Basic -pence 1.02 0.02
Diluted -pence 1.02 0.02
Consolidated Statement of Financial Position as at
31 December 2010
2010 2009
Notes GBP GBP
ASSETS
NON-CURRENT ASSETS
Goodwill 15,230,607 15,332,787
Intangibles 222,071 242,802
Property, plant and equipment 478,210 618,543
---------------- ----------------
15,930,888 16,194,132
CURRENT ASSETS
Inventories - 4,120
Trade and other receivables 3,341,294 5,204,800
Cash and cash equivalents 505,361 560,299
---------------- ----------------
3,846,655 5,769,219
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 3,912,862 6,606,431
Financial liabilities - borrowings
Interest bearing loans and
borrowings 18,128 21,983
Tax payable 96,888 19,851
---------------- ----------------
4,027,878 6,648,265
---------------- ----------------
NET CURRENT LIABILITIES (181,223) (879,046)
---------------- ----------------
NON-CURRENT LIABILTIES
Financial liabilities - borrowings
Interest bearing loans and
borrowings - 18,459
---------------- ----------------
NET ASSETS 15,749,665 15,296,627
EQUITY AND RESERVES
Called up share capital 168,584 168,584
Share premium 15,208,685 15,208,685
Retained earnings 240,302 (251,258)
Other reserves 171,312 194,706
Translation reserve (39,218) (24,090)
---------------- ----------------
15,749,665 15,296,627
Consolidated Statement of Cash Flows
for the year ended 31 December 2010
2010 2009
Notes GBP GBP
Cash flows from operating activities
Cash generated from operations 8 454,368 (13,074)
Finance costs (18,127) (55,977)
Corporation tax paid (19,851) -
Net cash inflow/(outflow) from
operating activities 416,390 (69,051)
Cash flows from investing activities
Purchase of intangibles (113,620) (204,185)
Purchase of plant and equipment (278,168) (81,935)
Proceeds from sale of tangible
assets 12,582 46,024
Interest received 5,708 4,504
Net cash (outflow) from investing
activities (373,498) (235,592)
Cash flows from financing activities
(Repayment)/receipt of loan
to related parties (65,928) 38,181
Repayment of bank loan - (1,355)
Repayment of finance lease (22,313) (24,443)
Net cash (outflow)/inflow from
financing activities (88,241) 12,383
(Decrease) in cash and cash
equivalents (45,349) (292,260)
Cash and cash equivalents at
beginning of year 560,299 859,283
Foreign exchange currency translation (9,589) (6,724)
Cash and cash equivalents at
end of year 505,361 560,299
Represented by:
Cash at bank and in hand 505,361 560,299
========== ==========
Notes to the Financial Statements
1. 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 Company changed to its present name on 16 July 2009
upon the successful reorganisation of the Group.
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.
2. SEGMENTAL ANALYSIS
In prior years, segment information reported externally was
analysed on the basis of the types of goods supplied and services
provided by the Group's operating divisions (i.e. marine fuel and
support services). However, information reported to the Group's
chief operating decision maker for the purposes of resource
allocation and assessment of segment performance is more
specifically 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 (i.e.: marine fuel and
lubricants).
Client services relate to the services provided on behalf of
client (i.e.: yacht management, yacht sales, yacht purchase, yacht
charter, charter marketing, crew recruitment, new construction,
project management, provisioning and concierge.)
Information regarding the Group's reportable segments is
presented below. Amounts reported for the prior year have been
restated to conform to the requirements of IFRS 8.
The chief operating decision maker internal report is based on
business segment, which consists of marine fuel and support
services as disclosed below.
Support Client
Services Services Total
Segment Results - 2010 2010 2010 2010
GBP GBP GBP
Revenue
Total 15,292,638 12,630,789 27,923,427
Inter company (304,273) (590,317) (894,590)
Revenue 14,988,365 12,040,472 27,028,837
------------- -------------- --------------
Operating profit before
depreciation, amortisation
share based payment charges
and restructuring costs: 148,814 1,054,645 1,203,459
Depreciation of tangibles (3,863) (157,689) (161,552)
Amortisation of intangibles - (110,959) (110,959)
Exceptional items (330,080) - (330,080)
Operating profit (185,129) 785,997 600,868
Net finance expense (12,420)
--------------
Profit before taxation 588,448
--------------
Segment Assets
Property, plant and equipment 9,067 469,143 478,210
Intangible assets 1,794,265 13,658,414 15,452,679
Other assets 1,307,202 2,539,452 3,846,654
------------- -------------- --------------
3,110,534 16,667,009 19,777,543
------------- -------------- --------------
Support Client
Services Services Total
Segment Results - 2009 2009 2009 2009
GBP GBP GBP
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)
-----------
YCO Group (LSE:YCO)
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YCO Group (LSE:YCO)
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