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
----------- ----------- -----------
The chief operating decision maker also report 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 marine fuel and support services as shown
below:
Rest of the
Europe Americas world Total
2010 2010 2010 2010
GBP GBP GBP GBP
Revenue 17,443,236 2,604,031 6,981,570 27,028,837
------------------ ------------------ ------------------ ------------------
Total assets 19,777,543 - - 19,777,543
------------------ ------------------ ------------------ ------------------
Capital
Expenditure 391,788 - - 391,788
------------------ ------------------ ------------------ ------------------
Rest of the
Europe Americas world Total
2009 2009 2009 2009
GBP GBP GBP GBP
Revenue 15,548,971 3,276,989 5,868,574 24,694,534
------------------ ------------------ ------------------ ------------------
Total assets 21,963,351 - - 21,963,351
------------------ ------------------ ------------------ ------------------
Capital
Expenditure 428,779 - - 428,779
------------------ ------------------ ---------------- ------------------
3. NET FINANCE INCOME
2010 2009
GBP GBP
Finance costs:
Bank interest 18,128 53,213
Bank loan interest - 16
Other interest - 2,748
--------- ---------
18,128 55,977
--------- ---------
Finance income:
Deposit account interest 5,708 2,101
Other interest received - 2,403
--------- ---------
5,708 4,504
--------- ---------
Net finance costs: (12,420) (51,473)
--------- ---------
4. OPERATING PROFIT/(LOSS) FOR THE YEAR
The operating profit for the year is stated after
charging/(crediting):
2010 2009
GBP GBP
Rent operating leases 658,674 670,578
Depreciation - owned assets 157,223 180,410
Depreciation - leased assets 4,329 4,121
Amortisation of intangibles 110,950 256,472
Loss on sale of tangible assets 22,488 319
Auditors' remuneration (Company GBP28,626;
2009: GBP20,000) 53,017 40,000
Auditors' remuneration (Non-audit work) 3,000 3,000
Compensation for loss of office 48,000 -
Foreign exchange differences (110,946) 128,071
The analysis of administrative expenses in the consolidated
income statement by nature of expense:
2010 2009
GBP GBP
Employment costs 4,204,244 3,963,951
Depreciation and amortisation 272,511 441,003
Advertising costs 385,804 316,098
Travelling and entertaining 316,440 275,676
Establishment costs 799,797 813,165
Other expenses 1,423,013 1,098,059
------------ ------------
7,401,809 6,907,952
5. INCOME TAX EXPENSE
The tax charge on the profit for the year was as follows:
2010 2009
GBP GBP
Profit on ordinary activities before
taxation multiplied by standard rate
of UK corporation tax of 28% (2008
- 28%) 164,765 8,625
Effects of:
Non deductible expenses 35,955 2,951
Depreciation add back 5,461 8,586
Capital allowance (15,793) (6,931)
Losses carried forward (93,078) 64,065
Other tax adjustments (422) (57,445)
-------------- --------------
(67,877) 11,226
-------------- --------------
Current tax charge 96,888 19,851
The Group has estimated trading losses of GBPnil (2009 -
GBPnil), management expense excess of GBP4,800 (2009 - GBP276,000)
and non trading losses of GBP12,334 (2009 - GBP12,000) 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 GBP398 (2009 -
GBP80,000).
The Group also has estimated trading losses from foreign
subsidiaries of GBP420,000 (2009 - GBP515,000). The deferred tax
asset not provided at 20% on the grounds that the recovery could
not be foreseen with reasonable certainty was GBP82,000 (2009 -
GBP144,000).
6. EXCEPTIONAL ITEMS
2010 2009
GBP GBP
European VAT Provision 150,000 -
Goodwill write off 102,180 -
Fixed asset write off 77,900 -
-------- -----
330,080 -
-------- -----
A provision for European VAT was provided by the board. This
represents a potential fiscal liability where private vessels were
fueled in European waters.
During the year, Management took the decision to liquidate Yacht
Help Group Gibraltar to save costs and improve efficiency. An
impairment review of the goodwill associated with Gibraltar
resulted in the prudent decision to write off the goodwill. The
value written off during the period was 102,180 GBP.
During the year the company closed an office in Palma and
Barcelona with the result of a write off of fixed assets of 77,900
GBP.
7. 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:
2010 2009
Basic EPS
Earnings attributable to ordinary
shareholders (GBP) 491,560 10,953
Weighted average number of shares 48,166,584 48,166,584
Basic EPS (pence) 1.02 0.02
2010 2009
Diluted EPS
Earnings attributable to ordinary
shareholders (GBP) 491,560 10,953
Weighted average number of shares 49,144,304 49,144,304
Diluted EPS (pence) 1.02 0.02
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