
fall outside the c ompany’s core service offering, the 
division operates as a profitable standalone business.
Ya Cht h elp Gr Oup  
(n Ow YCO CO n Cier Ge)
d uring 2010 the c ompany closed yacht h elp g roup 
in spain and f rance, moving all services and personnel 
into the yc O yacht management division in monaco. 
services include assistance with day to day operations, 
provisioning and charter concierge. Revenue is earned 
on a time and mark-up basis. d uring 2010 the travel 
division within yc O c oncierge launched the yc O f ly 
service, enabling crew on the c ompany’s managed 
yachts to obtain discounted travel airfares worldwide.  OVERVIEW
05 yc O g ROup plc annual RE pORt & acc Ounts 2010
ycO OpERatEs In a dIstInct maRkEtplacE WIth 
un IQu E n EEds and REQu IREmEnts. In ORd ER t O 
Eff Ect IVEly s ERVE Ou R cl IEnts and d Ist Ingu Ish 
OuRsEl VEs fROm OuR cOmpEtItIOn, ycO has 
f Ocus Ed On th E f Oll OWIng c ORE a REas Of  
OuR OpERatIOn:
iMprove D perfor Mance ■ ■
strong tea M ■ ■
g lobal expansion ■ ■
select partners ■ ■
a business of D istinction 06
focus on core business 
In 2010 sEnIOR 
managEmEnt’s fOcus 
Was t O dEVElOp 
ycO’s cORE sERVIcEs. 
subsEQ uEntly, thERE 
haVE bEEn ImpROVEd 
REsults ac ROss all 
thEsE aREas. 
operating profit
£’000
 2010 : £930,948
2009 : £82,277
2008 : (£723,636)
+1031% OVERVIEW
07 yc O g ROup plc annual RE pORt & acc Ounts 2010
fO ll OWIng a succ Essful 
REst Ructu RIng p ROg Ram mE 
In 2009, yc O Was abl E t O 
bu Ild O n th E c Ompany’s 
tu Rna ROund and a 
g Radually REc OVERIng 
ma Rk Et I n 2010.
ImpROVEd pERfORmancE
Ou R dI stI nctIO ns 08
“ t h E bOa Rd c Ont Inu Es t O ass Ess E ff Ic IEncy, 
Ensu RIng that th E c Ompany’s p ERsOnn El, 
bRand, s ERVIc E Off ERIng and REputat IOn f OR 
Inn OVat IOn ma Inta In I ts l Ead Ing p OsIt IOn I n 
th E maR k Etplac E.”
rear a DMiral  
scott l iDbetter 
nO n-Ex EcutIVE c haIR man
chair Man’s state Ment
I am delighted to deliver my maiden statement as 
n on-Executive c hairman of yc O g roup and I thank 
my predecessor, peter Jay for his continued support 
and hard work during his tenure, which saw a critical 
period of transition for the g roup. 
t hrough the continued restructuring of the g roup, 
I am pleased to report that yc O has significantly 
increased its profitability and it remains wholly 
focused on maintaining this trend. 
In 2010, yc O continued to extend its reach 
worldwide. a permanent presence in the m iddle East 
was established in d oha and the g roup continues to 
explore opportunities to increase its levels of activity 
across a wider geographical base.
t he board was strengthened during the period 
with Ian petts appointed as f inance d irector, after 
serving yc O in monaco since 2008 and Rishi malliwal, 
an experienced corporate lawyer, joining as n on-
Executive d irector. 
1  sail 
2  Motor
1 24m–39m (80ft–130ft)
2 40m–59m (131ft–194ft)
3 60m–99m (195ft–324ft)
4 100m+ (325ft+)
t he board continues to assess the efficiency of the 
g roup’s operations, ensuring that the c ompany’s 
personnel, brand, service offering and reputation 
for innovation maintain its leading position in  
the marketplace.
I would like to thank all of the g roup’s employees 
for their commitment and hard work in achieving an 
excellent set of results. It is exciting to work alongside 
yc O founders g ary Wright and c harlie birkett and 
I have every faith in their growth strategies for the 
g roup and their ability to continue to take 
yc O forward.
rear admiral S COtt l idbetter 
n on- executive c hair Man
30 May 2011
1
2
1
2
3
4
yco contracteD yachts: breaKDo Wn OVERVIEW
09 yc O g ROup plc annual RE pORt & acc Ounts 2010
“ I am pl Eas Ed t O REpORt that yc O 
has sIgn If Icantly Inc REas Ed 
Its p ROf Itab Il Ity and I t RE ma Ins 
Wh Olly f Ocus Ed On ma Inta In Ing 
th Is t REnd .” 10
a yacht Is Only
as gOOd as Its cREW 
and thE EmphasIs On 
t Eam WORk In yc O 
Off Ic Es Is Just as It 
Is On OuR yachts. 
thE mO tIV atIOn, 
cama Rad ERIE and 
Int ERd EpEnd Enc E 
Of a mERIcas’ c up 
RacE tEams sERVE as 
InspIRatIOn.
WIth s EVERal st ROng 
add It IOns t O bROk ERag E 
and manag EmEnt t Eams 
In 2010, yc O Is WEll plac Ed 
t O WIn n EW bus In Ess and 
Inc REas E ma Rk Et sha RE 
In 2011.
stROng tEam
Ou R dI stI nctIO ns OVERVIEW
11 yc O g ROup plc annual RE pORt & acc Ounts 2010
lO n G-t erm i n Centive p lan it is the b oar D’s intention to a Dopt an ltip 
to allo W eMployees of the g roup to be 
grante D a War Ds in respect of o r Dinary 
shares. i t is inten DeD that the M axi Mu M 
nu Mber of o r Dinary shares issuable un Der 
the ltip by the c o Mpany Woul D not excee D 
one thir D of the c o Mpany’s issue D share 
capital. i t is propose D that the po Wers of 
the b oar D to grant a War Ds of o r Dinary 
shares un Der the ltip W oul D be operate D 
through, an D on the reco MMen Dation of, 
the r eMuneration c o MMittee.  12
“ th E sup ERyacht ma Rk Etplac E Is sh OWIng 
s Igns Of g Radual REc OVERy. In 2010, th E 
numb ER Of sup ERyacht sal Es ac ROss th E 
Indust Ry Was h Igh ER than th E pREVIOus 
y Ea R and In th E f IRst Qua Rt ER Of 2011 yc O 
has s EEn an I nc REas E In E n Qu IRIEs .”
charlie birKett
ch IEf E x Ecut IVE Off Ic ER 
ycO cO -f Ound ER
chief executive’s state Ment
r eview OF b u Sine SS Operati On S
bro Kerage 
a fter an encouraging performance by the brokerage 
division in 2009 the board took the opportunity to 
further strengthen the team during 2010, attracting 
four well regarded sales and charter brokers from a 
leading competitor. t he ongoing recruitment and 
retention of industry leading employees remains core 
to our strategy. Overall, both sales and charter 
performed ahead of expectations, both in terms of the 
sales, and also in securing new c entral a gency yachts.
d uring the period yc O continued to offer its clients 
industry innovating services, most recently an ipad 
based application designed as a brokerage tool. a 
superyacht search facility, ‘yachtbox’ is the first 
application of its kind and was well received at its 
launch at the monaco yacht show. 
Manage Ment
a s well as increasing the number of yachts under 
management, yc O took delivery of two new 
superyachts from the prestigious g erman shipyard 
l ürssen (one above 80m and one above 120m). both 
yachts had been overseen by yc O project 
management throughout construction and moved 
seamlessly to the Operational management fleet. 
Overall the department has maintained a satisfying 
market share and its reputation among captains and 
owners for its knowledge and service levels continues 
to grow.
t he g roup continued to develop its management 
service offering globally by transferring management 
personnel permanently to the g ulf. yc O continues to 
look to developing regions in the superyacht market 
for potential growth opportunities.
yco c re W
yc O crew achieved improved results, making more 
placements in 2010 than in 2009. In palma, yc O c rew 
relocated to larger offices and is now able to offer 
logistical support to yc O managed yachts based or 
passing locally. t he division remains an excellent 
client source for the c ompany’s yacht management 
division and as such the board was satisfied with its 
performance and looks to strengthen the recruitment 
team in 2011. 
yacht f uel s ervices
t he fuel services division maintained its position in the 
marketplace, performing in line with expectations. In 
early 2010 the division remained affected by reduced 
transatlantic yachting traffic however, and the board 
continues to review its position within the g roup.
yacht h elp g roup  
(no W yco c lient concierge)
d uring the year the decision was taken to withdraw 
yhg operations from s pain and f rance, with all 
activity transferred to yc O’s expanded offices in 
monaco and palma (yc O c rew). n ow ‘yc O c lient 
c oncierge’, the division’s service offering has been  bus In Ess REVIEW
13 yc O g ROup plc annual RE pORt & acc Ounts 2010
further strengthened by a partnership with a leading 
global concierge provider with offices in 60 further 
cities worldwide. t he board views this as a positive 
development of yc O’s existing concierge services, 
an area of the business which has traditionally 
differentiated yc O from competitor charter firms.
Finan Cial r eview We are very pleased with our financial performance 
over the period after posting a small maiden profit 
in 2009. profits have increased dramatically from 
break even to close to £1m before exceptional items 
of £330k, which includes European Vat provision of 
£150k, goodwill of £102k for the liquidation of yacht 
h elp g roup g ibraltar and fixed asset write off of 
£78k for the closure of offices in palma and barcelona. 
a n increase in charter contracts and office expansion 
means that cash is slightly lower than forecast at 
£500k but yc O remains largely free of debt and 
very well positioned for further growth in 2011.
OutlOO k yc O remains focused on building on the excellent 
client, operational and personnel achievements made 
in 2010. It will do this through the ongoing development 
of our client services as well as leveraging the yc O 
brand through strategic marketing initiatives that will 
help ensure yc O maintains its position as a leader in 
the superyacht industry. a s part of this yc O intends 
to implement an Employee Incentive scheme in 2011 
to retain and attract the industry’s leading talent – 
being the only uk listed superyacht services company 
gives yc O a unique industry advantage in this respect. 
 
t he superyacht marketplace is showing signs of 
gradual recovery. In 2010, the number of superyacht 
sales across the industry was higher than the previous 
year and in the first quarter of 2011 yc O has seen an 
increase in enquiries for sales, charter and yacht 
management. With several prospects also 
commissioning the build of new yachts, yc O is 
currently involved commercially with every major 
shipyard in northern Europe, a significant milestone. 
a s founders of yc O, g ary Wright and I are pleased 
with the c ompany’s performance and welcome new 
arrivals to the board and the g roup, in particular the 
new d irector of sales and c harter, n eil c heston. We 
would like to thank the whole yc O team for enabling 
us to achieve very encouraging results for 2010. 
t he g roup is confident that in this improving market, 
with its industry leading client service offering and team 
of highly respected yacht managers and brokers, yc O 
can continue to build on the momentum gained in 2010 
and accordingly the board looks forward with optimism.
Charl i e b irkett chief executive officer
30 May 2011
2011–2012 yachting 
calenD ar
June 7–11
lORO pIana s up ERyacht 
REgatta, pOR t O cERVO , Italy
June 22–25
s up ERyacht c up, palma 
July 16–24
fIR st EVEnt Of th E 2011–12 
amERIca’s cup W ORld sERIEs
a ugust 12–14
shIpyaRd cup, bOO thbay 
haRbOuR, usa
a ugust 25–28
nEWpOR t buckEt, nEWpOR t, 
usa
septeMber 1–4
pERInI na VI cup, pOR t O cERVO , 
Italy
septeMber 6–11
c ann Es Int ERnat IOnal 
yacht shOW
septeMber 4–10
maxI yacht R OlEx cup, 
pORt O cERVO , Italy
septeMber 21–24
mOnacO yacht shOW
sept 25–oct 2
VOIlEs dE saInt tROpEZ, 
saInt tROpEZ, fRancE  
october 27–31
fOR t l aud ERdal E 
IntERnatIOnal bO at shOW
october 29
s ta Rt Of V Ol VO Oc Ean Rac E 
noveMber 15–17
mEts, amstERdam
DeceMber 4–10
a nt Igua yacht c ha Rt ER 
mEEtIng
January 6–15
lOndOn bO at shOW
March 6–11
dubaI IntERnatIOnal bO at 
shOW
april 30–May 4
gEnO a yacht chaR tER shOW 14
ycO yachts tRa VEl 
all OVER thE WORld, 
and s O d O yc O 
yacht managERs and 
bROkERs. tO OffER a 
bEtt ER s ERVIc E t O Ou R 
gulf basEd clIEnts, 
ycO EstablIshEd a 
pERman Ent p REs Enc E 
In dO ha In 2010, Wh Ich 
WIll gROW t O a full 
s ERVIc E Off Ic E In 2011.  bus In Ess REVIEW
15 yc O g ROup plc annual RE pORt & acc Ounts 2010
a s Ou R cl IEnt bas E g ROWs, 
yc O l OOks t O Expand Its 
REach gl Obally. In 2011 
yc O has Establ Ish Ed a 
pERman Ent bas E In East 
cO ast usa and c Ont Inu Es 
t O Expl ORE OppORtun It IEs 
In d EVEl OpIng sup ERyacht 
ma Rk Ets. 
glObal ExpansIOn
Ou R dI stI nctIO ns 16
“ s EVERal ya cht OWn ERs app ROach Ed yc O 
l OOk Ing t O ImpROVE Eff Ic IEncy Onb Oa Rd 
du RIng and f Oll OWIng th E d OWntu Rn.”
operating revie W
bu Sine SS & market O verview 
broKerage
t he more lucrative brokerage side of the industry was 
the most heavily affected by the downturn, however 
2010 showed a stronger start to the year than 2009 
across the industry. 
t he mediterranean remained the most popular 
cruising ground although the c aribbean showed signs 
of recovery after two quiet seasons. t his is possibly 
as a result of increased piracy risk en route to the 
alternative destinations of the seychelles and maldives, 
now avoided by many private vessels. 
l ed by new d irector of sales and c harter, n eil 
c heston, who joined from c amper & n icholson 
International, the strengthened brokerage teams 
will work to increase yc O’s market share in 2011, 
particularly in sales brokerage. t he division remains 
a focus for improvement. 
yacht Manage Ment
several yacht owners approached yc O looking to 
improve efficiency onboard during and following 
the downturn. a dditionally, with over 200 new 
superyachts delivered across the industry in 2010, 
the yacht management division was able to bid for 
and win new contracts. 
d evelopment of yc O l IVE continued throughout the 
year as feedback from users reported that the online 
management tool has become an integral part of their 
yachts’ management.
yc O placed orders for two large new builds for 
clients in 2010 and the first quarter of 2011 shows 
promise. With several projects under way, the board 
plans to expand this division within Europe.
c re W r ecruit Ment
t here remained a demand for yacht crew throughout 
2009 and 2010 for newly delivered yachts. h aving lost 
market share in 2009, yc O c rew performed ahead 
of expectations with 167 placements in 2010 – a 43% 
increase. t he division remains an excellent source for 
new yacht management business and the team will be 
expanded in 2011. 
yacht fuel services
t he demand in the fuelling market slowed in 2010 and 
in an increasingly crowded marketplace yfs was under 
pressure to reduce margins to maintain market share. 
yfs maintained its position by changing its pricing 
strategy, bringing in a higher revenue and increasing 
customer numbers. Overall, the division performed  
as anticipated.
yacht p rovisioning an D concierge
a ll operations at yhg have been closed and services 
moved into yc O offices in monaco and f rance. t his 
has enabled better support of the fleet of yc O 
managed yachts and, as well as reducing operating 
costs, the change has been well received by yc O 
client yachts. 
t he board continues to investigate means of 
supporting the division on a global level, to enable it 
to provide services to yachts around the world and 
maximise any ensuing opportunity to attract new 
client yachts to yc O.  bus In Ess REVIEW
17 yc O g ROup plc annual RE pORt & acc Ounts 2010
builder h eesen (h olland)
year 2009
l ength 44m
beam 9m
d raft 1.9m
s peed 20 knots
g uests 10
c abins 3 doubles
 2 convertibles
c rew 8
l Ength
44m
Winner of the 
Exterior 
Recreational a rea 
d esign award at the 
s howboats  
d esign a wards 2010
spEEd
20
kn Ots
gu Ests
10
Jems combines impressive top speeds and  
a unique, ultra modern interior complete with  
state-of-the-art audio visual equipment, including  
an outdoor cinema screen. perfect for those 
seeking something truly stylish, Jems has large 
volumes both on the interior and exterior, coupled 
with a veritable arsenal of toys; guests are never 
short of entertainment on this magnificent yacht.
price €160,000 per week
JEms
yacht a Va Ilabl E t O cha Rt ER 18
“ In 2009 and 2010, manag EmEnt’s f Ocus 
lay I n RE duc Ing c Osts ac ROss th E gRO up 
and p REpa RIng a stabl E platf ORm t O fac E 
th E d OWntu Rn. In 2011, WIth a p Rud Ent 
g ROWth st Rat Egy, th E bOa Rd Is c Onf Id Ent 
In Opt ImIs Ing futu RE REtu Rns f OR Ou R 
sha REh Old ERs.” 
ian petts, aca 
fI nanc E dIRE ct OR
revenue
2010 : £27,028,837
2009 : £24,694,534
2008 : £28,501,012
+9%
gross profit
2010 : £8,332,757
2009 : £6,990,229
2008 : £5,274,346
+19%
creW placeMents
 2010 : 167
2009 : 117
2008 : 136
+43%
charter WeeKs
 2010 : 175
2009 : 155
2008 : 130
+13%
fuel t onnage solD
 2010 : 25,247
2009 : 26,832
2008 : 29,870
-6%
c ontracte D yachts  
at year enD
 2010 : 58
2009 : 51
2008 : 38
+14%
sales
 2010 : 9
2009 : 6
2008 : 10
+50%
Key perforMance inDicators
financial revieW
In 2010 the board’s focus was to continue monitoring 
efficiency and cost control, but also to invest in core 
services, enabling development and growth in these areas.
strengthening the teams in yacht management and 
brokerage enabled both divisions to increase their market 
share and overall, revenue in all core areas of business 
has increased. 
In light of gradually improving market conditions, yacht 
f uel services remains the sole area showing no growth in 
turnover or profitability. With limited or no cross-selling 
potential to the wider g roup, the board will continue to 
assess the position of this subsidiary going forward. 
Overall, the g roup’s consolidated results demonstrate a 
continued turnaround. In 2011, the board will continue 
with a similar approach to cautious, strategic investment 
and growth in core areas of business and an ongoing 
analysis of secondary services. 
operating profit
 2010 : £930,948
2009 : £82,277
2008 : (£723,636)
+1031%
profit before tax
 2010 : £588,448
2009 : £30,804
2008 : (£684,079)
+1810% bus In Ess REVIEW
19 yc O g ROup plc annual RE pORt & acc Ounts 2010
bIg f Ish is a luxury expedition yacht combining the 
best attributes of a strong long-range motor vessel 
with the comfort, stability and amenities of  
a traditional luxury yacht. bIg f Ish can welcome  
up to ten guests in a luxurious, yet ecologically 
responsible setting. u sing leading-edge design and 
innovative materials and complete with ice-breaker, 
bIg f Ish has redefined expeditionary-style yachting.
bIg fIsh
yacht a Va Ilabl E f OR sal E
price €26,500,000
builder  a quos yachts by  
McMullen & Wing  
(n ew Zealand) 
year 2010
l ength 45m
beam 9m
d raft 3m
s peed 15 knots
g uests 10
c abins 5 doubles
c rew 10
l Ength
45m
spEEd
15
kn Ots
gu Ests
10 20
sERVIcE Is cRucIal t O 
cOmpanIEs OpERatIng  
In thE luxuR y maRkEt,  
and by pa Rtn ERIng  
WIth lEadIng cOncIERgE 
bEspOkE tRa VEl spEcIalIsts, 
pREsEnt In 60 cOuntRIEs 
WORldWI d E, yc O  
has Enhanc Ed Its 
chaR tER OffERIng.  bus In Ess REVIEW
21 yc O g ROup plc annual RE pORt & acc Ounts 2010
t h ROugh th Es E st Rat Eg Ic 
pa Rtn ERsh Ips, yc O Is abl E 
t O Off ER Ou R cha Rt ER 
cl IEnts th E ult Imat E In 
pERs Onal Is Ed cha Rt ER 
h Ol Idays, Inc ORpORat Ing 
th E bEst that b Oth land 
and s Ea can O ff ER.
sElEct paR tnERs
Ou R dI stI nctIO ns 22
c harlie birKett
c h IEf Ex Ecut IVE Off Ic ER 
ycO cO -f Ound ER
ian petts, aca 
fI nanc E dIRE ct OR
g ary Wright
Ex Ecut IVE dIRE ct OR 
ycO cO -f Ound ER
scott l iDbetter
nO n-Ex EcutIVE chaIR man
scott l idbetter (aged 59) left the Royal 
n avy as a Rear a dmiral after a successful 
career spanning three decades. h e has 
subsequently specialised in the superyacht 
and corporate security sectors where he 
has gained significant non-executive 
experience. scott’s extensive international 
background has been focused on business 
development into new markets and 
strategic consultancy. h e is a l iveryman 
of the Worshipful c ompany of security 
professionals, a f reeman of the c ity 
of l ondon, and holds Queen’s 
c ommendations for Valuable service 
and Valuable service in the a ir. c urrent 
directorships include c hairman of the 
f leet a ir a rm Officers’ a ssociation 
and n on-Executive c hairman of the 
maritime security company Veritas 
International c onsultancy. 
scott was appointed n on-Executive 
d irector of yc O g roup plc on 
1 January 2011 and n on-Executive 
c hairman on 31 march 2011.
c harlie birkett (aged 36) began his 
career in yachting at the age of 16, 
working as a sail maker and boat 
builder. h e went on to race sailboats 
professionally in the uk and the usa 
before working as crew on superyachts, 
where he met yc O co-founder g ary 
Wright in 1997. c harlie and g ary have 
worked together since, including as 
project managers on the build of the 
groundbreaking 92m (303ft) yacht 
t atoosh. On land, c harlie’s yachting 
experience has been equally extensive, 
including sales, management and project 
management to logistics and fleet 
management. h e founded yc O with 
g ary Wright in monaco in 2003.
c harlie was appointed Executive 
d irector of yc O g roup plc on 28 may 
2008 and c hief Executive Officer on 
19 October 2009.
prior to joining yc O in monaco in 
2008, Ian petts (aged 34) was f inancial 
c ontroller and c ompany secretary 
for h ambledon mining g roup plc, an 
a Im quoted company. a graduate of 
c ranfield u niversity, Ian is a member of 
the Institute of c hartered a ccountants 
in England and Wales having qualified 
with d eloitte & t ouche for whom 
he worked between 2002 and 2005. 
before being invited by the board to 
become g roup f inance d irector in 
2010, Ian was heavily involved in the 
financial management of the g roup, 
its subsidiaries and the restructuring 
process which achieved the g roup’s 
return to profitability. 
Ian was appointed f inance d irector of 
yc O g roup plc on 31 July 2010.
g ary Wright (aged 52) has over 30 
years’ experience in the maritime 
industry. h e met yc O co-founder 
c harlie birkett in 1997 on board the 
59m (193ft) f eadship, c alixe, of which 
g ary was then captain. g ary was one of 
the youngest superyacht captains in the 
world, and has since captained many high 
profile superyachts and project managed 
a number of significant construction and 
refit projects. g ary has also acted as 
c EO for an a merica’s c up c hallenge 
team in the 31st a mericas c up, where 
he oversaw all team activity in the three 
years leading up to the race. a n 
experienced yachtsman, businessman 
and broker, g ary acts as an Executive 
d irector and is also the managing 
partner of the core subsidiary yc O, the 
g roup’s monaco and l ondon based 
brokerage and management company.
g ary was appointed Executive d irector 
of yc O g roup plc on 28 may 2008.
boar D of D irectors bus In Ess REVIEW
23 yc O g ROup plc annual RE pORt & acc Ounts 2010
r ishi Malli Wal
nO n-Ex EcutIVE dIRE ct OR
peter Jay 
nO n-Ex EcutIVE d IREct OR
o perational 
manag EmEnt tE am
Rishi malliwal (aged 32) qualified as a 
solicitor in 2004 at t ollers llp . h e 
joined sprecher g rier h alberstam llp 
(sgh ) in 2006 where he became a 
partner in the corporate team in 2008. 
Rishi specialises in corporate finance 
transactions for public and private 
companies and is an a ssociate of the 
c hartered management Institute and a 
member of the l aw society of England 
and Wales. 
Rishi was appointed n on-Executive 
d irector of yc O g roup on 
22 september 2010. 
peter Jay (aged 67) was formerly a 
solicitor and a partner with beachcroft 
llp . h e now specialises in corporate 
finance and has had extensive 
experience of advising both public and 
private companies and has held a 
number of directorships including 
sportingbet plc (where he was a 
founding director) and t op t en 
h oldings plc. h e is currently Executive 
c hairman of mountfield g roup plc and 
n on-Executive c hairman of two plus 
listed companies.
peter was appointed n on-Executive 
c hairman of yc O g roup plc on 
29 september 2008 and became  
a n on-Executive d irector on  
31 march 2011.
f OR th E y Ea R End Ed  
31 dE c EmbER 2010
neil cheston ( bROk ERag E)
y ves Da Mette ( manag EmEnt)
h atty c a Mpbell ( cREW RE c Ru Itm Ent)
barnaby sK ipWith ( yacht f u El sERVI c Es) 24
c apitalising on recent advances in green technology, 
Ethereal is the most ecologically friendly yacht 
available for charter; with the ability to operate for 
extended periods of time by stored electrical power 
she is exceptionally quiet at anchor, a truly tranquil 
way to enjoy her elegant and exceptionally well 
thought out interior.
EthEREal 
yacht a Va Ilabl E t O cha Rt ER 
price €200,000 per week
builder r oyal h uisman
year 2009
l ength 58m
beam 11.42m
d raft 4.9m
s peed 10 knots
g uests 10
c abins  3 doubles  
2 convertibles
c rew 10
l Ength
58m
spEEd
10
kn Ots
gu Ests
10 bus In Ess REVIEW
25 yc O g ROup plc annual RE pORt & acc Ounts 2010
builder n autors swan
year 2008
l ength 27.7m
beam 6.5m
d raft 4.4m
s peed 10 knots
g uests 3
c abins 1 double 
 2 twins
l Ength
27.7m
spEEd
10
kn Ots
gu Ests
3
dsk is the ultimate combination of performance 
and style. a s wan 90 built by n autor in f inland, 
dsk has been built to the highest specification and 
optimised to race and cruise in idyllic destinations 
around the world. t he interior of dsk is a stunning 
fusion of f innish craftsmanship and modern 
minimalism, offering spacious and stylish 
accommodation well suited to extended cruising.
price €7,950,000
dsk
yacht a Va Ilabl E f OR sal E 26
Directors’ r eport for the year en De D 31 December 2010
The Directors present their report with the financial statements of the Group and 
Company for the year ended 31 December 2010.
PRINCIPAL ACTIVITY
The principal activity of the Group in the year under review was the supply of 
services and marine fuel to the world’s superyachts, captains and their owners.
REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS
A detailed appraisal of business developments is on pages 2 to 21.
KEY RISKS AND UNCERTAINTIES
The Directors are optimistic about the business development in 2011. However this 
is dependent upon factors such as oil prices, volatility of the US Dollar and Euro 
exchange rates and global economic stability. The exchange rate risk is partly 
mitigated by buying and selling in the same currency.
RESULTS AND DIVIDENDS
The profit for the year after tax is £491,560, which has been allocated against 
reserves. No dividends will be distributed for the year ended 31 December 2010.
DIRECTORS
The following Directors have held office since 1 January 2010:
P Jay
C Birkett
G Wright
C A Smith (Resigned 31 July 2010)
I Petts (Appointed 31 July 2010)
R Malliwal (Appointed 22 September 2010)
S Lidbetter (Appointed 1 January 2011)
Remuneration of the Directors for the year is summarised as follows:
Directors’ 
fees  
£
Salary and 
consulting 
fees  
£
Health care  
£
Total  
£
Gary Wright – 218,314 11,065 229,379 
Charles Birkett – 217,682 6,844 224,526 
Ian Petts –  71,693 789 72,482 
Rishi Malliwal – 6,913  – 6,913 
Charles Smith* 76,000 – – 76,000 
Peter Jay 30,000 – – 30,000 
106,000 514,602 18,698 639,300 
* Charles Smith fees includes £48,000 relating to compensation for loss of office.
I Petts, R Malliwal and S Lidbetter offer themselves for re-election at the forthcoming 
Annual General Meeting.
The beneficial interests of Directors holding office during the year ended 
31 December 2010 in the issued share capital of the Company were as follows:
31.12.10 01.01.10
No of 
Ordinary 
shares of 
0.35p each 
Percentage of 
issued share 
capital
No of 
Ordinary 
shares of 
0.35p each 
Percentage of 
issued share 
capital
C A Smith 200,000 – – –
P Jay – – – –
C Birkett* 3,426,450 7% 3,426,450 7%
G Wright* 3,426,451 7% 3,426,451 7%
I Petts – – – –
R Malliwal – – – –
*  Charlie Birkett’s and Gary Wright’s Ordinary shares are held through Lynchwood Nominees.
On 1 May 2008, the issued and unissued Ordinary share capital of the Company of 
0.05p each was consolidated so that every seven shares of 0.05p each held by a 
shareholder became one Ordinary share of 0.35p.
The numbers of options outstanding to Directors holding office during the year 
ended 31 December 2010 are as follows:
31.12.10 01.01.10
No of 
options at 
0.49p each
No of 
options at 
0.35p each
No of 
options at 
0.49p each
No of 
options at 
0.35p each
C A Smith 108,035 – 108,035 –
SUBSTANTIAL SHAREHOLDERS
As at 4 May 2011, the Company has been notified of the following interests in the 
issued share capital of the Company:
No of 
Ordinary  
shares of  
0.35p each
Percentage  
of issued 
share capital
State Street Nominees Limited 10,296,011 21.38%
Lynchwood Nominees 6,852,901 14.23%
ZMS Investments 6,785,714 14.09%
LJ Milton 6,785,714 14.09%
Pastor Jean-Victor-Jean-Baptiste 4,081,633 8.47%
Vidacos Nominees Limited 3,696,384 7.67%
Barclayshare Nominees Limited 1,092,430 2.27%
TD Waterhouse Nominees Europe Limited 1,011,975 2.10%
GROUP’S POLICY ON PAYMENT OF PAYABLES
It is the Group’s normal practice to make payments to suppliers in accordance with 
agreed terms provided that the supplier has performed in accordance with the 
relevant terms and conditions. The payables days decreased by 22 days to 30  
(2009 – 52 days) in the year under review. f INANCIAL STATEMENTS
27 y CO GROUP PLC ANNUAL REPORT & ACCOUNTS 2010
LISTING
The Company’s Ordinary shares have been traded on London’s Alternative 
Investment Market (AIM), since 28 May 2008. Arbuthnot Securities Limited are the 
Company’s Nominated Advisor and Broker. The closing mid market share price at  
31 December 2010 was 13.25p (31 December 2009 – 8.00p).
PUBLICATION OF ACCOUNTS ON GROUP WEBSITE
f inancial statements are published on the Group’s website. The maintenance and 
integrity of the website is the responsibility of the Directors. The Directors’ 
responsibility also extends to the financial statements contained therein.
EMPLOYEE CONSULTATION
The Group places considerable value on the involvement of its employees and has 
continued to keep them informed on matters affecting them as employees and on 
the relevant matters affecting the performance of the Group. This is achieved 
through informal meetings, staff bulletins, internal websites and meetings with  
staff representatives.
INDEMNITY OF OFFICERS
The Group may purchase and maintain, for any Director or officer, insurance against 
any liability and the Group does maintain appropriate insurance cover against legal 
action brought against its Directors and officers.
FINANCIAL INSTRUMENTS
The Group does not have formal policies on interest rate risk or foreign currency 
risk. The Group is exposed to foreign currency risk on sales, purchases and 
borrowings that are denominated in a currency other than Pound Sterling (£). The 
Group maintains a natural hedge that minimises the foreign exchange exposure by 
matching foreign currency income with foreign currency costs.
Given the nature of the business for the time being, the Group does not consider it 
necessary to enter into foreign exchange contracts in managing its foreign exchange 
risk resulting from cash flows from transactions denominated in foreign currency.
The Group prepares periodic working capital forecasts for the foreseeable future, 
allowing an assessment of the cash requirements of the Company, to manage liquidity 
risk. The Directors have considered the risk posed by liquidity and are satisfied that 
there is sufficient growth and equity in the Company. The Group has an overdraft 
facility with the bank for £300,000 and is being charged at an interest rate of 4.25% 
per annum above HSBC’s Sterling base rate. The overdraft facility is due for renewal 
in December 2011.
GOING CONCERN
After making appropriate enquiries, the Directors consider that the Company  
and the Group has adequate resources to continue in operational existence for  
the foreseeable future. f or this reason they continue to adopt the going concern 
basis in preparing the financial statements. This is reflected in note 1 to the  
financial statements.
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
The Directors are responsible for preparing the financial statements in accordance 
with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each 
financial year. Under that law the Directors have elected to prepare the financial 
statements in accordance with International f inancial Reporting Standards (If RS) as 
adopted for use in the European Union. The financial statements are required by law 
to 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 year. In preparing these financial 
statements, the Directors are required to:
select suitable accounting policies and then apply them consistently; ■ ■
make judgements and estimates that are reasonable and prudent; ■ ■
prepare the financial statements on the going concern basis unless it is ■ ■
inappropriate to presume that the Company will continue in business; and
to follow If RS as adopted by the European Union. ■ ■
The Directors are responsible for keeping proper accounting records which disclose 
with reasonable accuracy at any time the financial position of the Company and the 
Group and to enable them to ensure that the financial statements comply with the 
Companies Act 2006. They are also responsible for safeguarding the assets of the 
Company and the Group and hence for taking reasonable steps for the prevention 
and detection of fraud and other irregularities.
DONATIONS
The Group has not made any political donations during the year (2009 – nil). The 
Group did make donations of value of £1,000 to the Sea Keepers Association, an 
organisation which monitors the seas; and contributions to the value of £20,000 to 
the costs of Chris f oot’s expedition to the South Pole to raise funds and awareness 
for Combat Stress, an organisation dedicated to the support of former military 
personnel (2009 – nil). 
STATEMENT AS TO DISCLOSURE OF INFORMATION TO 
AUDITORS
So far as the Directors are aware, there is no relevant audit information (as defined 
by Section 418 of the Companies Act 2006) of which the Company’s auditors are 
unaware, and each Director has taken all the steps that he ought to have taken as a 
Director in order to make himself aware of any relevant audit information and to 
establish that the Company’s auditors are aware of that information.
AUDITORS
In accordance with section 485 of the Companies Act 2006, a resolution that Jeffreys 
Henry LLP, be reappointed as auditors of the Company will be put to the Annual 
General Meeting.
ON BEHALF OF THE BOARD:
C BIRKETT 
c hief e xecutive o fficer Date: 30 May 2011 28
The Directors recognise the importance of sound corporate governance to 
commensurate with the Group’s size and the interests of shareholders. As the Group 
grows, policies and procedures that reflect the Principles of Good Governance and 
Code of Best Practice as published by the Committee on Corporate Governance 
(commonly known as the ‘Combined Code’) will be developed. So far as is 
practicable and appropriate, taking into account the size and nature of the Company, 
the Directors will take steps to comply with the Combined Code.
THE BOARD OF DIRECTORS
The Board comprises of four Executive Directors and two Non-Executive Directors. 
All the Directors with the exception of I Petts, R Malliwal and S Lidbetter served 
throughout the year. The Directors’ biographies are set out on pages 22 to 23 and 
demonstrate a range of relevant experience. C Smith resigned as a Director in the 
year.
The Board meets at least four times a year as issues arise which require Board 
attention. The Board has a formal schedule of matters specially referred to it for 
decision. The Directors are responsible for the management structure and 
appointments, considering strategy and policy, approval of major capital investments 
and transactions, and are responsible for significant financing matters.
The Board has established an Audit Committee and a Remuneration Committee, 
the roles and responsibilities for both of which are discussed below. 
AUDIT COMMITTEE
An Audit Committee has been established and currently comprises of P Jay, S 
Lidbetter and R Malliwal who all have considerable and relevant financial experience.
The Audit Committee, which has Terms of Reference agreed by the Board, meets at 
least twice a year and is responsible for ensuring that the integrity of the financial 
information reported to the shareholders and the systems of internal controls. This 
committee provides an opportunity for reporting by the Company’s auditors.
The Audit Committee is responsible for monitoring, in discussion with the auditors, 
the integrity of the financial statements and announcements of the Company; 
reviewing the Company’s internal financial controls and risk management systems; 
reviewing and monitoring the external auditor’s independence, objectivity and 
effectiveness of the audit process taking into consideration relevant UK and other 
relevant professional and regulatory requirements. The Audit Committee is also 
responsible for making recommendations to the Board to be put to shareholders for 
their approval in general meeting in relation to the appointment, reappointment and 
removal of the external auditor and to approve the remuneration and terms of 
engagement of the external auditor. Other responsibilities include reviewing the 
Company’s internal audit function, and where there is no internal audit function and 
considering annually whether there is a need for an internal audit function and 
making recommendation to the Board, and to review arrangements by which the 
staff of the Group will be able to raise concerns about possible improprieties in 
matters of financial reporting or other matters related to the Group.
REMUNERATION COMMITTEE
The Remuneration Committee, which meets at least twice a year, consists of P Jay, S 
Lidbetter and R Malliwal. Based on the Terms of Reference approved by the Board, 
the Remuneration Committee is responsible for determining and agreeing with the 
Board the framework or broad policy for the remuneration of the Chief Executive 
Officer, the Chairman and other members as it is designated to consider. It is also 
responsible for setting the remuneration for all Executive Directors, the Chairman 
and the Company Secretary; to recommend and monitor the level and structure of 
remuneration for senior management; and determining targets for any performance-
related pay schemes operated by the Group. The Remuneration Committee is also 
responsible for determining the policy and scope of pension arrangements for each 
Executive Director and for ensuring that contractual terms on termination and any 
payments made are fair to the individual and the Company. The Remuneration 
Committee will determine the terms and conditions of service of Executive 
Directors. This includes, agreeing the policy for authorising claims for expenses  
from the Chief Executive Officer and the Chairman, and within the terms of the 
agreed policy, recommending the total individual remuneration package of each 
Executive Director including, where appropriate bonuses, incentive payments  
and share options.
RELATIONS WITH SHAREHOLDERS
Communications with shareholders are very important and therefore are given a 
priority. The Company maintains a website www.ycogroup.com for the purpose of 
improving information flow to shareholders as well as potential investors. It contains 
the information about the Company’s activities and the interim report. Shareholders 
are welcome to enquire on any matter relating to the business and their 
shareholdings. The Company encourages the shareholders to attend the Annual 
Meeting, at which they will be given the opportunity to put questions to the 
Chairman and other members of the Board.
INTERNAL FINANCIAL CONTROL
The Board is responsible for establishing and maintaining the Company’s system of 
internal controls and for reviewing its effectiveness. They are designated to safeguard 
the assets of the Company and to ensure the reliability of the financial information 
for both internal use and external publication. The controls that include inter alia 
financial, operational and compliance matters and management are reviewed on an 
ongoing basis. A system of internal control can provide only reasonable, and not 
absolute, assurance that material financial irregularities will be detected or that risk of 
failure to achieve business objectives is eliminated. The Board has considered the 
need for an internal audit function but because of the size and nature of its 
operations does not consider it necessary at the current time.
In 2011, as part of a review of internal controls and procedures, the Group appointed 
a combined anti money laundering and compliance officer.
c orporate Governance r eport for the year en De D 31 December 2010 f INANCIAL STATEMENTS
29 y CO GROUP PLC ANNUAL REPORT & ACCOUNTS 2010
r eport of the i n Depen Dent a u Ditors to the s hareholD ers of yco Group p lc We have audited the financial statements of y CO Group PLC for the year ended 31 
December 2010, which comprise the consolidated income statement, consolidated 
statement of comprehensive income, consolidated statement of changes in equity, 
company statement of changes in equity, consolidated statement of financial position, 
company statement of financial position, consolidated statement of cash flows, 
company statement of cash flows and the related notes on pages 36 to 54. The 
financial reporting framework that has been applied in their preparation is applicable 
law and International f inancial Reporting Standards (If RSs) as adopted by the 
European Union and as regards the Parent Company financial statements, as applied 
in accordance with the provisions of the Companies Act 2006.
This report is made solely to the Company’s members, as a body, in accordance with 
Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been 
undertaken so that we might state to the Company’s members those matters we are 
required to state to them in an auditors’ report and for no other purpose. To the 
fullest extent permitted by law, we do not accept or assume responsibility to anyone 
other than the Company and the Company’s members as a body, for our audit work, 
for this report, or for the opinions we have formed.
RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITORS
As explained more fully in the Statement of Directors’ Responsibilities set out on 
page 27, the Directors are responsible for the preparation of the financial statements 
and for being satisfied that they give a true and fair view. Our responsibility is to audit 
the financial statements in accordance with applicable law and International 
Standards on Auditing (UK and Ireland). Those standards require us to comply with 
the Auditing Practices Board’s Ethical Standards for Auditors.
SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS
An audit involves obtaining evidence about the amounts and disclosures in the 
financial statements sufficient to give reasonable assurance that the financial 
statements are free from material misstatement, whether caused by fraud or error. 
This includes an assessment of: whether the accounting policies are appropriate to 
the Company’s circumstances and have been consistently applied and adequately 
disclosed; the reasonableness of significant accounting estimates made by the 
Directors; and the overall presentation of the financial statements.
OPINION ON FINANCIAL STATEMENTS 
In our opinion:
the financial statements give a true and fair view, of the state of the Group’s and ■ ■
Parent Company’s affairs as at 31 December 2010 and of the Group’s profit and 
Group’s and Parent Company’s cash flows for the year then ended;
the Group financial statements have been properly prepared in accordance with ■ ■
International f inancial Reporting Standards as adopted by the European Union;
the Parent Company financial statements have been properly prepared in ■ ■
accordance with If RSs as adopted by the European Union and as applied in 
accordance with the provisions of the Companies Act 2006; and
the financial statements have been properly prepared in accordance with the ■ ■
Companies Act 2006.
OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES 
ACT 2006
In our opinion the information given in the Report of the Directors for the  
financial year for which the financial statements are prepared is consistent  
with the financial statements.
MATTERS ON WHICH WE ARE REq UIRED TO REPORT BY 
Ex CEPTION
We have nothing to report in respect of the following matters where the Companies 
Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the Parent Company, or ■ ■
returns adequate for audit have not been received from branches not visited by 
us; or
the Company financial statements are not in agreement with the accounting ■ ■
records and returns; or
certain disclosures of Directors’ remuneration specified by law are not made; or ■ ■
we have not received all the information and explanations we require for  ■ ■
our audit.
SANj AY PARMAR
senior statutory au Ditor f or an D on behalf of Jeffreys h enry llp finsgate
5–7 Cranwood Street
London
EC1V 9EE
United Kingdom
Date: 30 May 2011 30
c onsoli Date D i ncome s tatement for the year en De D 31 December 2010
Notes
2010 
£
2009 
£
Revenue 2 27,028,837 24,694,534
Cost of sales (18,696,080) (17,704,305)
Gross profit 8,332,757 6,990,229
Administrative expenses 5 (7,401,809) (6,907,952)
Operating profit before exceptional items 5 930,948 82,277
Exceptional items 6 (330,080) –
Operating profit 600,868 82,277
f inance costs 4 (18,128) (55,977)
f inance income 4 5,708 4,504
Profit before tax 588,448 30,804
Income tax charges 7 (96,888) (19,851)
Profit for the year 491,560 10,953
Attributable to:
Owners of the Company 491,560 10,953
Earnings per share expressed in pence per share:
Basic – pence 9 1.02 0.02
Diluted – pence 9 1.00 0.02
Included above are the profit or (loss) of the subsidiaries since the date of acquisition.
2010 
£
2009 
£
Subsidiary
yacht Help Group SARL* 5,866 (44,066)
yCO INC** (15,954) –
*  Incorporated on 19 f ebruary 2009.
**  Incorporated on 8 November 2010.
Below are the combined revenues and profit of the enlarged Group from 1 January 2010 to 31 December 2010:
2010 
£
2009 
£
Revenue 27,028,837 24,694,534
Profit for the year 491,560 10,953 f INANCIAL STATEMENTS
31 y CO GROUP PLC ANNUAL REPORT & ACCOUNTS 2010
c onsoli Date D s tatement of c omprehensive i ncome for the year en De D 31 December 2010
2010 
£
2009 
£
Profit for the year 491,560 10,953
Other comprehensive income:
Currency translation differences (15,128) (52,419)
Total comprehensive income for the year 476,432 (41,466)
Total comprehensive income attributable to:
Owners of the Company 476,432 (41,466)
The notes form part of these financial statements 32
c onsoli Date D s tatement of c han Ges in e quity for the year en De D 31 December 2010
Share  
capital  
£
Share 
premium 
£
Retained 
(losses)/
earnings 
£
Other 
reserves  
£
Translation 
reserve 
£
Total  
£
As at 1 January 2009 168,584 14,958,685 (262,211) 194,706 28,329 15,088,093
Expenses recovered – 250,000 – – – 250,000
Loss after tax for the year – – 10,953 – – 10,953
Translation reserve – – – – (52,419) (52,419)
As at 31 December 2009 168,584 15,208,685 (251,258) 194,706 (24,090) 15,296,627
Profit after tax for the year – – 491,560 – – 491,560
Equity to be issued – – – (23,394) – (23,394)
Translation reserve – – – – (15,128) (15,128)
As at 31 December 2010 168,584 15,208,685 240,302 171,312 (39,218) 15,749,665
Share capital is the amount subscribed for shares at nominal value.
Retained profit represents the cumulative profit of the Group attributable to equity shareholders.
Share premium represents the excess of the amount subscribed for share capital over the nominal value of those shares net of share issue expenses. 
Share issue expenses comprise a proportion of the costs incurred in respect of the initial issue of new shares on the London Stock Exchange’s 
Alternative Investment Market.
Other reserves represent the deferred share consideration in relation to the acquisition of BA yachts Assistance S.L., which will be issued in 2011.
Translation reserve occurs on consolidation where the exchange differences arising from the translation of the net investment in foreign operations, 
and of borrowings and other currency instruments designated as hedges of such investments, are taken to shareholders’ equity.
The notes form part of these financial statements f INANCIAL STATEMENTS
33 y CO GROUP PLC ANNUAL REPORT & ACCOUNTS 2010
c ompany s tatement of c han Ges in e quity for the year en De D 31 December 2010
Share  
capital  
£
Share 
premium 
£
Retained 
earnings/
(losses)  
£
Other 
reserves  
£
Total  
£
As at 1 January 2009 168,584 14,958,685 (569,596) 194,706 14,752,379
Expenses recovered – 250,000 – – 250,000
Loss after tax for the year – – (169,779) – (169,779)
As at 31 December 2009 168,584 15,208,685 (739,375) 194,706 14,832,600
Profit after tax for the year – – 756,776 (23,394) 733,382
As at 31 December 2010 168,584 15,208,685 17,401 171,312 15,565,982
Share capital is the amount subscribed for shares at nominal value.
Retained losses represents the cumulative losses of the Company attributable to owners of the Company.
Share premium represents the excess of the amount subscribed for share capital over the nominal value of those shares net of share issue expenses. 
Share issue expenses comprise a proportion of the costs incurred in respect of the initial issue of new shares on the London Stock Exchange’s 
Alternative Investment Market.
Other reserves represent the deferred share consideration in relation to the acquisition of BA yachts Assistance S.L., which will be issued in 2011.
The notes form part of these financial statements 34
c onsoli Date D s tatement of f inancial p osition as at 31 December 2010
Notes
2010 
£
2009 
£
ASSETS
Non-current assets
Goodwill 10 15,230,607 15,332,787
Intangibles 11 222,071 242,802
Property, plant and equipment 12 478,210 618,543
15,930,888 16,194,132
Current assets
Inventories 14 – 4,120
Trade and other receivables 15 3,341,294 5,204,800
Cash and cash equivalents 16 505,361 560,299
3,846,655 5,769,219
LIABILITIES
Current liabilities
Trade and other payables 17 3,912,862 6,606,431
f inancial liabilities – borrowings
Interest bearing loans and borrowings 18 18,128 21,983
Tax payable 96,888 19,851
4,027,878 6,648,265
Net current liabilities (181,223) (879,046)
Non-current liabilities
f inancial liabilities – borrowings
Interest bearing loans and borrowings 18 – 18,459
NET ASSETS 15,749,665 15,296,627
Eq UITY AND RESERVES
Called up share capital 20 168,584 168,584
Share premium 21 15,208,685 15,208,685
Retained earnings 21 240,302 (251,258)
Other reserves 21 171,312 194,706
Translation reserve 21 (39,218) (24,090)
15,749,665 15,296,627
The financial statements were approved and authorised for issue by the Board of Directors on 30 May 2011 and were signed on its behalf by:
I PETTS
Director Date: 30 May 2011
Registered Number: 05011189
The notes form part of these financial statements f INANCIAL STATEMENTS
35 y CO GROUP PLC ANNUAL REPORT & ACCOUNTS 2010
c ompany s tatement of f inancial p osition as at 31 December 2010
Notes
2010 
£
2009 
£
ASSETS
Non-current assets
f ixed asset investments 13 16,157,665 16,257,665
Property, plant and equipment 12 11,863 30,183
16,169,528 16,287,848
Current assets
Trade and other receivables 15 519,122 1,289,614
Cash and cash equivalents 16 – –
519,122 1,289,614
LIABILITIES
Current liabilities
Trade and other payables 17 758,270 2,411,655
f inancial liabilities – borrowings
Interest bearing loans and borrowings 18 364,398 317,929
1,122,668 2,729,584
Net current liabilities (603,546) (1,439,970)
Non-current liabilities
f inancial liabilities – borrowings
Interest bearing loans and borrowings 18 – 15,278
NET ASSETS 15,565,982 14,832,600
Eq UITY AND RESERVES
Called up share capital 20 168,584 168,584
Share premium 21 15,208,685 15,208,685
Other reserves 21 171,312 194,706
Retained earnings 21 17,401 (739,375)
Total shareholders’ equity 15,565,982 14,832,600
The financial statements were approved and authorised for issue by the Board of Directors on 30 May 2011 and were signed on its behalf by:
I PETTS
Director Date: 30 May 2011
Registered Number: 05011189
The notes form part of these financial statements 36
c onsoli Date D s tatement of c ash f lows for the year en De D 31 December 2010
Notes
2010 
£
2009 
£
Cash flows from operating activities
Cash generated from operations 1 454,368 (13,074)
f inance costs (18,127) (55,977)
Corporation tax paid (19,851) –
Net cash inflow/(outflow) from operating activities 416,390 (69,051)
Cash flows from investing activities
Purchase of intangibles (113,620) (204,185)
Purchase of plant and equipment (278,168) (81,935)
Proceeds from sale of tangible assets 12,582 46,024
Interest received 5,708 4,504
Net cash (outflow) from investing activities (373,498) (235,592)
Cash flows from financing activities
(Repayment)/receipt of loan to related parties (65,928) 38,181
Repayment of bank loan – (1,355)
Repayment of finance lease (22,313) (24,443)
Net cash (outflow)/inflow from financing activities (88,241) 12,383
(Decrease) in cash and cash equivalents (45,349) (292,260)
Cash and cash equivalents at beginning of year 560,299 859,283
f oreign exchange currency translation (9,589) (6,724)
Cash and cash equivalents at end of year 505,361 560,299
Represented by:
Cash at bank and in hand 505,361 560,299 f INANCIAL STATEMENTS
37 y CO GROUP PLC ANNUAL REPORT & ACCOUNTS 2010
n otes to the c onsoli Date D s tatement of c ash f lows for the year en De D 31 December 2010
1. RECONCILIATION OF OPERATING PROFIT TO CASH GENERATED FROM OPERATIONS
2010 
£
2009 
£
Operating profit for the year 600,868 82,277
Adjustments for:
Depreciation of property, plant and equipment 161,552 184,531
Loss on sale of tangible assets 22,488 319
Amortisation of intangibles 110,959 256,472
Goodwill write off 102,180 –
f ixed asset write off 77,900 –
Revaluation of deferred share consideration (23,394) –
European VAT provision 150,000 –
Operating cash inflow before movements in working capital 1,202,553 523,599
Decrease in inventories 4,120 199,840
Decrease in trade and other receivables 1,930,654 1,013,357
(Decrease) in trade and other payables (2,682,959) (1,749,870)
Cash inflow/(outflow) generated from operations 454,368 (13,074) 38
c ompany s tatement of c ash f lows for the year en De D 31 December 2010
Notes
2010 
£
2009 
£
Cash generated/(used) from operations 1 545,260 (435,934)
f inance costs (13,137) (46,625)
Net cash from operating activities 532,123 (482,559)
Cash flows from investing activities
Proceeds from sale of plant and equipment 12,582 40,416
Investment in subsidiary (1) (9,000)
Interest received – 2,403
Dividends received 600,000 –
Net cash inflow from investing activities 612,581 33,819
Cash flows from financing activities
(Repayment)/receipt loan from related parties (53,058) 42,757
Intercompany loan (repaid)/received (1,122,836) 624,363
Repayment of finance lease (16,667) (16,665)
Net cash (outflow)/inflow from financing activities (1,192,561) 650,455
(Decrease)/Increase in cash and cash equivalents (47,857) 201,715
Cash and cash equivalents at beginning of year (301,262) (502,977)
Cash and cash equivalents at end of year (349,119) (301,262)
Represented by:
Bank overdraft* (349,119) (301,262)
(349,119) (301,262)
* The Company has an overdrawn balance which the bank has the right to set off against other Group companies. f INANCIAL STATEMENTS
39 y CO GROUP PLC ANNUAL REPORT & ACCOUNTS 2010
n otes to the c ompany s tatement of c ash f lows for the year en De D 31 December 2010
1 RECONCILIATION OF OPERATING PROFIT TO CASH GENERATED FROM OPERATIONS
2010 
£
2009 
£
Operating profit/(loss) for the year 169,913 (125,557)
Adjustments for:
Depreciation of property, plant and equipment 4,526 17,164
Loss on sale of tangible fixed assets 1,213 –
Disposal of goodwill 100,000 –
Revaluation of deferred share consideration (23,394) –
Operating cash inflow/(outflow) before movements in working capital 252,258 (108,393)
Decrease/(increase) in receivables 303,170 (83,622)
(Decrease) in payables (10,168) (243,919)
Cash inflow/(outflow) generated from operations 545,260 (435,934) 40
GENERAL INFORMATION
yCO Group PLC is a company incorporated in England and Wales and quoted on 
the Alternative Investment Market of the London Stock Exchange. The address of 
the registered office is disclosed on the inside back cover of the financial statements. 
The principal activity of the Group is described on page 26. The Company changed 
to its present name on 16 July 2009 upon the successful reorganisation of the Group.
1. ACCOUNTING POLICIES
Goin G concern The financial statements have been prepared on the assumption that the Group is a 
going concern. When assessing the foreseeable future, the Directors have looked at 
a period of twelve months from the date of approval of this report.
The Group’s business activities, together with the factors likely to affect its future 
development, performance and position are set out in the Chief Executive Officer’s 
Report and Director’s Report on pages 12–13 and 26–27 respectively. In addition 
note 22 to the financial statements includes the Group’s objectives, policies and 
processes for managing its capital; its financial risk management objectives; and its 
exposures to credit risk and liquidity risk.
The Group’s forecasts and projections, taking account of reasonably possible changes 
in trading performance, show that the Group should be able to operate within the 
level of its current facility. The Group will open negotiations with the bank in due 
course and has at this stage not sought any written commitments that the facility will 
be renewed.
After making enquiries, the Directors have a reasonable expectation that the 
Company and Group have adequate resources to continue in operational existence 
for the foreseeable future. Accordingly, they continue to adopt the going concern 
basis in preparing the annual report and financial statements.
Were the Group to be unable to continue as a going concern, adjustments would 
have to be made to the balance sheet of the Group to reduce balance sheet values 
of assets to their recoverable amounts, to provide for future liabilities that might  
arise and to reclassify non-current assets and long-term liabilities as current assets 
and liabilities.
b asis of preparation These financial statements have been prepared in accordance with International 
f inancial Reporting Standards and If RIC interpretations issued by the International 
Accounting Standards Board (IASB) as adopted by the European Union and  
with those parts of the Companies Act 2006 applicable to companies reporting 
under If RS. The financial statements have been prepared under the historical  
cost convention.
n ew an D amen De D stan Dar Ds a Dopte D by the company The Company has adopted the following new and amended If RSs as of  
1 January 2010:
If RS 3 (revised), ‘Business combinations’ and consequential amendments to IAS ■ ■
27, ‘Consolidated and separate financial statements’, IAS 28, ‘Investments in 
associates’ and IAS 31, ‘Interests in joint ventures’, effective prospectively to 
business combinations for which the acquisition date is on or after the beginning 
of the first annual reporting period beginning on or after 1 July 2009.
 The revised standard continues to apply the acquisition method to business 
combinations, with some significant changes. f or example, all payments to 
purchase a business are to be recorded at fair value at the acquisition date, with 
contingent payments classified as debt subsequently remeasured through the 
statement of comprehensive income. There is a choice on an acquisition-by-
acquisition basis to measure the minority interest in the acquiree either at fair 
value or at the minority interest’s proportionate share of the acquiree’s net assets. 
All acquisition-related costs should be expensed.
IAS 27 (revised), ‘Consolidated and separate financial statements’, (effective from ■ ■
1 July 2009). The revised standard requires the effects of all transactions with 
non-controlling interests to be recorded in equity if there is no change in control 
and these transactions will no longer result in goodwill or gains and losses. The 
standard also specifies the accounting when control is lost. Any remaining interest 
in the entity is remeasured to fair value, and a gain or loss is recognised in profit 
or loss. The Company will apply IAS 27 (revised) prospectively to transactions 
with non-controlling interests from 1 January 2010.
IAS 38 (amendment), ‘Intangible assets’. The amendment is part of the IASB’s ■ ■
annual improvements project published in April 2009 and the Company will apply 
IAS 38 (amendment) from the date If RS 3 (revised) is adopted. The amendment 
clarifies guidance in measuring the fair value of an intangible asset acquired in a 
business combination and it permits the grouping of intangible assets as a single 
asset if each asset has a similar useful economic life. The amendment will not 
result in a material impact on the Company’s financial statements.
IAS 32 (amendment), ‘f inancial instruments: presentation – classification of rights ■ ■
issue’, is effective from annual periods beginning on or after 1 f ebruary 2010 and 
amended the definition of a financial liability in order to classify rights issues (and 
certain options or warrants) as equity instruments in cases where such rights are 
given pro-rata to all of the existing owners of the same class of an entity’s 
non-derivative equity instruments, or to acquire a fixed number of the entity’s 
own equity instruments for a fixed amount in any currency. This amendment will 
have no impact on the Company after initial application.
If RS2, Share-based Payment: Group Cash-settled Share-based Payment ■ ■
Transactions effective 1 January 2010. The IASB issued an amendment to If RS2 
that clarified the scope and the accounting for Group cash-settled share-based 
payment transactions. The Company adopted this amendment as of 1 January 
2010. It did not have an impact on the financial position or performance of  
the Company.
IAS 39 f inancial Instruments: Recognition and Measurement – Eligible Hedged ■ ■
Items effective 1 July 2009. The amendment clarifies that an entity is permitted to 
designate a portion of the fair value changes or cash flows variability of a financial 
instrument as a hedged item. This also covers the designation of inflation as a 
hedged risk or portion in particular situations. The Company has concluded that 
the amendment will have no impact on the financial position or performance of 
the Company, as the Company has not entered into such hedges.
The following new standards, amendments to standards and interpretations are 
mandatory for the first time for the financial year beginning 1 January 2010, but are 
not currently relevant for the Company:
n otes to the f inancial s tatements f INANCIAL STATEMENTS
41 y CO GROUP PLC ANNUAL REPORT & ACCOUNTS 2010
If RIC 17, ‘Distributions of non-cash assets to owners’, effective for annual periods ■ ■
beginning on or after 1 July 2009. This is not currently applicable to the Company, 
as it has not made any non-cash distributions.
If RIC 18, ‘Transfers of assets from customers’, effective for transfers of assets ■ ■
received on or after 1 July 2009. This is not relevant to the Company, as it has not 
received any assets from customers.
s tan Dar Ds, interpretations an D amen Dments to publishe D 
stan Dar Ds that are not yet effective The following new standards, amendments to standards and interpretations have 
been issued, but are not effective for the financial year beginning 1 January 2011 and 
have not been early adopted:
IAS 24 (Amendment), ‘Related party transactions’. The amended standard is ■ ■
effective for annual periods beginning on or after 1 January 2011. It clarified 
definition of a related party to simplify the identification of such relationships and 
to eliminate inconsistencies in its application. The revised standard introduces a 
partial exemption of disclosure requirements for government-related entities. The 
Company does not expect any impact on its financial position or performance.
If RIC 14 (Amendment), ‘Prepayments of a minimum funding requirement’. The ■ ■
amendment to If RIC 14 is effective for annual periods beginning on or after 1 
January 2011 with retrospective application. The amendment provides guidance 
on assessing the recoverable amount of a net pension asset. The amendment 
permits an entity to treat the prepayment of a minimum funding requirement as 
an asset. The amendment is deemed to have no impact on the financial 
statements of the Company.
If RS 9, ‘f inancial instruments: classification and measurement’, as issued reflects ■ ■
the first phase of the IASB work on the replacement of IAS 39 and applies to 
classification and measurement of financial assets as defined in IAS 39. The 
standard is effective for annual periods beginning on or after 1 January 2013. In 
subsequent phases, the IASB will address classification and measurement of 
financial liabilities, hedge accounting and derecognition. The completion of this 
project is expected in early 2011. The adoption of the first phase of If RS 9 might 
have an effect on the classification and measurement of the Company’s assets. At 
this juncture it is difficult for the Company to comprehend the impact on its 
financial position and performance.
If RIC 19, ‘Extinguishing financial liabilities with equity instruments’, is effective for ■ ■
annual periods beginning on or after 1 July 2010. The interpretation clarifies that 
equity instruments issued to a creditor to extinguish a financial liability qualify as 
consideration paid. The equity instruments issued are measured at their fair value. 
In case that this cannot be reliably measured, the instruments are measured at the 
fair value of the liability extinguished. Any gain or loss is recognised in profit or 
loss. The adoption of this interpretation will have no effect on the financial 
statements of the Company.
Improvements to If RS (issued in May 2010). The IASB issued improvement to ■ ■
If RSs, an omnibus of amendments to its If RS standards. The amendments have 
not been adopted as they become effective for annual periods on or after 1 
January 2011 or 1 July 2010. The amendments listed below, are considered to have 
a reasonable possible impact on the Company:
– If RS 3 Business combinations
– If RS 7 f inancial instruments: disclosures
– IAS 1 Presentation of financial statements
– IAS 27 Consolidated and separate financial statements
The Company expects no impact from the adoption of the above amendments on 
its financial position or performance.
c onsoli Dation
Subsidiaries
Subsidiaries are all entities over which yCO Group PLC has the power to govern the 
financial and operating policies generally accompanying a shareholding of more than 
one half of the voting rights. The existence and effect of potential voting rights that 
are currently exercisable or convertible are considered when assessing whether the 
Group controls another entity. Subsidiaries are fully consolidated from the date on 
which control is transferred to yCO Group PLC. They are deconsolidated from the 
date that control ceases.
The acquisition method of accounting is used to account for the acquisition of 
subsidiaries by the Group. The cost of an acquisition is measured as the fair value of 
the assets given, equity instruments issued and liabilities incurred or assumed at the 
date of exchange, plus costs directly attributable to the acquisition. Identifiable assets 
acquired and liabilities and contingent liabilities assumed in a business combination 
are measured initially at their fair values at the acquisition date, irrespective of the 
extent of any minority interest. The excess of the cost of acquisition over the fair 
value of the Group’s share of the identifiable net assets acquired is recorded as 
goodwill. If the cost of acquisition is less than the fair value of the net assets of the 
subsidiary acquired, the difference is recognised directly in the income statement.
Inter-company transactions, balances and unrealised gains on transactions between 
Group companies are eliminated. Unrealised losses are also eliminated but 
considered an impairment indicator of the asset transferred. Accounting policies of 
subsidiaries have been changed or adjusted upon consolidation where necessary to 
ensure consistency with the policies adopted by the Group.
i ntan Gible assets (a) Goodwill
Goodwill represents the excess of the cost of an acquisition over the fair value of the 
Group’s share of the net identifiable assets of the acquired subsidiary or associate at 
the date of acquisition. Goodwill on acquisitions of subsidiaries is included in 
‘intangible assets’. Goodwill on acquisitions of associates is included in ‘investments in 
associates’ and is tested for impairment as part of the overall balance. Separately 
recognised goodwill is tested annually for impairment and carried at cost less 
accumulated impairment losses. Impairment losses on goodwill are not reversed. 
Gains and losses on the disposal of an entity include the carrying amount of goodwill 
relating to the entity sold.
Goodwill is allocated to cash-generating units for the purpose of impairment testing. 
The allocation is made to those cash-generating units or Groups of cash-generating 
units that are expected to benefit from the business combination in which the 
goodwill arose. The Group allocates goodwill to each business segment in each 
country in which it operates. 42
n otes to the f inancial s tatements continue D
f ixtures, fittings and equipment 5% – 35% on cost
Motor vehicles   16% – 25% on cost
The asset’s residual values and useful economic lives are reviewed, and adjusted if 
appropriate, at each balance sheet date. An asset’s carrying amount is written down 
immediately to its recoverable amount if the asset’s carrying amount is greater than 
its estimated recoverable value.
Gains and losses on disposals are determined by comparing the proceeds with the 
carrying amount and are recognised within other (losses) or gains in the income 
statement. When revalued assets are sold, the amounts included in other reserves 
are transferred to retained earnings.
r evenue reco Gnition Revenue comprises the fair value of the consideration received or receivable for the 
sale of goods and services in the ordinary course of the Group’s activities. Revenue is 
shown net of value-added tax, returns, rebates and discounts and after eliminating 
sales within the Group.
 
yacht sales and berth brokerage: revenue is recognised as a commission on the sale 
price on contractual completion of the yacht, tender or berth sale, net of any joint 
agent broker fees. Third party broker introductory agents who are not joint agents 
to the principle contract are recognised as a cost of goods sold on date of 
completion.
 
New build brokerage: Revenue is recognised as non refundable stage payment 
instalments as the client pays the shipyard for key build milestones and percentage of 
completion.
 
yacht charter brokerage: Revenue is recognised as a commission on date of signing 
and exchange of My BA or equivalent Charter Contract, net of any joint agent broker 
fees. yacht charter clients forward to the brokers escrow account a 50% Charter 
deposit on the day of contract exchange. The broker commission is contractually 
secured on this deposit even in the event of cancellation by either the Charterer or 
Owner. Sub brokers and introductory agents are expensed as cost of goods sold on 
date of contract exchange.
 
yacht management and project management income: Revenue is earned on a 
monthly retainer basis using a straight line basis over the contract term.
 
Crew placement: Turnover arising from the placement of candidates is recognised at 
the time the candidate commences full time employment.
 
yacht f uel Services: Revenue from fuel-related services is recognized when services 
are performed, the sales price is fixed or determinable and collectability is reasonably 
assured. We record the gross sale of fuel-related services as we generally have 
latitude in establishing the sales price, have discretion in supplier selection, maintain 
credit risk and are the primary obligor in the sales arrangement.
 
yacht concierge and provisioning: Revenue is recognised on a time and mark-up basis 
as the service is performed, or as the goods are delivered to the vessel. 
 
(b) Trademarks and licences
Acquired trademarks and licences are shown at historical cost. Trademarks and 
licences have a finite useful life and are carried at cost less accumulated amortisation. 
Amortisation is calculated using the straight-line method to allocate the cost of 
trademarks and licences over their estimated useful lives.
Licences  20% – 33% on cost
(c) Software
Acquired software and websites are shown at historical cost. They have a finite 
useful life and are carried at cost less accumulated amortisation. Amortisation is 
calculated using the straight-line method to allocate the cost of software and website 
over their estimated useful lives.
Software  15% – 33% on cost
(d) Product development
Product development expenditure is capitalised when it is considered that there is a 
commercially and technically viable product, the related expenditure is separately 
identifiable and there is reasonable expectation that the related expenditure will be 
exceeded by future revenues. f ollowing initial recognition, product development is 
carried at cost less any accumulated amortisation and any accumulated impairment 
losses. The useful lives of these intangible assets are assessed to have finite life. 
Amortisation is charged on assets with finite lives, this expense is taken to the 
income statement. Useful lives are also reviewed on an annual basis. Product 
development cost will not be amortised whilst the project is still in its development 
phase. Once the development is completed, the costs are transferred to software as 
an intangible asset.
i mpairment of non-financial assets Assets that have an indefinite useful life, for example goodwill, are not subject to 
amortisation and are tested annually for impairment. Assets that are subject to 
amortisation are reviewed for impairment whenever events or changes in 
circumstances indicate that the carrying amount may not be recoverable. An 
impairment loss is recognised for the amount by which the asset’s carrying amount 
exceeds its recoverable amount. The recoverable amount is the higher of an asset’s 
fair value less costs to sell and value in use. f or the purposes of assessing impairment, 
assets are grouped at the lowest levels for which there are separately identifiable 
cash flows (cash-generating units). Non-financial assets other than goodwill that 
suffered impairment are reviewed for possible reversal of the impairment at each 
reporting date.
p roperty, plant an D equipment Tangible non-current assets are stated at historical cost less depreciation. Historical 
cost includes expenditure that is directly attributable to the acquisition of the items. 
Subsequent costs are included in the assets carrying amount or recognised as a 
separate asset, as appropriate, only when it is probable that future economic benefits 
associated with the item will flow to the Group and the cost of the item can be 
measured reliably. The carrying amount of the replaced part is derecognised. All 
other repairs and maintenance are charged to the income statement during the 
financial year in which they are incurred. Depreciation is provided at the following 
annual rates in order to write off each asset over its estimated useful life. f INANCIAL STATEMENTS
43 y CO GROUP PLC ANNUAL REPORT & ACCOUNTS 2010
current tax is calculated using tax rates that have been enacted or substantively 
enacted by the balance sheet date.
Deferre D tax Deferred income tax is provided in full, using the liability method, on temporary 
differences arising between the tax bases of assets and liabilities and their carrying 
amounts in the financial statements. However, the deferred income tax is not 
accounted for if it arises from initial recognition of an asset or liability in a transaction 
other than a business combination that at the time of the transaction affects neither 
accounting nor taxable profit or loss. Deferred income tax is determined using tax 
rates (and laws) that have been enacted or substantially enacted by the balance sheet 
date and are expected to apply when the related deferred income tax asset is 
realised or the deferred income tax liability is settled.
Deferred income tax assets are recognised to the extent that it is probable that 
future profit will be available against which the temporary differences can be utilised.
o peratin G leases Assets held under finance leases are initially recognised as assets of the Group at 
their fair value at the inception of the lease or, if lower, at the present value of the 
minimum lease payments. The corresponding liability to the lessor is included in the 
statement of financial position as a finance lease obligation. Lease payments are 
treated as reduction of the lease obligation on the remaining balance of the liability. 
f inance expenses are recognised immediately in profit or loss, unless they are directly 
attributable to qualifying assets, in which case they are capitalised in accordance with 
the Group’s general policy on borrowing costs (see below). Contingent rentals are 
recognised as expenses in the periods in which they are incurred.
Rental leases in which a significant portion of the risks and rewards of ownership are 
retained by the lessor are classified as operating leases. Payments made under 
operating leases (net of any incentives received from the lessor) are charged to the 
income statement.
Commissions and introductory fees can be received from suppliers, these 
commissions are recognised after the service and/or goods have been supplied to our 
client by the sub contractor and/or referred supplier and are reasonably and 
contractually recoverable.
Dividend income: is recognised when the right to receive payment is established.
f unctional currency translation i) Functional and presentation currency
Items included in the financial statements of the Group are measured using the 
currency of the primary economic environment in which the entity operates (the 
functional currency), which is mainly Euros (€). The financial statements are 
presented in Pounds Sterling (£), which is the Group’s presentation currency.
ii) Transactions and balances
f oreign currency transactions are translated into the presentational currency using 
exchange rates prevailing at the dates of the transactions. f oreign exchange gains and 
losses resulting from the settlement of such transactions and from the translation at 
year-end exchange rates of monetary assets and liabilities denominated in foreign 
currencies are recognised in the income statement.
iii) Group companies
The results and financial position of all Group entities (none of which has the 
currency of a hyper-inflationary economy) that have a functional currency different 
from the presentation currency are translated into the presentation currency as 
follows:
(a) assets and liabilities for each balance sheet presented are translated at the closing 
rate at the date of that balance sheet;
(b) income and expenses for each income statement are translated at average 
exchange rates (unless this average is not a reasonable approximation of the 
cumulative effect of the rates prevailing on the transaction dates, in which case 
income and expenses are translated at the rate on the dates of the transactions); 
and
(c) all resulting exchange differences are recognised as a separate component  
of equity.
On consolidation, exchange differences arising from the translation of the net 
investment in foreign operations, and of borrowings and other currency instruments 
designated as hedges of such investments, are taken to shareholders’ equity. When a 
foreign operation is partially disposed of or sold, exchange differences that were 
recorded in equity are recognised in the income statement as part of the gain or loss 
on sale.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are 
treated as assets and liabilities of the foreign entity and translated at the closing rate.
taxation The tax expense represents the sum of the tax currently payable and deferred tax. 
The tax currently payable is based on the taxable profit for the year. Taxable profit 
differed from net profit as reported in the income statement because it excludes 
items of income or expense that are taxable or deductible in other years and it 
further excludes items that are never taxable or deductible. The entity’s liability for  44
n otes to the f inancial s tatements continue D
Non-derivative financial instruments are recognised initially at fair value plus, for 
instruments not at fair value through profit or loss, any directly attributable 
transactions costs, except as described below. Subsequent to initial recognition 
non-derivative financial instruments are measured as described below.
A financial instrument is recognised when the Group becomes a party to the 
contractual provisions of the instrument. f inancial assets are derecognised if the 
Group’s contractual rights to the cash flows from the financial assets expire or if the 
Group transfers the financial assets to another party without retaining control or 
substantially all risks and rewards of the asset. Regular purchases and sales of financial 
assets are accounted for at trade date, i.e. the date that the Group commits itself to 
purchase or sell the asset. f inancial liabilities are derecognised if the Group’s 
obligations specified in the contract expire or are discharged or cancelled.
f air values The carrying amounts of the financial assets and liabilities such as cash and cash 
equivalents, receivables and payables of the Group at the balance sheet date 
approximated their fair values, due to the relatively short-term nature of these 
financial instruments.
The Company provides financial guarantees to licensed banks for credit facilities 
extended to a subsidiary company. The fair value of such financial guarantees is not 
expected to be significantly different as the probability of the subsidiary company 
defaulting on the credit lines is remote.
s hare-base D compensation The fair value of the employees, Directors and suppliers services received in 
exchange for the grant of the options and warrants are recognised as an expense. 
The total amount to be expensed over the vesting year is determined by reference 
to the fair value of the options granted, excluding the impact of any non-market 
vesting conditions (for example, profitability and sales growth targets). Non-market 
vesting conditions are included in assumptions about the number of options that are 
expected to vest. At each balance sheet date, the entity revises its estimates of the 
number of options that are expected to vest. It recognises the impact of the revision 
to original estimates, if any, in the income statement, with a corresponding 
adjustment to equity.
The proceeds received net of any directly attributable transaction costs are credited 
to share capital (nominal value) and share premium when the options and warrants 
are exercised.
s hare capital Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are 
shown in equity as a deduction, net of tax, from the proceeds.
c ritical accountin G estimates an D Ju DGements The preparation of consolidated financial statements requires the Group to make 
estimates and assumptions that affect the application of policies and reported 
amounts. Estimates and judgements are continually evaluated and are based on 
historical experience and other factors including expectations of future events that 
are believed to be reasonable under the circumstances. Actual results may differ 
from these estimates. The estimates and assumptions which have a significant risk of 
s e Gment reportin G
The Company has adopted If RS 8 Operating Segments with effect from 1 January 
2009. If RS 8 requires operating segments to be identified on the basis of internal 
reports about components of the Company that are regularly reviewed by the chief 
operating decision maker in order to allocate resources to the segments and to 
assess their performance. In contrast, the predecessor Standard (IAS 14 Segment 
Reporting) required an entity to identify two sets of segments (business and 
geographical), using a risks and returns approach, with the entity’s ‘system of internal 
financial reporting to key management personnel’ serving only as the starting point 
for the identification of such segments. f ollowing the adoption of If RS 8, the 
identification of the Group’s reportable segments has changed. See details in Note 2.
c ash an D cash equivalents Cash and cash equivalents include cash in hand, deposits held on call with banks, 
other short-term highly liquid investments with original maturities of three months or 
less, and bank overdrafts. Bank overdrafts are shown within borrowings in current 
liabilities on the balance sheet.
i nventories Inventories are stated at the lower of cost and net realisable value. Cost is 
determined using the first-in, first-out (f If O) method. The cost of finished goods and 
work in progress comprises raw materials and other direct costs. It excludes 
borrowing costs. Net realisable value is the estimated selling price in the ordinary 
course of business, less applicable variable selling expenses.
t ra De receivables Trade receivables are recognised initially at fair value and subsequently measured at 
amortised cost using the effective interest method, less provision for impairment. A 
provision for impairment is established when there is objective evidence that the 
Group will not be able to collect all amounts due according to the original terms of 
the receivables. Significant financial difficulties of the debtor, probability that the 
debtor will enter bankruptcy or financial reorganisation and default or delinquency in 
payments is considered indicators that the trade receivable is impaired.
t ra De payables Trade payables are recognised initially at fair value and subsequently measured at 
amortised cost using the effective interest method.
b orrowin Gs Borrowings are recognised initially at fair value, net of transaction costs incurred. 
Borrowings are subsequently stated at amortised cost; any difference between  
the proceeds (net of transaction costs) and the redemption value is recognised  
in the income statement over the year of the borrowings using the effective  
interest method.
Borrowings are classified as current liabilities unless the Group has an unconditional 
right to defer settlement of the liability for at least twelve months after the balance 
sheet date.
f inancial i nstruments Non-derivative financial instruments comprise investments in equity and debt 
securities, trade and other receivables, cash and cash equivalents, loans and 
borrowings, and trade and other payables. f INANCIAL STATEMENTS
45 y CO GROUP PLC ANNUAL REPORT & ACCOUNTS 2010
The chief operating decision maker internal report is based on business segment, 
which consists of support services and client services.
Segment Results – 2010
Support 
services  
2010
Client 
services  
2010
Total  
2010
£ £ £
Revenue
Total 15,292,638 12,630,789 27,923,427
Inter company (304,273) (590,317) (894,590)
Revenue 14,988,365 12,040,472 27,028,837
Operating profit before depreciation, amortisation 
share-based payment charges and restructuring 
costs: 148,814 1,054,645 1,203,459
Depreciation of tangibles (3,863) (157,689) (161,552)
Amortisation of intangibles – (110,959) (110,959)
Exceptional items (150,000) (180,080) (330,080)
Operating profit 5,049 605,917 600,868
Net finance expense (12,420)
Profit before taxation 588,448
Segment Assets
Property, plant and equipment 9,067 469,143 478,210
Intangible assets 1,794,265 13,658,414 15,452,679
Other assets 1,307,202 2,539,452 3,846,654
3,110,534 16,667,009 19,777,543
Segment Results – 2009
Support 
services  
2009
Client 
services  
2009
Total  
2009
£ £ £
Revenue
Total 18,234,777 7,336,181 25,570,958
Inter company (796,079) (80,345) (876,424)
Revenue 17,438,698 7,255,836 24,694,534
Operating profit before depreciation, amortisation  
share-based payment charges and restructuring 
costs 86,895 436,385 523,280
Depreciation of tangibles (31,148) (153,383) (184,531)
Amortisation of intangibles (27,643) (228,829) (256,472)
Operating profit 28,104 54,173 82,277
Net finance expense (51,473)
Profit before taxation 30,804
Segment Assets
Property, plant and equipment 144,216 474,327 618,543
Intangible assets 2,864,281 12,711,308 15,575,589
Other assets 3,751,666 2,017,553 5,769,219
6,760,163 15,203,188 21,963,351
causing a material adjustment to the carrying amount of assets and liabilities are 
discussed below:
(a) Impairment of goodwill
The Group is required to test, at least annually, whether goodwill has suffered any 
impairment. The recoverable amount is determined based on value in use 
calculations. The use of this method requires the estimation of future cash flows and 
the choice of a suitable discount rate in order to calculate the present value of these 
cash flows. Actual outcomes could vary.
(b) Impairment of intangibles (other than goodwill)
Intangible assets are reviewed for impairment if events or changes in circumstances 
indicate that the carrying amount may not be recoverable. When a review for 
impairment is conducted, the recoverable amount is determined based on value in 
use calculations prepared on the basis of management’s assumptions and estimates.
(c) Impairment of property, plant and equipment
Property, plant and equipment are reviewed for impairment if events or changes in 
circumstances indicate that the carrying amount may not be recoverable. When a 
review for impairment is conducted, the recoverable amount is determined based  
on value in use calculations prepared on the basis of management’s assumptions  
and estimates.
(d) Depreciation of property, plant and equipment
Depreciation is provided so as to write down the assets to their residual values over 
their estimated useful lives as set out above. The selection of these residual values 
and estimated lives requires the exercise of management judgement.
(e) Share-based compensation
The fair value of options and warrants are determined by reference to the fair value 
of the options granted, excluding the impact of any non-market vesting conditions 
(for example, profitability and sales growth targets). Non-market vesting conditions 
are included in assumptions about the number of options that are expected to vest. 
At each balance sheet date, the entity revises its estimates of the number of options 
that are expected to vest. It recognises the impact of the revision to original 
estimates, if any, in the income statement, with a corresponding adjustment to equity.
2. SEGMENTAL ANALYSIS
In prior years, segment information reported externally was analysed on the basis of 
the types of goods supplied and services provided by the Group’s operating divisions 
(i.e. marine fuel and support services). However, information reported to the 
Group’s chief operating decision maker for the purposes of resource allocation and 
assessment of segment performance is more specifically focused on the category of 
goods and services. The principal categories are support services and client services. 
The Group’s reportable segments under If RS 8 are therefore as follows:
Support services relate to the goods and services provided to the yacht to enable 
the yacht to operate (i.e.: marine fuel and lubricants).
Client services relate to the services provided on behalf of client (i.e.: yacht 
management, yacht sales, yacht purchase, yacht charter, charter marketing, crew 
recruitment, new construction, project management, provisioning and concierge).
Information regarding the Group’s reportable segments is presented below. 
Amounts reported for the prior year have been restated to conform to the 
requirements of If RS 8. 46
n otes to the f inancial s tatements continue D
Emoluments disclosed above include the following amounts paid to the highest paid 
Director in the year:
2010 
£
2009 
£
Emoluments 218,314 198,006
Benefits 11,065 9,529
229,379 207,535
4. NET FINANCE INCOME
2010 
£
2009 
£
Finance costs:
Bank interest 18,128 53,213
Bank loan interest – 16
Other interest – 2,748
18,128 55,977
Finance income:
Deposit account interest 5,708 2,101
Other interest received – 2,403
5,708 4,504
Net finance costs: (12,420) (51,473)
5. OPERATING PROFIT FOR THE YEAR
The operating profit for the year is stated after charging/(crediting):
2010 
£
2009 
£
Rent operating leases 658,674 670,578
Depreciation – owned assets 157,223 180,410
Depreciation – leased assets 4,329 4,121
Amortisation of intangibles 110,959 265,472
Loss on sale of tangible assets 22,488 319
Auditors’ remuneration (Company £28,626; 2009: £20,000) 53,017 40,000
Auditors’ remuneration (Non-audit work) 3,000 3,000
Compensation for loss of office 48,000 –
f oreign exchange differences (110,946) 128,071
The analysis of administrative expenses in the consolidated income statement by 
nature of expense:
2010 
£
2009 
£
Employment costs 4,204,244 3,963,951
Depreciation and amortisation 272,511 441,003
Advertising costs 385,804 316,098
Travelling and entertaining 316,440 275,676
Establishment costs 799,797 813,165
Other expenses 1,423,013 1,098,059
7,401,809 6,907,952
The chief operating decision maker also reports on geographical segment, which 
consists of Europe, Americas and the rest of the world. The breakdown of the 
revenue is shown below. The business segment consists of support services and 
client services as shown below:
Europe 
2010 
£
Americas 
2010 
£
Rest of the 
world 
2010 
£
Total 
2010 
£
Revenue 17,443,236 2,604,031 6,981,570 27,028,837
Total assets 19,777,543 – – 19,777,543
Capital Expenditure 391,788 – – 391,788
Europe 
2009 
£
Americas 
2009 
£
Rest of the 
world 
2009 
£
Total 
2009 
£
Revenue 15,548,971 3,276,989 5,868,574 24,694,534
Total assets 21,963,351 – – 21,963,351
Capital Expenditure 428,779 – – 428,779
3. EMPLOYEES AND DIRECTORS
2010  
£
2009 
£
Directors emoluments 572,602 573,969
Wages and salaries 2,900,881 2,728,012
Social security costs 698,799 623,650
Benefits 20,585 38,320
Compensation for loss of office 48,000 –
4,240,867 3,963,951
The average monthly number of employees (including Directors) during the year was 
as follows:
2010  
Number
2009 
Number
Directors 6 6
Operations 60 56
66 62
2010  
£
2009 
£
Directors’ emoluments 514,602 425,105
Directors’ fees 58,000 148,864
Directors’ benefits 18,698 20,125
Compensation for loss of office 48,000 –
639,300 594,094
Peter Jay’s fees were invoiced by Zeme Ltd totalling £30,000 (2009 – £50,000). 
Charles Smith fees were invoiced by Charles Smith & Co totalling £76,000 (2009 – 
£68,000). f INANCIAL STATEMENTS
47 y CO GROUP PLC ANNUAL REPORT & ACCOUNTS 2010
The Group also has estimated trading losses from foreign subsidiaries of £420,000 
(2009 – £515,000). The deferred tax asset not provided at 28% on the grounds  
that the recovery could not be foreseen with reasonable certainty was £82,000 
(2009 – £144,000).
8. PROFIT OF PARENT COMPANY
As permitted by Section 408 of the Companies Act 2006, the income statement of 
the Parent Company is not presented as part of these financial statements. The Parent 
Company’s profit for the financial year was £756,776 (2009 – Loss of £169,779).
9. EARNINGS PER SHARE
The calculation of earnings per Ordinary share is based on earnings after tax and the 
weighted average number of Ordinary shares in issue during the year. f or diluted 
earnings per share, the weighted average number of Ordinary shares in issue is 
adjusted to assume conversion of all dilutive potential Ordinary shares. The Group 
has two classes of dilutive potential Ordinary shares being those share options 
granted to employees and suppliers where the exercise price is less than the average 
market price of the Group’s Ordinary shares during the year and the shares to be 
issued to satisfy the deferred consideration on the acquisition of a subsidiary.
Details of the adjusted earnings per share are set out below:
2010 2009
Basic EPS
Earnings attributable to Ordinary shareholders (£) 491,560 10,953
Weighted average number of shares 48,166,584 48,166,584
Basic EPS (pence) 1.02 0.02
2010 2009
Diluted EPS
Earnings attributable to Ordinary shareholders (£) 491,560 10,953
Weighted average number of shares 49,168,375 49,144,304
Diluted EPS (pence) 1.00 0.02
10. GOODWILL
Group
Total
£
Cost
At 1 January 2009 15,332,787
Additions –
At 31 December 2009 15,332,787
Disposals (102,180)
At 31 December 2010 15,230,607
Carrying amount
At 31 December 2010 15,230,607
At 31 December 2009 15,332,787
The acquisition of yCO S.A.M. includes its subsidiary undertakings yCO S.A.R.L., 
yCO yacht Limited, yCO Limited and yCO London Limited.
6. Ex CEPTIONAL ITEMS
2010 
£
2009 
£
European VAT provision 150,000 –
Goodwill write off 102,180 –
f ixed asset write off 77,900 –
330,080 –
A provision for European VAT was provided by the Board. This represents a 
potential fiscal liability where private vessels were fuelled in European waters.
During the year, Management took the decision to liquidate yacht Help Group 
Gibraltar to save costs and improve efficiency. An impairment review of the goodwill 
associated with Gibraltar resulted in the prudent decision to write off the goodwill. 
The value written off during the period was £102,180.
During the year the Company closed an office in Palma and Barcelona with the result 
of a write off of fixed assets of £77,900.
7. INCOME TAx E x PENSE
The tax charge on the profit for the year was as follows:
2010 
£
2009 
£
Current tax:
Corporation tax 96,888 19,851
96,888 19,851
Deferred tax – –
Total 96,888 19,851
Profit before tax 588,448 30,804
2010 
£
2009 
£
Profit on ordinary activities before taxation multiplied by 
standard rate of UK corporation tax of 28% (2009 – 28%) 164,765 8,625
Effects of:
Non-deductible expenses 35,955 2,951
Depreciation add back 5,461 8,586
Capital allowance (15,793) (6,931)
Losses carried forward (93,078) 64,065
Other tax adjustments (422) (57,445)
(67,877) 11,226
Current tax charge 96,888 19,851
Deferre D t ax The Group has estimated trading losses of £nil (2009 – £nil), management expense 
excess of £4,800 (2009 – £276,000) and non trading losses of £12,334 (2009 – 
£12,000) available to carry forward against future profits. The deferred tax asset not 
provided at 28% on the grounds that the recovery could not be foreseen with 
reasonable certainty was £398 (2009 – £80,000). 48
n otes to the f inancial s tatements continue D
11. INTANGIBLES
Group
Trademarks, 
patents & 
licences  
£
Software  
£
Product 
development  
£
Total  
£
Cost
At 1 January 2009 29,795 311,114 51,542 392,451
Reclassification – 51,542 (51,542) –
Currency revaluation – 15,483 – 15,483
Disposals (29,795) – – (29,795)
Additions – 204,185 – 204,185
At 1 January 2010 – 582,324 – 582,324
Additions – 113,620 – 113,620
Currency revaluation – (33,443) – (33,443)
Disposals – (31,494) – (31,494)
At 31 December 2010 – 631,007 – 631,007
Amortisation
At 1 January 2009 5,499 107,346 – 112,845
Amortisation for the year 24,296 232,176 – 256,472
Eliminated on disposal (29,795) – – (29,795)
At 1 January 2010 – 339,522 – 339,522
Amortisation for the year – 110,959 – 110,959
Currency revaluation – (21,793) – (21,793)
Eliminated on disposal – (19,752) – (19,752)
At 31 December 2009 – 408,936 – 408,936
Carrying Value
At 31 December 2010 – 222,071 – 222,071
At 31 December 2009 – 242,802 – 242,802
The trademarks, patents and licenses relate to a license held by a Spanish subsidiary 
which was disposed of in 2009.
Software and product development relate to the websites, which meet the definition 
of an intangible asset.
The Company assesses at each reporting date whether there is an indication that the 
intangible assets may be impaired, by considering the value in use is greater than the 
recoverable amount. If an indication exists an impairment review is carried out. At 
the year end, there was no indication of impairment of the value of the intangibles.
The Company assesses at each reporting date whether there is an indication that the 
goodwill may be impaired, by considering the net present value of discounted cash 
flows forecasts. If an indication exists an impairment review is carried out. At the 
year end, there was no indication of impairment of the value of goodwill.
Goodwill is allocated to the Group’s cash generating units (CGU) identified according 
to the country of operation and business segment.
During the year a transfer of goodwill from support services to client services 
occurred due to integration of yacht Help Group into concierge Monaco.
A segment level summary of the goodwill allocation is presented below:
Support 
services  
£
Client 
services  
£
Total  
£
Europe 1,794,265 13,436,342 15,230,607
The recoverable amount of CGU is determined based on value-in use calculations. 
These calculations use pre-tax cash flow projections based on financial budgets 
approved by management covering a four year period. Cash flow beyond four year 
periods is extrapolated using the price earnings ratio to determine the terminal value.
The key assumptions used for value in use calculations are as follows:
Support 
services
Client 
services
Revenue growth 5–10% 5–10%
GP margin 4.5% 10–100%
Expenses growth 5% 5%
Discount rate 14.65% 14.65%
PE ratio 7 7
The assumptions have been used for the analysis of each CGU within each business 
segment.
Management determined budgeted gross margin based on past performance and 
its expectations of market development. The discount rates used are pre-tax and 
reflect specific risks relating to the relevant segments and the cost of borrowings. f INANCIAL STATEMENTS
49 y CO GROUP PLC ANNUAL REPORT & ACCOUNTS 2010
Group
Included in motor vehicles are assets held under a finance lease with a carrying value 
of £9,844 (2009 – £14,173) and depreciation charge for the year of £ 4,329 (2009 – 
£4,121).
13. FIx ED ASSET INVESTMENTS
Company
Total 
£
Cost
At 1 January 2009 16,248,665
Additions 9,000
At 1 January 2010 16,257,665
Disposals (100,000)
At 31 December 2010 16,157,665
Carrying Amount
At 31 December 2010 16,157,665
At 31 December 2009 16,248,665
In the opinion of the Directors, the aggregate value of the Company’s investment in 
subsidiary undertakings is not less than the amount included in the balance sheet
The details of the subsidiaries are as set out below:
Country of 
incorporation Shareholdings Nature of business
yacht f uel Services Limited UK 100% Supply of marine fuel and 
lubricants
yacht Help Group (Mallorca) S.L. Spain 100% Supply of goods and services 
to yachts
yacht Help Group Gibraltar Ltd Gibraltar 100% Supply of goods and services 
to yachts
BA yachts Assistance S.L. Spain 100% Supply of goods and services 
to yachts
yCO S.A.M. Monaco 100% Brokerage and yacht 
Management services
yCO SARL** f rance 100% yacht crew recruitment
yCO yacht Limited* UK 100% Brokerage and yacht 
Management services
yCO Support Limited* Isle of Man 100% Supply of goods and services 
to yachts
yacht Help Group SARL f rance 100% Supply of goods and services 
to yachts
yCO Ltd UK 100% Holding client accounts
yCO INC USA 100% Brokerage
* It is a wholly owned subsidiary of y CO S.A.M.
** It is a wholly owned subsidiary of y CO yacht Limited.
The Company acquired the whole issued share capital of yCO S.A.M. on 27 May 2008 
for a total consideration of £12,798,571, satisfied by £8,074,162 in cash and £4,724,409 
in shares.
12. PROPERTY, PLANT AND Eq UIPMENT
Group
f ixtures and 
fittings  
£
Motor 
vehicles  
£
Totals  
£
Cost
At 1 January 2009 879,457 113,573 993,030
Additions 75,907 6,028 81,935
Currency revaluation (53,557) – (53,557)
Disposals (76,232) (16,730) (92,962)
At 31 December 2009 825,575 102,871 928,446
Additions 178,366 99,802 278,168
Currency revaluation (43,592) (2,757) (46,349)
Disposals (473,945) (31,672) (505,617)
At 31 December 2010 486,404 168,244 654,648
Depreciation
At 1 January 2009 132,904 32,821 165,725
Charge for the year 166,291 18,240 184,531
Disposals (30,484) (9,869) (40,353)
At 31 December 2009 268,711 41,192 309,903
Charge for the year 140,432 21,120 161,552
Currency revaluation (6,964) (1,182) (8,146)
Disposals (268,993) (17,878) (286,871)
At 31 December 2010 133,186 43,252 176,438
Carrying Value
At 31 December 2010 353,218 124,992 478,210
At 31 December 2009 556,864 61,679 618,543
Company
Cost
At 1 January 2009 66,788 55,156 121,944
Additions – – –
Disposals (66,788) – (66,788)
At 1 January 2010 – 55,156 55,156
Additions – – –
Disposals – (27,578) (27,578)
At 31 December 2010 – 27,578 27,578
Depreciation
At 1 January 2009 17,987 16,193 34,180
Charge for the year 8,384 8,780 17,164
Disposals (26,371) – (26,371)
At 31 December 2009 – 24,973 24,973
Charge for the year – 4,526 4,526
Disposals – (13,784) (13,784)
At 31 December 2010 – 15,715 15,715
Carrying Value
At 31 December 2010 – 11,863 11,863
At 31 December 2009 – 30,183 30,183 50
n otes to the f inancial s tatements continue D
15. TRADE AND OTHER RECEIVABLES
Group Company
 2010  
£
2009  
£
2010  
£
2009  
£
Current:
Trade receivables 1,647,063 3,015,141 – –
Other receivables 1,418,596 1,883,467 – 250,000
Other taxes receivable 106,616 128,271 19,420 36,745
Prepayments 169,019 177,921 15,373 51,218
Receivables from group 
undertakings – – 484,329 951,651
3,341,294 5,204,800 519,122 1,289,614
The Directors consider that the carrying amount of trade and other receivables 
approximates their fair value.
16. CASH AND CASH Eq UIVALENTS
Group
Group Company
 2010  
£
2009  
£
2010  
£
2009  
£
Bank current account 494,858 527,321 – –
Bank deposit account – 20,000 – –
Cash in hand 10,503 12,978 – –
505,361 560,299 – –
17. TRADE AND OTHER PAYABLES
Group Company
 2010  
£
2009  
£
2010  
£
2009  
£
Current:
Trade payables 2,144,365 4,016,302 91,960 102,412
Payables to group undertakings – – 593,843 2,184,001
Social security and other taxes 239,505 162,018 6,469 926
Accruals and deferred income 1,082,032 1,912,645 – 71,258
Amounts owed to related parties 234,910 300,838 – 53,058
Other payables 212,050 214,628 65,998 –
3,912,862 6,606,431 758,270 2,411,655
Trade payables and accruals principally comprise amounts outstanding for trade 
purchases and ongoing expenses.
The Directors consider that the carrying amount of trade and other payables 
approximates their fair value.
On 19 f ebruary 2009, the Company subscribed to 100 shares of €100 each in yacht 
Help Group SARL (y HG SARL), which represents the total issued share capital of 
y HG SARL.
The results of the subsidiaries are as follows:
2010  
£
2009 
£
Yacht Fuel Services Limited
Aggregate capital and reserves 699,468 1,343,094
(Loss)/profit for the year
**
(643,626) 205,251
Yacht Help Group (Mallorca) S.L.
Aggregate capital and reserves (59,403) (370,169)
Profit/(loss) for the year
***
307,842 (149,495)
Yacht Help Group Gibraltar Limited
Aggregate capital and reserves (1,000) 1,750
(Loss) for the year (2,750) (452)
BA Yachts Assistance S.L.
Aggregate capital and reserves (52,562) 60,659
(Loss) for the year (119,501) (2,671)
YCO S.A.M.
Aggregate capital and reserves 368,018 347,918
Profit for the year 141,989 156,585
YCO SARL
Aggregate capital and reserves (1,847) 11,809
Profit/(Loss) for the year 5,866 (25,933)
YCO Yacht Limited
Aggregate capital and reserves 70,589 36,964
Profit for the year 33,625 22,224
YCO Support Limited
Aggregate capital and reserves 29,841 8,991
Profit for the year 21,291 19,289
YCO Limited
Aggregate capital and reserves 1 1
Profit for the year – –
Yacht Help Group SARL
Aggregate capital and reserves (25,807) (35,064)
Profit/(Loss) for the year 8,182 (44,066)
YCO INC*
Aggregate capital and reserves (15,953) –
(Loss) for the period (15,954) –
* y CO INC financial statements were prepared from the date of incorporation 8 November 2010 to 31 
December 2010. The profit & loss for the period and aggregate capital and reserves were apportioned to the 
Group’s reporting period.
** After a dividend of £600,000 paid to yCO Group Plc
*** 2010 figure includes €500,000 revenue from y CO Brokerage in Spain. y HG core activity made a loss.
14. INVENTORIES
Group Company
 2010  
£
2009  
£
2010  
£
2009  
£
f inished goods – 4,120 – –
The Directors consider that the carrying amount of inventories is at fair value. f INANCIAL STATEMENTS
51 y CO GROUP PLC ANNUAL REPORT & ACCOUNTS 2010
20. CALLED UP SHARE CAPITAL
Authorised:
Number Class:
Nominal  
value:
2010  
£
2009  
£
142,857,143 Ordinary 0.35p 500,000 500,000
Allotted, called up and fully paid:
Number: Class:
Nominal 
value:
2010 
£
2009 
£
48,166,401 Ordinary 0.35p 168,584 168,584
1,342 Deferred* 0.35p 5 5
*  The deferred shares in the capital of the Company shall have no rights, powers or benefits attached to them 
whatsoever and, without limitation, shall not confer on the holders of deferred shares any right to vote, to share 
in a dividend declared by the Company or to appoint a Director, provided that on a return of capital on a 
winding-up or otherwise the surplus assets of the Company remaining after payment of its liabilities shall be 
applied first in repayment to the holders of the Ordinary shares of the amount paid up on such Ordinary shares 
together with a premium of £10,000 per Ordinary share and the balance of such assets shall be distributed 
among the holders of the Ordinary shares and the holders of the deferred shares rateably according to the 
amount paid up on such shares.
21. RESERVES
Group
Share 
premium  
£
Retained 
earnings  
£
Other 
reserves  
£
Translation 
reserves  
£
Total  
£
At 1 January 2009 14,958,685 (262,211) 194,706 28,329 14,919,509
Expenses recovered* 250,000 – – – 250,000
Profit for the year – 10,953 – – 10,953
Translation reserve – – – (52,419) (52,419)
At 31 December 2009 15,208,685 (251,258) 194,706 (24,090) 15,128,043
Profit for the year – 491,560 – – 491,560
Translation reserve – – (23,394) (15,128) (38,522)
At 31 December 2010 15,208,685 240,302 171,312 (39,218) 15,581,081
18. FINANCIAL LIABILITIES – BORROWINGS
Maturity of the borrowings is as follows:
Group Company
 2010  
£
2009  
£
2010  
£
2009  
£
Repayable with one year on demand
Bank loans – – – –
f inance leases (see note 19) 18,128 21,983 15,279 16,667
Bank overdraft – – 349,119 301,262
18,128 21,983 364,398 317,929
Repayable between one and five years – 18,459  – 15,279
18,128 40,442 364,398 333,208
The Group and HSBC Bank Plc (‘HSBC’) agreed on a secured overdraft facility of 
£300,000. The facility is due for review in December 2011 and is being charged at an 
interest rate of 4.25% per annum above HSBC’s Sterling base rate. Under the 
overdraft facility agreement, the Group has the right to set off the multi currency 
balances within the Group.
An unlimited corporate guarantee given by each of the Group companies in favour of 
HSBC was given on 3 January 2008 to secure the Group’s obligations under the loan 
facility above.
19. FINANCE LEASES
Group
Minimum lease payments under finance leases fall due as follows:
2010 
£
2009 
£
No later than one year 18,128 26,003
Later than one year but not more than five – 20,311
18,128 46,314
f uture finance obligations – (5,872)
18,128 40,442
BA yachts Assistance S.L. finance lease is in respect of a purchase of motor vehicle. 
The finance lease is for 60 months from 1 June 2007 to 1 May 2011. The interest rate 
is 12% per annum.
yCO Group PLC finance lease relates to the Microsoft Dynamics CRM project. The 
lease is for 36 months from 11 November 2008 to 10 October 2011. The interest 
rate is 6% per annum. 52
n otes to the f inancial s tatements continue D
Group
f inancial assets f inancial liabilities
2010 
£
2009  
£
2010  
£
2009  
£
Euro (€) 765,315 796,274 382,529 1,976,069
United States Dollars (US$) 880,731 2,438,463 967,508 2,126,616
1,646,046 3,234,737 1,350,037 4,102,685
The foreign exchange rates affecting the Group are as follows:
Group
Income statement Balance sheet
2010 
£
2009 
£
2009 
£
2009 
£
Euro (€) 0.86 0.89 0.86 0.90
United States Dollars (US$) 0.65 0.64 0.65 0.63
l iqui Dity risk The Group prepares periodic working capital forecasts for the foreseeable future, 
allowing an assessment of the cash requirements of the Company, to manage liquidity 
risk. The Directors have considered the risk posed by liquidity and are satisfied that 
there is sufficient growth and equity in the Company. The Group has an overdraft 
facility with the bank for £300,000 and is being charged at an interest rate of 4.25% 
per annum above HSBC’s Sterling base rate, as published from time to time, which is 
currently at 0.5%. The overdraft facility is due for renewal in December 2011.
c apital risk The Group’s objectives when managing capital are to safeguard the ability to 
continue as a going concern in order to provide returns for shareholders and benefits 
to other stakeholders and to maintain an optimal capital structure to reduce the cost 
of capital.
m arket risk The market may not grow as rapidly as anticipated. The Group may lose customers 
to its competitors. The Group’s major competitors may have significantly greater 
financial resources than those available to the Company. There is no certainty that 
the Company will be able to achieve its projected levels of sales or profitability.
c re Dit risk The Group’s principal financial assets are bank balances and cash, trade and other 
receivables. The credit risk on liquid funds is limited because the counter parties are 
banks with high credit ratings assigned by international credit-rating agencies. The 
Group’s credit risk is primarily attributable to its trade. The amounts presented in 
the balance sheet are net of allowance for doubtful receivables. An allowance for 
impairment is made where there is an identified loss event which, based on previous 
experiences, is evidence of a reduction in the recoverability of the cash flows. The 
Group has no significant concentration of credit risk, with exposure spread over a 
large number of counter parties and customers.
Company
Share 
premium  
£
Retained 
earnings  
£
Other 
reserves  
£
Total  
£
At 1 January 2009 14,958,685 (569,596) 194,706 14,583,795
Expenses recovered* 250,000 – – 250,000
Loss for the year – (169,779) – (169,779)
At 31 December 2009 15,208,685 (739,375) 194,706 14,664,016
Profit for the year – 756,776 – 756,776
Deferred equity to be issued – – (23,394) (23,394)
At 31 December 2010 15,208,685 17,401 171,312 15,397,398
*  On 31 December 2009 the Company agreed a settlement with a former business partner over the disputed fee 
on the fund raising exercise in May 2008 of £250,000. The amount was previously deducted from the share 
premium account. The amount receivable was recognised in other receivables and share premium account in 
2009.
22. RISK AND SENSITIVITY ANALYSIS
The Group’s activities expose it to a variety of financial risks: interest rate risk, 
liquidity risk, foreign currency risk, capital risk and credit risk. The Group’s activities 
also expose it to non-financial risks: market risk. The Group’s overall risk 
management programme focuses on unpredictability and seeks to minimise the 
potential adverse effects on the Group’s financial performance. The Board, on a 
regular basis, reviews key risks and, where appropriate, actions are taken to mitigate 
the key risks identified.
i nterest rate an D forei Gn currency risk The Group does not have formal policies on interest rate risk or foreign currency 
risk. However, the Group’s exposure in these areas (as at the balance sheet date) 
was minimal.
The Group is exposed to foreign currency risk on sales, purchases and borrowings 
that are denominated in a currency other than Pound Sterling (£). The Group 
maintains a natural hedge that minimises the foreign exchange exposure by matching 
foreign currency income with foreign currency costs.
The Group does not consider it necessary to enter into foreign exchange contracts 
in managing its foreign exchange risk resulting from cash flows from transactions 
denominated in foreign currency, given the nature of the business for the time being.
The net unhedged financial assets and liabilities of the Group that are denominated in 
its functional currency are as follows: f INANCIAL STATEMENTS
53 y CO GROUP PLC ANNUAL REPORT & ACCOUNTS 2010
The following amounts were owed to related parties:
2010 
£
2009 
£
G Wright* 105,511 110,359
C Birkett* 103,695 108,452
J Clark* – 82,028
*  The balances at the year-end are in respect of the loans advanced prior to the acquisition of y CO S.A.M. The 
loans are in yCO S.A.M. They have no fixed repayment period and are interest free. J Clark is a former 
Director of y CO S.A.M.
During the year, the Company received management fees from yacht f uel Services 
Limited, yCO yacht Limited and yCO S.A.M. It also (advanced) or received loans 
from fellow subsidiaries. The details are as follows:
Company
Management f ee
2010 
£
2009 
£
yacht f uel Services Limited 200,000 195,000
yCO yacht Limited 195,000 45,000
yCO S.A.M. 450,000 210,000
Loan received/(advanced)
2010 
£
2009 
£
yacht f uel Services Limited (1,381,158) 1,142,478
yacht Help Group (Mallorca) S.L. 309,687 (142,252)
yacht Help Group Gibraltar Limited 10,483 32,517
BA yachts Assistance S.L. (17,568) (735)
yCO yacht Limited 74,594 (11,125)
yCO S.A.M. 811,995 (283,312)
yacht Help Group SARL (67,769) (83,209)
yCO INC (18,301) –
The above loans are unsecured and interest free.
At 31 December 2010, the following amounts were due from or (owed to) subsidiary 
companies:
2010 
£
2009 
£
yacht f uel Services Limited (593,843) (2,175,001)
yacht Help Group (Mallorca) S.L. 243,583 553,271
yacht Help Group Gibraltar Limited – 10,483
BA yachts Assistance S.L. 8,568 (9,000)
yCO S.A.M. (178,431) 183,564
yCO yacht Limited 241,531 121,125
yacht Help Group SARL 150,977 83,209
yCO INC 18,101 –
23. FINANCIAL COMMITMENTS
o peratin G lease commitments The Group leases office premises under a non-cancellable operating lease 
agreement, which contains various escalation clauses and renewal rights. The lease 
expenditure is charged to the income statement during the year as incurred. At the 
balance sheet date the Group was committed to payments under the operating lease 
agreement as follows:
Land & 
buildings 
2010  
£
Land & 
buildings 
2009  
£
Others 
2010  
£
Others  
2009  
£
Less than one year 405,910 454,527 153,093 124,161
Between one and five years 1,003,963 1,078,925 133,114 94,340
1,409,873 1,533,452 286,207 218,501
c apital commitments At the year end the Group had capital commitments of £20,000 (2009 – £nil). These 
amounts relate to the future period and have not been provided for in these financial 
statements.
24. RELATED PARTY TRANSACTIONS
The Company repaid loan advances from G Wright and C Birkett in the year:
2010 
£
2009 
£
N Miller – (10,301)
G Wright (26,529) –
C Birkett (26,529) –
The highest loan balance due/(owed) to the Company in the year:
2010 
£
2009 
£
N Miller – (415,950)*
G Wright – 26,529
C Birkett – 26,529
* During 2009 a loan was made to N Miller (a former Director) of £415,950 which was repaid on 23 November 
2009 (together with interest @ 4.75% totalling £2,403).
C Birkett is a director for Office f abric (UK) Ltd. During the year IT services 
provided by Office f abric UK Ltd to yCO were €25,393 (£21,766). yCO Invoiced 
Office f abric for €2,250 of consulting fees. The balance outstanding at the year-end 
owed to Office f abric was €6,300 (£5,398). 
R Malliwal is a partner in the legal firm Sprecher Grier Halberstam LLP, during the 
year services provided by Sprecher Grier Halberstam LLP amounted to £43,203, 
The balance outstanding as at 31 December 2010 was £20,541.
 
All the above transactions with related parties were conducted at arms length. 54
n otes to the f inancial s tatements continue D
At the year end, yCO Limited had £11,938 (2009 – £124,525) overdrawn amount 
in clients’ accounts. In the event that the yacht owners do not pay the overdrawn 
amount in the client named accounts, the Group would be liable for the balance to 
the bank.
Client funds are ringfenced in yCO Limited, separately from the Company accounts. 
yCO Group and its subsidiaries have no right of offset against client monies held.
27. EVENTS AFTER THE REPORTING PERIOD
The Company has agreed to allot 321,388 ordinary shares of 0.35p each to Beatriz 
Alonso the former manager of yacht Help Group Mallorca SL and BA yachts 
Assistance SL, in respect of deferred consideration on the acquisition of BA yachts 
Assistance SL.
28. ULTIMATE CONTROLLING PARTY
The Company is quoted on the Alternative Investment Market of the London Stock 
Exchange. At the date of the annual report, in the Directors opinion there is no one 
controlling party. In total the Directors owned 14% of the share capital of the 
Company as at 31 December 2010.
29. DIVIDENDS
The Directors do not recommend the payment of a dividend. 
25. SHARE-BASED PAYMENTS
There is no charge for share-based payments as the fair values at the date of grant 
were below the exercise prices:
The details of the share options and warrants are as follows:
2010 2009
No. of 
share 
options
Weighted 
average 
exercise 
price  
£
No. of  
share  
options
Weighted 
average 
exercise  
price  
£
Outstanding at the beginning of 
the year 1,777,839 0.571 2,492,124 0.487
f orfeited – – (714,285) (0.49)
Balance carried forward 1,777,839 0.571 1,777,839 0.571
2010 2009
No. of 
warrants
Weighted 
average 
exercise 
price  
£
No. of  
warrants
Weighted 
average 
exercise  
price  
£
Outstanding at the beginning of 
the year 479,328 0.613 479,328 0.613
Exercised – – – –
Balance carried forward 479,328 0.613 479,328 0.613
The fair values of the options granted have been calculated using Black-Scholes model 
assuming the inputs shown below:
Grant Date May 2011 May 2010
Share price at grant date 38p 38p
Exercise price 49p/73.5p 49p/73.5p
Option life in years 5 years 5 years
Risk free rate 5% 5%
Expected volatility 10% 10%
Expected dividend yield 0% 0%
f air value of option 0p 0p
26. CONTINGENT LIABILITIES AND GUARANTEES
The Group has no contingent liabilities in respect of legal claims arising from the 
ordinary course of business and it is not anticipated that any material liabilities will 
arise from contingent liabilities other than those mentioned below.
A debenture in favour of HSBC Bank Plc was created on 11 January 2009 and 
registered on 18 January 2009 to secure the Group’s obligations under the overdraft 
facility. The debenture is a fixed and floating charge over the Group’s undertaking 
and all of its property and assets present and future including its goodwill, book 
debts, uncalled capital, buildings, fixtures and fixed plant and machinery.
An unlimited corporate guarantee given by each of the Group companies in favour of 
HSBC was given on 3 January 2009 to secure the Group’s obligations under the 
overdraft facility referred above. f INANCIAL STATEMENTS
55 y CO GROUP PLC ANNUAL REPORT & ACCOUNTS 2010 56
n otes Directors: p Jay
 C birkett
 G Wright
 C A smith (r esigned 31 July 2010)
 i r p etts (Appointed 31 July 2010)
 r m alliwal (Appointed 22 september 2010)
 s l idbetter (Appointed 1 January 2011)
 
Secretary: i r p etts  
Registered Office: 18 Coulson street
 l ondon
 sW 3 3nb
 +44 (0)20 7584 1801
 www.ycoyacht.com
Website: www.ycogroup.com
Registered Number: 05011189 (england And Wales)
Nominated Adviser Arbuthnot securities l imited
& Broker: Arbuthnot House
 20 r opemaker street
 l ondon  
 eC2Y 9Ar
Solicitors: sprecher Grier Halberstam llp 
 One America square
 Crosswall
 l ondon 
 eC3n 2 sG
Public Relations: Hudson sandler
 29 Cloth f air l ane
 l ondon 
 eC1A 7nn
Auditors: Jeffreys Henry llp
 finsgate
 5–7 Cranwood street
 l ondon
 eC1v 9ee
Bankers: Hsb C bank plc
 70 pall mall
 l ondon 
 sW1Y 5ez Registrars: Capita r egistrars l imited
 n orthern House
 Woodsome park
 f enay bridge 
 Huddersfield 
 Hd8 0 GA 
 COntents OVeRVIeW ■ ■
01 Highlights 
02 Global presence
04 services
08 Chairman’s statement 
bUsIness ReVIeW ■ ■
12 Chief executive’s statement 
16 Operating r eview
18 f inancial r eview
22 board of d irectors
FInanCIaL statements ■ ■
26 d irector’s r eport
28 Corporate Governance r eport 
29 r eport of the independent Auditors 
30 Consolidated income statement 
31 Consolidated statement of  
Comprehensive income 
32 Consolidated statement of  
Changes in equity 
33 Company statement of Changes  
in equity 
34 Consolidated statement of  
f inancial position 
35 Company statement of f inancial position
36 Consolidated statement of Cash f lows
37 n otes to the Consolidated  
statement of Cash f lows 
38 Company statement of Cash f lows 
39 n otes to the Company statement  
of Cash f lows 
40 n otes to the f inancial statements
GLOba L s UPe RYa Cht* se RVICes PROVI de R, 
FOCUs In G On se RVICe, PROF ess IOna LIsm  
and I nn OVat IOn I n the I nd Ust RY.
sAles b r OKer AGe ■ ■
CHArter br OKer AGe ■ ■
CHArter mAnAG ement ■ ■
Oper Ati OnA l mAnAG ement ■ ■
pr OJeCt mA n AGement A nd C OOrdin Ati On f Or ■ ■
super YACHt CO nstru Cti On 
Cre W r eCruitment, s eAr CH And p l ACement ■ ■
pr Ovisi Onin G And C On Cier Ge supp Ort ■ ■
fuellin G ■ ■
*superyacht 24m/80ft+
YCO GROUP PLC COm Pan Y In FORmat IOn FOR the Y ea R ended 31 d e Cembe R 2010 YCO Gr Oup p l C
Annu Al r epOrt & A CCOunts 2010
A business  
Of distin Cti On 
YCO GROUP PLC Annu Al rep Ort & ACCO unts 2010
YCO GROUP PLC
18 COuls On s treet 
lO nd On s W3 3nb 
u nited KinG d Om
tel: +44 (0)20 7584 1801 
WWW.YCOGr Oup.CO m