YCO GROUP PLC
ANNUAL REPORT  
& ACCOUNTS 2009
YCO GROUP PLC ANNUAL REPORT & ACCOUNTS 2009
YCO GROUP PLC
18 COULSON STREET 
LONd ON SW3 3NB 
UNiTEd Ki Ngd Om
TEL: +44 207 584 1801 
WWW.y COg ROUP.COm  COntents n OVe RVIe W
01 Highlights 
02 Overview
08 Chairman’s Statement 
n b Us Iness Re VIe W
10 Chief Executive’s Report 
12 Business Review
18 Board of d irectors
n FInanCIa L statements 20 d irector’s Report
22 Corporate g overnance Report 
23 Report of the independent Auditors 
24 Consolidated income Statement 
25 Consolidated Statement of 
Comprehensive income 
26 Consolidated Statement of Changes  
in Equity 
27 Company Statement of Changes  
in Equity 
28 Consolidated Statement of  
Financial Position 
29 Company Statement of Financial Position
30 Consolidated Statement of Cash Flows
31 Notes to the Consolidated Statement  
of Cash Flows 
32 Company Statement of Cash Flows 
33 Notes to the Company Statement  
of Cash Flows 
34 Notes to the Financial Statements
a COLLe Ct IOn OF COm Pan Ies  
OFFe RIn G a COm PLete Ran Ge OF 
se RVICes t O the s UPe RYa Cht se Ct OR.
YCO GROUP PLC Is an a LL se RVICes PROVIde R t O s UPe RYa Chts, 
OFFe RIn G sa Les & C ha Rte R b ROke Ra Ge, Y a Cht mana Gement, 
PROje Ct mana Gement FOR R e FIts and ne W b UILds, C ha Rte R 
mana Gement, CR e W Re CRUItment, PROVI s IOn In G, a Gen CY 
WORk and FU e LLIn G. 
t he YCO G ROUP team has extens IVe ex Pe RIen Ce  
In the ma RIt Ime and Ya Cht In G Ind Ust RY, and as  
One OF the O n LY LIsted CO m Pan Ies I n the se Ct OR,  
YCO GROUP OFFe Rs C LIents exC e Pt IOna L FInan CIa L 
t Rans Pa Ren CY. hOW e Ve R, the CO m Pan Y a Ls O ma Inta Ins  
a P e Rs Ona LIsed a PPROa Ch t O se RVICe, ens URIn G  
COm PLete d Is CRet IOn at e Ve RY se RVICe L e Ve L.
YCO GROUP PLC
COm Pan Y In FORmat IOn FOR the Y ea R ended 31 d e Cembe R 2009
Directors: P Jay
 C Birkett
 g Wright
 C A Smith
 N miller (Resigned 16 October 2009) 
 P Shea (Resigned 24 September 2009)
 
Secretary: C A Smith 
Registered Office: 18 Coulson Street
 London
 SW3 3NB
 
Website: www.ycogroup.com
Registered Number: 05011189 (England And Wales)
Nominated Adviser Arbuthnot Securities Limited
& Broker: Arbuthnot House
 20 Ropemaker Street
 London  
 EC2y 9AR
Solicitors: Beachcroft LLP
 100 Fetter Lane
 London
 EC4A 1BN
Public Relations: Hudson Sandler
 29 Cloth Fair Lane
 London 
 EC1A 7NN
Auditors: Jeffreys Henry Llp
 Finsgate
 5–7 Cranwood Street
 London
 EC1v 9 EE
Bankers: HSBC Bank Plc
 70 Pall mall
 London 
 SW1y 5E z Registrars: Capita Registrars Limited
 Northern House
 Woodsome Park
 Fenay Bridge 
 Huddersfield 
 Hd8 0g A  OVERVIEW
01
yc O g ROup plc annual RE pORt & acc Ounts 2009
f Inanc Ial h Ighl Ights
OpERat IOnal h Ighl Ights
Completion of Group restructuring with new Chief ■ ■
Executive overseeing the successful implementation 
of a cost reduction programme and the consolidation 
of Yacht Help Group
Strong performance at YCO Brokerage, ahead of ■ ■
management’s expectations 
Increased number of contracted superyachts by 34% ■ ■
to 51 (2008: 38)
Strengthened teams at YCO Brokerage and YCO ■ ■
Management, reflecting confidence in improving 
market conditions
Yacht Fuel Services has maintained its leading position ■ ■
in the market and benefited from increased operating 
margins 
BEtt ER mIx Of REVEnu E, REfl Ect Ing st ROng ER 
pERf ORmanc E Of yc O BROk ERag E, yc O 
manag EmEnt, yc O cREW REc Ru Itm Ent  
and yacht hElp gROup
REVEnuE O f 
 £24.7m
(2008: £28.5m)
gROss pROfIt
 £7.0m
(2008: £5.3m)
pROf It BEf ORE 
tax O f
 £31,000
(2008: loss £684,000)
IncREasEd By 33% t O SERVICES
02
yc O gRO up plc 
IS a COll ECt IOn OF SpECIal ISt COMpan IES 
pr Ov Id In G k EY SErv ICES t O t HE w Orld’ S  
Fl EEt OF Sup ErYa CHt S
2009 has been an important year of transition for the Group. despite the 
backdrop of a very challenging environment for luxury tourism, YCO has 
completed a successful turnaround programme that has resulted in the Group 
reporting a maiden profit. 
a s a result of this turnaround, the Group has a great opportunity, with  
a strengthened management and service offering, to increase our share  
of the superyacht services market going forward. t his combined with  
the continued, gradual recovery of the market leads us to approach the  
future with optimism
Charlie Birkett, Chief Executive
c Ompany OVERVIEW
yc O gRO up c Ompan IEs OVERVIEW
03
yc O g ROup plc annual RE pORt & acc Ounts 2009
■■ ycO group plc
 london, united kingdom 
■ ycO headquarters
 Monte Carlo, Monaco
■ ycO crew
 antibes, France 
 palma de Mallorca, Spain 
 Barcelona, Spain
■ yacht help group
 antibes, France
 palma de Mallorca, Spain
 Barcelona, Spain
 Gibraltar
■ yacht fuel services
 london, united kingdom
h Ist ORy
Off Ic Es
 2004
YCO founded in 
Monaco by Gary 
w right & Charlie 
Birkett
d euxmil Marine acquires 
Yacht Fuel Services in uk 
d euxmil Marine is 
subsequently admitted to 
a IM on l SE as d euxmil 
Marine plc
 2005-6
d euxmil Marine plc 
acquires YCO (and 
subsidiaries) via reverse 
takeover. Group is 
readmitted to a IM as 
YCO d euxmil plc
 2008
 2007
d euxmil Marine plc 
acquires Yacht Help 
Group in Spain
 2009
YCO d euxmil plc 
renamed YCO 
Group plc 04
at 2009 year end, the Group had 65 staff working from 
premises in l ondon, Monaco, a ntibes, palma, Barcelona 
and a presence in the Gulf. t he scope of operations 
stretches worldwide, in particular to Europe, n orth 
a merica, r ussia, the pacific and the Caribbean. 
t he companies within YCO Group collectively offer  
the widest range of services in the industry and the 
Group therefore competes against brokerage houses, 
management companies, crew recruitment agencies,  
fuel providers, provisioners and chandleries globally.
Service S 
ycO 
YCO, the largest subsidiary, with 50 staff, divides its 
service offering between three main areas: brokerage, 
management and crew recruitment. 
t he YCO Brokerage division deals with superyacht sales 
transactions and charters, and the commission based 
model has the potential to generate the highest profits  
of the Group. YCO may represent both sides of 
transactions, but more often represents Buyers. YCO 
Brokerage currently has a presence in l ondon, Monaco 
and the Gulf, although the company handles transactions 
anywhere in the world and has clients based globally. 
YCO Management provides stable monthly revenue 
streams. t he team of 23 operates a Management 
program which allows Owners and Captains of 
contracted yachts to subscribe to any of a number of 
individually priced services. t he project Management 
service for yachts under construction or undergoing a 
refit can be provided onsite at the shipyard or from  
the YCO Management offices in Monaco and the Gulf. 
YCO Gr Oup OpErat ES w It HIn t HE Sup Er Ya CHt 
SECt Or, w HEr E a S up Er Ya CHt IS GE n Erall Y 
COn SId Er Ed t O BE an Y Ya CHt Gr Eat Er  
t Han 24 M (80Ft) I n l En Gt H
ma Rk Ets, sE ct ORs & gEO g Raph Ic pRE sEnc E  OVERVIEW
05
yc O g ROup plc annual RE pORt & acc Ounts 2009
YCO Crew r ecruitment provides crew search and 
placement services for superyachts on a pay-per-
placement basis. YCO Crew is one of the most  
prominent agencies in Europe, and operates from 
a ntibes and palma. at inception in 2007, YCO invested 
heavily in developing software which facilitates  
advanced registration and search facilities. t he database 
has several thousand qualified yacht crew registered. 
yacht f u El sERVI c Es 
Yacht Fuel Services was founded over 20 years ago as  
a fuel brokerage for yachts worldwide. l ongstanding 
relationships with the world’s major producers of  
marine fuel, offer YFS yachts access to premium grade 
yacht fuel, helicopter fuel, oil and lubricants. In addition 
to competitive pricing, the company aims to distinguish 
itself from competition by offering credit terms, free 
voyage planning and providing fuel in more remote 
cruising areas. YFS operates from l ondon headquarters 
and in France, but has delivered fuel worldwide in 2009. 
yacht hE lp gRO up 
Yacht Help Group provides provisions, spare parts, crew 
assistance, shipyard logistics and tax/customs consultancy. 
r evenue is generated on margins for resale items and 
fees for services.
YHG offices are strategically positioned in the key 
yachting locations of a ntibes, palma and Barcelona. In 
palma, YHG is one of the only companies to offer this 
breadth of service and in France the market is less well 
established, with fewer competitors. In Barcelona, YHG 
is considered a leading supplier due to excellent relations 
with local shipyards and competitive prices. 06
What a RE  
cE nt Ral a g Ency y achts?
While any brokerage house can sell or charter any yacht on the market to its clients,  
the majority of yachts available for sale or charter have central agency (ca) agreements in place  
with one or two named brokerage houses. the ca takes on the responsibility and associated cost  
of managing and marketing the yacht’s sales and charter activities. 
ca yachts do not provide visible revenue in a specified period, however upon their sale or charter  
(even if achieved by a third party) the central agent will receive a guaranteed portion of the commission. 
a large number of good quality ca yachts can improve the company’s visibility in the  
marketplace, however there is an additional cost of sales and marketing, which is not  
applicable when representing only the Buyer.  OVERVIEW
07
yc O g ROup plc annual RE pORt & acc Ounts 2009
myBa 
ycO is a full corporate member of the mediterranean yacht Brokers association, founded in 1984 to 
promote standards of professionalism in the yachting industry. 
my Ba only endorses membership to brokerage houses with a proven track record of professional 
excellence, offering valuable benefits and safeguards to clients choosing to purchase, sell, build or charter  
a yacht through a myB a broker. 
myB a enjoys international recognition and the contract used by ycO has been drafted in conjunction 
with a team of international maritime lawyers to protect the interest of all parties. It remains the world’s 
most universally employed charter contract. 08
2009 was a year of significant change at YCO Group.
a gainst a background of challenging market conditions, 
the Board undertook an extensive restructuring 
programme resulting in an integrated business with a 
strengthened service offering. t he restructuring will also 
enable the Group to expand the business effectively,  
as appropriate, as market conditions improve.
Significant savings have also been made in operational 
overheads and the turnaround has resulted in a maiden 
profit being reported for the year. t he Board expects 
that the full benefits of these savings will be gained  
during 2010.
t he Board is satisfied that the businesses throughout  
the Group are now managed more efficiently in terms  
of both costs and operations. However, efforts are 
ongoing to further improve the Group’s efficiency and  
to reduce its cost base, in addition to strengthening  
the service offering and to continue to keep the Group 
moving ahead in its marketplace.
l ed by our new CEO, Charlie Birkett and YCO Managing 
partner and YCO Group Executive d irector Gary 
w right, who are both very experienced in the  
superyacht industry, the outlook for 2010 is encouraging 
as the world emerges from a challenging economic 
climate. w e are witnessing signs of a gradual recovery, 
from which we expect the luxury travel and tourism 
market to benefit.
I would like to thank my fellow Board members and all 
the Group’s employees for their support and hard  
work in achieving the Group’s impressive turnaround. 
w ith an enhanced starting position for 2010, improved 
operations and an established philosophy of corporate 
control and responsibility, we approach the year ahead 
with enthusiasm and optimism.
t HE Outl OOk FOr 2010 IS En COura GIn G  
a S t HE w Orld EMEr GES Fr OM  
a CH all En GIn G ECOn OMIC Cl IMat E
pEt ER Jay
nO n-Ex ECutI vE CHaI r Man
cha IRman’s stat EmEnt 09
yc O g ROup plc annual RE pORt & acc Ounts 2009
OVERVIEW 10
In 2009, the Group successfully achieved a turnaround to 
report a maiden profit for the year following the losses 
reported for both 2008 and the first half of 2009.
key factors driving the performance recovery have been:
successful completion of Group restructuring at both ■ ■
corporate and management level
reductions within the business cost base ■ ■
strengthened teams and expanded operations in ■ ■
brokerage.
a s a result, the Group exceeded the Board’s expectations 
in Yacht Brokerage, which generates the highest margins, 
while increasing our market share in Yacht Management.
t he Group has also continued to reinvest in corporate 
structure and It systems to ensure that it is well placed 
and well structured to leverage the anticipated upturn in 
the market.
r eview of Bu Sine SS o peration S:
BROkER ag E
t he Board was prudent in its expectations for 2009, in 
anticipation of the effects of the economic downturn. 
However the Group took the opportunity to strengthen 
the team, introduce a specialist division handling luxury 
sailing yachts and continue to develop advanced customer 
management systems.
d uring 2009, YCO Brokerage was involved in two of  
the most prominent superyacht sales in the industry.
manag EmEnt
YCO Management operates from two offices with 23 staff, 
generating revenue from contracted monthly retainers  
for Yacht Management, project Management and from 
additionally priced one-off services and consultancy.
YCO Management continued to develop systems and 
services in accordance with its strategy, to ensure its 
clients receive the best possible service. t he division 
completed the roll-out of the (client management 
software) YCO l Iv E to all yachts and introduced the 
YCO v ISa debit card.
a s a result, and due to the increased number of existing 
yacht owners looking for improved cost control,  
YCO Management continued to grow the number of 
contracted yachts.
cREW R Ec Ru Itm Ent
In a highly competitive market, YCO Crew lowered its 
fees to remain competitively priced. a s a result of  
this reduction in margins, combined with a less active 
marketplace, management took measures to reduce 
overheads and to recalibrate the business. t he division 
remains under review as part of the wider ongoing 
restructuring programme.
yacht f u El sERVI c Es
Operating with four staff from headquarters in l ondon 
with an office in the South of France, Yacht Fuel Services 
generates revenue through the sale of fuels and lubricants 
to superyachts.
w hile YFS benefited from a fall in fuel prices, it was 
affected by reduced movement of yachts and fewer 
trans-atlantic crossings. t he Company took steps at the 
tHE Gr Oup’ S d Iv Er SE Bu SIn ESS MOd El and 
COMpl EMEntar Y r Ev Enu E Str Ea MS Hav E BEEn  
a d ECISIv E Fa Ct Or In t HE Gr Oup’ S 
turnar Ound I n 2009
ch IEf E x Ecut IVE’s REpORt
c ha Rl Es BIRkE tt
CHIEF Ex ECut Iv E OFFICEr 11
yc O g ROup plc annual RE pORt & acc Ounts 2009
Bus In Ess REVIEW
beginning of the year to reduce marketing costs in 
preparation for the adverse trading conditions.
YFS maintained its strong position in the market, making 
multiple deliveries to 240 unique yachts of over 30 
metres. Increased margins helped to offset a reduction  
in tonnage sold, and overall the division performed in line 
with management’s expectations.
yacht hE lp gRO up
at the beginning of the year, Yacht Help Group operated 
from three offices with 15 permanent staff, generating 
revenue through the supply of concierge services and 
provisions to superyachts.
d uring the year, the division suffered from the reduced 
number of yachts in transit. a s a result of this the decision 
was taken to reduce the workforce to 10 full time staff, 
with a stronger focus on developing business in the key 
locations of a ntibes and Barcelona.
In particular, the shipyard based provisioning and 
concierge services performed strongly during the year 
and these will continue to be developed as a key area of 
the business in the future.
Summary
It has been the Board’s priority to take the necessary steps in 
2009 to ensure that the Group emerges from the economic 
downturn a stronger and more efficient business and one 
which is well placed to deliver future growth.
In what has been the most challenging of environments, 
the results for 2009 have demonstrated significant 
progress. r ecognition for this achievement must go to 
the whole YCO Group team, as it is the hard work of all 
st Rat Eg y & s t REngths
Br Eadt H OF SErv ICES ■ ■
FInan CIal ■ ■
tran Spar En CY 
Exp Er IEn CE OF ■ ■
pEr SOnn El
d ISCr Et IOn and ■ ■
pr OFESSIOnal ISM
Inn Ovat IOn ■ ■
of our employees which has enabled the restructuring 
of the Group to be achieved so successfully.
o utlook YCO Group continues to benefit from income from 
sales completed in the latter part of 2009 and has 
achieved some smaller transactions in the first part of 
2010 which are encouraging.
t he Group’s diverse business model and complementary 
revenue streams have also been a decisive factor in  
the Group’s turnaround during 2009, in what was a 
challenging market.
w hile it is clear that the market has shown some signs 
of recovery, the Board still expects continuing pressure 
on fees and commissions, therefore it will continue to 
focus on the cross-selling of the Group’s services whilst 
seeking to improve margins.
t he Group will continue to seek to improve its  
service offering and to invest in marketing initiatives,  
It and finance reporting systems, as well as looking  
to reduce corporate overheads further, where 
appropriate. t here are consolidation opportunities in 
the market and the Board is considering its approach  
to growth and investigating possible future expansion 
opportunities.
t he completed restructuring programme gives the 
business a great opportunity, with a strengthened 
management and service offering, to increase our share 
of the superyacht services market going forward. t his 
combined with the continued, gradual recovery of the 
market leads us to approach the future with optimism. 12
review of B u Sine SS an D future 
Development S
BROkER ag E
a s expected, 2009 was a more difficult climate for yacht 
sales and charter than 2008, which was an exceptional 
year for the industry as a whole and for YCO. Following 
a slow start in the first half, the industry reported a 
general improvement in the second half of the year, as is 
typical. However, with few or no sales reported as a 
direct result of any of the major yacht shows (Monaco, 
Fort l auderdale, a bu d habi), the superyacht brokerage 
industry was certainly more subdued in 2009 than in 
2008. at YCO, this general downturn was reflected in 
reduced charter enquiries and sales leads. 
t he company continued its investment in improving 
Cr M systems in order to systemise and regulate  
Client prospecting and create a platform to stimulate 
new business. presence has been expanded into l ondon 
and the Gulf, and with strengthened brokerage teams  
in Monaco, notably including a new division ‘YCO Sail’, 
specialising exclusively in luxury sailboats. 
post period, this expansion has resulted in improved 
charter figures for Summer 2010 and the company 
continues to focus on improving performance in this area 
of the business. 
manag EmEnt
Management offers stability and visibility and in a climate 
which may be challenging for brokerage, there is potential 
for growth as Owners look to professional management 
as a means of ensuring efficient and cost effective 
operation and maintenance of the vessel. 
t he company continues to invest in developing and 
upgrading YCO l Iv E, and post period, restructuring is 
underway to improve efficiency and communications, 
creating an organisational model which will allow for 
continued expansion as the number of yachts under 
management increases. 
 
34%
c Ont Ract Ed yachts  
IncREasEd By:
FOll Ow In G a S l Ow S tart I n t HE FIr St H al F,  
t HE Indu Str Y r EpOrt Ed a GE n Eral 
IMpr Ov EMEnt I n t HE SECOnd H al F OF  
t HE YEar, a S IS t YpICal
Bus In Ess R EVIEW 13
yc O g ROup plc annual RE pORt & acc Ounts 2009
Bus In Ess REVIEW
tR anspa REncy & 
fI nanc Ial cOnt ROl  
In an industry which is not strictly regulated, 
ycO is one of very few publically listed 
companies and the only one of its kind listed  
on the l ondon stock Exchange. While the 
company continues to operate in all divisions 
with a boutique philosophy, providing c lients 
with a personalised and discrete service,  
being publically listed offers reassurance that  
the company is governed by strict  
financial regulations.
t ransparency has always been one of the key 
values at yc O, and in 2009 we have introduced 
ycO VIsa across the whole ycO charter fleet. 
t his revolutionary prepayment system is a safe 
alternative to cash, offering increased security 
and ensuring an accurate and easy-to-access 
record of spend. t he system is currently being 
rolled out across the ycO management fleet. 14 15
yc O g ROup plc annual RE pORt & acc Ounts 2009
Bus In Ess REVIEW
yc O l IVE 
the first real-time, online yacht management system in the world, ycO lIVE was designed and developed  
by ycO as a tool to enable Owners, captains and yacht managers to access vital information and 
documentation – from any computer, anywhere in the world, at any time.
With the increasing number of certificates, licenses and regulations for large yachts and their crew, the 
burden of paperwork involved can be a drain for onboard resources. as vessels are constantly on the 
move, the transmission of documents from one place to another is not always a practical possibility. 
storing all data for a yacht in one constantly accessible area, ycO lIVE provides the link between the yacht,  
the owner’s office and the managers, ensuring a clear and efficient line of communication at all times. 
an in-house team of software technicians is continually developing and upgrading the ycO lIVE system, 
which is operational for all ycO yachts. 
yc O has and will continue to invest also in implementing advanced and professional It systems for 
brokerage, crew recruitment and accounting, to allow for smooth and efficient growth in the future.  16
superyacht x has been under 
ycO management since 2006.  
On appointment, yc O placed a 
new captain, working with him  
to build a strong crew and 
implement efficient onboard 
systems which would serve to 
maintain the yacht. protocols, 
procedures and infrastructures 
established by ycO include:
■ a V/It
■ mechanics
■ scheduled maintenance periods
■ crew training
■  yacht operating on a strict 
budget
ycO continues to manage the 
yacht’s day to day operations such 
as safety compliance, technical 
advice and operational logistics. 
 
ycO crew provides a crew 
employment program which 
enables crew to be employed via 
an independent entity, protecting 
the Owner from the risks 
associated with employment. 
 
superyacht x is also available  
for charter through yc O, which 
secures her Owners an excellent 
return which significantly offsets 
her operating costs. she also 
qualifies for discounted rates with 
ycO crew and yacht help group, 
and credit lines with yacht f uel 
services.
 
superyacht x has cruised 
extensively in 2009, both privately 
and under charter. 
c as E study: s upER yacht x 17
yc O g ROup plc annual RE pORt & acc Ounts 2009
Bus In Ess REVIEW
tHE r ESult S FOr t HE YEar ar E all t HE MOr E 
pl Ea SIn G GIv En t HEY w Er E a CHIEv Ed a Ga In St 
t HE Curr Ent ECO n OMIC Cl IMat E
Bus In Ess REVIEW
cREW R Ec Ru Itm Ent
a s a result of the economic downturn, 2009 saw fewer 
experienced and senior crew members looking to change 
positions. Fewer yachts operating commercially also meant 
reduced demand for additional crew in the traditionally 
busy charter seasons, particularly winter in the Caribbean. 
a gainst this backdrop, YCO Crew reduced the workforce 
from 6 to 4 and took steps to reduce marketing spend 
and other overheads.
t he company is now taking steps to further consolidate 
business costs and leverage cross selling opportunities 
within the Group, to enable the division to operate even 
in a reduced market.
yacht f u El sERVI c Es
t he results for the year are all the more pleasing given  
they were achieved against the current economic climate. 
t he revenue decreased mainly from the weakened Euro 
and u S d ollars in the year, however the company is still 
debt-free and maintains a positive cash flow.
t he decrease in the oil price has encouraged customers. 
a s such, the Company maintains its position as one  
of the largest suppliers of marine fuel to superyachts  
in the world.
t he demand for marine fuel for superyachts remains 
consistent and the company hopes to increase the 
number of yachts fuelled from cross-selling between 
YCO Group companies.
yacht hE lp gRO up
w ith fewer yachts operating there was reduced 
provisioning and concierge demand in palma and the 
newly opened office in a ntibes. However, this and the 
lack of migration to the Caribbean was to the benefit  
of YHG in Barcelona, which relies on shipyard trade.
Having reduced the workforce, the company hopes  
to expand operations through strategic partnerships, 
which may provide the added benefits of regular business 
and cost reduction opportunities, while growing specific 
areas which are performing well. 
In 2010, Barcelona has continued to perform well, and 
a ntibes is benefitting from marketing and promotions  
as it enters its second year of operations, reporting an 
increase in enquiries. 
key performance in Dicator S 
t he main highlights of our performance are noted below:
r evenue  £24,694,534 (2008: £28,501,012)
Gross profit  £6,990,229  (2008: £5,274,346)
pBt £30,804 (2008: l oss £684,079)
n umber of Sales t ransactions  6 (2008: 10)
n umber of w eeks of Charter  155 (2008: 130)
n umber of Contracted Yachts  51 (2008: 38)
Fuel t onnage Sold  26,832Mt  (2008: 29,870Mt ) 18
BOaRd Of dIREct ORs
1 2
3
4 yc O g ROup plc annual RE pORt & acc Ounts 2009
BusInEss REVIEW
19
 pEt ER Jay ( a g Ed 65)
nO n-Ex ECutI vE CHaI r Man 
peter Jay is a solicitor and a consultant  
to Beachcroft llp . He specialises in 
corporate finance and acts for a number 
of a IM companies. He has 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 Holdings plc. 
peter was appointed n on-Executive 
d irector of the company on 30 a ugust 
2006 and subsequently became n on-
Executive Chairman on 29 September 
2008.
  
   c ha Rl IE BIRk Ett ( a g Ed 35)
CHIEF Ex ECut Iv E OFFICEr 
Charlie Birkett has crewed, captained, 
purchased, sold and managed superyachts 
for the past eighteen years. He first 
captained a yacht in 1992, cruising the 
west coast of a merica and has since been 
involved in a range of activities associated 
with superyachts, ranging from tender 
design and construction to shoreside 
logistics. 
Charlie cofounded Monaco based yacht 
management and brokerage company 
YCO in 2004 and was appointed to  
the Board of YCO Group during the 
acquisition of YCO in May 2008.
Charlie was subsequently appointed Chief 
Executive Officer on 19 October 2009.
 c ha Rl Es smIth, aca  
(a g Ed 55)
FInanCE dI r ECt Or
Charles Smith qualified as a chartered 
accountant and then joined the firm of 
Scodie d eyong, becoming a full partner  
in 1981. In 1995 he left to become  
Group Financial d irector and then 
International Financial d irector of Holiday 
a utos Group (“Ha G”), a car rental 
broking business, where turnover grew 
from £29 million to £200 million in 2004. 
He stepped down from this position in 
2000, changing his role to that of financial 
consultant to Ha G. In this consultancy 
role he was primarily responsible for the 
preparation of Ha G for sale in a pril 2003 
to l astminute.com plc for £40 million.
Charles was appointed Finance d irector 
of the Company on 30 a ugust 2006.
 g a Ry W RIght ( a g Ed 51)
Ex ECut Iv E dI r ECt Or 
Gary w right has a maritime background 
stretching back well over 25 years. His 
experience includes acting as Master  
and project Manager on a number of 
superyachts and yacht construction 
projects. In 2001, Gary was appointed 
Chief Executive Officer of an a merica’s 
Cup team, with overall responsibility  
for every aspect of the team’s activities 
until the race in 2003. Gary went on to 
cofound YCO in Monaco in 2004.
Gary was appointed Executive d irector 
of the Company on 27 May 2008.
 
OpERat IOnal  
manag EmEnt tE am
FOr t HE YEar E nd Ed  
31 dECEMBE r 2009
Gary w right (Brokerage)
Yves d amette (Management)
Hatty Campbell (Crew recruitment)
Barnaby Skipwith (Yacht Fuel Services)
Beatriz a lonso (Yacht Help Group)
1 2 3 4 20
Director’s r eport
for the year en DeD 31 December 2009
The directors present their report with the financial statements of the Company and 
the Group for the year ended 31 December 2009.
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.
Review of Business and Future Developments
A detailed appraisal of business developments is given in the Business Review on pages 
12 to 17.
Key Risks and Uncertainties
The directors are optimistic about the business development in 2010. However, this is 
dependent upon factors such as oil supply, volatility of the US$ 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 is £10,953, which has been allocated against reserves.  
No dividends will be distributed for the year ended 31 December 2009. 
Directors
The following directors have held office since 1 January 2009:
P Jay
C Birkett
G Wright
C A Smith
N Miller (Resigned 16 October 2009)
P Shea (Resigned 24 September 2009)
All the directors who are eligible offer themselves for re-election at the forthcoming 
Annual General Meeting.
The beneficial interests of the directors holding office on 31 December 2009 in the 
issued share capital of the company were as follows:
 31.12.09 
||||
 01.01.09
  No of Percentage No of Percentage  
  Ordinary of Ordinary of 
  shares of issued share shares of issued share  
  0.35p each capital 0.35p each capital
L J Milton  – – 6,785,714 14%
N Miller  – – 6,785,714 14%
C A Smith  – – – –
P Jay  – – – –
C Birkett  3,376,450 7% 3,376,450 7%
G Wright  3,376,451 7% 3,376,451 7%
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.
On 15 March 2010, C Smith, Finance Director, purchased 200,000 ordinary shares at 
11p each of the Company.
The numbers of options outstanding to the directors at 31 December 2009 are  
as follows:
 31.12.09 
||||
 01.01.09
  No of  No of No of No of 
  options at  options at options at options at 
  0.49p each  0.35p each  0.49p each  0.35p each 
C A Smith  108,035 – 108,035 –
Substantial Shareholders
As at 4 May 2010, the Company has been notified of the following interests in the 
issued share capital of the Company:
    No of Ordinary Percentage of 
    shares of  issued share 
    0.35p each* capital
State Street Nominees Limited    10,446,01 1 21.69%
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%
Pershing Nominees Limited     3,420,684 7.10%
Barclayshare Nominees Limited     1,403,396 2.91%
*Charles Birkett’s and Gary Wright’s interest in 3,376,450 and 3,376,451 Ordinary 
Shares respectively, are held through Lynchwood Nominees
Company’s Policy on Payment of Payables
It is the Company’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 increased by 21 days to 52 (2008: 
31) days in the year under review.
Publication of Accounts on Company Website
Financial statements are published on the Company’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.
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. financia L statements
21
yco group p Lc annua L report & accounts 2009
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.
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 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. The overdraft 
facility is due for renewal in December 2010.
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. For 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 Financial Reporting Standards (IFRS) 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. 
to follow IFRS 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 and as regards the Group Article 4 of the IAS regulations. 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.
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 – Chief Executive Officer
Date: 19 May 2010  22
c orporate g overnance r eport
for the year en DeD 31 December 2009
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 three Executive Directors and one Non-Executive Director. 
All the Directors served throughout the year. The Directors’ biographies are set out 
on page 18 and demonstrate a range of relevant experience. N Miller and P Shea 
resigned as directors 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 
responsible for significant financing matters. 
The Board has established an Audit Committee and a Remuneration Committee 
which roles and responsibilities are discussed below. 
Audit Committee 
An Audit Committee has been established and currently comprises of P Jay who has 
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, re-appointment 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 and 
C Smith. 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 of 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. 
  financia L statements
23
yco group p Lc annua L report & accounts 2009
r eport of the i n Depen Dent a u Ditors 
to the s hareho LDers of yco g roup pL c
We have audited the financial statements of YCO Group PLC for the year ended 31 
December 2009, 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 31 to 50. The financial reporting 
framework that has been applied in their preparation is applicable law and International 
Financial Reporting Standards (IFRSs) 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 
Section 496 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 
21, 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 2009 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 Financial Reporting Standards as adopted by the European Union;
the parent company financial statements have been properly prepared in accordance 
> >
with IFRSs 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 and, as regards to the group financial statements, Article 4 of 
the IAS regulation.
Opinion on other matter 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 required to report by exception 
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.
Sanjay Parmar
Senior Statutory Auditor 
For and on behalf of Jeffreys Henry LLP, statutory auditor 
Finsgate
5-7 Cranwood Street
London
EC1V 9EE
United Kingdom
Date: 19 May 2010 24
c onso LiDate D income s tatement
for the year en DeD 31 December 2009
         2009 2008 
        Notes £ £
Revenue         24,694,534 28,501,012
Cost of sales         (17,704,305) (23,226,666)
Gross profit         6,990,229 5,274,346
Administrative expenses        5  (6,907,952) (5,997,982)
Operating profit/(loss)        5 82,277 (723,636)
Finance costs        4 (55,977) (14,602)
Finance income        4 4,504 54,159
Profit/(loss) before tax         30,804 (684,079)
Income tax charges        6 (19,851) –
Profit/(loss) for the year          10,953 (684,079)
Attributable to:
Owners of the company         10,953 (684,079)
Earnings/(loss) per share expressed in pence per share:      8
Basic – pence         0.02 (1.85)
Diluted – pence         0.02 (1.85)
Included above are the profit or (loss) of the subsidiaries since the date of acquisition: 
         2009 2008 
         £ £
Subsidiary
Yacht Help Group SARL **         (44,066) –
YCO SAM *         – 290,242
YCO SARL *         – (12,813)
YCO Yacht Limited *         – 79,065
YCO Support Limited *         – ( 11,363)
* Acquired on 27 May 2008
** Acquired on 19 February 2009
Below are the combined revenues and profit of the enlarged Group from 1 January 2009 to 31 December 2009:
         2009 2008 
         £ £
Revenue         24,694,534  31,845,695
Profit/(loss) for the year         10,953  (728,191) 25
yco group p Lc annua L report & accounts 2009
financia L statements
         2009 2008 
         £ £
Profit/(loss) for the year         10,953 (684,079)
Other comprehensive income:     
Currency translation differences         (52,419) 28,329
Total comprehensive income for the year        (41,466) (655,750)
Total comprehensive income attributable to :     
Owners of the company         (41,466) (655,750)
c onso LiDate D statement of c omprehensive i ncome
for the year en DeD 31 December 2009 26
     Share Share Retained Other Translation 
     Capital Premium Earnings Reserves Reserve Total 
     £ £ £ £ £ £
As at 1 January 2008     75,448 2,047,956 421,868  133,333 – 2,678,605
Shares issued     93,136 12,910,729 – – – 13,003,865
Loss after tax for the year     – – (684,079) – – (684,079)
Equity to be issued     – – – 61,373 – 61,373
Translation reserve     – – – – 28,329 28,329
As at 31 December 2008     168,584 14,958,685 (262,21 1) 194,706 28,329 15,088,093
Expenses recovered     – 250,000 – – – 250,000
Profit 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
Share capital is the amount subscribed for share 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 in the year 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 2010.
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.
c onso LiDate D statement of c hanges in e quity
for the year en DeD 31 December 2009 27
yco group p Lc annua L report & accounts 2009
financia L statements
      Share Share Retained Other  
      Capital Premium Losses Reserves Total 
      £ £ £ £ £
As at 1 January 2008      75,448 2,047,956 7,308  133,333 2,264,045
Shares issued      93,136 12,910,729 – – 13,003,865
Loss after tax for the year      – – (576,904) – (576,904)
Equity to be issued      – – – 61,373 61,373
As at 31 December 2008      168,584 14,958,685 (569,596) 194,706 14,752,379
Expenses recovered      – 250,000 – – 250,000
Profit 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
Share capital is the amount subscribed for share 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 in the year 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 2010.
c ompany s tatement of c hanges in e quity
for the year en DeD 31 December 2009 28
c onso LiDate D statement of f inancia L position
as at 31 December 2009
         2009 2008 
        Notes £ £
ASSETS   
Non-current assets   
Goodwill        9 15,332,787 15,332,787
Intangibles        10 242,802 279,606
Property, plant and equipment        1 1 618,543 827,305
         16,194,132 16,439,698
Current assets   
Inventories        13 4,120 203,960
Trade and other receivables        14 5,204,800 5,968,157
Cash and cash equivalents        15 560,299 859,283
         5,769,219 7,031,400
LIABILITIES   
Current liabilities   
Trade and other payables        16 6,606,431 8,318,120
Financial liabilities – borrowings 
Interest bearing loans and borrowings        17 21,983 23,772
Tax payable         19,851 –
         6,648,265 8,341,892
Net current liabilities         (879,046) (1,310,492)
Non-current liabilities
Financial liabilities – borrowings 
Interest bearing loans and borrowings        17 18,459 4 1,11 3
NET ASSETS         15,296,627 15,088,093
EQUITY AND RESERVES   
Called up share capital        19 168,584 168,584
Share premium        20 15,208,685 14,958,685
Retained earnings        20 (251,258) (262,2 11 )
Other reserves        20 194,706 194,706
Translation reserve        20 (24,090) 28,329
         15,296,627 15,088,093
The financial statements were approved and authorised for issue by the Board of Directors on 2010 and were signed on its behalf by: 
C Smith – Director
Date: 19 May 2010
Registered Number: 05011189
The notes form part of these financial statements 29
yco group p Lc annua L report & accounts 2009
financia L statements
c ompany s tatement of f inancia L position
31 December 2009
         2009 2008 
        Notes £ £
ASSETS
Non-current assets
Fixed asset investments        12 16,257,665 16,248,665
Property, plant and equipment        1 1 30,183 87,764
         16,287,848 16,336,429
Current assets
Trade and other receivables        14 1,289,614 663,612
Cash and cash equivalents        15 – –
         1,289,614 663,612
LIABILITIES
Current liabilities
Trade and other payables        16 2,411,655 1,666,074
Financial liabilities – borrowings 
Interest bearing loans and borrowings        17 317,929 519,644
         2,729,584 2,185,718
Net current liabilities         (1,439,970) (1,552,106)
Non current liabilities
Financial liabilities – borrowings 
Interest bearing loans and borrowings        17 15,278 31,944
NET ASSETS         14,832,600 14,752,379
EQUITY AND RESERVES
Called up share capital        19 168,584 168,584
Share premium        20 15,208,685 14,958,685
Other reserves        20 194,706 194,706
Retained earnings        20 (739,375) (569,596)
Total shareholders’ equity         14,832,600 14,752,379
The financial statements were approved and authorised for issue by the Board of Directors on 2010 and were signed on its behalf by:
C Smith – Director
Date: 19 May 2010
Registered Number: 05011189
The notes form part of these financial statements 30
         2009 2008 
        Notes £ £
Cash flows from operating activities
Cash generated from operations        1 (13,074) 238,244
Finance costs         (55,977) (14,602)
Corporation tax paid         – (109,025)
Net cash (outflow)/inflow from operating activities        (69,051) 11 4,6 1 7
Cash flows from investing activities
Purchase of intangibles         (204,185) (156,479)
Purchase of plant and equipment         (81,935) (424,646)
Proceeds from sale of tangible assets         46,024 15,855
Acquisition of subsidiaries (Note 9)         – (8,074,162)
– net cash acquired         – 449,651
Interest received         4,504 54,159
Net cash (outflow) from investing activities        (235,592) (8,135,622)
Cash flows from financing activities
Received/(repayment) of loan to related parties        38,181 (81,067)
Proceeds from issue of new shares         – 8,200,000
Repayment of bank loan         (1,355) (51,689)
Repayment of finance lease         (24,443) (36,016)
Net cash inflow from financing activities        12,383 8,031,228
(Decrease)/increase in cash and cash equivalents        (292,260) 10,223
Cash and cash equivalents at beginning of year        859,283 849,060
Foreign exchange currency translation         (6,724) –
Cash and cash equivalents at end of year        560,299 859,283
Represented by:
Cash at bank and in hand         560,299 859,283
Bank overdraft *         – –
         560,299 859,283
* The Company has an overdrawn balance which has the right to set off for the Group.
The notes form part of these financial statements
c onso LiDate D statement of c ash fL ows
for the year en DeD 31 December 2009 31
yco group p Lc annua L report & accounts 2009
financia L statements
1. Reconciliation of Operating Profit to Cash Generated from Operations 
         2009 2008 
         £ £
Operating profit/(loss) for the year         82,277 (723,636)
Adjustments for:
 Depreciation of property, plant and equipment        184,531 118,86 1
Loss on sale of tangible assets         319  24,413
Amortisation of intangibles         256,472 110,11 5
Loss on unrealised foreign exchange         – 53,943
Operating cash inflow/(outflow) before movements in working capital      523,599 (416,304)
(Increase)/decrease in inventories         199,840 (49,075)
(Increase)/decrease in trade and other receivables        1,013,357 589,491
(Decrease)/increase in trade and other payables        (1,749,870) 11 4,1 32
Cash (outflow)/inflow generated from operations       (13,074) 238,244
2. Major Non-Cash Transactions
On 31 December 2009 the Group 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 recognised in share premium account. The amount receivable has been recognised in other receivables and 
share premium account.
As part of the consideration for the acquisition of YCO SAM on 27 May 2008, the Company paid £4,724,409 in shares.
notes to the conso LiDate D statement of cash f Lows
for the year en DeD 31 December 2009 32
         2009 2008 
        Notes £ £
Cash generated from operations        1 (435,934) (139,1 13)
Finance costs          (46,625) (13,015)
Net cash from operating activities         (482,559) (152,128)
Cash flows from investing activities
Purchase of plant and equipment         – (4,163)
Proceeds from sale of plant and equipment        40,416 –
Investment in subsidiary          (9,000) –
Acquisition of subsidiaries (Note 9)         – (8,074,162)
Interest received         2,403 681
Net cash inflow/(outflow) from investing activities        33,819 (8,077,644)
Cash flows from financing activities
Received/(repayment) of loan from related parties        42,757 (51,592)
Proceeds from issue of new shares         –  8,200,000
Inter company loan received/(repaid)         624,363 (418,769)
Repayment of finance lease          (16,665) (2,778)
Net cash inflow from financing activities        650,455 7,726,861
Increase/(decrease) in cash and cash equivalents        201,715 (502,9 11 )
Cash and cash equivalents at beginning of year        (502,977) (66)
Cash and cash equivalents at end of year        (301,262) (502,977)
Represented by:
Bank overdraft         (301,262) (502,977)
         (301,262) (502,977)
c o mpany s tatement of c ash fL ows
for the year en DeD 31 December 2009 33
yco group p Lc annua L report & accounts 2009
financia L statements
1. Reconciliation of Operating Profit to Cash Generated from Operations 
         2009 2008 
         £ £
Operating loss for the year         (125,557) (564,569)
Adjustments for:
Depreciation of property, plant and equipment        17,164 27 ,137
Loss on unrealised foreign exchange         – 32,956
Operating cash outflow before movements in working capital       (108,393) (504,475)
(Increase)/decrease in receivables         (83,622) 5,536
(Decrease)/increase in payables         (243,919) 366,150
Cash outflow generated from operations        (435,934) (132,789)
2. Major Non-Cash Transactions
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 recognised in share premium account. The amount receivable has been recognised in other receivables and 
share premium account.
As part of the consideration for the acquisition of YCO SAM on 27 May 2008, the Company paid £4,724,409 in shares.
notes to the company statement of cash f Lows
for the year en DeD 31 December 2009 34
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 20. The Company changed to its 
present name on 16 July 2009 upon the successful reorganisation of the Group.
1. Accounting Policies
Going 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 
statement, Business Review and Directors Report on pages 12 to 17 and 20 to 21. In 
addition note 21 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. 
Basis of preparation
These financial statements have been prepared in accordance with International Financial 
Reporting Standards and IFRIC 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 IFRS. The financial 
statements have been prepared under the historical cost convention. 
t he following new standards and amendments to standards are mandatory for the 
ﬁrst time for the ﬁnancial year beginning 1 January 2009.
IAS 1 (revised), ‘Presentation of financial statements’. The revised standard prohibits 
> >
the presentation of items of income and expenses (that is ‘non-owner changes in 
equity’) in the statement of changes in equity, requiring ‘non-owner changes in equity’ 
to be presented separately from owner changes in equity. All ‘non-owner changes in 
equity’ are required to be shown in a performance statement.
Entities can choose whether to present one performance statement (the statement of 
comprehensive income) or two statements (the income statement and statement of 
comprehensive income).
The Group has elected to present two statements: an income statement and a 
statement of comprehensive income. 
IFRS 8, ‘Operating segments’. IFRS 8 replaces IAS 14, ‘Segment reporting’. It requires 
> >
a ‘management approach’ under which segment information is presented on the 
same basis as that used for internal reporting purposes. 
Operating segments are reported in a manner consistent with the internal reporting 
provided to the chief operating decision-maker. The chief operating decision-maker 
has been identified as the executive committee that makes strategic decisions.
The operating segments have changed in 2009 to reflect the Group’s reportable 
segments under IFRS 8, which are support services and client services. Support services 
relate to the goods and services provided to the yacht to enable the yacht to operate 
(ie: marine fuel and provisioning). Client services relate to the services provided on 
behalf of client (ie: yacht management, yacht sales, yacht purchase, yacht charter, 
charter marketing, crew recruitment, new construction and project management.
Information regarding the Group’s reportable segments is presented in Note 2. 
Amounts reported for the prior year have been restated to conform to the requirements 
of IFRS 8.
Goodwill is allocated by management to groups of cash-generating units on a segment 
level. The change in reportable segments has not resulted in any additional goodwill 
impairment. There has been no further impact on the measurement of the Group’s 
assets and liabilities. Comparatives for 2008 have not been restated.
The following new standards, amendments to standards and interpretations have been 
issued, but are not effective for the financial year beginning 1 January 2009 and have 
not been early adopted:
IFRS 2 (amendment), ‘Share-based payment’ (effective from 1 January 2009). It 
> >
deals with vesting conditions and cancellations. It clarifies that vesting conditions are 
service conditions and performance conditions only. Other features of a share-
based payment are not vesting conditions. These features would need to be included 
in the grant date fair value for transactions with employees and others providing 
similar services; they would not impact the number of awards expected to vest or 
valuation there of subsequent to grant date. All cancellations , whether by the entity 
or by other parties, should receive the same accounting treatment. The Group will 
apply IFRS 2 (amendment) from 1 January 2009, subject to endorsement by the EU. 
It is not expected to have a material impact on the Group’s financial statements.
n otes to the f inancia L statements 
for the year en DeD 31 December 2009 financia L statements
35
yco group p Lc annua L report & accounts 2009
IFRS 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. Management is assessing the impact of the 
new requirements regarding acquisition accounting, consolidation and associates on 
the group. The Group does not have any joint ventures.
The revised standard continues to apply the acquisition method to business 
combinations, with some significant changes. For 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 re-measured 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. The Group will apply IFRS 3 (revised) to all business combinations 
from 1 January 2010.
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 Group 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 Group will apply IAS 
38 (amendment) from the date IFRS 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 similar useful economic lives. The amendment will not result in a material 
impact on Group’s financial statements.
FRIC 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 Group, as it 
has not made any non-cash distributions.
IFRIC 18, ‘Transfers of assets from customers’, effective for transfers of assets 
> >
received on or after 1 July 2009. This is not relevant to the Group, as it has not 
received any assets from customers.
The following new standards, amendments to standards and interpretations are 
mandatory for the first time for the financial year beginning 1 January 2009, but are not 
currently relevant for the Group:
IAS 23 (amendment), ‘Borrowing costs’.
> >
IAS 32 (amendment), ‘Financial instruments: Presentation’.
> >
IFRIC 13, ‘Customer loyalty programmes’.
> >
IFRIC 15, ‘Agreements for the construction of real estate’.
> >
IFRIC 16, ‘Hedges of a net investment in a foreign operation’.
> >
IAS 39 (amendment), ‘Financial instruments: Recognition and measurement’.
> >
IFRS 7 (disclosure amendment); ‘Financial instruments; fair value measurement and 
> >
liquidity risk’
Consolidation
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 de-consolidated from the date that 
control ceases.
The purchase 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.
Intangible assets
(a) g oodwill
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. 36
n otes to the f inancia L statements 
continue D
(b) t rademarks 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% 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% – 20% 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. Following initial recognition, product development are 
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 is transferred to software as an intangible 
assets. 
impairment of n on-f inancial a ssets
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. For 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.
property, plant and 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. 
Fixtures, 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 r ecognition
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.
f unctional c urrency t ranslation
i) f unctional and presentation c urrency
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) t ransactions and balances
Foreign currency transactions are translated into the presentational currency using 
exchange rates prevailing at the dates of the transactions. Foreign 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) g roup c ompanies
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. financia L statements
37
yco group p Lc annua L report & accounts 2009
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 current tax 
is calculated using tax rates that have been enacted or substantively enacted by the 
balance sheet date.
Deferred t ax
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 
taxable profit will be available against which the temporary differences can be utilised.
o perating 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. Finance 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.
segment reporting
The Company has adopted IFRS 8 Operating Segments with effect from 1 January 
2009. IFRS 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. Following the adoption of IFRS 8, the identification of the Group’s 
reportable segments has changed. See details in Note 2.
c ash and c ash 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.
inventories
Inventories are stated at the lower of cost and net realisable value. Cost is determined 
using the first-in, first-out (FIFO) 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 rade 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 rade payables
Trade payables are recognised initially at fair value and subsequently measured at 
amortised cost using the effective interest method.
borrowings
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 12 months after the balance 
sheet date. 38
n otes to the f inancia L statements 
continue D
f inancial instruments
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.
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. Financial 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 way 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. Financial 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 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.
share-based 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.
share c apital
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 accounting estimates and judgements
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 causing a 
material adjustment to the carrying amount of assets and liabilities are discussed 
below:
(a) impairment of g oodwill
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 g oodwill)
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. financia L statements
39
yco group p Lc annua L report & accounts 2009
2. Segment 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 focussed on the category of goods and 
services. The principal categories are support services and client services. The Group’s 
reportable segments under IFRS 8 are therefore as follows:
Support services relate to the goods and services provided to the yacht to enable the 
yacht to operate (ie: marine fuel and provisioning). 
Client services relate to the services provided on behalf of client (ie: yacht management, 
yacht sales, yacht purchase, yacht charter, charter marketing, crew recruitment, new 
construction and project management.
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  
IFRS 8.
The chief operating decision maker internal report is based on business segment, which 
consists of support services and client services. 
   Support  Client 
   Services Services Total 
Segment Results – 2009   2009 2009 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
   Support Client 
   Services Services Total 
Segment Results – 2008   2008 2008 2008 
   £ £ £
Revenue
Total   24,216,830 5,400,901 29,617,731
Inter company   (938,622) (178,097) (1,1 16,719)
Revenue   23,278,208 5,222,804 28,501,012
Operating profit before depreciation, amortisation  
share based payment charges and restructuring costs  (6,664) (91,250) (97,914)
Depreciation of tangibles   (16,015) (102,846) (1 18,861)
Amortisation of intangibles   (4,367) (105,748) (1 10,1 15)
Restructuring costs    (136,746) (260,000) (396,746)
Operating profit   (163,792) (559,844) (723,636)
Net finance expense     39,557
Profit before taxation      (684,079)
Segment Assets
Property, plant and equipment    176,845  650,460 827,305
Intangible assets   2,888,576 12,723,817 15,612,393
Other assets   3,123,333  3,908,067 7,031,400
   6,188,754 17,282,344 23,471,098
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:
    Rest of the 
  Europe Americas world  Total 
  2009 2009 2009 2009 
  £ £ £ £
Revenue  15,548,971  3,276,988 5,868,574 24,694,534
Total assets  21,963,351 – – 21,963,351
Capital Expenditure  428,779 – – 428,779
    Rest of the 
  Europe Americas world  Total 
  2008 2008 2008 2008 
  £ £ £ £
Revenue   19,41 1,278 3,555,174 5,534,560 28,501,012
Total assets  23,471,098 – – 23,471,098
Capital Expenditure  666,857 – – 666,857 40
n otes to the f inancia L statements 
continue D
3. Employees and Directors
    2009 2008 
    £ £
Directors emoluments    573,969  824,273
Wages and salaries    2,728,012 1,823,294
Social security costs    623,650 490,601
Benefits    38,320 33,109
Compensation for loss of office    – 396,746
    3,963,951  3,568,023 
The average monthly number of employees (including directors) during the year was as 
follows: 
    2009 2008 
    Number Number
Directors    6 7
Operations    56 60
    62 67
    2009 2008 
    £ £
Directors’ emoluments    425,105 728,037
Directors’ fees    148,864 96,236
Directors’ benefits    20,125 33,109
Compensation for loss of office    – 260,000
    594,094 1,11 7 ,382
Peter Jay’s fees were invoiced by Meze Ltd totalling £50,000 (2008 – £25,833). Peter Shea’s 
fees were invoiced by Daniel Stewart & Company totalling £30,864 (2008 – £23,903).
Emoluments disclosed above include the following amounts paid to the highest paid 
director in the year:
    2009 2008 
    £ £
Emoluments    198,006 180,000
Benefits    9,529 3,993
Compensation for loss of office    – 260,000
    207,535 443,993
4. Net Finance Income
     2009  2008 
     £  £
Finance income:
Deposit account interest    2,101 54,159
Other interest received    2,403 –
    4,504 54,159
Finance costs:
Bank interest    53,213 12,563
Bank loan interest    16 771
Other interest    2,748 1,268
    55,977 14,602
Net finance income/(costs)    (51,473) 39,557
5. Operating Profit/(Loss) for the Year
The operating profit for the year is stated after charging/(crediting):
    2009 2008 
    £ £
Rent operating leases    670,578 361,707
Depreciation – owned assets    180,410 11 5,187
Depreciation – leased assets    4,121 3,674
Amortisation of intangibles    256,472 110,11 5
Loss on sale of tangible assets    319 24,413
Auditors’ remuneration (Company £20,000; 2008: £20,000)  40,000 33,477
Auditors’ remuneration (Non-audit work)   3,000 5,000
Auditors’ remuneration (Corporate finance work)   – 128,000
Compensation for loss of office    – 396,746
Foreign exchange differences    128,071 (19,141)
The analysis of administrative expenses in the consolidated income statement by nature 
of expense:
    2009 2008 
    £ £
Employment costs    3,963,951 3,568,023
Depreciation and amortisation    441,003 228,976
Advertising costs    316,098 527,681
Travelling and entertaining    275,676 333,531
Establishment costs    813,165 375,635
Other expenses    1,098,059 964,135
    6,907,952 5,997,981 financia L statements
41
yco group p Lc annua L report & accounts 2009
6. Income Tax Expense
The tax charge on the profit for the year was as follows:
    2009 2008 
    £ £
Current tax:
Corporation tax    19,851 –
    19,851 –
Deferred tax    – –
Total     19,851 –
Profit/(loss) before tax    30,804 (684,079)
    2009 2008 
    £ £
Profit/(loss) on ordinary activities before taxation multiplied by  
standard rate of UK corporation tax of 28% (2008 – 28%)  8,625 (191,542)
Effects of:
Non deductible expenses    2,951 5,754
Depreciation add back    8,586 33,281
Capital allowance    (6,931) (3,842)
Losses carried forward    64,065 156,349
Other tax adjustments    (57,445) –
    11,226 191,542
Current tax charge    19,851 –
The Group has estimated trading losses of £nil (2008 – £18,000), management expense 
excess of £276,000 (2008 – £276,000) and non trading losses of £12,000 (2008 – 
£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 £80,000 (2008 – £126,560).
The Group also has estimated trading losses from foreign subsidiaries of £515,000 
(2008 – £434,000). The deferred tax asset not provided at 28% on the grounds that 
the recovery could not be foreseen with reasonable certainty was £144,000 
(2008 – £122,000).
7. 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 loss for the financial year was £169,779 (2008 – Loss of £576,904). 
8. 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. For 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:
    2009  2008
Basic EPS
Earnings attributable to ordinary shareholders (£)   10,953 (684,079)
Weighted average number of shares    48,166,584 37,020,278
Basic EPS (pence)    0.02 (1.85)
    2009  2008
Diluted EPS 
Earnings attributable to ordinary shareholders (£)   10,953 (684,079)
Weighted average number of shares    49,144,304 37,020,278
Diluted EPS (pence)    0.02 (1.85)
9. Goodwill
Group
     £
Cost
At 1 January 2008     2,784,822
Additions     12,547,965
At 31 December 2008     15,332,787
Additions     –
At 31 December 2009     15,332,787
Carrying amount
At 31 December 2009     15,332,787
At 31 December 2008     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.
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.
A segment level summary of the goodwill allocation is presented below:
   Support Client  
    Services services Total 
   £ £ £
Europe   2,864,281 12,468,506 15,332,787
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. Cashflow beyond four year period are 
extrapolated using the price earnings ratio to determine the terminal value. 42
n otes to the f inancia L statements 
continue D
The key assumptions used for value in use calculations are as follows:
    Support Client 
     Services services
Revenue growth     10% 10%
GP Margin    6-65% 86-89%
Expenses growth    5-10% 3-10%
Discount rate (HSBC OD rate – base rate + 3%)   8% 8%
PE ratio    9 9
The assumptions have been used for the analysis of each CGU within 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.
10. Intangibles
Group
    Product 
  Licences Software development Total 
  £ £ £ £
Cost
At 1 January 2008  23,018  – 23,018
Acquisition  – 154,635  154,635
Currency revaluation  6,777   6,777
Additions  – 156,479 51,542 208,021
At 1 January 2009  29,795 31 1,1 14 51,542 392,451
Additions  – 204,185  –  204,185
Currency revaluation   15,483 – 15,483
Reclassification   51,542 (51,542) –
Disposals  (29,795) – – (29,795)
At 31 December 2009  – 582,324 – 582,324
Amortisation
At 1 January 2008  2,066 – – 2,066
Currency revaluation  664 – – 664
Amortisation for the year  2,769 107,346 – 1 10,1 15
At 1 January 2009  5,499 107,346 – 1 12,845
Amortisation for the year  24,296 232,176 – 256,472
Eliminated on disposal  (29,795) – – (29,795)
At 31 December 2009  – 339,522 – 339,522
Carrying Value
At 31 December 2009  – 242,802 – 242,802
At 31 December 2008  24,296 203,768 51,542 279,606
The trademarks and patents related to a license held by a Spanish subsidiary which has 
now been disposed.
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.
11. Property, Plant and Equipment
Group
   Fixtures 
   and Motor 
   fittings vehicles Totals 
   £ £ £
Cost
At 1 January 2008   145,445 123,997 269,442
Additions   425,646 – 425,646
Acquisitions of subsidiaries   347,206 – 347,206
Currency revaluation   7,024 17,756 24,780
Disposals   (45,864) (28,180) (74,044)
At 31 December 2008   879,457 1 13,573 993,030
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
Depreciation
At 1 January 2008   56,422  1 1,386   67,808
Charge for the year    97,894 20,967 1 18,861
Currency revaluation   5,637 7,195 12,832
Disposals   (27,049) (6,727) (33,776)
At 31 December 2008    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   268,71 1 41,192 309,903
Carrying Value
At 31 December 2009   556,864 61,679 618,543
At 31 December 2008   746,553 80,752 827,305 financia L statements
43
yco group p Lc annua L report & accounts 2009
Group
Included in motor vehicles are assets held under a finance lease with a carrying value of 
£14,173 (2008 – £18,294) and depreciation charge for the year of £4,121 (2008 – £3,674).
12. Fixed Asset Investments
Company
     Total 
     £
Cost
At 1 January 2008     3,228,218
Additions     13,020,447
At 1 January 2009     16,248,665
Additions     9,000
At 31 December 2009     16,257,665
Carrying Amount
At 31 December 2009     16,257,665
At 31 December 2008     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.
Company
   Fixtures and Motor 
   fittings vehicles Totals 
   £ £ £
Cost
At 1 January 2008   62,625 55,156 1 17,781
Additions   4,163 – 4,163
At 1 January 2009   66,788 55,156 121,944
Additions   – – –
Disposals   (66,788)  –  (66,788)
At 31 December 2009   – 55,156 55,156
Depreciation
At 1 January 2008   2,504  4,538 7,042
Charge for the year   15,483 1 1,655 27,138
At 31 December 2008   17,987  16,193 34,180
Charge for the year   8,385 8,780 17,164
Disposals   (26,372) – (26,372)
At 31 December 2009   – 24,973 24,973
Carrying Value
At 31 December 2009   – 30,183 30,183
At 31 December 2008   48,801 38,963  87,764
The details of the subsidiaries are as set out below:
 Country of 
 incorporation Shareholdings Nature of business
Yacht Fuel 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 SAM Monaco 100% Supply of goods and services to yachts
YCO SARL ** France 100% Yacht crew recruitment
YCO Yacht Limited *  UK 100% Supply of goods and services to yachts
YCO Support Limited * Isle of Man 100% Supply of goods and services to yachts
Yacht Help Group SARL  France 100% Supply of goods and services to yachts
YCO Ltd * UK 100% Holding client accounts
* These companies are wholly owned subsidiaries of YCO S.A.M.
** It is a wholly owned subsidiary of YCO Yacht Limited. 44
n otes to the f inancia L statements 
continue D
The Company acquired the whole issued share capital of YCO SAM 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.
On 19 February 2009, the Company subscribed to 100 shares of €100 each in Yacht 
Help Group SARL (YHG SARL), which represents the total issued share capital of 
YHG SARL.
The results of the subsidiaries are as follows:
    2009 2008 
    £  £
Yacht Fuel Services Limited 
Aggregate capital and reserves    1,343,094 1,137 ,843
Profit for the year    205,251 253,276
Yacht Help Group (Mallorca) S.L.
Aggregate capital and reserves    (370,169) (220,674)
(Loss) for the year    (149,495) (286,993)
Yacht Help Group Gibraltar Limited
Aggregate capital and reserves    1,750 2,202
Profit/(loss) for the year    (452) 376
BA Yachts Assistance S.L.
Aggregate capital and reserves    60,659 63,330
Profit/(loss) for the year    (2,671) 7,463
YCO SAM
Aggregate capital and reserves    347,918 166,440
(Loss) for the year    156,585 (129,758)
YCO SARL
Aggregate capital and reserves    11,809 35,797
Loss for the year    (25,933) (12,813)
YCO Yacht Limited
Aggregate capital and reserves    36,964 14,740
Profit for the year    22,224 (17,055)
YCO Support Limited *
Aggregate capital and reserves    8,991 (1 1,361)
Profit/(loss) for the period    19,289 ( 11,363)
YCO Limited
Aggregate capital and reserves    1 1
Profit for the year    – –
Yacht Help Group SARL
Aggregate capital and reserves    (35,064) –
(Loss) for the period    (44,066) –
* YCO Support Limited financial statements were prepared from the date of incorporation 19 September 2008 to  
31 December 2009. The profit/(loss) for the period and aggregate capital and reserves were apportioned to the Group’s 
reporting period.
13. Inventories
 Group 
||||
 Company
  2009 2008  2009 2008 
   £ £  £ £
Finished goods  4,120 203,960  –  –
The directors consider that the carrying amount of inventories is at fair value.
14. Trade and Other Receivables
 Group 
||||
 Company
  2009 2008  2009 2008 
   £ £  £ £
Current:
Trade receivables  3,015,141 3,990,435 – –
Other receivables  1,883,467 581,761 250,000 –
Other taxes receivables  128,271 142,508 36,745 674
Prepayments  177,921 1,253,453 51,218 3,667
Receivables from group undertakings  – – 951,651 629,271
  5,204,800 5,968,157 1,289,614 633,612
The directors consider that the carrying amount of trade and other receivables 
approximates their fair value.
15. Cash and Cash Equivalents
Group
 Group 
||||
 Company
  2009 2008  2009 2008 
   £ £  £ £
Bank current account  527,321 815,433 – –
Bank deposit account  20,000 20,000 – –
Cash in hand  12,978 23,850 – –
  560,299 859,283 – –
16. Trade and Other Payables
 Group 
||||
 Company
  2009 2008  2009 2008 
   £ £  £ £
Current:
Trade payables  4,016,302 5,072,033 102,412 167,290
Payables to group undertakings  – – 2,184,001 1,237,258
Social security and other taxes  162,018 278,733 926 22,626
Accruals and deferred income  1,912,645 2,562,460 71,258 228,599
Amounts owed to related parties  300,838 262,657 53,058 10,301
Other payables  214,628 142,237 – –
  6,606,431 8,318,120 2,411,655 1,666,074
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. financia L statements
45
yco group p Lc annua L report & accounts 2009
17. Financial Liabilities – Borrowings 
Maturity of the borrowings is as follows:
 Group 
||||
 Company
  2009 2008  2009 2008 
   £ £  £ £
Repayable with one year on demand
Bank loans  – 1,355 – –
Finance leases (see note 18)  21,983 22,417 16,667 16,667
Bank overdraft  – – 301,262 502,977
  21,983 23,772 317,929 519,644
Repayable between one and five years  18,459 4 1,11 3 15,279 31,944
  40,442 64,885 333,208 551,588
The Group and HSBC Bank Plc (“HSBC”) agreed on a secured overdraft facility of 
£300,000. The facility is due for review in December 2010 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. 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 given on 3 January 2008 to secure the Group’s obligations under the loan facility 
above.
18. Finance Leases
Group
Minimum lease payments under finance leases fall due as follows: 
    2009 2008 
    £ £
No later than one year    26,003 26,003
Later than one year but not more than five   20,311 46,900 
    46,314 72,904
Future finance obligations    (5,872) (8,019)
    40,442 64,885
BA Yachts Assistance S.L. finance lease is in respect of a purchase of motor vehicle. The 
finance lease is for sixty 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 thirty six months from 11 November 2008 to 10 October 2011. The interest 
rate is 6% per annum.
19. Called Up Share Capital
Authorised:        Nominal 
Number:       Class:  value: 2009 2008 
         £ £
142,857,143       Ordinary   0.35p 500,000 500,000
Allotted, called up and fully paid:        Nominal 
Number:       Class:  value: 2009 2008 
         £ £
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. 46
n otes to the f inancia L statements 
continue D
20. Reserves
Group
      Retained Share Other Translation 
      earnings premium reserves reserves Totals 
      £ £ £ £ £
At 1 January 2008       421,868  2,047,956  133,333 – 2,603,157
Shares issued in the year      – 12,910,729 – – 12,910,729
Loss for the year       (684,079) – – – (684,079)
Deferred equity to be issued      – – 61,373 – 61,373
Translation reserve      – – – 28,329 28,329
At 31 December 2008       (262,21 1)  14,958,685  194,706 28,329 14,919,509
Expenses recovered *      – 250,000  – – 250,000
Profit for the year      10,953      10,953
Deferred equity to be issued      – – – –
Translation reserve      – – – (52,419) (52,419)
At 31 December 2009      (251,258) 15,208,685 194,706 (24,090) 15,128,043 
Company
       Retained Share Other 
       earnings premium reserves Totals 
       £ £ £ £
At 1 January 2008        7,308 2,047,956 133,333 2,188,597
Shares issued in the year
Loss for the year        (576,904) 12,910,729 61,373 12,395,198
At 31 December 2008         (569,596)  14,958,685 194,706  14,583,795
Expenses recovered *       – 250,000 – 250,000
Loss for the year        (169,779) – – (169,779)
At 31 December 2009       (739,375) 15,208,685 194,706 14,664,016
* 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 recognised in share premium account. 
The amount receivable has been recognised in other receivables and share premium account. financia L statements
47
yco group p Lc annua L report & accounts 2009
21. 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.
Interest rate and foreign 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:
Group
 Financial Assets 
|||
 Financial Liabilities
  2009  2008 2009 2008 
  £ £ £ £
Euro (€)  796,274 1,410,196 1,976,069 2,176,017
United States Dollars (US$)  2,438,463 3,786,605 2,126,616 3,668,436
  3,234,737 5,196,801 4,102,685 5,844,453
The foreign exchange rates affecting the Group are as follows:
Group
 Income statement 
|||
 Balance sheet
  2009 2008 2009 2008 
  £ £ £ £
Euro (€)  0.89 0.79 0.90 0.97
United States Dollars (US$)  0.64 0.54 0.63 0.69
Liquidity 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 2010.
Capital 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.
Market 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.
Credit 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.
22. Financial Commitments
Operating 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 & Land & 
   buildings buildings Others Others 
  2009 2008 2009 2008 
  £ £ £ £
Less than one year  454,527 514,727 124,161 169,234
Between one and five years  1,078,925 1,857,004 94,340 141,704
More than five years  – 66,750 – –
  1,533,452  2,438,481 218,501 310,938 48
n otes to the f inancia L statements 
continue D
Capital commitments
At the year end the Group had no capital commitments (2008 – £90,000).
23. Related Party Transactions 
The Company repaid a loan advance by N Miller, who was a director of the Company. 
The Company also received loan advances from G Wright and C Birkett in the year:
    2009 2008 
    £ £
L J Milton    – (24,292)
N Miller    (10,301) 6,714
G Wright     26,529 –
C Birkett     26,529 –
The highest loan balance due/(owed) to the Company in the year:
    2009 2008 
    £ £
L J Milton    – 24,292
N Miller     (415,950)  10,301
G Wright     26,529 –
C Birkett     26,529 –
Neil Miller was paid £5,750 (2008 – £18,000) for rental of office premises. 
During the year, a loan was made to Neil Miller of £415,950 which was repaid on  
23 November 2009 (together with interest @ 4.75% totalling £ 2,403).
All the above transactions with related parties were conducted at arms length.
The following amounts were owed to related parties:
    2009 2008 
    £ £
N Miller    – 10,301
G Wright *    110,359 86,304
C Birkett *    108,452 77,350
J Clark *    82,028 88,702
* Some of the balance at the year end is in respect of the loan advanced prior to the acquisition of YCO S.A.M (G 
Wright – £83,830; C Birkett – £81,923, J Clark – £82,028). The loans are in YCO SAM. It has no fixed repayment 
period and is interest free. J Clark is a director in YCO S.A.M 
During the year, the Company received management fees from Yacht Fuel Services 
Limited, YCO Yacht Limited and YCO S.A.M. It also (advanced) or received loan from 
fellow subsidiaries. The details are as follows:
Company
 Management Fee
    2009 2008 
    £ £
Yacht Fuel Services Limited     195,000 190,000
YCO Yacht Limited     45,000 65,000
YCO S.A.M.     210,000 420,000
 Loan received/ 
 (advanced)
    2009 2008 
    £ £
Yacht Fuel Services Limited    1,142,478 310,842
Yacht Help Group (Mallorca) S.L.    (142,252) (252,958)
Yacht Help Group Gibraltar Limited    32,517 (28,000)
BA Yachts Assistance S.L.    (735) –
YCO Yacht Limited    (11,125) (65,000)
YCO SAM    (283,312) ( 110,252)
Yacht Help Group SARL    (83,209) –
At 31 December 2009, the following amounts were due from or (owed to) subsidiary 
companies:
    2009 2008 
    £ £
Yacht Fuel Services Limited    (2,175,001) (1,227,523)
Yacht Help Group (Mallorca) S.L.    553,271 4 11,01 9
Yacht Help Group Gibraltar Limited    10,483 43,000
BA Yachts Assistance S.L.    (9,000) (9,735)
YCO S.A.M.    183,564 110,252
YCO Yacht Limited     121,125 65,000
Yacht Help Group SARL    83,209 – financia L statements
49
yco group p Lc annua L report & accounts 2009
24. 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:
 2009 ||| 2008
        Weighted  Weighted 
       Number average Number average 
       of share exercise of share exercise 
       options Price options Price 
        £  £
Outstanding at the beginning  of the year      2,492,124  0.487  4,333,333 0.05
At the beginning of the year after consolidation of shares 
(0.05p to 0.35p per share)         619,048 0.35 
Granted on 2 May 2008        – –  1,536,605 0.49
Granted on 2 May 2008        – –  239,664 0.49
Granted on 2 May 2008        – –  239,664 0.735
Forfeited       (714,285) (0.49)  (142,857) (0.35)
Balance carried forward       1,777,839 0.571 2,492,124 0.487
 2009 ||| 2008
        Weighted  Weighted 
        average  average 
       Number of  exercise Number of exercise 
       warrants Price warrants Price 
        £  £
Outstanding at the beginning of the year      479,328 0,613 – –
Granted on 2 May 2008        – – 239,664 0.49
Granted on 2 May 2008       – –  239,664 0.735
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 09 May-08
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%
Fair value of option         0p 0p 50
n otes to the f inancia L statements 
continue D
25. 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.
On 9 January 2009, the Company provided a guarantee in favour of Banco Deposit 
Account Credito Balear, Spain for Euro 22,000.
At the year end, YCO Limited had £124,525 (2008 – £356,604) overdrawn amount in 
clients’ accounts. In the event that the yacht owners do not pay the overdrawn amount 
in the clients’ accounts, the Group would be liable for the balance to the bank. 
26. Events after the Reporting Period
On 15 March 2010, C Smith, Finance Director, purchased 200,000 ordinary shares at 
11p each of the Company.
27. 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 2009. financia L statements
51
yco group p Lc annua L report & accounts 2009
n otes  52
n otes   COntents n OVe RVIe W
01 Highlights 
02 Overview
08 Chairman’s Statement 
n b Us Iness Re VIe W
10 Chief Executive’s Report 
12 Business Review
18 Board of d irectors
n FInanCIa L statements 20 d irector’s Report
22 Corporate g overnance Report 
23 Report of the independent Auditors 
24 Consolidated income Statement 
25 Consolidated Statement of 
Comprehensive income 
26 Consolidated Statement of Changes  
in Equity 
27 Company Statement of Changes  
in Equity 
28 Consolidated Statement of  
Financial Position 
29 Company Statement of Financial Position
30 Consolidated Statement of Cash Flows
31 Notes to the Consolidated Statement  
of Cash Flows 
32 Company Statement of Cash Flows 
33 Notes to the Company Statement  
of Cash Flows 
34 Notes to the Financial Statements
a COLLe Ct IOn OF COm Pan Ies  
OFFe RIn G a COm PLete Ran Ge OF 
se RVICes t O the s UPe RYa Cht se Ct OR.
YCO GROUP PLC Is an a LL se RVICes PROVIde R t O s UPe RYa Chts, 
OFFe RIn G sa Les & C ha Rte R b ROke Ra Ge, Y a Cht mana Gement, 
PROje Ct mana Gement FOR R e FIts and ne W b UILds, C ha Rte R 
mana Gement, CR e W Re CRUItment, PROVI s IOn In G, a Gen CY 
WORk and FU e LLIn G. 
t he YCO G ROUP team has extens IVe ex Pe RIen Ce  
In the ma RIt Ime and Ya Cht In G Ind Ust RY, and as  
One OF the O n LY LIsted CO m Pan Ies I n the se Ct OR,  
YCO GROUP OFFe Rs C LIents exC e Pt IOna L FInan CIa L 
t Rans Pa Ren CY. hOW e Ve R, the CO m Pan Y a Ls O ma Inta Ins  
a P e Rs Ona LIsed a PPROa Ch t O se RVICe, ens URIn G  
COm PLete d Is CRet IOn at e Ve RY se RVICe L e Ve L.
YCO GROUP PLC
COm Pan Y In FORmat IOn FOR the Y ea R ended 31 d e Cembe R 2009
Directors: P Jay
 C Birkett
 g Wright
 C A Smith
 N miller (Resigned 16 October 2009) 
 P Shea (Resigned 24 September 2009)
 
Secretary: C A Smith 
Registered Office: 18 Coulson Street
 London
 SW3 3NB
 
Website: www.ycogroup.com
Registered Number: 05011189 (England And Wales)
Nominated Adviser Arbuthnot Securities Limited
& Broker: Arbuthnot House
 20 Ropemaker Street
 London  
 EC2y 9AR
Solicitors: Beachcroft LLP
 100 Fetter Lane
 London
 EC4A 1BN
Public Relations: Hudson Sandler
 29 Cloth Fair Lane
 London 
 EC1A 7NN
Auditors: Jeffreys Henry Llp
 Finsgate
 5–7 Cranwood Street
 London
 EC1v 9 EE
Bankers: HSBC Bank Plc
 70 Pall mall
 London 
 SW1y 5E z Registrars: Capita Registrars Limited
 Northern House
 Woodsome Park
 Fenay Bridge 
 Huddersfield 
 Hd8 0g A  YCO GROUP PLC
ANNUAL REPORT  
& ACCOUNTS 2009
YCO GROUP PLC ANNUAL REPORT & ACCOUNTS 2009
YCO GROUP PLC
18 COULSON STREET 
LONd ON SW3 3NB 
UNiTEd Ki Ngd Om
TEL: +44 207 584 1801 
WWW.y COg ROUP.COm